Bankruptcy is a process that is used under the law to help those struggling with debt to reentering into a controllable financial situation once more. It allows cumbersome, unmanageable debt to either be discharged or restructured so that the person in question can move forward with their life once more.
There are many different kinds of debts. Some kinds of debts are eligible for discharge and will be the key focus as Attorney Daniel S. Khwaja represents you in your Bankruptcy. Unfortunately, not every single debt you have incurred will be able to be discharged. Debts such as those owed to government agencies, those owed for spousal and child support, those for court judgments in personal injury cases, and those racked up after the bankruptcy was filed will not be eligible to be discharged. Illinois Bankruptcy Lawyer Daniel S. Khwaja will review your various types of debt and advise you on which are eligible for discharge in your own personal situation.
This is a common bankruptcy myth that is not true at all. You will not be left at the end of the process with a cardboard box or forced to start from scratch. State laws vary on what is exempt from bankruptcy, but these can include jewelry, heirlooms, industry tools, as well as cars and homes up to a certain value.
You are not limited to one bankruptcy filing, however, depending on the bankruptcy type or "chapter" you filed, there are certain waiting periods that must be observed. Although there is no limited on how many bankruptcies you can file in your lifetime, it is not advisable to file too often or more frequently than might be necessary for your situation. If you have previously filed for bankruptcy and are considering filing again, please contact Illinois Bankruptcy Attorney Daniel S. Khwaja to discuss your particular situation and explore all the options available to best suit your circumstances.
If you or someone you know is currently having difficulty keeping up with your debt or dealing with the fear of constant creditor harassment or facing the possibility of foreclosure, you should not hesitate to contact Illinois Bankruptcy Lawyer Daniel S. Khwaja to discuss your options.
Bankruptcy is often a viable option to begin the process of reclaiming your financial life and should be thoughtfully reviewed before deciding whether or not to move forward with any proceedings. Attorney Khwaja understand that decisions such as this require being well-informed and having accesses to competent legal advice. Illinois Bankruptcy Lawyer Daniel S. Khwaja is dedicated to offering comprehensive legal services to see the bankruptcy process through from start to finish, should you engage his services and decide filing is the right choice for you.
There are many factors that may determine eligibility of a Chapter 7 filing, and a number of considerations that must be thoughtfully considered in order for you to make an informed decision on whether or not filing is the best solution for you. For these reasons, it is imperative that you seek consultation from a knowledgeable Illinois Bankruptcy Lawyer to help review the particulars of your situation.