Description:

The Law Offices of Schneider & Stone is a bankruptcy law firm with offices in Skokie and Naperville, Illinois, providing legal services to clients throughout the Chicagoland area. The firm is focused exclusively on the areas of bankruptcy law, and strives to provide comprehensive solutions to even the most perplexing matters of debt relief and financial management.

There are two fundamental types of bankruptcy that individuals can file for and it is important to understand them both. Chapter 7 bankruptcy entails liquidation, whereby all unsecured debts such as credit card/medical bills, and several types of personal loans are eradicated in order to allow one to be able to continue making payments on assets like their home or car. Chapter 13 bankruptcy is a payment plan, where a reasonable payment schedule is set up to pay back all or part of your debts. Usually, creditors receive only a portion of the debt through this type of payment.

Many individuals are reluctant to file for bankruptcy because they think that their assets will be seized, and their credit rating will get tanked. In truth, by the time one has to consider bankruptcy, their credit is already damaged and filing may actually help them start fresh. The attorneys at The Law Offices of Schneider & Stone can help you restructure your debts and regain control of your finances, and can even help you with life after bankruptcy.