Chicago Bankruptcy Information

Understanding the Necessary Steps

Bankruptcy can be one of the most difficult situations an individual can be forced to face with in his or her lifetime. If you are facing any type of overwhelming debt, you need a legal advocate who is well-versed in all aspects of bankruptcy law so that you can be fully informed of your financial options. The attorneys at our firm have dedicated their professional careers to ensuring that the rights of all debtors are always protected and not violated by abuse creditors or debt collectors. We are fully equipped to aggressively safeguard your best interests.

When making the life-changing decision to file for bankruptcy, a debtor must understand how important it will be to have the legal assistance of a knowledgeable Chicago bankruptcy lawyer. One small mistake and a bankruptcy case can get thrown out by the court. We are here to ensure that your case goes as smoothly and quickly as possible. For more information on the services that our firm provides, click on a link below:

Alternatives to Bankruptcy
If you believe that bankruptcy might not be the best option for you, talk to the legal team at our office. We can provide you with the options available and alternatives to bankruptcy that might be more beneficial to your case. These alternatives might include credit counseling, debt consolidation, debt settlement or other options.

Bankruptcy FAQ
If you are considering filing for bankruptcy, you likely have many questions that need to be answered. Our firm provides answers to many frequently asked questions, such as those concerning who is eligible for bankruptcy, what different types of bankruptcy are available and what could happen after the process is completed. Learn more by visiting our FAQ page.

Bankruptcy Myths
There are many bankruptcy myths out there, including those that claim that bankruptcy is only for irresponsible people, that bankruptcy will harm your credit score and that you will never be able to improve your credit in the future. Let our attorney tell you the difference between facts and fiction!

Bankruptcy Process
Bankruptcy is an option individuals turn to when they realize that they can no longer control their overwhelming debt and need a way or either reducing or eliminating that amount of money they owe. There are many steps to the bankruptcy process, for both Chapter 7 and Chapter 13 bankruptcy. Having a skilled attorney will help ensure that these steps are followed accurately.

Bankruptcy Timeline
According to the bankruptcy timeline, a debtor must follow certain rules and complete counseling before filing for bankruptcy. If the qualifications are met, the debtor can then relieve his or her debts through a given chapter in the bankruptcy code, most likely Chapter 7 or Chapter 13. It is important to be fully aware of the various steps that are required in the bankruptcy process.

Benefits of Bankruptcy
Aside from the obvious benefits of bankruptcy (debt relief and liquidation), many other benefits are also available. Individuals who choose this option will be able to start over financially once their filings are complete. Through successful bankruptcies, debtors can potentially stop credit harassment, home foreclosures, certain asset repossessions and much more.

Chapter 7
When filing for Chapter 7 bankruptcy, a debtor can relieve his or her debt through a quick and virtually painless liquidation process. This type of bankruptcy is available for consumers who earn below the median income level and who are struggling to pay back debt. It is important to consult with an attorney to learn which debts are eligible to be discharged.

Chapter 13
A person who fails the means test and has an income greater than the median of that in Illinois will need to file for Chapter 13 bankruptcy. This chapter of bankruptcy allows a debtor to restructure his or her payment plans into affordable payments over the next three to five years. Individuals using this form of bankruptcy can often protect themselves against home foreclosures or vehicle repossessions.

Credit Counseling
As a crucial aspect of any bankruptcy case, those who qualify for bankruptcy and are considering it as an option of debt relief must complete a briefing with a certified credit counseling agency. A failure to do this within 180 days prior to filing could result in your bankruptcy case being rejected.

Creditor Harassment
Are you constantly being called by creditors and collectors? Have they called your work or discussed private information regarding your finances with anyone besides for you? Have they threatened to carry out lawsuits against you? You have rights and it is against the law for creditors to harass you in this way! By working with a skilled bankruptcy attorney, you can take action to put a stop to this harmful behavior.

