Chang & Carlin LLP provides assistance in declaring Chapter7 bankruptcy

Chang & Carlin, LLP offers a personal, confidential and efficient legal experience in the areas of bankruptcy Chapter 7 in addition to other bankruptcy services.
- Chang & Carlin, LLP, January 17th, 2012

Published January 17th, 2012

Chang & Carlin LLP provides assistance in declaring Chapter7 bankruptcy

In the recent years, many people have resorted to bankruptcy so as to release the immense pressure of unbearable debts. According to the Chicago law, a business, partnership, a corporation or an individual like you and me, can request relief from debt under Chapter 7 of the bankruptcy law.

If your bills have gone out of control, you are in heavy debt and continue to sink deeper, Chicago Chapter 7 bankruptcy is possibly your best option. When you file for Chapter 7 bankruptcy in Chicago you will be able to get rid of your existing debt and also stop irritating calls from creditors trying to collect on your debts. The solution that Chapter 7 bankruptcy code provides in Chicago is known as liquidation. Liquidation is the process of taking an individual’s or a company’s real assets and converting them into cash, either to clear off debt or to harvest a personal profit.

The thought of your asset being liquidated and dispersed is undoubtedly pretty overwhelming. But, if you look at the positive side, the cash that is generated through liquidation of your assets is used to pay for your living expenses. In fact it is only the remaining amount that goes to the creditor. Another comforting fact is that any properties or possessions that you use for your trade/business or in your daily life could be cleared from liquidation.

Enlist the service of a Chapter 7 bankruptcy Lawyer to know and avail exemptions like the ones mentioned above. Make sure, that whenever you go to see a bankruptcy attorney in Chicago, the first session should be free. That will give you a picture of the financial status of the law firm itself, which will indicate how successful they are in their business.

Once you retain a lawyer, he may carry out a means test.To find out your eligibility to file a Chapter 7 Bankruptcy. This test may include a sequence of questions about your financial situation, including your earnings and amount overdue .A trustee is appointed upon completion of the above mentioned steps. After a petition is filed all your income and properties you procure remain yours and will no be touched in the bankruptcy proceedings. The whole process generally takes around 6 months to complete, after which you will be discharged.

At Chang & Carlin, LLP, Chicago bankruptcy attorneys have been involved in thousands of bankruptcy related matters on behalf of debtors in different bankruptcy cases. Their bankruptcy lawyers in Chicago have extensive legal experience to provide the required legal information and services that you deserve.

To know more about bankruptcy attorney services visit www.changandcarlin.com

Tags: chicago bankruptcy attorneys | illinois bankruptcy lawyer | bankruptcy lawyer chicago | illinois bankru | |

About the Author

Chang & Carlin LLP is a leader in helping individuals to secure a better financial future in Chicago, IL. Their bankruptcy lawyers have been involved in thousands of bankruptcy matters, representing debtors. They have the experience to provide the legal representation you deserve in a Chapter 7 or Chapter 13 bankruptcy laws, real estate services, and issues.

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