Are you seeking a reliable bankruptcy attorney in Oak Park, Illinois? DebtErasers is here to provide the support and solutions you need! As a leading bankruptcy law firm, we are here to help you with any debt-related questions and concerns. Our focus is empowering clients to regain financial control through tailored debt relief strategies.
Dealing with growing debts can feel daunting, but you aren't alone. Practical legal solutions are available to help you regain control of your situation. If you are overwhelmed by monthly expenses and unpaid bills, filing for bankruptcy might be your best choice. At DebtErasers, we offer assistance with zero-dollar down for both Chapter 7 and Chapter 13 bankruptcies.
How Can Filing For Bankruptcy Help Me?
Chapter 7 Bankruptcy
Filing for Chapter 7 is a straightforward and affordable way to deal with and eliminate unsecured debts. By filing for Chapter 7, you can discharge:
- Credit card debt
- Medical debt
- Lawsuit liability
- Wage garnishments
- Unsecured personal loans
Immediately upon filing your case, your creditors are legally required to cease attempts to collect from you or contact you further. In most cases, the courts will discharge your debts entirely within three to four months of filing for bankruptcy.
Types of Debts That Can't Be Eliminated Through Chapter 7 Bankruptcy
- Student loans
- Certain tax obligations
- Specific fines
- Debts arising from fraud, embezzlement, or larceny
Who May Not Qualify For Chapter 7?
You likely won’t be able to file for Chapter 7 bankruptcy if:
- You have concealed assets or falsified information in filings to the court
- You have received a Chapter 7 discharge in the past eight years or a Chapter 13 discharge in the past six years
Chapter 7 FAQs
How Long Will My Bankruptcy Process Take?
Chapter 7 is generally acknowledged as the fastest way to resolve many debts. Most cases are completed within three to four months of filing for bankruptcy, with unsecured debts being discharged entirely at the end of the process.
Will I Lose All My Property If I File For Chapter 7 Bankruptcy?
No, you might lose some property in a Chapter 7 bankruptcy, but there are certain types of property that creditors cannot take. Generally, you can keep your unmortgaged, exempt properties when you file for Chapter 7.
Will I Have to Appear in Court for My Chapter 7 Bankruptcy?
Typically, about a month after filing for Chapter 7 bankruptcy, you must attend a “meeting of creditors." In many states, this meeting is now conducted entirely online, meaning you may never need to enter a courtroom physically.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is intended for individuals with a reliable income who require a restructuring of their debts into more manageable payments. This type of bankruptcy enables filers to combine their debts, reduce the total amount owed, and gradually pay it off in a more feasible manner over the course of three to five years, providing greater financial flexibility.
Filing for Chapter 13 bankruptcy can assist with:
- Reorganizing tax debt
- Avoiding or reversing car repossession
- Halting foreclosures
- Protecting valuable assets
Is There A Difference Between Chapter 7 And Chapter 13 Bankruptcy?
Under Chapter 7 bankruptcy, the debtor can lose most of their nonexempt property to the courts while having their debts discharged. Under Chapter 13, debtors can keep their nonexempt property but must pay off as much of their debts as possible. After that, debtors can no longer be held responsible for their debts and will be released from all liability. Chapter 13 bankruptcy also allows for far more debts to be discharged than under Chapter 7.
Am I Able To Discharge All My Debts Under Chapter 13?
Chapter 13 can handle lots of different debts, but under the plan, some debts are still unable to be discharged, including:
- Debts repaid outside of the Chapter 13 plan
- Debts having to do with alimony, support, or maintenance
- Debts paid in installments whose final payment is due after the completion of all other payments under the plan
- Student loans
- New debts incurred during the time of filing for Chapter 13 bankruptcy that were not included in payments under the plan
- Debts owed for criminal fines included in the debtor's conviction of a crime, including debts owed as a result of the debtor being unlawfully intoxicated while operating a motor vehicle and causing the death or injury of another
Chapter 13 FAQs
Am I Eligible To File For Chapter 13?
You would likely be considered eligible if you:
- Have some sort of regular income
- Have unsecured debts that amount to no more than $336,900 or secured debts that amount to no more than $1,010,650
- Reside, own property, or do business in the United States
- Are not a stock broker or commodity broker
- Have not filed a bankruptcy case that has been dismissed in the last 180 days
Under A Chapter 13 Plan, Do I Have To Pay Off All Of My Debts?
You do not have to pay off all your debts when you file for Chapter 13. You will need to pay some debts, like taxes and fully secured debts, but only what you can afford. Most of your other debts can be wiped out after you complete your Chapter 13 plan.
How Long Will It Take To Finish My Chapter 13 Plan?
Your Chapter 13 plan will likely take approximately three years to complete successfully, but it could potentially end earlier if debts can be paid off before that time. However, if a debtor has a valid reason, they can ask the court to extend the plan for up to five years.
Building A Fresh Start After Bankruptcy
Filing for bankruptcy can be a challenging yet important step toward reclaiming your financial independence. It’s understandable to feel overwhelmed, but within six months of filing, you may find that your negative debts start to decrease from your credit score across all the major reporting bureaus. By staying vigilant with your revolving debts and using a secured credit card responsibly, you can pave the way towards homeownership in the near future. If you've faced difficulties with debt, it's crucial to embrace this opportunity to rebuild your credit score and move forward with hope. Remember, you're not alone in this journey, and brighter days are ahead.
Learn More About Life After Bankruptcy
How Else Can DebtErasers Bankruptcy Law Firm in Oak Park Help You?
Creditor Harassment
Are creditors pressuring you? The Fair Debt Collection Practices Act (FDCPA) protects you from such harassment, and we can help ensure your creditors follow the law. Once a third-party debt collector knows you have legal representation, they must stop contacting you.
Real Estate Closing
Are you looking to buy or sell property? Our attorney team ensures a smooth negotiation process in real estate from beginning to end. We offer thorough legal support to both buyers and sellers throughout the closing procedure. With assistance from DebtErasers attorneys, you can be confident your real estate matters are correctly managed.
Loan Modification Negotiation
Are you feeling overwhelmed by big loans? A loan modification might be the solution. The main goals of a loan modification are to lower your monthly payments to an affordable amount and to push back your mortgage arrears to protect your home from foreclosure. To improve your chances of getting a loan modification, we suggest getting help from our skilled attorneys at DebtErasers.
Meet Your Oak Park Law Team
Rigoberto Garcia
Managing Partner
Rigoberto has devoted his legal career to helping those in need. As a native Spanish speaker, Rigoberto is attune to the diverse needs of his clients. Rigoberto has over 10 years of experience practicing bankruptcy law and assisted over 15,000 clients with debt relief.
Steve Miljus
Managing Partner
With more than 10 years of experience in bankruptcy, Steve Miljus provides advice and counsel to clients seeking debt relief. Mr. Miljus has assisted clients with foreclosures, debt negotiations, adversaries, tax issues, short sales, real estate transactions with a particular emphasis on liquidations, and reorganizations.
Where Are We Located In Oak Park?
DebtErasers is a bankruptcy law firm in the heart of Oak Park. It is here to provide you with bankruptcy advice. Feel free to make an appointment Monday through Friday, between 9:00 a.m. and 5:00 p.m.
1010 Lake St, Suite 200
Oak Park, IL 60301
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Contact us: (312) 248-3382
We understand that dealing with debt can be overwhelming, and we’re here to provide the support you need.