If you've been looking for a good bankruptcy lawyer, chances are that you have seen the term "debt relief" tossed around quite a bit. Debt relief is what people are looking for after they have had too many financial problems for too long. They are stressed out by either credit card bills, payday loans, hospital bills, lawsuits, wage garnishments, liens, or maybe even a home foreclosure or repossession of an automobile. People get to a point where enough is enough and they need HELP and they need it now! They want for the stress of it all to just go. Debt relief comes in many forms, typically:
- Partial forgiveness of debt
- Total forgiveness of debt
- Debt is paid off or paid down faster than it grows
- No new debt is incurred
Forgiveness of debt is where Bankruptcy can come in. Most unsecured debt is forgiven in a Chapter 7 bankruptcy and in a Chapter 13, both secured and unsecured debt can be handled by way of repayments through a Chapter 13 plan which usually results in a partial forgiveness of debts, and maybe total forgiveness in others, depending on your individual circumstances and how your Chapter 13 gets structured.
As for the last two- paying off debt or paying it down, or not incurring new debt- for many people that is easier said than done if they have been in a rough spot for a while, especially if they had a job loss, divorce, illness or other major life change which sent them into a financial tailspin. If you are looking for relief from your debt, we can help you determine whether or not you would be a good candidate for a bankruptcy. If you are not, we will tell you and be honest about your options. Either way, we are here to help and would like for you to have a copy of our free book about debt relief and bankruptcy, "Bankruptcy Myths Busted", written by the owner of the firm, Carol O'Connor Cadiz. Give us a call, fill out a webform, or set up a free bankruptcy consultation in either Schaumburg or Itasca and we will make sure to get a copy in your hands. Don't wait any longer for the debt relief you deserve.