Do You Need a Chicago Bankruptcy Attorney ?

When you are in a troubling financial situation, it can be tempting to try to find your own way out without consulting the help of an expert. However, sometimes, this just allows the problem to worsen. If you contact a Chicago bankruptcy attorney, he or she will be able to assess your unique situation and advise you on the best course of action moving forward. If you have never experienced a situation like this before, the expert advice that you will receive from a qualified attorney will be invaluable as you attempt to determine whether you should file for bankruptcy.

If you do decide to file for bankruptcy, a Chicago bankruptcy attorney can help you every step of the way so that you can make sure that all court documents are properly completed and filed with the appropriate office. They will also represent you along the way so that you can be present in court with legal counsel if necessary. There are many reasons that you should contact a qualified Chicago bankruptcy attorney if you suspect that you should file for bankruptcy.

A Chicago bankruptcy lawyer will not only advise you on all of the options that you have in terms of filing for bankruptcy, e.g., Chapter 7, Chapter 11, or Chapter 13, but they will also give you solid advise for the future so that you can avoid bankruptcy again. If you are looking for a qualified Chicago bankruptcy attorney that is trained in handling these cases, you should make sure to interview the lawyer before you decide which one is best for you. Once you find a Chicago bankruptcy lawyer to handle your case, you will be well on your way to regaining your financial future. Although bankruptcy is sometimes a difficult decision to make, a Chicago bankruptcy attorney can help you navigate the filing process so that you can quickly move on with your life.

Smoothly Move to a Brighter Financial Future with the Best Illinois Bankruptcy Attorneys

When you are faced with a financial situation that has you extremely stressed and unable to find an alternative solution, you can immediately turn to Illinois bankruptcy attorneys to help you correct these issues. Once you talk with an attorney, you may realize that you have a number of other options that you can consider to help you decide on the best course of action. Most people use bankruptcy as a last resort to fix a troubling financial situation, but you may find that there is an even better option that is well suited for your particular situation.

Reasons to Find Skilled Illinois Bankruptcy Attorneys to Assist You

Illinois bankruptcy attorneys are trained to help you through your financial situation by providing sound guidance, expert legal advice, and a helping hand to guide you through the process step-by-step. You can contact a law firm today to help you sort through the financial situation that you are in and determine which solution is the best for helping you get back on track financially. Illinois bankruptcy attorneys will also assist you if you do need to file for bankruptcy. Regardless of the Chapter of bankruptcy that you and your Illinois bankruptcy attorneys determine is best for you, you will have excellent guidance to help you with the process and ensure that all documents are filed correctly and submitted within the appropriate timeline.   

Illinois bankruptcy attorneys specialize in helping you regain control of your financial future by helping you to liquidate, reorganize, or adjust. If you have mounting debt that you cannot seem to find the money to pay off right now, you will find that this solution is an ideal way for you to ensure that you are on the path to financial freedom in the future.

Becoming Financially Free with the Help of a Personal Bankruptcy Attorney in Chicago

As the economy continues to signify major problems in the financial markets, there are people all over the country and the world that are no longer able to repay their debts. If you are looking for a legal method that will help you become free of debt, a personal bankruptcy attorney in Chicago can assist you with that. When you begin to look at how the bankruptcy process works, you will probably be able to feel a sense of relief that you will no longer have to worry about that overwhelming debt. Many people are on the verge of losing their home, car, and everything, and this is a very frightening time for people that have never been through such a thing before.

What does a Personal Bankruptcy Attorney in Chicago Do?

A personal bankruptcy attorney can make sure that you are fully prepared for all that will occur before, during, and after you file for bankruptcy. If you are looking for a way to curb the debt that you have to repay, bankruptcy is one of the best options. However, bankruptcy will affect your credit rating, so you should make sure that you don’t need to take out any other loans for the time being.

As you move throughout he bankruptcy process, a personal bankruptcy attorney in Chicago will help you decipher the many different options that you have so that you are sure to make all of the appropriate deadlines and correctly submit your forms. Without the proper completion of paperwork, the institution will have no way of knowing whether or not you tried to pay them back over time.

Owe Money to Many Creditors? What Should You Do?

People who owe money to many creditors face a very common problem that is some of their creditors might not willing to give them additional time to pay without knowing what other creditors want to do. If you are facing the same problem, you can seek the help of an experienced Bankruptcy Lawyer in your area. You can also consult your nearest consumer credit counseling service (CCCS) center by calling 1-800-388-2227.  These centers will charge a small monthly service fee. However, creditors are very supportive for financing counseling services.

The CCCS center will arrange some repayment plans for you so that you can be able to make the monthly payments which are re-distributed by the program among creditors until all your debts are paid in full.  Under a repayment plan arranged by a financial counseling service, you still need to pay interest charges on your debts. However, many creditors will waive interest charges and delinquency fees.

Are You Eligible to File a Bankruptcy Under Chapter 7?

If you earn more than the median income in your state, the state applies a means test to decide whether you are eligible for bankruptcy test under Chapter 7. In the means test, the court applies a complex formula to decide whether your monthly disposable income is less than $117.91 

•  If your monthly disposable income is less than $117.91, you are eligible to file bankruptcy under Chapter 7.

