EXPERT GUIDANCE

FIND PEACE OF MIND

Do not be scared about the prospect of filing a bankruptcy.  You can finally have control over your finances and be able to focus on the things that are actually important in your life.

STOP THE INSANITY NOW:
  • Eliminate or restructure credit card debt, medical bills and other forms of debt.

  • Prevent home foreclosure and motor vehicle repossession.

  • Stop collections and creditor harassment immediately.

  • Stop wage garnishment, lawsuits, and judgments. 

  • Get rid of parking tickets, get your license reinstated, get off the boot list, or get your car out impound. 

  • Start rebuilding your credit by having a fresh start.  The sooner you come in to discuss your options, the sooner you will be debt-free and able to raise your credit score.

In bankruptcy, you have control over your creditors, instead of them having control over you. 

CHAPTER 7: 

Can you imagine being debt-free in as little as three months?  With a bankruptcy filed under Chapter 7 you can wipe out most of your debts completely. We offer complete and immediate relief to the most oppressive debt.  Minimum payments on loans and credit cards can take 15 years or more to pay off since your mostly paying interest.  Since you will no longer be making those monthly payments in a Chapter 7, that money can now go towards having some breathing room.  Imagine what you could do with all the money you could save without being bogged down by that financial burden!

QUALIFICATIONS FOR A CHAPTER 7: 
  • Must pass an income test. 

    • This is law-specific and I would need to have a quick phone consultation to make sure you qualify. 

  • Cannot have assets over the state exemption amounts.

    • You are allowed to keep a certain amount of property in a Chapter 7.  You can file a Chapter 7 even if you own a house, a car, or other assets.  In fact, most people who file do own some property.  This is again very law-specific, and I will be able to determine if you qualify for a Chapter 7 after a short phone consultation.  This is a free service for your information.  

A CHAPTER 7 WILL ERASE: 
  • Unsecured debt, such as credit cards, medical bills, payday loans, and personal loans. 

  • Old IRS taxes 

  • Foreclosure or car repossession deficiencies

  • Overpayments of benefits, such as unemployment or public aid

  • License suspension from personal injury or property damage judgments 

CHAPTER 7 TIMELINE: 
  • Consultation - I ask you a few questions to make sure you qualify.

  • You gather the necessary documents (usually pay advices and tax returns) and complete credit counseling. 

  • You come in for an appointment to prepare and file your case.

  • You have a 341 meeting with me and your trustee about 30 days after your case is filed.  This meeting is usually 5 minutes long and it's for the trustee to verify the information in your petition is true.

  • Around 60 days later you receive your discharge.  

From the time of filing to the time of discharge is usually around 3 months.  

 
CHAPTER 13: 

A Chapter 13 is a consolidation payment plan that modifies your debts.  Most times, the debts will be paid at a percentage with little to no interest. 

A CHAPTER 13 WILL: 
  • Catch you up on your mortgage to prevent or stop foreclosure 

  • Modify your car loan to a lower interest rate, and in certain cases, lower the balance of the loan

  • Prevents repossession of a vehicle or will reverse a repossession as long as the car hasn't been sold 

  • Reinstates license suspension due to parking tickets

  • Removes you from the boot list 

  • Gets a car back from impound due to parking tickets 

  • Pays IRS and Illinois tax debt with no further interest and penalties 

  • Stops student loan garnishment and puts the loans into forbearance. 

There is no income limit for a Chapter 13, but it will affect what your payment will be.  I offer a free consultation to explain what a Chapter 13 does and what your estimated monthly payment will be.  

 
CHAPTER 13 TIMELINE: 
  • Consultation - I ask you a few questions to let you know if a Chapter 13 will be beneficial to you and to estimate your monthly payments.  

  • You gather the necessary documents (usually pay advices and tax returns) and complete credit counseling. 

  • You come in for an appointment to prepare and file your case.  

  • You have a 341 meeting with me and your trustee about 30 days after your case is filed.  This meeting is usually 5 minutes long and it's for the trustee to verify the information in your petition is true. 

  • Your first payment is due 30 days from the date of filing.  

  • Your case is approved by the judge about 60-90 days after the case is filed. 

  • Payments last from 3 to 5 years. 

  • When the final payment is complete, you receive a discharge. 

I will explain each chapter and the benefits and detriments of both to help you make the best decision to suit your needs.  I have handled thousands of bankruptcy cases in my career.  This is an important decision in your life, you want to make sure you have someone who knows what they're doing on your side. Start your new debt-free life today.

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