Schaumburg Bankruptcy Attorney
Helping Clients Gain Freedom from Overwhelming Debts
At Attorney Joseph P. Doyle, we offer a free initial consultation so that you can get an overview of bankruptcy, resolve any myths you may have heard and get advice from a skilled Schaumburg bankruptcy attorney. As a leader in bankruptcy advocacy, we operate somewhat different from many other firms. After reviewing your situation, if we find that bankruptcy is not going to work for you or that there may be a better solution to your debt problems, we are not limited in the actions we take on your behalf.
At Attorney Joseph P. Doyle, we want you to feel you can always come to us with your questions and feel certain that you are obtaining accurate and complete data. If you are struggling against severe debt, reach out to us to schedule a consultation today.
How to Qualify for Bankruptcy
No matter the type of bankruptcy that we file for you, it always starts with finding out if you are qualified to petition. This is done through a "means test" which is the common method, recognized by the bankruptcy court, to determine your eligibility. The next action is gathering and compiling a complete picture of your finances including (but not limited to) your income, assets and all debts. This information is used to find out whether Chapter 7 or Chapter 13 bankruptcy will work best for you and towards getting your petition filed with the court.
What is the Difference Between Chapter 7 and Chapter 13?
Chapter 7 wipes out certain debts in several months and a bankruptcy trustee is assigned to your case to sell your nonexempt property in order to pay your creditors back. This is why it is also known as “liquidation bankruptcy”. In order to qualify, you must pass the means test and show that your income is too low to pay back the debt via Chapter 13.
Chapter 13 allows you to keep property while creating a repayment plan that allows you to pay off your creditors within 3 - 5 years. The bankruptcy trustee will collect your payments and send them to your creditors. After the plan is finished, the rest of your unsecured debt will be discharged. In order to qualify, you must have enough disposable income for a monthly payment and your debts must be within the debt limits.
What Happens After Filing for Bankruptcy?
When we file your bankruptcy petition, one of the first and most important benefits begins almost at once. Per court order, your creditors will be barred from taking further collection actions against you. Debt lawsuits, threats to turn off your utilities, creditor harassment, garnishment of your wages and repossessions can all be brought to a halt. For many, the most important benefit will be that bankruptcy can prevent or put a home foreclosure on hold. In recent years, this can be particularly important to residents of Schaumburg who have run into trouble maintaining their high mortgage payments.
Within 15 days after we file your petition, we must provide the court with specific data on your finances such as your income, expenses, assets, and liabilities. In Chapter 13, after 30 days you must make your first payment to a bankruptcy trustee per a repayment schedule or plan that we will have worked out.
In Chapter 7, you have 30 days to file a Statement of Intent indicating which debts you plan to pay, such as those for your home. Normally, 6 months after we have filed for Chapter 7, your debts will be discharged. In Chapter 13, the discharge occurs sometime between 3 and 5 years, depending on your repayment plan.
Reach out to a Schaumburg Bankruptcy Lawyer
The overall goal of bankruptcy is to discharge your debts and through this action give you a fresh financial start. It is not intended as a punishment or to be thought of as a failure on your part. It is simply and solely a way to bring severe financial problems back under your control, as overseen by the court. At the end of the process, you can be debt free.
If you are facing insurmountable debt, reach out to Attorney Joseph P. Doyle for a free consultation with a bankruptcy attorney in Schaumburg. We have years of experience and have helped thousands throughout Illinois. Don't wait to regain your financial freedom!