Bankruptcy filings in the United States continue to drop, falling 13 percent in 2013, according to the American Bankruptcy Institute. Business bankruptcies dropped by 24 percent, bringing them to their lowest level since 2006, yet many businesses and families continue to struggle with debt and find they need to consider filing for bankruptcy in Chicago Illinois. “When one feels they have no other options available to handle overwhelming debt, bankruptcy attorneys at Chang and Carlin LLP will be happy to assist the business or individual as they move through the legal process involved with the filing,” David Chang of Chang and Carlin, LLP explains.
Although laws remain in place to protect consumers from creditor harassment, debt collectors often find ways to avoid these laws and continue the harassment, leading to additional emotional distress. Furthermore, federal bankruptcy laws take precedence in legal proceedings, yet each state enacts additional laws, which makes the bankruptcy filing process complex and not something the average person should take on alone. “Chang and Carlin, LLP handles bankruptcy filings across the state and offers four convenient locations to assist consumers looking for relief from their debt, while a free consultation helps individuals learn where they stand when it comes to obtaining this relief,” Chang continues.
Illinois put into place laws concerning real and personal property exemptions, one area which tends to confuse many individuals considering bankruptcy. For example, individuals may use the Illinois homestead exemption to protect up to $15,000 in equity in the home of residence and this exemption applies to each person, while the motor vehicle exemption works to protect $2,400 of value of one motor vehicle. “Consumers often mistakenly believe they lose everything when they file for bankruptcy, but this isn’t the case as the federal and state governments have put exemptions into place to help these individuals,” Chang goes on to say.
The above mentioned exemptions are only two examples of protections put into place by the government for individuals wishing to file bankruptcy. Many others exist, including the tools of the trade exemption and the wild card exemption. “When one meets with an attorney from Chang and Carlin, LLP, he or she protects their financial future while having their interests properly represented. Whether one is facing bankruptcy or foreclosure or is in need of assistance with tax and IRS issues, the attorneys at Chang and Carlin, LLP will be more than happy to help navigate the legal system to get the matter resolved quickly,” Chang declares.
About Chang and Carlin, LLP:
Chang and Carlin, LLP handles thousands of bankruptcy and real estate matters, representing real estate transactions and debtors along with IRS and tax related legal matters, gathering the experience needed to provide legal representation to clients.
Visit http://www.ChangandCarlin.com for more information.
Name: David Chang
Organization: Chang and Carlin, LLP