North Riverside Bankruptcy Advice Seekers Should Talk to Someone Who Can Separate Truth From Misconceptions
Whether one is walking along Harlem Avenue, Cermak Road, or driving through the commercial zones that are peppered along the outskirts of the village's many subdivisions, it's becoming obvious that many North Riverside-based businesses, especially small retailers, have been badly hurt by the combination of a recession and drop in true consumer earnings. Shuttered doors and windows as well as properties that have been entirely abandoned have become, unfortunately, the new norm. With each one of these business failings or, just as often, reductions in employees or their hours, this economic situation impacts an increasingly larger share of the population of the western suburbs. Many people who only recently moved to the area have had to turn, increasingly, to declaring insolvency. Within even the more established areas of North Riverside, bankruptcy advice has, due to the region's financial situation, become a form of help that is being sought by both the previously wealthy and middle class.
Unfortunately, however, many people are given advice that is simply uninformed or based on what amounts to urban legends. Some of these rumors, for instance, claim that individuals can no longer claim bankruptcy if they have any income at all, that occupied homes are no longer assets that are exempt from liquidation, or that individuals can be subjected to an involuntary bankruptcy. These, of course, are not true, however general misunderstandings of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has fanned many such falsehoods. In reality, this modification of existing bankruptcy law states, among other things, that individual bankruptcy petitioners must have their finances subjected to a 'means test' to determine if they are eligible for Chapter 7 protection. If they are not, they may still file a Chapter 13 claim and, hopefully, manage to produce a plan that will allow them to reorganize their debts and repay creditors.
The fact that so many incorrect assertions about the new bankruptcy amendments exists, however, makes it all the more important for North Riverside bankruptcy advice seekers to consult with experienced, knowledgeable attorneys who specialize in bankruptcy-related procedures. Bankruptcy, after all, is a form of protection that is often needed to help families retain essential assets during times of financial crisis. It's for this reason that all the individuals or businesses that have been the direct victims of the events that brought about all those boarded shop windows should feel free to consult the friendly, professional attorneys at our offices today.