It is an unfortunate fact of life that many people will experience significant financial problems. Whether it is from the lose of a job or poor financial management, individuals can quickly find themselves in extreme financial hardship. When this happens, they may find it impossible to repay their creditors, and this can cause a variety of major ramifications. Luckily, the legal system offers protections to individuals that are suffering from crushing debt. However, it is no secret that navigating the legal system is an extremely difficult task, and without years of experience and education, it is almost impossible to successfully file bankruptcy. Fortunately, for those needing a bankruptcy lawyer in Chicago, the professionals at LakeLaw have years of experience defending the rights of debtors.
It should be noted that there are a couple of types of bankruptcy, and each has its own benefits and drawbacks. Chapter 7 is a type of bankruptcy protection that is primarily geared towards individuals that make less than the median income. Under this type of protection, the majority of a person’s assets are sold to repay their creditors. However, it should be noted that after this filing, a person’s debts are erased, and they are given a fresh financial start.
In contrast, a Chapter 13 bankruptcy is primarily designed for those individuals that can repay their debts, but that need them restructured to accommodate their income. Under this type of protection, a person’s assets will not be sold. Rather, the courts will force their creditors to restructure their debtors payments to accommodate their income.
Regardless of the type of bankruptcy protection, it is essential to have experienced and aggressive legal representation for these matters. Luckily, for those needing a bankruptcy lawyer in Chicago, the attorneys at LakeLaw have decades of experience representing clients in these matters. By hiring these professionals, you can ensure you are receiving experienced counsel for these matters. Sadly, many people are under the impression that they can not afford to hire these professionals. However, it should be noted that this does not have to be the case. There are attorneys that will work with low income client to help ensure they have access to the legal representation they deserve.
