If you are struggling to pay the bills and need some relief from the debt collectors who are constantly harassing you and your family, it may be time for you to consult an Arlington Heights bankruptcy attorney. A bankruptcy attorney can explain the many different bankruptcy options that you have and can help you to decide whether bankruptcy is even a necessary step. Making the decision to call an attorney can end up saving your family's home and can help you to sleep easier at night, knowing that you are working towards paying off debts or have a clean slate.
The two different types of bankruptcy proceedings that your Arlington Heights bankruptcy attorney will discuss with you are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each of these can help you to eliminate those annoying phone calls from debt collectors and get your life back on track. Chapter 7 bankruptcy is an option that is for people who have a high amount of debt to income ratio. There are specific government guidelines based on your total debt and your actual income that have to be met before you can file for Chapter 7 bankruptcy.
If you meet these parameters, you will be able to file for Chapter 7. Once you have done so, your debts will be removed. Debt collectors will not legally be able to contact you by phone or mail and they will have to drop any lawsuits they had previously filed against you. You will be able to stop any foreclosure proceedings as well. The downside to this type of filing is that your credit will be affected negatively for up to 7 years, but chances are if you are in this type of situation, Chapter 7 bankruptcy is probably going to save you from accruing even more debt.
Your Arlington Heights bankruptcy attorney can also explain to you about Chapter 13 bankruptcy proceedings. Filing for Chapter 13 requires that you have some form of income, either from a paying job or Social Security disability payments. With this option you still pay off your debt, but you can do so much easier because your debts will be combined into one payment that you can afford. You will pay your monthly fee to the Chapter 13 trustee, who will then pay your creditors. This option is not as hard on your credit and it gives you the satisfaction that you have made good on your debts. With Chapter 13 you will also eliminate all harassing phone calls and letters from your creditors and you can stop any foreclosure proceedings.
Bankruptcy law is a tricky subject to navigate and the stipulations are ever evolving. Hiring an Arlington Heights bankruptcy attorney can help you to understand all of the policies and will assist you in deciding how to remedy your situation. You are not alone when you are in serious debt, because there are so many people out there who can help you and give you advice. Choosing the right Arlington Heights bankruptcy attorney can give you the peace of mind that you have someone on your side to help you keep your home and any other assets even though you are in serious debt. Do not wait until you are in too deep, call an attorney today to help you through a difficult financial situation.
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Lunsetter Kevin is a renowned lawyer who has a broad experience of practicing law. Some practice areas of the author include divorce, child custody, domestic violence, criminal defense, real estate, personal injury and auto accidents.For more information Please visit somekeyword and somekeyword
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