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Oak Forest, Orland park Illinois bankruptcy lawyer

Help with Credit Cards, Medical Debt, Home Foreclosure

Do you need help with your financial situation? Are minimum credit card payments, medical bills or collection calls making your day to day life difficult? My name is Gerald Bauer. I am a bankruptcy lawyer in Oak Forest, and I can help you understand your options for protection under the U.S. Bankruptcy code.

Doesn't Filing Bankruptcy Mean you Lose Everything?

It certainly does not. In fact, most of the people I work with to file either Chapter 7 or Chapter 13 bankruptcy in Orland Park and Oak Park keep all of their possession and end up in a much better financial situation. Technically speaking, Chapter 7 bankruptcy is a "liquidation" bankruptcy which means that your assets are sold to pay your creditors. However, with exemptions (which can also be though of as your possessions that WILL be protected) for your home, cars, the money you need to live day to day and retirement accounts like 401(k)s and IRAs most people who file bankruptcy keep everything they own.

read more about bankruptcy exemptions here.

Can Filing Bankruptcy Help me with calls from collection agencies?

Absolutely. Filing bankruptcy is easily the most effective tool against getting your phone to stop ringing constantly with calls from credit card and collection companies. Because of a part of the bankruptcy law referred to as "The Automatic Stay" you will receive immediate relief from collection calls. As soon as you file, any and all collection activity is illegal. That means you cannot be evicted, you cannot have your car repossessed, the foreclosure process stops, and no one can call you about past due debts. After the bankruptcy is discharged, we will have a plan in place to keep your home and car, and your outstanding debts will either be reorganized (effectively making your account current) or eliminated. In either case, you will not receive any more collection calls.

read more about collection agency and creditor harassment here.

Will Bankruptcy Ruin My Credit Forever?

No. A bankruptcy will remain on your credit report for roughly seven years after it is discharged. However, you will likely start receiving offers for new credit cards (typically with low limits and relatively high interest rates) within a few months of your bankruptcy discharge. The fact is, if you're considering bankruptcy, you have likely already done some damage to your credit. If you have received late notices from utility companies, have missed payments or gone over your limit on credit cards or have been sent to a collection agency for outstanding medical debt your credit score is likely already suffering. Filing bankruptcy removes the outstanding debt from your credit report which will in time increase your overall score.

read more about life after bankruptcy here.

Don't wait any longer for the fresh financial start you deserve.

One of the comments I hear the most from my clients in Oak Park and Orland Parkonce they understand how bankruptcy really works they only wish they had contacted me sooner. I offer a free consultation, so when you call or email me, it doesn't mean you've already decided to file bankruptcy, it just means you've decided to get the information on how it could affect your situation. Don't make the mistake of waiting and making thousands of dollars of credit card payments on debt and intererst that you could have had eliminated entirely. Call for a free consultation in my office servicing Oak Forest and Oak Park today.