Lake Zurich Bankruptcy Lawyer
When you fall behind on paying your bills, it can be difficult to catch up, especially if you’ve had changes in your employment status or marital status that have limited your income. Unfortunately, the problem will only become worse as interest and fees accumulate, and you may start to be threatened with foreclosure, liens, repossession, or lawsuits. If these consequences are on the table, you may be considering filing bankruptcy in Lake Zurich. Bankruptcy can be helpful for resolving your debt and helping you rebuild your financial health, but it cannot eliminate all types of debt. In addition, achieving the best bankruptcy outcome requires an experienced, skilled attorney to work through the negotiation process. Cutler & Associates, Ltd. will provide the bankruptcy information and representation you need to file in Lake Zurich. With our 20 years of experience, you will have the insight and expertise necessary to improve your financial future.
Why You’ll Need a Lawyer in Lake Zurich
You may have a basic understanding of bankruptcy and the filing process, but you will need the representation of an experienced debt relief lawyer to file and achieve a favorable outcome. Your lawyer can help you prioritize your needs—for example, by helping you keep your car or restructuring mortgage payments—and help you navigate the complex legal system to let you quickly resolve your debt and get back to your life.
What Bankruptcy Can Do
Both chapter 7 and chapter 13 bankruptcy are designed to help individuals get out of debt. They can only eliminate unsecured debts, such as credit card debt and medical bills. However, chapter 13 can also allow you to avoid foreclosure and other property seizures with an affordable repayment plan that may include back payments and fees. Declaring bankruptcy also stops harassing calls from creditors, because bankruptcy puts an automatic stay on all collection activity.
What Bankruptcy Cannot Do
There are certain types of debt that cannot be eliminated or reduced through bankruptcy, including student loans, alimony, and child support. Most tax debts will also not be affected by bankruptcy. If you are filing bankruptcy to prevent foreclosure on your home, you will need to file chapter 13 bankruptcy, because you will still need to pay your mortgage under the structured repayment plan that results. Chapter 7 bankruptcy liquidates debt, so it can only apply to credit cards and similar unsecured debts without liens involved.