Credit Restoration
One of the most difficult parts of life after bankruptcy is dealing with a diminished credit score—as this may prohibit you from obtaining a larger loan for a period of time. Fortunately, there are several ways that you can rebuild your credit over time. This may include obtaining a secured credit card, paying all of your bills on time and setting aside money in a savings account.

Debt Relief
When you are facing overwhelming amounts of debt, there is no doubt that you are dealing with a difficult situation. In addition to being constantly stressed to make payments each month without falling too far behind, you might be receiving notifications or calls from abusive creditors. Debt relief is available, and there are numerous options for which you might qualify.

Emergency Filings
Those who are interested in obtaining the protections of an automatic stay may greatly benefit from filing an emergency bankruptcy. Although the process is essentially the same, it allows the debtor to expedite the process—which may be necessary when faced with the looming threat of foreclosure or unmanageable creditor harassment.

Fighting Foreclosure
One of the most practical reasons to file for bankruptcy is to fight or delay the foreclosure of your home. Since filing for bankruptcy would guarantee you the protection of an automatic stay, all creditors would be prohibited from continuing their collection efforts until the process has been concluded. This may give you enough time to sort out the matter of saving your home.

How to Choose an Attorney
Knowing which attorney to hire can be a difficult decision, but you can likely find the best attorney for your case by following a few simple steps. Remember to choose a legal team that has experience and focuses directly in the area of bankruptcy law. Learn more about what you should do when searching for the right legal counsel to represent you in your bankruptcy case.

Is Bankruptcy Right for Me?
How do you know if bankruptcy is the right option for your specific case? At our firm, we can not only provide you with detailed information about bankruptcy, but we can also give you an honest evaluation of your case and our opinion so that you can know if bankruptcy is the right option for you.

Life After Bankruptcy
Wonder what your life could be like in a world of no debt and financial success? Let our firm show you! With our help, you can file for bankruptcy or take advantage of alternative solutions. There are also steps you can take to rebuild your credit after a successful bankruptcy. There is a chance you could experience a debt-free future.

Means Test
Before filing for bankruptcy, debtors must take the means test. What is the means test? This is a simple evaluation of your financial situation that will help you determine if you are eligible for bankruptcy and whether you qualify under Chapter 7 or Chapter 13.

Preparing for Bankruptcy
Filing for bankruptcy is a process that should not be taken lightly. For this reason, it is important to make sure that you are fully prepared for what is ahead. By taking the right steps in the pre-file stage, you will be better equipped to successfully manage the aftermath of bankruptcy. Learn what actions to take and to avoid when you are getting ready for the bankruptcy process.

Types of Bankruptcy
There are many different types of bankruptcy, but only a few are commonly known and used. The most common types of bankruptcy are as follows: Chapter 7 bankruptcy, known as debt liquidation; Chapter 13 bankruptcy, known as debt reorganization; and Chapter 11 bankruptcy for businesses and organizations. It is important to choose the type of bankruptcy that best meet your needs and your eligibility.

Types of Dischargeable Debt
When filing for bankruptcy in Illinois, not all debts can be discharged. Although a majority of them will be eliminated at the conclusion of the bankruptcy process, you will still be responsible for making certain payments—including those for student loans, taxes and child support.

What Happens Next?
After making the decision to file for bankruptcy, you might be left with the question of "What happens next?" At our office, we can provide you with valuable information about to how to correctly file your bankruptcy petition, as well as how to live your life and build your credit after the bankruptcy process is complete.

Finding Out What Works for You

When you are struggling to stay afloat with an unending pile of bills, you might be looking for a way to regain control of your financial future. The last thing you want to do, however, is invest in a lengthy legal process that leaves you worse off than before. For this reason, it is important to enlist the help of a legal professional early on. In doing so, you will have the chance to make an informed decision about what type of debt relief is best suited for your financial situation.

When you contact a bankruptcy attorney from the Law Office of Joseph P. Doyle, you can rest assured that you will be given all of the facts. Our firm is invested in the wellbeing of our clients, and it is our goal to help each and every one achieve financial stability in the future. Do not hesitate to call us today and schedule a free consultation with one our Chicago bankruptcy lawyers!