Chapter 7 Lawyer Bartlett IL – Law Offices of Anthony R. Scifo – Call 847-628-8311
Chapter 7 Lawyer Bartlett IL
If you are having a difficult time catching up on bills and you have a lot of debt, there are bankruptcy options from which you can choose. Chapter 7, for example, can help you get some debts discharged within 90 days after you file for bankruptcy. However, it may also result in loss of your property. On the other hand, if you file for Chapter 13 bankruptcy, you’ll have a three-year or five-year repayment plan for your debt and you will be able to keep some or possibly all your property.
So, how are you to determine if and when you should contact one of the leading firms on the area to ask about filing for bankruptcy? At the Law Offices of Anthony R. Scifo, we are available to answer all of your questions and advise you of your best options. One of the first issues that a Chapter 7 Lawyer Bartlett IL will want to discuss with you is your current income and whether you have any property and assets. In the event that you do not have property besides a vehicle and some basic household belongings or any income besides Social Security, it might be possible for you to be exempt from judgement.
Creditors would not be able to collect possessions from you, so you do not need to file for bankruptcy.
If, however you do have some income and property of value, creditors may attempt to take it. Usually, unsecured debt like credit card balances, medical bills, loans or utilities require creditors to go to the court to start collection procedures. That makes it easier to decide if you should file for Chapter 7, because bankruptcy can temporarily cease litigation and collection actions against you thanks to an automatic stay. Consult with a Chapter 7 Lawyer Bartlett IL at our firm right away if you are receiving collection notices.
Filing for Chapter 7 will make sense for you if you have minimal or no property that is exempt and low income. It will require you to take means test. In the event you earned less than the median income in Illinois for households comparable to yours for the past 6 months, filing for Chapter 7 might be the right decision for you. If you earn more than the median amount, you still may be eligible depending upon your debt and monthly expenses,
It’s important to understand that there are some forms of debt that are not dischargeable in the state of Illinois. A few examples include:
-Child support and spousal maintenance.
-Fines.
-Most types of student loans.
-Unpaid taxes. (There may be exceptions in some situations.)
-If you’ve been ordered by a court to pay criminal restitution.
-Debts that are based on fraud, embezzlement, or theft
-Damages as a result of drunk driving.
-Deliberate property damage.
-Settlement debt from divorce.
Chapter 7 Lawyer Bartlett IL – Call 847-628-8311
At our law firm, our Chapter 7 Lawyer Bartlett IL has assisted many people in difficult financial situations. Filing for bankruptcy can provide a critical first step toward getting out of overwhelming debt. But because every client’s case presents its own specific challenges, you’ll need to determine if Chapter 7 Bankruptcy is going to be right for you.
An important point to consider is whether it could discharge enough of your debts in order for it to make a significant difference. The answer would probably be ryes if you have a large amount of debt, and you also have some exempt property. If you are at risk of falling deep into debt and losing your assets, time is a factor – call our offices and consult with a Chapter 7 Lawyer Bartlett IL at your earliest opportunity.
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