Illinoisans currently owe more than $30 billion in credit card debt, which means that every household in the state owes an average of $7,300. Credit card debts, unsecured loans, medical bills and other debts can quickly add up leaving you facing a mountain of debt. You’re not alone. Monarch Legal Group represents clients just like you, and we’ll protect your rights so that you can get your finances back on track and worry-free.
Bankruptcy Law
Monarch Legal Group can help you with Bankruptcy Law
What Is Bankruptcy?
While there are many options for dealing with excessive debt, bankruptcy is one of the more common ones. U.S. Bankruptcy Code allows for a wide range of legal debt relief options for people from all walks of life. Chapter 7 and Chapter 13 bankruptcy are typically used for private individuals. Chapter 7 bankruptcy is also called liquidation, and the petitioner’s non-exempt assets are sold to repay debts. In a Chapter 13 bankruptcy, debts are reorganized. The petitioner will repay the debts over the next three to five years, after which remaining unsecured debts are discharged. Chapter 11 bankruptcy is a reorganization bankruptcy designed for businesses.
Filing for Bankruptcy
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.
Benefits of Bankruptcy
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.