Bankruptcy Elgin IL

Bankruptcy Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311

Bankruptcy Elgin IL Anthony Scifo
Attorney Anthony R. Scifo

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

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!