Bankruptcy Attorney Lake County
Are you struggling with debts you cannot pay, but the idea of filing for bankruptcy is frightening and intimidating? Do you worry about how a bankruptcy case will impact your financial future? If you answered yes to either of these questions, you are far from alone, as many families are dealing with the same situation these days.
While you might not see a possible end to your debt-related worries, a bankruptcy attorney in Lake County knows there are solutions to help people just like you. The legal team Schmidt Whitten & Whitten, helps many clients overcome unpaid debts and other financial concerns through bankruptcy. We’ll review all of your options and guide you every step of the way, so please contact us directly for more information.
Our Bankruptcy Services
Our firm assists consumers with the entire bankruptcy process, from making the initial decision to file a case to closing your resolved case following a debt discharge. Some questions and concerns we regularly address include the following:
- How to file for bankruptcy
- How bankruptcy might help to save your house
- What property you can keep after bankruptcy
- How the bankruptcy discharge process works
- What debts are forgiven in a bankruptcy case
- How to rebuild your credit after bankruptcy
Of course, you likely have many additional questions in line with your specific situation, and we will carefully address your concerns until you feel confident in your debt relief decision and our services.
Types of Bankruptcy Cases
Not all bankruptcy cases are created equal, and some people have a much different experience than others. The main factor that determines the nature of your bankruptcy case is which type of bankruptcy you decide to file. This decision is often based on:
- Your household income
- The types of debts you have
- Whether you are facing a possible foreclosure
- The nature of your property and assets
The most common type of consumer bankruptcy case is filed under Chapter 7 of the United States Bankruptcy Code. This is commonly referred to as liquidation bankruptcy, as the bankruptcy trustee might liquidate some of your property and assets to pay priority creditors before you can receive a discharge of your qualified debts. However, many people have little non-exempt property, so they lose nothing or next to nothing in their Chapter 7 case.
If you have significant non-exempt property or your income is too high to qualify for Chapter 7, another common option for consumers is to file under Chapter 13. This is an entirely different process that protects all of your property but requires you to make a monthly payment to the bankruptcy court for a few years before you can receive a discharge. This type of bankruptcy can be highly beneficial for the right people, however.
Learn How a Bankruptcy Attorney in Lake County Can Help
If you are unsure about whether to file for bankruptcy or need help through the process in Lake County, look no further than Schmidt Whitten & Whitten. We can provide the guidance you need for a better financial future, so please contact us to schedule an appointment today.
Schedule A Free Consultation
At Schmidt Whitten & Whitten, we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed