Chicago Bankruptcy Attorney For Financial Peace Of Mind

Bankruptcy laws are designed to give consumers like you a fresh financial start when you have more debt than you can pay. Unlike programs such as debt settlement or consolidation, bankruptcy offers you the full protection of federal law.

What Are the Benefits of Bankruptcy?

Some of the advantages of bankruptcy include:

  • Automatic stay: When you file bankruptcy, you are protected by an injunction known as the automatic stay. As long as the stay is in effect, creditors cannot call you or take any actions to collect a debt. It puts an immediate stop to harassment, foreclosure, repossession, lawsuits, collection of lawsuit judgments, garnishments and other adverse creditor actions.
  • Exemptions: Bankruptcy exemptions protect certain assets such as money in 401(k) and IRA accounts, a car up to a certain value, home equity up to a certain amount, household belongings up to a certain value and more.
  • Tax-free relief: When debts are discharged in bankruptcy, you will not have to pay taxes on the canceled debt. With other forms of debt relief, you could end up with a large tax bill after your debts are forgiven.
  • Creditors can't say no: When you file bankruptcy, creditors cannot say no to the bankruptcy court. Outside of bankruptcy, creditors may refuse to negotiate.
  • Peace of mind: When you file bankruptcy, you don't have to deal with issues such as creditor phone calls, harassment, or fear of foreclosure or repossession. Bankruptcy gives you the breathing room you need to fix your debt problem and get a fresh start.

North & Sedgwick Law is here to answer your questions about bankruptcy. The firm's bankruptcy lawyer, Paul Camarena, serves individuals, families and businesses in Chicago and throughout the surrounding areas of Illinois.

For A Fresh Start Contact North & Sedgwick Law

For more information about the benefits of bankruptcy, take advantage of a free initial consultation with attorney Camarena. Simply call North & Sedgwick Law at 312-878-8429 to arrange an appointment. You can also contact the firm via email.

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†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.