In Trouble With Debt? We Are Here to Help.
If you are behind on your debts, you may be getting threatening letters and nasty phone calls from your creditors and their collection agencies. You may feel like not only your finances, but also your dignity are under attack. You need an advocate on your side.
At Watson & Linder in Springfield, Illinois, our attorneys handle bankruptcy cases with professionalism and respect. We will not treat you like a number; we will personally consult with you to help you understand your options. Contact us to schedule a free consultation.
Taking the Right Steps to Pursue Lasting Debt Relief
Most of us, when we go into debt, have every intention of repaying what we owe. However, situations such as divorce, job loss and medical problems can put people in situations where they cannot afford to pay their debts or catch up with late payments.
The most common types of debt involved in bankruptcy cases are medical bills, credit cards and home mortgages. Many people file on multiple types of debt.
Bankruptcy can be used to achieve a number of different goals. You may be able to stop foreclosure. You may be able to manage tax debts. You may be able to stop repossession and cram down your auto loan to the current value of your car.
Every day, people file bankruptcy for different reasons with different goals in mind. A one-on-one consultation with an experienced lawyer can help you choose the right plan for you.
Understanding Chapter 7 and 13 Bankruptcy
Filing for bankruptcy puts an immediate stop to debt collection and creditor harassment while the bankruptcy court reviews your case. What happens next will depend on the chapter of the Bankruptcy Code that you choose. The most common options are:
- Chapter 7: If you have certain types of unsecured debt — such as credit card balances and medical bills — that you cannot afford to pay, Chapter 7 may allow you to eliminate (discharge) those debts permanently.
- Chapter 13: If you have a regular source of income, Chapter 13 may allow you to place your debts on a three- to five-year repayment plan with no interest. Certain types of debt can be reduced on a Chapter 13 plan.
For help making an informed choice on whether you should file for bankruptcy and, if so, which chapter will help you achieve your goals, contact us today.
Fill out our Bankruptcy Form to prepare for your meeting.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
