Gurnee Bankruptcy Attorney
Debt can get out of control fast. An illness, divorce, job loss, or other problem could leave you struggling to pay bills and get out of debt. If you’re dealing with overwhelming debt, bankruptcy could be a good option for you.
Filing for bankruptcy might provide the fresh financial start you need. But is it right for you? If so, are you better off filing for Chapter 7 or Chapter 13 bankruptcy?
An experienced Gurnee IL bankruptcy attorney can answer your bankruptcy questions and help you get out of debt. At Lorraine M. Greenberg & Associates, we understand that good people get into bad situations. Contact us today for a free consultation.
What Is Bankruptcy?
Bankruptcy is a legal process that helps you get back on your financial feet. Individuals and businesses use it when they are not able to pay debts owed to creditors. The process ends with a court order discharging or restructuring the debt.
Two types of bankruptcy are available to individuals:
- Chapter 7 Bankruptcy is the simplest, quickest, and most common form of bankruptcy. It gives you a way to eliminate “qualifying” debt in exchange for selling some of your property. “Qualifying” debt includes loans and credit card and medical bills. This debt will be paid from the proceeds of the sale of your property. Chapter 7 can take between four to six months to complete.
- Chapter 13 Bankruptcy takes longer than Chapter 7 to complete. It allows you to reorganize your debt into a 3 to 5 year repayment plan.
Is Bankruptcy Right for You?
Bankruptcy is one of several options you have to overcome your debt problems. It lets you gain a fresh financial start while treating your creditors fairly.
Though it might sound great to start over without worrying about unpaid bills, bankruptcy is not for everybody. You should make your decision knowing exactly what you are getting yourself into by filing for bankruptcy.
Bankruptcy isn’t right for you if you want to buy a house or car or start a business soon. It will cause your credit score to take a big hit for years, which will make it difficult to borrow.
Bankruptcy also isn’t right for you if you are buried under the kind of debt that it can’t address. Bankruptcy will have most of your “dischargeable” debt, including credit card, medical, and personal loan bills, discharged. Bankruptcy might not work if your debt is mostly “non-dischargeable”, such as child support, taxes, and student loan debt.
Bankruptcy isn’t a good option if you have a lot of “non-exempt” property that you wish to keep. This is the property that you can’t protect from liquidation in a bankruptcy. It includes accounts, investments, cars, and homes. It doesn’t include clothing, furniture, pensions, and damages you’ve won in court from a personal injury case.
If bankruptcy is not the best option for you, don’t lose hope. Work with a Gurnee IL bankruptcy attorney to explore other options. An experienced attorney can help you negotiate better payment plans with your creditors. They can also help you determine if bankruptcy is the best course of action based on your unique situation.
Why Should I File for Chapter 7 Bankruptcy?
If bankruptcy is right for you, you’ll then need to consider whether to file for Chapter 7 or 13. This depends on the debts and property you have, your income and expenses, and what you want out of bankruptcy.
You should pursue Chapter 7 bankruptcy if your income and debt qualify under a “means test”. To pass it, you need to have an income that isn’t enough to repay your debts.
You should also file for Chapter 7 if you don’t have or don’t want to keep your “non-exempt” property. In Chapter 7, non-exempt assets can be sold to pay back your creditors.
Finally, Chapter 7 will work if you have no plans to be in debt for a while. You won’t be able to have your debts discharged through Chapter 7 again in another eight years.
Why Should I File for Chapter 13 Bankruptcy?
You should file for Chapter 13 if you have a fair amount of non-dischargeable debt, but a reliable income. Your income will be used to pay down some of that debt restructured in a Chapter 13 bankruptcy.
You should also pursue Chapter 13 if you have some non-exempt property that you would like to keep. Chapter 13 will prevent foreclosure or repossession of your home, car, or other non-exempt assets. But, only as long as you can pay your debts in an amount equal to them.
Will Bankruptcy Stop Foreclosure or Repossession?
Filing for bankruptcy will stop or delay a bank from foreclosing on your home or repossessing your car. When you file for Chapter 7 or 13 bankruptcy, the court can issue an “automatic stay”. This will put a stop to creditors’ attempts to collect against you while you’re going through the bankruptcy process.
The automatic stay will require that your creditors stop contacting you directly. If they want to get in touch with you, they’ll have to attend a creditors meeting or call your attorney.
Contact a Gurnee IL Bankruptcy Attorney Today
If you need relief from the stress and burden of mounting debt, a Gurnee bankruptcy attorney can help. At Lorraine M. Greenberg & Associates, we offer the peace of mind that comes with knowing an experienced Gurnee bankruptcy lawyer is in your corner. Contact us today to explore your options and learn how you can get back on your financial feet.
Gurnee Bankruptcy Lawyer
If you are looking for a bankruptcy lawyer in Gurnee, Illinois, look no further. We will provide you with attentive, personalized service at a reasonable price, give you honest advice, and quality legal services. We will stand up for your best interests.
We offer Gurnee bankruptcy clients one-on-one, personal service designed to alleviate your bankruptcy worries and give you the fresh start you deserve. Our team is prepared to assist you with your filing so that you can reach a resolution as quickly and smoothly as possible. Our Gurnee IL bankruptcy lawyers are here to help you investigate your options and offer real legal solutions you may not have realized were possible before consulting a bankruptcy attorney. It is important to stay patient during this process and to keep up with good financial habits. With a free Gurnee bankruptcy lawyer consultation, there is nothing to lose, and you will find our bankruptcy lawyer services are provided at an affordable price.
Gurnee Info Bytes
Starting out as Warren Township in 1850 by settles originating from Warren, New York. The village was later named after former Chicago Mayor Walter S Gurnee.
Located at the banks of the Des Plaines River, Gurnee has been a crossroads town since its inception It is home to Gurnee Mills the fourth largest shopping mall in Illinois.
Address Gurnee, IL:
1800 Nations Drive
Phone: (312) 588-3330