Not everybody is immune to financial difficulties. A serious illness, injury, unemployment, divorce and many other situations might make it financially difficult for one to remain afloat. At The Law Office of Curtis A. Anderson in Danville, IL we understand this and offer you our experienced services. When you come to us, you deal with an experienced bankruptcy lawyer who can help you understand your situation in terms of the law and help you get out of it.
If you are looking to file for bankruptcy, we can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy will provide you with the best financial help. Whether it is a home foreclosure, a wage garnishment, a frozen bank account you are facing or if you are having trouble making your minimum credit card payments, do not hesitate to get in touch today.
This is also known as “Liquidation Bankruptcy”. According to the law, you might sell your assets in order to settle the debt but in reality, this never happens as your home, car and retirement accounts are protected by the State of Illinois. This leaves credit card and medical debts behind and you are allowed to significantly improve their short term as well as long term financial situation. A successful Chapter 7 bankruptcy helps reduce credit card bills, medical bills and personal loan debts and helps in stopping of foreclosures, repossession and wage garnishments.
According to the Chapter 13 bankruptcy law, a person is allowed to keep their property but will need to pay back their entire debt in its entirely, or even a portion of it, over a period of three to five years and some of their property is submitted to the bankruptcy trustee to help pay off creditors. This is more beneficial than making monthly minimum payments on credit cards.