Choosing the right bankruptcy chapter for your needs can be confusing. The attorneys at Monarch Legal Group can evaluate your case to determine which chapter is most suited to your needs and financial situation. The process is complex and a single mistake in filing can result in your case being thrown out, so it’s important that you have the legal guidance you need.
Once you file, you’ll be protected by an automatic stay, which protects you from continued collection efforts. You can protect some of your property through Illinois property exemptions, which allows you to retain a certain amount of equity in your home and other property so that you can start over again after the bankruptcy completion.
Bankruptcy can give you a fresh financial start free of the debts and financial burdens of the past. In many cases, you can save some or all of your personal property, including your home and your vehicle, thanks to bankruptcy property exemptions. Although the filing can stay on your credit report 7 years or more, you can begin rebuilding your credit as soon as your bankruptcy is complete.
Life isn’t always simple or straightforward. Medical emergencies, job losses and economic downturns can take a heavy toll on your finances. Bankruptcy allows you to retake control and move on with your life. Contact Monarch Legal Group today to learn more about your options or to schedule a free consultation with a member of our team.