Chicago, IL -- (SBWIRE) -- 07/22/2013 -- While much of the nation is seeing drops in the joblessness rates, the city of Chicago continues to report in at 9.1, or two percentage points higher than the national average. The situation is worse in the city where 10.3 of the residents were jobless and looking, according to statistics released by the Bureau of Labor. These numbers, for the third straight month, beat out Los Angeles for the highest unemployment amid the top metro areas in population. With these high unemployment numbers in mind, David Chang of Chang and Carlin LLP, a Chicago Bankruptcy law firm, says Chapter 7 and Chapter 13 bankruptcy are often the answer for those who've lost one or both of their family's incomes, to re-structure their debt.
Says Chang, "Bankruptcy laws in Illinois are designed to help individuals and families struggling with debt stop harassing creditors. A bankruptcy attorney in Chicago can help you decide which bankruptcy option may best suit your needs. For many families who've lost one of their jobs, keeping their home is their primary concern. If one of them still has a job, filing for Chapter 13 may be the best option. If you’re struggling with mortgage payments and foreclosure is looming on the horizon, you may want to turn to Chapter 13 Bankruptcy to save your home. Filing for Chapter 13 Bankruptcy allows a debtor to make payments on outstanding debt, including mortgage payments, over a period of up to 60 months. Successful admittance into Chapter 13 also halts the foreclosure process in its tracks."
Chang goes on to explain about the other personal bankruptcy option, Chapter 7, saying, "It's sometimes referred to as liquidation, and is a way to eliminate unsecured debt when you're in over your head with your monthly payments. A bankruptcy trustee liquidates your unprotected assets to pay part of your bills, and the resulting discharge can take care of money owed on credit cards, medical bills, personal unsecured loans and many other types of unsecured debt. However, while Chapter 7 can erase your mortgage debt, it won't eliminate a lender's lien or legal claim on your house. That means the lender still has the right to foreclose. Thus, Chapter 13 may be a better option if you’re trying to save your home through bankruptcy."
Chang advises any homeowner or those who are facing insurmountable debt but are renting to call Chicago Bankruptcy Laywers sooner, rather than later, saying, "The first thing you want to do is stop the harassing creditors and bill collectors from calling you daily, reducing the stress in your life so you can get your life back on track. They can also help you to find the best path to build a financially stable future. With flexible payment plans and reasonable attorney fees, you should feel confident and comfortable having an experienced lawyer on your side throughout the process."
About Chang and Carlin
Chang and Carlin, LLP offers personal, confidential and efficient legal experience in the areas of bankruptcy, Chapter 7 and Chapter 13, residential real estate for the Chicago, Illinois area, foreclosure services, and tax and IRS legal issues. They are committed to offering aggressive representation and a one on one legal experience for a very reasonable fee. The Chang and Carlin bankruptcy attorneys and real estate lawyers have been involved in thousands of bankruptcy matters, representing debtors. They have the experience to provide the legal representation clients deserve in a bankruptcy case.