Understanding the Bankruptcy Process
Filing for bankruptcy can be a difficult decision because in the past, bankruptcy was associated with financial failure. However, during the recent downswing of the economy, more and more people are facing financial difficulties and are filing for bankruptcy, making the process much more common and accepted. When you are considering bankruptcy, fully understanding all aspects of the process can make this experience much less stressful and prepare you for a fresh financial beginning.
If you or someone you know is having struggling to pay regular expenses, contact the experienced Chicago bankruptcy attorneys at the Law Offices of Stuart B. Handelman today by calling 312-360-0500. We are committed to explaining the full bankruptcy process to our clients and helping them through this process in an efficient and professional way.
The Basics of Bankruptcy
The bankruptcy process differs depending on what type of bankruptcy a person pursues. For instance, Chapter 13 and Chapter 7 bankruptcy are available to both individuals and businesses, but Chapter 13 bankruptcy often allows applicants to retain possession of their assets during the bankruptcy process. On the other hand, Chapter 7 typically involves liquidation.
The general bankruptcy process will include:
- Initial filing
- Evaluation of current / projected income
- Evaluation of general assets
- Evaluation of necessary expenses
- Approval or rejection
With the help of a knowledgeable Chicago bankruptcy attorney, you can increase your chances of approval for your bankruptcy filing, which can help you start anew much sooner.
Contact Us
If you or someone you love is facing financial difficulty and is considering bankruptcy, contact the qualified Chicago bankruptcy lawyers at the Law Offices of Stuart B. Handelman today by calling 312-360-0500.
