Dupage County Bankruptcy Attorney
Benefits of Bankruptcy
All too often, people focus on the negative effects that bankruptcy can have on a person, particularly in regard to his or her credit. But what about the many benefits that bankruptcy law has to offer? What about the protection it can offer debtors and the fresh start and sense of relief that most people experience after filing?
As an experienced Dupage County bankruptcy lawyer, Joseph Doyle understands the various advantages of filing for bankruptcy. While specific benefits will vary on a case to case basis, depending upon where you live, your particular financial situation and whether you file a Chapter 7 or Chapter 13 case, there are numerous positive factors to explore:
- Stop the foreclosure of your home
- Stop creditor harassment
- Reorganize your debt
- Stop wage garnishment
- Stop repossession of property
- Discharge all unsecured debt – including credit cards, personal loans, utility bills, parking tickets, and more
- Stop annoying phone calls and letters from debt collection agencies
- Stop all lawsuits relating to debt collection
Benefits of Chapter 7 and Chapter 13 Bankruptcy in Illinois
Depending on your case, you may be able to stop foreclosure, keep your home and property and reorganize your debt so you can make one low monthly payment that will result in the complete discharge of all eligible debt. This is covered in a Chapter 13 case, where you have the opportunity to work out a payment plan that will last for 3 to 5 years as you pay a portion of the debt you owe, sometimes as little as 10%!
In a Chapter 7 case, you have the benefit of discharging unsecured debt within as little as 6 months, giving you the chance to start with a clean slate. From the moment you file, all debt collection efforts must cease.
Learn more about the benefits of bankruptcy from a skilled attorney. Contact the Law Office of Joseph P. Doyle today!
|