We understand that no one wants to file bankruptcy and no one likes contacting a Schaumburg bankruptcy attorney. We know that job loss, illness and divorce are the cause of many bankruptcy filings and that hard-working people of all income levels are affected by the current economic conditions in Chicago, Illinois, and the surrounding areas. Most people do not understand bankruptcy law in Illinois. Fear or embarrassment causes them to avoid seeking the assistance of a qualified Chapter 7 Bankruptcy Lawyer. There really is no reason to delay contacting us if you are facing financial difficulties. Avoidance of the problem may cause your creditors to file lawsuits, repossess vehicles, foreclose on homes, garnish wages or freeze bank accounts. A Chapter 7 Bankruptcy can wipe away most of your debt and give you a fresh financial start and the process is much less stressful than most people imagine.
WILL I QUALIFY FOR A CHAPTER 7 BANKRUPTCY?
We will meet with you personally to speak about your income, assets and debts. During this confidential conversation, we will work with you to determine whether Chapter 7 Bankruptcy might help you. In order to qualify for Chapter 7 Bankruptcy, you generally must pass a means test, which is an objective calculation as to whether you should have money left at the end of each month after paying your reasonable living expenses. There is also a time limitation for you to receive a bankruptcy discharge if you have filed a previous Chapter 7 Bankruptcy.
This is a free meeting and the information gained will likely help you make a determination as to whether Chapter 7 Bankruptcy may benefit you and your family. There will be no pressure for you to file a bankruptcy. Each consultation is different and our recommendations are customized based on each person’s circumstances. It is important to understand that no situation is beyond hope and we may be able to offer solutions to resolve the financial problems that have been causing your stress even if those solutions do not include bankruptcy.
WILL I LOSE ALL OF MY PROPERTY AND MY HOUSE IF I FILE A CHAPTER 7 BANKRUPTCY?
You will not lose all of your property if you file a Chapter 7 Bankruptcy. Illinois allows individuals and couples to have a certain amount of property that is exempt from bankruptcy proceedings. Currently in Illinois a Chapter 7 individual debtor can protect $4,000.00 in personal property (such as home furnishings, jewelry, kitchen equipment), $2,400 for a motor vehicle and $15,000.00 per person on title in the home in equity in his or her home residence. These exemption amounts double when the bankruptcy filing is a joint filing of a husband and wife. However, clients do sometimes lose a portion or all of their state and federal income tax refunds when they file Chapter 7 bankruptcy. We can discuss the Illinois exemptions with you and answer your questions about keeping your property, house and income tax refund. Many clients are able to keep all of their property and home when they file a Chapter 7 Bankruptcy, because the process frees up more income for them to pay their living expenses instead of paying credit cards or medical bills.
CHAPTER 7 BANKRUPTCIES CAN HELP WITH THE FOLLOWING:
Stopping Wage Garnishments
Stopping Bank Account Garnishment
Stopping Harassing Phone Calls
Stopping Proceeding Supplemental Hearings
Whether you decide to move forward with a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, wish to attempt a creditor workout to settle your debt without the need for bankruptcy or are just looking for some information, the first consultation is completely free.
For a free legal consultation with one of our Chapter 7 Bankruptcy Attorneys, please complete and submit our contact form or call us directly at 224-324-4400. Evening and weekend appointments are available.
*Lageotakes Law Firm PC, is a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
The purpose of a chapter 7 bankruptcy is to discharge (wipe out) most debts and allow the debtor a “fresh start.” A person can file a chapter 7 bankruptcy once every eight years.
In a chapter 7 bankruptcy, if you are current on your car loan and home mortgage payments and do not have equity, you can keep both your home and car and discharge most other debts. However, some debts such as court ordered alimony, child support, all student loans, parking tickets, and certain taxes cannot be discharged in a chapter 7 bankruptcy.
There are two types of creditors in bankruptcy: secured and unsecured. A secured creditor is one who has the right to get his property back if he is not receiving payments. Examples of secured debt include: furniture, cars, major appliances, jewelry and homes.
In a chapter 7 bankruptcy, the debtor may be allowed to keep these things by reaffirming these debts for the amount owed or for a lesser amount representing the value of the security, depending on the type of security interest the creditor holds. At your FREE consultation your chapter 7 bankruptcy lawyer will explain the differences.
An unsecured creditor is one who typically does not have the right to get any property back. Examples of unsecured creditors include: credit card bills, most store charges, payday and other personal loans, back rent, and utility bills. However, even if utility bills are discharged, most companies such as the phone, electric, and gas companies will require security deposits to restore service.
Additionally, even if a debt may otherwise be dischargeable, under some circumstances, if a creditor can prove that there was fraudulent activity on your part, the debt may be deemed non-dischargeable. However, these types of situations are infrequent.
The fact that you filed a bankruptcy can stay on your credit history for up to 10 years. This doesn’t mean that you can’t get credit. It means that you have to re-build your credit.
Attorney’s fees in a chapter 7 bankruptcy can be paid in installments in most cases based on each individual budget and are always designed to be affordable.
In a chapter 7 bankruptcy, most debts that are not reaffirmed will be discharged. A discharge means that the debtor never has to pay these bills again.
For further information, contact us at (630) 753-8035 and set up an appointment for a FREE evaluation with a chapter 7 bankruptcy attorney. Call today! What do you have to lose?
Schaumburg Chapter 7 Bankruptcy Attorney
Schaumburg Debt Relief Attorney
Chapter 7 bankruptcy is the fastest type of consumer bankruptcy. It is known as a liquidation bankruptcy, although in reality most people do not have to liquidate any of their assets. This type of bankruptcy enables you to discharge the majority of your debt and get a fresh start in a matter of months. However, the process is not a simple one, which is why you need the help of an experienced attorney. You can find one at the Law Offices of Thomas Lageotakes, P.C., in Schaumburg, Illinois. We will help you overcome your debt.
Do You Qualify For Chapter 7 Bankruptcy?
Some people never contact a lawyer about debt relief because they think that they do not qualify for bankruptcy. If you are overwhelmed with debt and the creditor harassment has become nonstop, you most likely qualify for bankruptcy. We will use the means test to determine if you qualify for Chapter 7. If you do not qualify for Chapter 7, or if this type of bankruptcy does not make sense in your situation, you may still be able to file Chapter 13.
What Does Chapter 7 Stop?
As soon as you file Chapter 7 bankruptcy, an automatic stay goes into place, which orders creditors to cease all actions against you. Not only does this mean no more harassing phone calls or letters, it means that all of the following must stop:
Repossession of cars and other property
Of course, the true benefit of bankruptcy is that it eliminates debt. Through Chapter 7, you will be able to discharge the majority of what you owe, including credit card debt.
Lageotakes Law Firm
Thomas Lageotakes, Attorney & CPA
1699 E Woodfield Rd Suite 400
Schaumburg, IL 60173
111 E Jefferson Ave
Naperville, IL 60540
Chicago office by appointment only: Coming soon
Phone: 224 324-4400
Phone: 630 753-8035 630 753-8035
From our office in Schaumburg and Naperville, Illinois, we handle matters in areas of DuPage County, Cook county, Will County, and Kane County including Aurora, Barrington, Bartlett, Carol Stream, Hoffman Estates, Naperville, Oak Brook, Roselle, Schaumburg and Streamwood.
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