It is an unfortunate part of modern life that millions of people will experience significant problems with debt. While many of these problems can be addressed with enough time and sound budgeting, there are instances where a person has more debt than they will ever be able to repay. Fortunately, the legal system protects individuals that find themselves in these situations. However, the court system is highly complex, and it takes years of experience to successfully navigate. Luckily, for those needing a chapter 7 bankruptcy attorney in Chicago, the attorneys at LakeLaw have years of experience representing clients in these matters.
While there are several types of bankruptcy, Chapter 7 filings are the most common. This type of filing is known as a straight bankruptcy. Under this type of bankruptcy protection, a person’s assets are sold off to repay their creditors. However, it should be noted that not all of their assets will be sold. Rather, they will be left with enough possessions for a clean financial start. After all, a clean start is the entire point of a bankruptcy filing.
It should be noted that not everyone will qualify for bankruptcy protections. In particular, individuals are only permitted by law to receive this type of protection once every ten years. As a result, it is essential for individuals to use this type of protection wisely. Fortunately, the attorneys at LakeLaw have the experience needed to help clients make the wisest use of this form of legal protection.
While easy access to credit is a signature attribute of modern society, it is possible for individuals to quickly accumulate a crushing amount of debt. For those experiencing this problem, the legal system offers a path to a fresh financial start. However, successfully navigating the court system is an extremely difficult task, and without experienced counsel, most individuals would be unable to procure this type of protection. Luckily, for those needing an experienced chapter 7 bankruptcy attorney in Chicago, the attorneys at LakeLaw have represented an almost countless number of clients in these matters. By working with these professionals, you can ensure that your case is being handled by experienced and knowledgeable professionals.
