Many people in Bolingbrook Illinois are struggling with debt. Bankruptcy is one way to help you resolve this issue if you are one of them. The firm of Zalutsky & Pinski LTD has spent the past 50 years helping people like you in trying times. We have 8 convenient locations in the Chicago area where you can go for free advice on bankruptcy.

Bankruptcy is usually thought of in bad terms, but it actually can help you solve problems, not create them. There are two types of personal bankruptcy options: Chapter 7 and Chapter 13. Each has different requirements. Chapter 7 is called liquidation bankruptcy because clients have to sell their assets that aren’t exempt from the bankruptcy so their debts can be repaid. Alternately, Chapter 13 is called reorganization bankruptcy because customers reorganize the debts owed so they can better meet the required installments.

Chapter 7 is the more common of the two in the U.S. It allows filers to have their debts forgiven and anything left paid through property liquidation. Some debts may not be included: student loans, taxes, child support, government fines and court fees may have to be paid even after filing for a Chapter 7. Any property owned has to be separated into exempt and non-exempt categories. Then they are sold to help pay anything left owed.

In order to qualify for Chapter 7 a filer must qualify based on the terms set by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. To file Chapter 7, one must pass the means test, which shows if they have or haven’t the salary to pay off their debts.

So, if you or any of your neighbors in Bolingbrook are struggling with a money crisis, and are considering bankruptcy, then Zalutsky & Pinski LTD can offer advice through a no money down, completely free consultation. Let us help relieve you of this burden. Call 312-273-1217 today and talk to one of our attorneys. You will be happy you did.

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