Declaring bankruptcy could have a major impact on your life, and will naturally affect your family too. If you have dependents, such as children, the declaration of bankruptcy could mark a significant turn in the way you lead your life. Basically, the law declares a person legally bankrupt if their fiscal debts increase their assets, essentially meaning you no longer have money to pay off your debts. However, declaring bankruptcy is not quite as simple as you might think. You will need to hire a bankruptcy attorney in Crystal Lake, IL if you want to declare bankruptcy.
The Application Process
There are numerous law firms to help you find a decent attorney. Apart from a bankruptcy attorney, these law firms also offer services in other areas. For instance, you can find a family law lawyer and business law attorneys at major firms such as Laurence A. Wilbrandt LTD. The lawyer will guide you throughout the application process, including listing out your assets such as real estate on the legal documents.
Declaring Bankruptcy
The bankruptcy attorney will also help you choose which kind of bankruptcy is most suited to your needs. Ideally, there are two options: chapter 7 and chapter 13. However, depending upon your financial situation and your future income estimates, the type of bankruptcy you can declare will be decided by the lawyer. Taking help from an established attorney could make your life tremendously easy, and also ensure the relevant documents are filed in court on time. The attorney will also help you restructure your finances and create a repayment plan so you are able to pay off major debts. You should contact an attorney as quickly as possible if you have plans to declare bankruptcy in the near future.
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