Filing for bankruptcy can be an overwhelming and confusing process.

Chang Legal is the leading bankruptcy law firm in Schaumburg, IL.  We provide accurate and detailed legal support for our clients to help them navigate the bankruptcy process with ease.  It is important to keep in mind that the bankruptcy system is designed to help you to successfully repay your debts and have a chance at a fresh, new start for your financial life.  We believe maintaining a positive attitude through this difficult time can make the process a lot smoother.

Once you’ve determined that you would like to consider a bankruptcy, there are a few things you can do to prepare yourself.  First, contacting a bankruptcy law firm should be a top priority.  Your bankruptcy lawyer will help you navigate this often-complicated process.  Your lawyer will help you determine whether to file for a chapter 7 or chapter 13 bankruptcy, prepare the necessary documentation, work with your bankruptcy trustee, and will see you through this trying time in your financial life.  Having the right attorney by your side will insure that you arrive on the other side of your bankruptcy confident and ready to take advantage of the fresh start you’ll get for your financial future.

Making a decision between a chapter 7 and a chapter 13 bankruptcy can be a challenging one.  The nuances of each are detailed below, along with some resources that we think you’ll find helpful.  If you’re considering a bankruptcy in the Chicagoland area, contact our expert legal team today at contactus@changlegal.com or 847.907.4971 to learn about the services and support that Chang Legal has to offer for your bankruptcy case.

Filing for chapter 7 bankruptcy is also known as a “liquidation bankruptcy”. This nickname comes from the process of filing a chapter 7, in which you are required to surrender for sale any non-exempt assets. Your bankruptcy trustee sells these assets on your behalf and the proceeds from those sales are used to pay off your outstanding debts. Chapter 7 bankruptcy puts an immediate end to creditor harassment, threats, collections, and wage garnishment. If you qualify for a chapter 7 bankruptcy, this type of filing can give you significant hope for a clean slate and a fresh start in your financial future.

In a chapter 13 bankruptcy – unlike a chapter 7 – you are able to keep your property. However, you will have to create a repayment plan, which will describe in detail how you plan to pay each of your creditors. Because of the planning aspect of a chapter 13 bankruptcy, it is often nicknamed the “reorganization bankruptcy”.
The main reasons to file a chapter 13 bankruptcy are to avoid a foreclosure or repossession, protect an asset that would otherwise be liquidated in a chapter 7 bankruptcy, if you make too much money to file a chapter 7 bankruptcy, or to consolidated debts that would otherwise be liquidated in a chapter 7 bankruptcy.

To learn more about the bankruptcy support provided by Chang Legal in the Chicagoland area, contact us today at contactus@changlegal.com or call 847.907.4971.