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Common Questions About Bankruptcy

Is Bankruptcy Right for Me?

Bankruptcy or an Alternative?

If you are struggling to pay your bills, harassed by creditors, and overwhelmed by the amount of debt you have, bankruptcy is an option to consider. It can provide much needed relief for many consumers in stressful financial situations. However, bankruptcy is not the right choice for everyone. It does have certain consequences, and in some cases alternatives to bankruptcy might provide the best option. Your best course of action is to consult with a knowledgeable Chicago bankruptcy attorney. When you work with our firm, we will carefully assess your financial situation to find the best avenue for getting you out of debt and into a more positive financial situation. Each of our lawyers has more than a decade of experience. We have the skill and dedication to provide the debt relief solution you need and to guide you through every step of the process. Our firm is committed to helping our clients achieve financial freedom.

To learn more about if bankruptcy is right for you, contact us online or call (312) 945-7451 today!

Our Bankruptcy Lawyer Can Evaluate Your Case

Our firm provides a free case evaluation so we can help you determine if bankruptcy or another debt relief option is right for you.

You may be a candidate for bankruptcy if any of the following applies in your case:

  • You are seeking relief from unsecured debt
  • You want to stop creditor harassment
  • You are using credit cards for day-to-day expenses
  • You are living from paycheck to paycheck
  • You are taking money from savings or borrowing to make payments

Is Bankruptcy Right for You?

It can be a scary situation if your funds ever run out. As debts pile up, messages from collectors accumulate and the pressure to pay can create an unbearable level of stress. Many people dread the term "bankruptcy," yet remain unaware of the potential benefits that are associated with it. Filing for Chapter 7 or Chapter 13 bankruptcy can be a smart choice for solving your debt crisis. At Smith Ortiz, P.C., we may be able to help you make sense of the situation and guide you in the right direction for long term financial success.

With over 25 years of legal experience, our law firm is here to help you navigate the troubled waters associated with bankruptcy. Our knowledgeable and successful legal team can give you the tools you need and the representation you deserve to overcome this stressful time.

You are not alone. Call (312) 945-7451to speak with a lawyer in Chicago today.

The Benefits of Bankruptcy

The specific benefits that come with filing for bankruptcy are varied, as it depends on which chapter you file under. To put things simply, filing under Chapter 7 is a way to erase most of your debt, while filing under Chapter 13 eliminates some debt while reorganizing others so you can repay your debtors and protect your property. Regardless of which you choose, one thing remains consistent: collectors are required to cease their efforts the moment you file. This can give you the necessary time to breathe and get your affairs in order and can also help you avoid foreclosure.

Filing under Chapter 7 is the quickest way to settle debt, including:

  • Credit cards
  • Medical bills
  • Select IRS debt
  • Utility bills

Once your case has been settled, any debts that are discharged are no longer your responsibility to repay. With careful planning and the help of an attorney, you may still be able to keep your car, home, and retirement funds when you file for Chapter 7, contrary to what many people assume.

Filing under Chapter 13 involves repayment of some or all debts, and can stop:

With Chapter 13 bankruptcy, you are reorganizing your finances and establishing a payment plan to repay your creditors. By repaying them a portion of what you owe, you can protect your most valuable possessions from being repossessed. The final outcome can allow you to walk away paying much less than what you actually owe. After the payment plan of three to five years is completed, the remaining debts are discharged.

Everyone Falls. Our Chicago Lawyers Can Pick You Up.

Bankruptcy isn't the end, and the stigma that it has received over the years is far from reality. Nevertheless, it is always highly advisable to consult with a bankruptcy lawyer prior to making a decision, as your financial future is of great importance. At Smith Ortiz, P.C., we can help you make sense of your unique situation and guide you towards the decision that is best for you. Our invaluable insight and close attention that we offer our clients give us the tools to help you establish your financial future and get you back on your feet.

Contact the firm by calling (312) 945-7451to find out if bankruptcy is right for you.