Explore Your Options with an Illinois Bankruptcy Lawyer
If you are thinking about bankruptcy, you undoubtedly have questions and hesitations. With over 60 years of combined legal experience and hands-on involvement with countless cases, we can remove the mystery and address common misunderstandings that are associated with the topic of bankruptcy.
The attorneys at Nordin & Sturino, P.C., help individuals determine whether they should file for bankruptcy and, if it is the right choice, how that bankruptcy should be structured. From our Naperville, Illinois, office, our firm represents clients who are considering bankruptcy or bankruptcy alternatives for debt relief. We also have considerable experience addressing the debt issues that accompany a divorce.
Contact us for a candid discussion about the options available to you and how they apply to your specific circumstances.
Your Bankruptcy Options
Two bankruptcy options are available to individuals: Chapter 7 and Chapter 13. We work with you to determine what your debt relief goals are, and help you select the plan that allows you to accomplish those goals most effectively. Within each option, we can then structure the details to even more specifically suit your needs. Following is a brief description of the differences between these two alternatives.
Chapter 7 Bankruptcy
This option gives a person who is hopelessly burdened with debt a fresh start by wiping out those debts. It is a process that takes months, rather than years. It is intended to eliminate unsecured debt — debt that is not associated with an asset or piece of property. This can be a good option if you have credit card or medical debt that you cannot afford. You can keep your home and car by agreeing to continue with your payments on those loans.
Chapter 13 Bankruptcy
This option is designed for individuals who have some ability to pay their debts, but have fallen behind and need help getting caught up. An unexpected expense — such as a health issue — can cause you to fall behind on house payments, for example. Your debt is restructured and a repayment plan is put in place to let you pay back some or all of your debt over a period of years. Your repayment plan can include more favorable terms, and sometimes your debt can be negotiated down so that your payments are more affordable. This is a more involved process and usually takes five years from start to finish.
Contact Us
For bankruptcy matters, select a lawyer who understands the law and who takes the time to understand your personal circumstances. To discuss your options with an experienced bankruptcy lawyer, contact us to arrange a free half-hour consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
