Bankruptcy Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311
If you are in financial distress and starting to sink deeper and deeper into debt, filing for Bankruptcy Elgin IL may be an option for you that could help you recover while also getting protection from creditors. Call our law firm to learn more about how we can help you.
There are a number of reasons to consider filing – here are a few of the benefits to that may be ahead for you if you choose to proceed with the process:
-In chapter 7, the courts might discharge many of your debts, so you will gain a fresh new start toward a much brighter and healthier financial outlook.
-In chapter 13 Bankruptcy Elgin IL, you can retain some of your properties like your residence and your vehicle.
-Bankruptcy will stop most types of wage garnishments in addition to harassment from collection agencies.
-Repossessions and foreclosure proceedings are also stopped and may not move ahead unless the court permits. In addition, some of your property will be exempt, so you can keep it.
-You can prevent your utilities from being shut-off, or restore the services after providing a reasonable deposit, and then paying only for current services.
-Another benefit to Bankruptcy Elgin IL is that public agencies and employers may
not retaliate against you when you file.
-In the event that you received a suspension of your driver’s license for failing to pay a dischargeable debt, you may get the license reinstated.
So now that you have an idea of the some of protections that Bankruptcy Elgin IL can give you, it’s important to note than there are also reasons that filing for bankruptcy may not be right for you. For example:
-Bankruptcy will remain upon your credit report for approximately seven to ten years and it can result in a negative impact for your credit rating.
-Getting credit in the future may be difficult and cost more during or following a bankruptcy. Plus, it may place strain on your relationships with some co-signers and some creditors.
-You might need to return some properties that are not paid for. (A chapter 13 filing can be utilized to save some types of additional properties.)
-Your personal financial information becomes public.
-You may only receive chapter 7 discharges once per eight years.
It may be possible to protect your property and income, however, without filing for bankruptcy. Additionally, the following debts will remain even after the process:
-Unpaid, alimony, spousal maintenance or child support obligations.
-Unpaid fines or, in some cases, student loans.
-Most unpaid federal and state taxes.
-Court orders to pay criminal restitution.
-Debts resulting from theft, fraud or embezzlement.
-Damages caused to another party as a consequence of drunk driving or deliberate action.
-Debts resulting from property settlement through a divorce.
Bankruptcy Elgin IL
Here is a brief list of a few things that bankruptcy can’t do for you:
- -Stop the eviction process. (If an eviction court has already entered the order before you filed for bankruptcy.)
- -Give protection to cosigners, with the possible exception of if they too file for Bankruptcy Elgin IL.
- -Bankruptcy does not release you from any debts that you incurred just prior to filing your case.
- -Discharge debts you take on after filing. Also, it does not discharge debts the court determines you are able pay if you show adequate income.
- -Allow you to retain valuable certain properties, such as, for instance, a vacation home, expensive items like jewelry or recreational vehicles.
Time is a factor if you are falling into debt and worry you’ll lose your possessions. Call the Law Offices of Anthony R. Scifo and get helpful information from an experienced lawyer!
When To Contact a Lawyer Who Specializes in Bankruptcy Elgin IL Cases
Does it feel as though you are sinking deeper in debt, overwhelmed by bills, and stressing out over your finances? It may be time to seek help from a local bankruptcy lawyer. Some of the signs you need to take action are:
High Credit Card Balance
Credit cards can certainly be very helpful in some situations, but they can also lead to serious trouble when not properly managed. If you’re making the minimum payment every month and your balance keeps escalating, call our law office and speak to a Bankruptcy Elgin IL lawyer. If it is a good option for you – particularly Chapter 7 – we can guide you throughout the filing process, which can clear unsecured debts such as credit card debt.
Rising Unsecured Debt
Divorce, doctor bills, and business debts can all rapidly pile up. If you’re struggling with a lot of unsecured debt and there appears to be no way out, the solution might be filing for Bankruptcy Elgin IL. A local bankruptcy lawyer can assess your case and help you determine if Chapter 7 bankruptcy is the right way to go for you.
Draining Your Retirement
If you’re in a situation where you have to draw from savings in order to pay down dischargeable debts, seek legal advice right away. Your retirement and savings accounts are supposed to help you secure your financial future instead of going toward your present debts. A Bankruptcy Elgin IL can help you gain a clearer understanding of how to shield these funds and steer you toward a better debt relief plan.
Risk of Repossession and Foreclosure
Are you on the edge of losing a vehicle or even your home? Filing for bankruptcy can stop the processes of repossession and foreclosure, providing you with an opportunity to catch up and strategize your next step. Chapter 13 bankruptcy, specifically, can help you stay in your home so you can get current on overdue mortgage payments. Your lawyer can help you with this process so you’ll know your rights and most effective options.
Calls from Creditors
If creditors keep inundating you with constant letters and calls, it’s time to seek the help of a Bankruptcy Elgin IL. Filing for bankruptcy will put a direct halt to those harassing attempts to reach you.
Preparing for Your Initial Meeting with Your Bankruptcy Elgin IL Lawyer
Now you’ve identified the warning signs of financial distress and realized it may be time to talk to a lawyer. However, what should you expect at your first meeting? While each case has its own specifics, your consultation will generally involve:
A Financial Analysis
Your lawyer will thoroughly evaluate your financial outlook. This usually includes analyzing your debts, expenses, income, and assets. This information is used to assess your potential eligibility for various versions of bankruptcy and to formulate a plan for your particular situation.
Explain Bankruptcy Elgin IL Laws
Bankruptcy laws are complicated in the state of Illinois. Your lawyer can help you understand how the laws apply to your situation in clear language. (And review the basic differences between Chapter 7 and 13, and which might be the better solution for you.)
Discussion of Fees
Bankruptcy lawyers in some situations will offer a payment plan to accommodate the financial situations of their clients. Your lawyer will explain the fees and review possible payment plans with you along with what services are to be included. Remember that filing for bankruptcy is not a sign of giving up. Instead, it is a strategic decision that will help you gain back control of your finances. Our law firm is here to help you recover from debt and get started on a path to much brighter future.
