Many Americans are dealing with large amounts of debt. Because of credit cards, unexpected medical bills and job losses, people often get in over their heads. If you are dealing with more debt than your paycheck can cover, it is important you consider consulting with a Bankruptcy Lawyer in Cicero IL. A lawyer can go over the bills you owe and assist you in making a decision on whether or not filing for bankruptcy can help.
When you schedule a consultation with a Bankruptcy Lawyer in Cicero IL, he or she will give you a list of items you need to bring. It is a good idea to bring in your bills, income information and forms of ID. Your lawyer will need to review all of these so you can be helped.
There are two types of bankruptcy individuals are allowed to file. Chapter 7 bankruptcy is the fastest method, but it does have some drawbacks. You must have an income that does not go above the median income of the area you live in. You must also have any non-essential property liquidated to pay off outstanding debts. Those with lower incomes are typically able to be approved for this bankruptcy type. In six months or less, your debts can be settled or forgiven.
Chapter 13 is another bankruptcy option. In this type, you are not required to sell any property, but you will need to pay a payment each month. This payment is used to pay down your debts so you can be free of debt in two to five years. The period you are approved for will depend on the amount of debt you owe and how much income you have coming in.
When you meet with your lawyer, he or she will be able to assist you on deciding which option will be best for you. If you are in need of help with your debts, Contact Schottler and Associates. Allow them to assist you in filing for bankruptcy so you can be free of your debts. Through a lawyer, you can rest assured you will have the help you need to ensure your bankruptcy is a success.
