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Bankruptcy Attorney in Niles

There are two primary types of bankruptcy that individuals can file: Chapter 7 and Chapter 13. You can meet with a bankruptcy attorney at the Niles, IL office of Cutler & Associates, Ltd. to learn about the differences between these types. Our experienced, compassionate legal team will confidentially review your finances to determine whether either type of bankruptcy is an appropriate option for you.

What Bankruptcy Can and Can’t Accomplish

Everyone has a unique financial situation, and so it’s difficult to make generalizations about exactly what bankruptcy can accomplish. For instance, some types of debts can be eliminated, such as credit card bills and medical debt. Other types of debts are non-dischargeable. These include:

  • Child support
  • Alimony
  • Legal fines and restitutions
  • Some tax liabilities

This means that a person who has $25,000 in credit card debt and $250 in past due child support could benefit substantially from bankruptcy. On the other hand, a person with $25,000 in past due child support and $250 in credit card bills might prefer to explore other options. However, personal finances are rarely this simple. Only a bankruptcy attorney can give you the personalized legal guidance you need.

What to Expect from Chapter 7 Bankruptcy

Some of our clients in the Niles area are eligible to file for Chapter 7 bankruptcy. Whether or not you’re eligible depends on your income and expenses. One of our bankruptcy attorneys can figure out if you’re eligible. If so, Chapter 7 can completely eliminate all of your dischargeable debts, essentially giving you a clean slate. When you file, some, all, or none of your non-exempt assets will be liquidated by the bankruptcy trustee and used to pay some of the debts. The remaining debts are erased.

What to Expect from Chapter 13 Bankruptcy

If your income is too high to qualify for Chapter 7 bankruptcy, you could file for Chapter 13 instead. If you’re approved, you’ll enter into a repayment agreement that lasts three or five years. During this time, you’ll send a pre-determined amount of money to your bankruptcy trustee to repay your secured debts and some of your unsecured debts. Once the repayment plan is over, your remaining unsecured debts are discharged.

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