Millions of Americans struggle with debt. Credit card bills, mortgages, medical expenses, student loans and other forms of debt can pile up, and it's easy to fall behind on payments. Unpaid balances can quickly gather interest and grow into an enormous problem.
Should you then experience an illness, injury, job loss or another unexpected setback, it may be impossible to overcome your debt without help. Fortunately, help is available.
Whatever your exact debt issues, when you are a client, Richard L. Hirsh, P.C., will give you candid advice to help you reduce or even eliminate debt. The goal is always to help you return to financial health.
Some of the most effective methods of debt relief involve personal bankruptcy. The most common forms of personal bankruptcy are Chapter 7 and Chapter 13. Each has its own requirements, advantages and disadvantages. A lawyer can help you determine which type of debt relief suits your needs. What follows is a basic introduction to each type.
Mortgage foreclosure has become an all too common event in recent years. Defense of foreclosure cases is difficult because the reality is that most individuals facing foreclosure did in fact default on their mortgage. Moreover, because of job loss, reduced income, illness, etc., many individuals have no ability to cure the default in order to keep their home. Government plans to provide foreclosure relief often are not suitable. Richard L. Hirsh, P.C. has developed litigation strategies to enable its clients to remain in their homes for extended periods of time. This allows for children to complete school for example, or for individuals to accumulate resources before they must move. Under certain circumstances the firm has actually been able to prevail in foreclosure cases, although that is a rare occurrence.
Oftentimes these goals are accomplished in conjunction with Chapter 7 or Chapter 13 bankruptcy relief. For example, if your second mortgage is in default, it is sometimes possible to strip that mortgage off your property in Chapter 13. Or, a chapter 7 case can be strategically filed to extend your stay in the home after litigation efforts to come to an end.
Chapter 7 is the fastest and most effective way to eliminate debt. By filing for Chapter 7 bankruptcy, you are protected from your creditors, meaning that you will be free from harassing phone calls and other efforts to collect from you. After you complete the process, in a few months, you will be free from most forms of debt.
There are income and asset requirements that may affect the determination of whether to file for Chapter 7 protection. In most individual cases, you are likely to retain your assets, including your home and your car. Although Chapter 7 is often referred to as a liquidation, in individual and/or consumer liquidation of assets seldom occurs.
Chapter 13 gives you protection from creditors while you develop and enact a repayment plan. When the plan is complete, within three to five years, you will have eliminated most of your unsecured debt.
Chapter 13 is available for those with sufficient income to keep up with a repayment plan. It does not require you to sell assets. It is one of the most common ways people save their homes from foreclosure. You are allowed up to 5 years to cure the mortgage default.
If you are struggling with debt, you don't have to do it alone. Get help from an experienced debt relief attorney by calling Richard L. Hirsh, P.C., at 630-796-0088. You can also contact the office by email.
Richard L. Hirsh, P.C., represents individuals and businesses in DuPage County and the surrounding area.
Richard L. Hirsh, P.C., is a debt relief agency. The firm helps people and businesses file for debt relief under the U.S. Bankruptcy Code.