Rolling Meadows Bankruptcy Attorney
Life is full of unforeseen crises — and whether you are facing an accident, illness, divorce, or job loss, you may find yourself suddenly struggling to pay the bills. As your debt mounts higher, you may feel like your financial future is slipping away. But you do have options. Bankruptcy can offer protection from creditors while you figure out your next steps. A Rolling Meadows bankruptcy attorney can help you weigh your options and determine which one best suits your situation.
How Can Bankruptcy Help Me?
During the legal process of bankruptcy, you can either discharge or reorganize your debt. Bankruptcy can also:
- Delaying foreclosure actions
- Halting harassment from creditors
- Stopping garnishment of wages
- Discharging debt through Chapter 7
- Reorganizing debt through Chapter 13
But while bankruptcy offers significant benefits, it’s important to understand which chapter is best for you. Should file you for Chapter 7 or 13? What are the pros and cons of each?
Benefits of Chapter 7 Bankruptcy
By far the quickest and most common type, Chapter 7 bankruptcy eliminates debt through the selling of non-exempt property and assets. Essentially, within four to six months, you will sell off those assets and use the money to repay your creditors.
Qualifying for Chapter 7 requires passing the Means Test. During your test, your income is compared to the amount of debt that you owe. If you do not have enough disposable income to repay those debts, you will qualify.
If you have a lot of dischargeable debt and exempt property, you should file for Chapter 7. However, keep in mind that you may only file for Chapter 7 once every eight years. So we don’t recommend filing if you believe you will be back in debt anytime soon.
Benefits of Chapter 13 Bankruptcy
Even if you do not qualify for Chapter 7, you will likely be able to qualify for Chapter 13 instead. While not nearly as fast as Chapter 7, Chapter 13 will allow you to reorganize your debt into a payment plan that typically spans between three to five years long. Once your plan expires, any debt that is remaining is then discharged.
Qualifying for Chapter 13 simply requires obtaining a stable income that is enough to keep up with your monthly plan payments. As soon as you can no longer meet those payments, the court will make you come back to draft a new debt relief solution.
We recommend that people who hold a ton of nondischargeable debt and non-exempt property should file for Chapter 13. This is especially true in regards to property or assets that you wish to keep.
When Is Bankruptcy Right for Me?
While bankruptcy comes with many benefits, it’s important to address some of the downsides as well. For a more in-depth understanding of the pros and cons of bankruptcy, consult with a Rolling Meadows bankruptcy attorney.
Types of Debt That Bankruptcy Cannot Eliminate
Bankruptcy can only eliminate dischargeable debt, including medical bills, personal loans, and credit card debt. Unfortunately, bankruptcy will not eliminate nondischargeable debt, including alimony, child support, student loans, taxes, and criminal fines.
How Bankruptcy Impacts Credit Scores
The biggest downside to bankruptcy is the negative effect it has on credit scores. This negative impact will mostly hamper you if you’re going to buy a house or borrow money right after your bankruptcy. You should note that Chapter 7 bankruptcy remains on credit histories for ten years, and Chapter 13 remains for seven.
Can Bankruptcy Protect My Home?
When you file for bankruptcy, the judge will issue an “automatic stay”. This court order essentially prevents any creditor from collecting on assets — including your home. However, this stay is only temporary. You must complete the entire bankruptcy process, or repay your debts, in order to fully protect your home from foreclosure.
You automatic stay will also prevent creditor harassment. This is because once the stay is in effect, your creditors must speak directly to your attorney if they wish to contact you for any reason.
Get Help from a Rolling Meadows Bankruptcy Attorney Today
Mounting debt can come with significant anxiety and stress, as well as uncertainty about the future. Lorraine M. Greenberg & Associates can help you tackle your financial situation. Contact a Rolling Meadows bankruptcy attorney today to begin the process.
Rolling Meadows Bankruptcy Lawyer
If you are looking for a Rolling Meadows bankruptcy lawyer, look no further. The Law Offices of Lorraine Greenberg will provide you with attentive, personalized service at a reasonable price, as well as give you honest advice and quality legal services. We will stand up for your best interests.
We offer Rolling Meadows 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 Rolling Meadows bankruptcy attorneys 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 bankruptcy process and to keep up with good financial habits. With a free Rolling Meadows bankruptcy attorney consultation, there is nothing to lose, and you will find our bankruptcy lawyer services are provided at a sensible price.
Rolling Meadows Info Bytes
In 1836 Orrin Ford staked a claim of 160 acres in an area known as Plum Grove. German immigrants later errected the Salem Evangelical Church in 1862. In the 1950s Kimball Hill purchased land intended for a golf course and began selling homes which he named Rolling Meadows which was incorporated in 1955 as a city. Rolling Meadows began annexing more land and the town boomed as businesses moved in.