Kane County Bankruptcy Lawyer
Benefits of Bankruptcy
If you are interested in finding out about the particular benefits of bankruptcy, we welcome you to contact our firm for a free initial consultation. The Law Office of Joseph P. Doyle takes on bankruptcy cases and offers valuable legal guidance to clients throughout Kane County who are facing difficult financial situations. Depending on your particular situation and whether you file a Chapter 7 or Chapter 13 petition, you may experience any of a number of advantages when filing for bankruptcy.
Benefits of Chapter 7 Bankruptcy
Chapter 7 is typically a type of bankruptcy that an individual or business with lower income may seek to undergo when facing overwhelming debt. It is also most often more beneficial to debtors who do not have a great deal of property to protect from liquidation. With a Chapter 7 bankruptcy you may be able to:
- Stop creditor harassment
- Stop all debt collection efforts and legal action
- Discharge all eligible debt
- Keep particular property from liquidation
- Complete your case and eliminated debt quickly, possibly within 6 months or less
Benefits of Chapter 13 Bankruptcy
Chapter 13 is often helpful for individuals who have property and assets to protect and who are earning a steady income. With Chapter 13 you may be able to:
- Stop all debt collection
- Stop foreclosure
- Protect your home, your car and other valuable assets
- Protect the equity you have in your home
- Reorganize your debt into one monthly payment
- Pay only a portion of the debt you owe – as little as 10% in some cases
- Eliminate unsecured debt
Learn more about the benefits of bankruptcy and what consequences filing may have on you right now and in the future. Contact Kane County bankruptcy attorney Joseph Doyle today.
|