Feb 6, 2014

Posted by in Uncategorized | Comments Off on Chapter 7 Bankruptcy Lawyers in Chicago: The Benefits of Chapter 7

Chapter 7 Bankruptcy Lawyers in Chicago: The Benefits of Chapter 7

9805649_lFor just about everyone, filing bankruptcy comes down to whether you want to file Chapter 7 or Chapter 13. There are so many people who claim that you should not hire one of the chapter 7 bankruptcy lawyers in Chicago because Chapter 13 is the better option. However, that is not always the case. There are times and circumstances where filing Chapter 7 instead of Chapter 13 can be extremely beneficial.

Chapter 7 is a Significantly Shorter Process

Depending on where you live and the chapter 7 bankruptcy lawyers in Chicago that you hire, a typical Chapter 7 process can take anywhere from three to six months from the day that you file your bankruptcy petition. While some people think that still seems like a long time, it is actually a lot faster than most cases that go through the federal court system. A Chapter 13 process can take anywhere from three to five years to be completed. Chapter 7 was created for people who want to get in, get out, and get on with their life.

There Is No Paying Debts Back

All of your unsecured debts will get wiped clean. You are not responsible for paying another penny on any of them as long as you qualify for Chapter 7. When you file for Chapter 13, you are going to spend the next three to five years repaying your debts. In theory, that is something you could do on your own without going through the process of filing Chapter 13 which makes the process a little redundant.

While it is true that you have to pay certain filing fees in order to file bankruptcy, the amount of money you have to pay varies depending on what kind of bankruptcy you file. If you hire an attorney for Chapter 13, you are hiring and paying an attorney for the next three to five years. When you file Chapter 7, you are only going to be paying a lawyer to represent you for a few months. The cost of a Chapter 13 lawyer tends to be anywhere from three to five times more expensive than the cost of a Chapter 7 lawyer. Browse lakelaw.com for more.

Share

    Pin It on Pinterest

    Shares
    Share This