entrance to bankruptcy court

 

Are you feeling overwhelmed by debt, bill collectors, and financial distress? Armstrong & Surin understand and we can help.
Financial problems are one of the biggest stresses you can face. From the constant phone calls and mailings from bill collection agencies, to looming debt hanging over your head, what do you do? You call us. We have over 30 years’ experience behind us.There are a few different ways to file for bankruptcy. Our attorneys will help you determine which one is best for your situation.

Choose from:

  • Chapter 7
  • Chapter 11
  • Chapter 13

 

Get in touch with our friendly staff today, and schedule your first FREE consultation. We look forward to helping you resolve your debt issues.
When you need professional representation, look to the attorneys who have your best interest in mind. Look to Armstrong & Surin.

Are you considering bankruptcy? Get the facts and call us today:
(815) 242-4321
In practice since 1980, we’ve been providing you and the citizens of Ottawa, IL with exceptional legal counsel for over 30 years.

 

Bankruptcy Attorneys | LaSalle County, IL

 

chapter 13 bankruptcy forms

Dealing with large amounts of debt often becomes a burden that is too difficult to bear. When a person has done all they can to pay down their debts but are not successful, bill collectors can become ruthless. They will garnish a person’s wages and take them to court. When the collectors become more than a person can deal with, they can find relief and peace of mind by hiring a Bankruptcy Attorney in LaSalle County. An attorney will not only represent the client in dealing with bill collectors but will also guide the person in making informed choices on bankruptcy options.

There are basically three types of bankruptcy an individual can file. The types filed are determined by the amount and type of debts owed, the amount of income the person makes and the types of assets owned, whether as an individual or as a couple in divorce hearings. Each of these bankruptcy options can help settle a person’s debt and lead them towards financial freedom.

Chapter 7 bankruptcy is one of the fastest methods of settling debt, though it is attached to an income requirement. Passing a mean’s test will allow a person to file for this bankruptcy. Those with any non-essential property may be required to liquidate what they own to pay off their debts. If no non-essential property is owned, the trustee over the case has the power to absolve debts so they are forgiven. This method typically takes less than six months.

Chapter 11 bankruptcy does not have debt limits. This type of bankruptcy is typically used by large business owners, allowing them to continue operating their business along with keeping their assets. Unfortunately, this is not always successful, depending on the business practices put in place to overcome the financial debt of the business.

Chapter 13 bankruptcy is an option for those who have mostly secured debts. People filing for this bankruptcy are placed under debt limits and are required to pay payments to the court each month so their debts can be brought down. Most people are given between two and five years.

A bankruptcy attorney in Ottawa Illinois can take a look at a person’s financial records, assets and income to determine which of the three bankruptcy options will be the most beneficial. While bankruptcy is not always the best option in every case, it can help a person to legally deal with their debt so they can overcome it. Working with a lawyer can help a person to make wise decisions regarding their debt so they can get the best outcome.