•  If your monthly disposable income is between $117.91 – 195.41, the court will decide what percentage of your unsecured debt they could pay off using disposable income over a five year period.  If your monthly disposable income would not pay at least 25% of your unsecured debt over five years, then you are eligible to file Chapter 7.

•  If your monthly disposable income exceeds $195.41 per month, you must file bankruptcy under Chapter 13.

Consult an experienced bankruptcy lawyer of your area to help you calculate whether or not you will be able to file bankruptcy under Chapter 7.

Hire A Chicago Bankruptcy Attorney to Exempt Tax Refund While Filing Bankruptcy

You may be searching for different ways to increase the size of your tax refund. So, can a Bankruptcy attorney in Chicago help you?

The day you file bankruptcy, all of your assets become part of the Bankruptcy estate including your tax refund even if you have not filed your return yet. In Chapter 7 cases, a trustee is appointed to analyze your assets and liquidate those assets to pay back your creditors. Unfortunately, a trustee will be mindful of a large tax refund during the liquidation process.

Is it possible to keep a tax refund and still file bankruptcy?

The bankruptcy process is rarely a pleasurable experience. Stressful financial situations and confusing rules of process can make it hard to proceed further without the help of a Bankruptcy attorney in Chicago. If your financial situation has deteriorated and you are considering bankruptcy, you should consider consulting with an attorney to get an insight into the issues that affect you. While bankruptcy is federal law, your ability to exempt your assets differs from state to state and only by learning what your state provides can you protect your tax refund.

Here are some useful tips that you should be award of if you’re considering filing bankruptcy-

•  A refund is treated as an asset just like cash in your bank account. Don’t forget to include it in your schedule of assets even if you haven’t filed the tax return yet. Listing a tax refund helps you because you can use your exemptions to protect all or a portion of the refund. 

•  To maximize the dollars that stay with you, and not your creditors, you should wait to file for bankruptcy until sometime after you have received your tax refund. To find out how long you should wait before filing, please consult a bankruptcy lawyer.

•  Never spend the refund on purchasing new assets that may become subject to the bankruptcy estate. You can pay necessary expenses, but acquiring assets, like property, is not suggested.  You should also never use your tax refund to pay any creditors, including relatives, other than a mortgage or car payment. 

Understanding how you can protect your tax refund is important in determining when to file and what to do with the refund. Keep a record of how the refund was spent. Most important, do not rely on this article for legal advice as every person’s situation is different. If you are considering bankruptcy as an option, seek the help of a Bankruptcy Attorney in Chicago.

Should I Hire a Bankruptcy Lawyer in Chicago?

Are you burdened with excessive debt from medical bills, credit cards, or other creditors? Many people in this situation have never considered bankruptcy but see no way of ever having enough resources to satisfy their financial obligations. Filing for bankruptcy is never an easy decision to make.  However, millions of people have filed for personal bankruptcy to regain control of their lives and financial situation.

Individuals and businesses facing lawsuits, liens, a wage garnishment, or a steady stream of harassing creditors should think about whether hiring a bankruptcy lawyer in Chicago would help. Bankruptcy allows a person with excessive financial obligations to a fresh start by eliminating the debt or extending the time required to pay it back.

There are a variety of bankruptcy types, each one detailed in the United States Bankruptcy code as a chapter. For example, a debtor may file Chapter 7, Chapter 11 or Chapter 13 bankruptcy. In chapter 7, most debts are forgiven without repayment at the risk of liquidation, whereas in a Chapter 11 or Chapter 13, the debts are restructured allowing the debtor to make monthly payments without incurring the penalties otherwise imposed by the creditors.

New Bankruptcy Law may affect Consumer Filing

The Bankruptcy Code was amended in 2005, making it more complicated for debtors to file. Known as the Bankruptcy Abuse Prevention & Consumer Protection Act, it requires most consumer debtors to qualify for Chapter 7 based on the “means test.” In other words, not every debtor is eligible to file under the chapter of his or her choosing. For some individuals, a Chapter 7 filing—liquidation—is not an option; they will be required to repay their debts through a Chapter 13 plan.

An individual or business considering bankruptcy should consult with a bankruptcy lawyer in Chicago to learn what their options are and to maximize the benefits of the Bankruptcy Code.

A bankruptcy lawyer in Chicago can explain the differences between the various bankruptcy chapters and ensure that the process goes as smoothly as the system allows. If you’re considering bankruptcy and seeking help, we can help. Our experienced bankruptcy lawyers are available when your schedule allows. We are conveniently located in the Chicago Loop, with offices in Waukegan and Skokie as well. Give us a call, we would be happy to review your situation and advise you on the best possible Bankruptcy option.

How a Bankruptcy Attorney in Chicago Can Help

Debt ridden consumers, cash-strapped businesses, and uninsured hospital patients may all find themselves asking whether consulting with a bankruptcy attorney in Chicago can help their financial future. To address these questions, you should understand the bankruptcy options available and to which situations they are best suited. A bankruptcy attorney in Chicago can help explain the various bankruptcy options to you. A Chicago bankruptcy attorney can also help you prepare and file the necessary court documents for each specific type of bankruptcy. 

