Consumer Debt Relief ● Chicago Bankruptcy Lawyers
At Ledford & Wu, we provide experienced, cost-effective and personalized strategies to help clients achieve debt relief. Our attorneys have all focused their entire careers exclusively on bankruptcy law. We will work hard to help you solve your debt problem.
If you need debt relief, only an experienced lawyer can help you decide on your next steps. To schedule a free initial consultation with an attorney at Ledford & Wu, call our offices today at 888-542-1900 or contact us online.
Handling Different Kinds of Debt
Although medical debt and credit card debt are the most common forms of debt discharged through bankruptcy, other forms of debt can also be successfully managed. At Ledford & Wu, we frequently help clients deal with:
- Past Due Domestic Support: This includes back payments for child support and spousal support. This debt is non-dischargeable, meaning it cannot be erased through bankruptcy. However, it can be paid back over the course of three to five years through a Chapter 13 bankruptcy.
- Tax Debt: If your tax debt is more than three years old, you may be able to have it completely discharged through Chapter 7 bankruptcy. If it is less than three years old, you can use Chapter 13 bankruptcy to create a manageable monthly payment to pay it back.
- Real Estate Taxes: If you are behind on your real estate taxes for two years (four installments), then the county will sell the tax debt to a private purchaser. They will hold the tax debt for two years and then will be able to apply for a tax deed and take title to your home. With a Chapter 13 bankruptcy, you can often pay your past-due real estate taxes back as part of your repayment plan and protect your home. This area of law is very complex, time-sensitive and risky -- be sure to consult an experienced lawyer before making any major decisions.
- Co-Signed Debt: For co-signed debt to be fully discharged, both co-signors need to file for bankruptcy. If you need help, but want to protect your co-signer, these debts can be repaid in a Chapter 13 in full while still only paying a portion of the rest of your debts in one manageable payment.
If you are considering bankruptcy, you should consult with an attorney before making any major decisions. Schedule a free initial consultation with an experienced bankruptcy lawyer at Ledford & Wu by calling 888-542-1900 or by contacting the firm online.
