If you’ve been searching for a bankruptcy attorney in Park Ridge, Illinois, look no further! As a premier bankruptcy law firm serving Cook County and the surrounding areas, we can assist you with all your debt-related questions and concerns. Our experienced legal team provides solutions tailored to your specific needs.
It’s easy to feel stressed and overwhelmed by keeping up with debt payments, but there are effective legal solutions to help you regain control of your financial situation. If you’re struggling with monthly bills and unpaid debts, filing for bankruptcy might be the right option. At DebtErasers, we can assist you with zero-dollar down Chapter 7 and Chapter 13 bankruptcies.
Understanding How Bankruptcy Works
Chapter 7 Bankruptcy
Filing for Chapter 7 is one of the easiest and most inexpensive ways to deal with and eliminate unsecured debts. By filing for Chapter 7, you can discharge the following debts:
- Credit card debt
- Wage garnishment
- Medical debt
- Lawsuit liability
- Unsecured personal loans
In most cases, the courts will discharge your debts within three to four months of filing for bankruptcy. Immediately, your creditors are legally required to cease attempts to collect from you or contact you further.
Debts That Can’t Be Discharged By Chapter 7
- Certain tax obligations
- Debts arising from fraud, embezzlement, or larceny
- Specific fines
- Student loans
Who Is Ineligible 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
Frequently Asked Questions About Chapter 7
Will I Lose All Of My Property If I File For Chapter 7 Bankruptcy?
No. If you file for Chapter 7 bankruptcy, you might lose some of your property, but there are certain types of property that you can keep. Generally, you can keep your exempt items that aren’t tied to any loans. So, while some things might be taken by creditors, there are protections in place for specific possessions that allow you to hold on to them.
Will I Need To Appear In Court For My Chapter 7 Bankruptcy Case?
Typically, about a month after you file for Chapter 7 bankruptcy, you'll need to attend a "meeting of creditors." In many places, this meeting now takes place online, which means you likely won't have to go to a courtroom in person.
How Long Does the Chapter 7 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.
Understanding Chapter 13 Bankruptcy
Chapter 13 bankruptcy is ideal for individuals with consistent, steady income who need to restructure their debts into more manageable payments. Filing for Chapter 13 in Park Ridge allows filers to consolidate their debts, lower the total amount owed, and then pay it off slowly and in a more manageable way over the next three to five years, offering a path to financial recovery.
Filing for Chapter 13 bankruptcy can assist with:
- Avoiding or reversing car repossession
- Reorganizing tax debt
- Halting foreclosures
- Protecting valuable assets
What Distinguishes Chapter 7 from Chapter 13?
In Chapter 7, debtors lose most of their nonexempt assets while having their debts wiped out. Chapter 13 enables debtors to retain their nonexempt property as they pay off a substantial portion of their debts. Once completed, they are freed from responsibility for dischargeable debts and released from all liabilities. Additionally, Chapter 13 permits the discharge of a wider variety of debts compared to Chapter 7.
Are There Limits To What Debts Can Be Discharged By Chapter 13?
Certain debts are 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
Frequently Asked Questions About Chapter 13 In Park Ridge
Under My Chapter 13 Plan, Do I Have To Pay Off All Of My Debt Completely?
No. Chapter 13 bankruptcy doesn't mean you have to pay back every penny you owe. Your Chapter 13 plan will require you to address certain debts, such as taxes and fully secured loans, but your payments will be tailored to your financial situation. Upon completion of your plan, many of your remaining debts may be discharged, meaning you won't be obligated to pay them.
How Long Will It Take To Finish My Chapter 13 Plan?
Successful completion of your Chapter 13 plan should take approximately 3 years, 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.
Am I Eligible To File For Chapter 13 Bankruptcy?
You would be considered eligible if you:
- Have unsecured debts that amount to no more than $336,900 or secured debts that amount to no more than $1,010,650
- Have some sort of regular income
- Are not a stock broker or commodity broker
- Reside, own property, or do business in the United States
- Have not filed a bankruptcy case that has been dismissed in the last 180 days
Life After Bankruptcy
Filing for bankruptcy can be your initial move toward financial independence and a new beginning. After six months of filing, your negative credit entries will be removed from your credit reports across all major bureaus. For those who have faced debt challenges, now is the time to seize this chance to improve your credit score. By managing revolving debts and obtaining a secured credit card, you can pave your way to homeownership soon!
Learn More About Life After Bankruptcy
How Else Can DebtErasers Bankruptcy Law Firm In Park Ridge Help You?
Creditor Harassment
Are creditors bothering you unjustly? The Fair Debt Collection Practices Act (FDCPA) safeguards you from creditor harassment, and we can assist by ensuring your creditors comply with the law. Once a third-party debt collector knows you have legal representation, they must cease all contact with you.
Real Estate Closing
Are you planning to buy or sell a property? Our team of attorneys guarantee a seamless negotiation process in real estate from start to finish. We are prepared to offer comprehensive legal support to both buyers and sellers throughout the closing process. With the help of the DebtErasers attorneys, you can rest assured that your real estate affairs are handled appropriately.
Loan Modification Negotiation
Are you burdened by substantial loans and feeling you’ll never escape them? A loan modification might be an option you are unaware of. The aims of a loan modification are twofold: (1) Lower your monthly payments to a manageable level and (2) postpone your mortgage arrears to protect your home from foreclosure. To maximize your chances of obtaining a loan modification, we suggest seeking assistance from our skilled and experienced attorneys at DebtErasers.
Meet Your Park Ridge 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 Park Ridge?
You can find our bankruptcy law firm on N Ozark Ave, located between Touhy Ave and Cubs Dr, right in the heart of the local community. Currently, in-person meetings are available by appointment only. Schedule an appointment by giving us a call today!
350 S NW Hwy, Suite 300
Park Ridge, IL 60068
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Contact us: (312) 248-3382
No matter what your debt concerns are, we can assist you. Our Park Ridge location is ready to answer all of your questions.