When a Chapter 7 bankruptcy is filed, all of a person’s debts are forgiven, unless the debt is reaffirmed, and their assets are liquidated in order to repay creditors a portion of what they are owed. Certain property is protected from liquidation up to a certain amount depending on the type of asset. Since Chapter 7 bankruptcy is not available for everyone because there are income and debt limitations, a bankruptcy attorney in Chicago will consult with you to determine whether you are eligible for Chapter 7 bankruptcy. If you are eligible for Chapter 7 bankruptcy, a Chicago bankruptcy attorney will help you to determine whether it is in the best interests of your financial future to undergo liquidation to rid yourself of your debts.

When a Chapter 13 bankruptcy is filed, a debtor enters into a repayment plan with the court’s approval. Those unsecured debts that remain at the end of the repayment period are forgiven. A person must meet certain income and asset limitations in order to be eligible for a Chapter 13 bankruptcy. A bankruptcy attorney in Chicago can analyze your financial situation in order to determine whether you meet the eligible requirements and whether a Chapter 13 bankruptcy is in your best interests. If you own your home and wish to keep your mortgage and avoid foreclosure, Chapter 13 may be the best option for you. A Chicago bankruptcy attorney will help you to complete and file the detailed court documents that must be submitted with a Chapter 13 bankruptcy and appear in court on your behalf as necessary.

If a person does not meet the income and asset limitations of Chapter 13 bankruptcy but wishes to avoid asset liquidation, a Chapter 11 bankruptcy may be the best option. Like a Chapter 13 bankruptcy, a repayment plan must be approved by the court when a Chapter 11 bankruptcy is filed.  The debtor can avoid asset liquidation but he or she will be required to use all disposable income during the repayment period to repay debts. Any remaining unsecured debt will be discharged. A Chicago bankruptcy attorney can explain the repayment plan process to you. A bankruptcy attorney in Chicago can also help you file the necessary documents with the court and appear on your behalf at any court proceedings. 

Understanding Bankruptcy in Chicago

A Chicago bankruptcy lawyer can explain to you the different bankruptcy options to help you resolve your debt issues – including Chapter 7, Chapter 13 and Chapter 11 bankruptcy. Each bankruptcy alternative has various advantages and disadvantages and it is important to understand how each specific type of bankruptcy will affect your financial future. A bankruptcy lawyer in Chicago can explain the different options to you. A Chicago bankruptcy lawyer can also help complete and file the necessary court documents.

Under a Chapter 7 bankruptcy liquidation, a debtor’s assets are liquidated in order to pay creditors a portion of what they are owed. In exchange, all debts, including secured debts, are forgiven unless the debt is reaffirmed.  Debtors are allowed to exempt certain assets from liquidation up to a certain amount depending on the type of the asset. Chicago bankruptcy lawyers are experienced assessing the financial situation of individuals to determine whether they interests will best be served by a Chapter 7 liquidation. 
 
Those persons that have filed a Chapter 7 bankruptcy in the past 8 years or a Chapter 13 bankruptcy in the past 6 years are not eligible to file a Chapter 7 bankruptcy. Similarly, individuals who have the ability to repay a portion of their debts are not eligible for Chapter 7 bankruptcy and, instead, must file a Chapter 13 or Chapter 11 bankruptcy. A Chicago bankruptcy lawyer can help you analyze your debts and income to determine whether you are eligible for Chapter 7 bankruptcy.

A Chapter 13 bankruptcy is available for those persons who meet certain income and debt limitations and have not have filed a previous chapter 7 within 4 years or a previous chapter 13 within 2 years. Under a Chapter 13 bankruptcy filing, the debtor repays some or all of the unsecured debts pursuant to a repayment plan and any unsecured debts balances that remain at the end of the repayment plan period are discharged. A Chicago bankruptcy lawyer will assess your income, unsecured and secured debt to determine whether Chapter 13 is the best option for you to resolve your debts and keep your assets.

A Chapter 11 bankruptcy is similar to a Chapter 13 bankruptcy except that there are no debt limitations as with a Chapter 13 bankruptcy. A Chapter 11 bankruptcy may be the best option for "high net worth" individuals who exceed the Chapter 13 debt limitations but do not wish to have their assets liquidated. Debts are repaid over a period of five years, though not necessarily paid in full.

Regardless of the type of bankruptcy filed, debtors are protected from creditor contact and harassment by the automatic stay once a bankruptcy petition is filed. A Chicago bankruptcy lawyer can help ensure that your rights are protected and that creditors stop harassing you once you have filed for bankruptcy protection.

If you are facing mounting debts, foreclosure and other financial difficulties, contact a Chicago bankruptcy lawyer. Our skilled Chicago bankruptcy lawyers will analyze your debt, income and assets in order to determine which bankruptcy options is the best option for your financial future. The Chicago bankruptcy lawyers will help you prepare and file the necessary court documents with your bankruptcy.