Bankruptcy in Hickory Hills
You work hard to pay your bills and support your family, but life seems to keep on throwing you curveballs. And no matter how hard you try, you can’t make much of a dent in your mountain of debt. Could the answer be bankruptcy? Thousands of people file for bankruptcy each year, and many of them likely wish they’d done it sooner. Talk to a bankruptcy lawyer in Hickory Hills to find out if it might be an appropriate solution for you. At Cutler & Associates, Ltd., we’re here to help you at every step of the way.
Can Bankruptcy Help?
Plenty of individuals who have unmanageable debts can benefit from bankruptcy. Bankruptcy can help you regain your good name, rebuild your credit history, and get a fresh financial start in life. Bankruptcy can be a smart move for you if any of the following apply:
- You’re having trouble paying the bills
- You’re making only minimum credit card payments
- You’re missing bill deadlines
- You have loans that are in default
- You’re getting phone calls from debt collectors
- You’re facing eviction or foreclosure
- You’re facing vehicle repossession
- You’ve received a wage garnishment notice
Having substantial debt can feel like a crushing weight on your shoulders. It can even lead to physical symptoms, such as headaches, nausea, upset stomach, and panic attacks. But you don’t have to live like this any longer—let the bankruptcy team at Cutler & Associates, Ltd. help you.
Does Bankruptcy Mean That I Have to Give My Assets to My Creditors?
One of the biggest misconceptions about bankruptcy is that it forces you to turn over all of your belongings to satisfy your debts. Although some people choose to use some of their assets to get a fresh start, your lawyer can help you protect the things you need to keep. Most people who file for bankruptcy get debt relief without losing their homes, cars, retirement accounts, and other personal assets.
Which Type of Bankruptcy Is Best?
It’s a common myth that only people who earn minimal wages can truly benefit from bankruptcy. The truth is that bankruptcy can help you regardless of how much you earn. The Bankruptcy Code includes different types of bankruptcy petitions. Your lawyer can help you figure out which type is best for you. If you earn wages that fall below a certain threshold, you can file for Chapter 7 bankruptcy. If your wages are above that threshold, you can file for Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 is known as the “liquidation bankruptcy” because it wipes out all dischargeable debts. Chapter 7 can allow you to get a new start in life quickly. And, contrary to popular belief, you can keep many of your assets.
Chapter 13 Bankruptcy
Chapter 13 is known as the “wage earner’s bankruptcy.” It restructures your debt into a repayment plan, which lasts three to five years. Once you complete your repayment plan, the remaining dischargeable debts will be eliminated.