Legal Guidance For Those Seeking Bankruptcy In Chicago
Financial setbacks can come out of nowhere. Even the most fiscally responsible of us can find ourselves in a challenging situation after a serious medical accident, spousal death or divorce. Bankruptcy can allow you to start fresh and get your life back on track.
If you’re considering bankruptcy to address your financial situation, you’re not alone; we’re here to help. Our attorneys at Otubusin & Otubusin are here to help you with every aspect of the bankruptcy process and are committed to providing accessible legal guidance tailored to your specific circumstances. We can help you review the bankruptcy options available and determine which best fits your situation.
Chapter 7 Bankruptcy
Often referred to as “liquidation bankruptcy,” Chapter 7 can offer substantial relief if you deal with overwhelming debt. Chapter 7 bankruptcy involves selling nonexempt assets to pay creditors while discharging remaining eligible debts.
Chapter 7 can be viable if you have limited income and substantial unsecured debt. Some of the benefits of Chapter 7 bankruptcy include allowing you to:
- Protect yourself from creditor harassment through an automatic stay.
- Eliminate unsecured debts such as credit card debt and medical bills.
- Move through the bankruptcy process quickly. Usually, Chapter 7 only takes a few months to complete.
Our attorneys will work closely with you to determine if this path aligns with the outcomes you want.
Chapter 13 Bankruptcy
Also known as reorganization bankruptcy, Chapter 13 can let you create a repayment plan to settle debts over a three-to-five-year period while still allowing you to keep your home. It can be a viable choice for those with a steady income for those who wish to retain their assets. Some of the benefits of Chapter 13 bankruptcy include allowing you to:
- Keep your home and car while catching up on missed payments.
- Consolidate debts into an affordable monthly payment.
- Protect co-signers from creditor actions.
Our lawyers can guide you through the process, ensuring your repayment plan is realistic and sustainable.
How Otubusin & Otubusin Can Assist You
Filing for bankruptcy is a significant decision, and we recognize the emotional and financial toll it can take. Our team is dedicated to offering empathetic and personalized legal counsel. We work hard to understand your concerns and address your inquiries; we want you to feel informed about what’s going on.
We will thoroughly assess your financial situation and listen carefully to your story. From there, we can explain how your situation applies to the law and help you understand your options. From there, we can effectively guide you through every step of the process.
Financial Relief Starts With Small Steps – Call Today.
Don’t be afraid to reach out when your debts have overwhelmed you. We understand how difficult this time is for you and are here to help. Schedule a free consultation today by calling 312-251-1480 or completing our online contact form. We take cases throughout the Chicagoland area.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.