Illinois Chapter 7 Bankruptcy Lawyer
A fresh financial start. Eliminating Debt, Rebuilding Your Credit
Bolingbrook Chapter 7 Bankruptcy Attorney Serving Aurora, Orland Park, Oak Forest, Joliet, and Surrounding Cities
After 19 plus years of helping clients file for Chapter 7 Bankruptcy one common ideal is a constant, it’s a business decision that each individual or family must make to rid themselves of credit card, medical bill and other crushing debt. Although Chapter 7 Bankruptcy is commonly referred to as the liquidation bankruptcy the majority of Chapter 7 clients are able to retain ownership over their home, car, and other personal possessions. Mr. Bauer goes over the applicable exemptions with each client to ensure their property is protected and advises them when Ch 13 may be a better option.
Ending Creditor Harassment
The Automatic Stay is a legal term of art used amongst bankruptcy legal minds; in a nutshell it means that upon the filing of your Chapter 7 Bankruptcy, as long as notice is given to each of your creditors, all collection activities (creditor harassment) must Stop. That means no more telephone calls, threatening letters, etc., all of it must cease pursuant to the Automatic Stay. Given the state of affairs we find ourselves in, that is, coming out of the COVID-19 pandemic, increased economic inflation, rising food and fuel costs, etc., many more people are facing financial difficulty in paying their necessary monthly living expenses. If you find yourself stressing each month to pay your living expenses give my office a call to discuss if filing Chapter 7 Bankruptcy would provide you the financial relief many of my former clients have experienced.
Bankruptcy is probably one of the most misunderstood legal terms. For example, in board games, bankruptcy is synonymous with losing and the end of the game. The fact is, bankruptcy is not the end, it’s a new beginning. Simply put, bankruptcy is a process to help protect people who have financial obligations that simply cannot be met. In Chapter 7 bankruptcy, also called a “liquidation” bankruptcy, the law states that your assets may be sold to help pay off your debt. The reality is, that almost never happens as the exemptions offered by the State of Illinois protect your home, your car(s) in most cases and retirement accounts like IRAs and 401(k)s. The end result for most people who qualify for Chapter 7 bankruptcy is that they leave their credit card and medical debts behind them and are allowed to significantly improve both their short and long term financial situation
In the current state of the market, more and more people are facing financial difficulty. Issues such as job loss, limited income, high credit card bills or medical bills have become more prevalent. The inability to pay bills can lead to even worse and more stressful circumstances like foreclosure, a car being repossessed and/or wage garnishments.
A successful Chapter 7 bankruptcy will eliminate credit card bills, medical bills and personal loan debts and can stop foreclosure, repossession and wage garnishments. The fact is, if you’re having trouble making minimum payments to either a high-interest rate credit card or overwhelming medical bills, it is likely affecting your entire financial situation. It makes it harder to pay your mortgage and stay current on your car payments, and meet every other financial obligation you face in a month. When you discharge or eliminate your debt, suddenly your monthly financial obligations look much more manageable and you can turn things around.
It’s different for everyone, but if you are eligible to file for a chapter 7 bankruptcy, you will likely receive your discharge and a fresh financial start in just a few months.
More than likely the answer is No. Even though Bankruptcy is a public proceeding unless you are a celebrity or other high profile person it is unlikely that anyone will ever know that you filed bankruptcy unless you tell them. While we cannot guarantee that your bankruptcy will be a secret, there is a very good chance that no one will ever find out.
As a Midlothian, Illinois, debt relief lawyer, I can help handle your bankruptcy, or your debt case. I will work hard to ensure that you receive a second chance at a better financial life.
Get In Touch
If you are seeking legal representation or need further information about how to file for Chapter 7 bankruptcy, contact me at 708-687-8000 today. I will analyze your specific situation and provide valuable information.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
I am very grateful and thankful to Mr. Bauer, it is because of his assistance and guidance that my wife and I were able to save our home and start a new life without our former credit card debt. Thank you.
Tim F. Lemont, IL