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November 2016 Archives

Are you eligible for Chapter 7 bankruptcy?

While you may have considered filing for Chapter 7 bankruptcy as a way to wipe out some of your extensive debt, not all people are eligible for this form of debt relief. At Ledford, Wu and Borges, LLC, we know that in order to qualify for this chapter of bankruptcy, Illinois debtors must meet certain criteria.  

Managing the high cost of bankruptcy

Bankruptcy is designed to help people, who have been overwhelmed by debt, manage their financial burdens. In some cases, debtors can emerge from bankruptcy with a clean financial slate. Some people, however, may be unable to afford the cost of bankruptcy itself. The truth is, filing for bankruptcy can be pricy, and the cost may deter people from starting bankruptcy proceedings. In addition to the fees and costs of filing the bankruptcy paperwork with the court, there are often attorney’s fees involved. In some cases, these fees can amount to thousands of dollars. This leaves many people wondering how they can come up with this money when they have no money to pay their debts in the first place.

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