Bankruptcy As A Tool For Financial Planning
Posted by changandcarlin on November 23rd, 2013
Life does not always stay the same. Sometimes we are faced with certain difficult situations where we feel absolutely clueless about how to get out of them. During times of financial difficulties, filing for bankruptcy is a good way to seek respite from a bad financial situation. However, many people still consider bankruptcy filing a ‘taboo’. In reality, bankruptcy can be a sensible and appropriate tool for financial planning. Chang and Carlin, LLP’s experienced bankruptcy attorneys in Chicago tell you how.
Eliminate or reorganize debts
Bankruptcy is a federal law that allows a "debtor" to eliminate or reorganize debt according to a specific chapter of the bankruptcy code. For individuals and consumer debtors, Chapters 7 and 13 are the most widely employed means of filing for bankruptcy protection. Bankruptcy is a financial planning tool utilized by individuals and businesses alike to get a fresh start. It enables people to start rebuilding their credit. Bankruptcy is the legitimate means of getting back on your feet by shedding oppressive and burden some debt and at the same time keeping property exempt from aggressive creditors and avoiding harassing debt collection efforts.
Stop foreclosure and repossessions
Many people don’t realize that in most cases, the bankruptcy process will actually protect you from losing your property. Here at Chang and Carlin, LLP, our expert Chapter 13 and Chapter 7 lawyers in Chicago have dozens of years of experience helping people go from the fear of foreclosure to the security of a fresh start and a plan to move forward.
Stop Harassment
No more feelings of anxiety whenever the phone rings. A walk to the mailbox will not seem as long and foreboding. Often this reduction in stress along with a clear plan of action allows you to quickly get back on your feet and move forward again.
Stop Wage Garnishment
Having your wages garnished is one of the most upsetting things that can happen to a person. Wages are garnished after a creditor gets a judgment against you that you don't pay and then goes back to the court to get the order of garnishment. When this goes into effect, money goes right from your pay check to the creditor without ever getting to you. However, the good news is that wage garnishing can be stopped using bankruptcy.
When you are facing financial trouble, you should take steps as soon as you can to get the help you need. The lawyers at the law offices of Chang and Carlin can assess your situation and your garnishments and help you decide whether Chapter 13 or Chapter 7 bankruptcy in Chicago is right for you. They can then help you file for bankruptcy and complete all the requirements throughout the entire legal process.
To know more, or for a free initial legal consultation, call Chang and Carlin, LLP today or Request a Free No Obligation Bankruptcy Filing Consultation Today.
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.
