Ways To Tackle Insolvency

The Law Offices of Chang and Carlin, LLP guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy.

Chang and Carlin’s Chicago bankruptcy lawyers, are asked numerous questions by their clients. The questions pertain to various aspects of bankruptcy and debts. Recently, an interesting question was asked by a client about how to deal with insolvency. Let’s take a look at this question:

What is insolvency?

Insolvency means that either you aren't making enough money to pay your debts, or that you owe more money than the value of the assets you own.

What to do

·        The first step if you can't pay your debts is to work towards a 'compromise' with the people or organizations you owe money to (the creditors). A creditor's compromise is an informal agreement that may allow you to reduce the amount you owe, alter your payments to something you can afford, and possibly allow you to keep your business going. The compromise process can be drafted by an experienced attorney like Chang and Carlin LLP’s expert Chapter 7 bankruptcy attorneys in Chicago.

·        Summary Instalment Order: Summary Installment Orders provide debtors in financial difficulty with the option to repay all or some of their debts in installments over a period of three years, or up to five years in special cases. Your credit rating could be affected for up to seven years. 

·        No Asset Procedure: A No Asset Procedure is an alternative to bankruptcy for those with debts between $1000 and $40,000, who have not previously gone bankrupt or undergone a No Asset Procedure, and who have no assets. It lasts one year, and is an official declaration to those you owe money to that you have no means to repay them and no assets left to sell.

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + an Initial Free Consultation

These were some steps that you can take to deal with insolvency issues. However, it’s always in your best interest to take the necessary steps under and expert guidance. The attorneys at the law offices of Chang and Carlin help people with Chapter 13, Chapter 7 bankruptcy in Chicago, Foreclosure, and IRS and tax related issues.

Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or get more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.