Bankruptcy Attorney in Winnetka
When debt collectors won’t stop calling you, there is a call you should make—to a bankruptcy attorney at Cutler & Associates, Ltd. in Winnetka. An attorney can review your finances with you and help you determine if bankruptcy could help you get the fresh start you want. By filing for chapter 7 or chapter 13 bankruptcy, you can ensure you’ve had your last harassing call from a collector and focus instead on your financial recovery.
Chapter 7 Bankruptcy
If you are unable to pay any portion of your debts, then chapter 7 bankruptcy could be the solution for you. To qualify for chapter 7, you must pass a means test administered by the court. There are two ways to do this. First, the court will consider if your income is less than the median income in your area, as reported by the IRS. If your income is greater than the median amount, you could still qualify for chapter 7. The court will closely examine your income plus your necessary expenses to determine if you are unable to pay your debts and meet your living expenses. Your bankruptcy attorney in Winnetka will review your situation with you to decide if chapter 7 is the best fit for your needs. Under chapter 7 bankruptcy, all of your qualifying debts will be wiped away completely.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is usually the right choice for people who don’t qualify for chapter 7 because they can afford to pay a portion of their debts. With chapter 13, the amount of your debts is reduced, and the payment period is extended. This allows you to pay an amount that is manageable for you while stopping collection activities and preventing interest from continuing to accrue on your accounts. Your bankruptcy attorney will work closely with the courts to create a repayment strategy that is in line with your financial situation while allowing you to still cover all of your necessary living expenses.
Stop Harassing Phone Calls and Collection Actions
Regardless of the kind of bankruptcy that matches your needs, when you file, your creditors will stop all collection activities. That means that you won’t have to worry about foreclosures, repossessions, utility shut-off, or demands for payments anymore. Your creditors will also stop contacting you and will no longer be able to contact your friends, family, and employers. Don’t face the courts without an experienced bankruptcy attorney in Winnetka on your side.