Asset Protection Lawyer Chicago, IL
For those considering bankruptcy, our asset protection lawyer Chicago, IL trusts knows that one of our clients’ top priorities is whether they will be able to keep their homes and other possessions. This is just one of the many challenging questions those with financial issues may find themselves concerned with. It’s only natural to have concern over your ability to keep your property. While some bankruptcy cases may be reasonably straightforward, if you have assets you hope to retain, it’s best to consider contacting Bott & Associates, LTD. Our team can assist with understanding the types of bankruptcy available and determining the most appropriate chapter to file.
Understanding Chapter 7 & Chapter 13 Bankruptcies
By meeting with our team, we can understand your needs and help you choose the right type of filing based on your situation. Here’s what you should know:
Chapter 7 is known as full liquidation bankruptcy and allows for debtors who qualify to have most of their unsecured debts forgiven. It will be critical that you stay up to date on your mortgage payments should you consider filing for Chapter 7. To retain your home, you must:
- Be able to continue to afford your home
- Be current on your payments
- Have less equity than the maximum exemptions allowed
Know that for most, Chapter 7 may not be the right option. When making a decision, our Chicago, Illinois asset protection lawyer will review your eligibility for Chapter 7 along with your assets and available exemptions to determine whether you can keep your home. If you have a significant amount of equity in your home that exceeds available exemptions, the trustee assigned to your case may sell your house to settle the debts you owe.
Typically when bankruptcy is on the table, debtors may be having trouble keeping up with their mortgage payments. Should this be the case for you, and you can keep up with payments through restructuring your debt, Chapter 13 may be the most plausible option for keeping your home. Chapter 13 is known as the wage earner’s plan and involves repaying much of your debts over a 3-5 year timeframe. With this form of bankruptcy, debtors may not have to sell their homes to repay debts. The most critical component to this will be having the income available to make the necessary payments.
When making a decision, weighing the advantages and disadvantages of Chapter 7 and Chapter 13 is critical. Our team knows that your specific needs should be kept at the forefront, which is why we are passionate about providing you the guidance you require.
Contact Our Firm
When filing for bankruptcy, many of our clients experience tremendous relief. Our goal is to assist our clients with making well-informed decisions when considering bankruptcy as an option. You can depend on us to apply our experience to your situation and help:
- Choose the right bankruptcy chapter based on your needs
- Guide you through each step of the process
- Manage the filing of necessary documentation and paperwork with the court
- Ensure that everything runs smoothly
At Bott & Associates, LTD, we know that the stakes may be high, and we aim to provide the best possible outcomes. Choose representation you can rely on by contacting our Chicago, Illinois asset protection lawyer to get started.