How Will Filing for Bankruptcy Help Me?

Filing for bankruptcy can be scary, but what doesit mean?

Making the decision to file for bankruptcy is not one that should be taken lightly. Whether you’re considering it on an individual basis or on behalf of your business, filing for bankruptcy should be done so with the assistance of an experienced attorney by your side. But, before you make the plunge, learn how filing will help you.

The two most basic options of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 involves liquidating your debts and discharging them, while Chapter 13 involves paying back your debt over a period of time. Chapter 7 can protect your co-signer by allowing you to legally stop paying for all or most of your debts, including the co-signing debt. If you’d like to learn more about what type of bankruptcy will help protect your co-signer, call our firm.

There’s also Chapter 11 bankruptcy which is used for businesses as a reorganization. Understanding what each of them do in depth is important for continuing forward. Depending on your situation and what you hope to come out of this process, your attorney can help you through it.

When you choose to file bankruptcy, your financial burdens don’t simply vanish. You may still owe creditors money, but it all depends on your situation. If you’re looking to reorganize some of your debt, or you’re looking to be completely bailed out, there are different options.

Speaking with Kenneth S. Borcia & Associates can help you figure out what your next move should be. His years of experience can guide you through your troubling financial restrictions and help you seethe light at the end of the tunnel. Set up a consultation with us today to get started! We proudly assist clients with their debt relief and credit repair needs throughout Waukegan, Round Lake, Zion, Antioch, Lake County and the North Chicago, IL areas.

With all the bankruptcy lawyers in the aforementioned areas, look no further than Attorney Borcia.