Bankruptcy Attorney Elgin IL

Bankruptcy Attorney Elgin IL – ASM Law – 847-231-3999

Facing debts that seem overwhelming can, without a doubt, seem like a hopeless situation. However, at ASM Law, our Bankruptcy Attorney Elgin IL specializes in helping people just like you who are facing similar challenges. We apply our expertise in bankruptcy law to protect your best interests.

Bankruptcy filings offer protections that can enable you to set up a repayment plan. It is very possible to recover and get back on your financial feet. In some cases, bankruptcy may not be the solution to resolving your debts. It may be possible to obtain loan modifications or other repayment options that will satisfy your creditors.

Regardless, the guidance of a Bankruptcy Attorney Elgin IL is very helpful for anyone facing debt problems.

There are certain situations where filing for a Chapter 13 is the better the option than filing for a Chapter 7. For instance, Chapter 13 is the appropriate choice if you’re behind on making your mortgage or commercial payments and want to hold on to your property, whether in Illinois or a different state, at the conclusion the bankruptcy procedure.

A chapter 13 bankruptcy enables the filer to catch up on their late payments on a schedule and to eventually reinstate their initial mortgage agreement. Generally, if you own property that is not covered by a state of Illinois bankruptcy exemption that you wish to keep, filing for chapter 13 with the assistance of a Bankruptcy Attorney Elgin IL might be the right plan.

Also, many people choose to file a Chapter 13 bankruptcy when they have an income that’s too high for Chapter 7. Or, if they have the type of debt that’s non- dischargeable according to Chapter 7 requirements. Your Bankruptcy Attorney Elgin IL will advise which option may be in your best interest.

Bankruptcy Attorney Elgin IL

However, for most residents of Illinois whose goal is to simply eliminate their debt burden but without the obligation to pay it back, a Chapter 7 filing offers the most beneficial choice.

Advantages to a Chapter 7 bankruptcy filing include:

However, Chapter 7 may not be to appropriate solution to your debt problems. Some of the potential disadvantages to it include:

If you have filed a bankruptcy case before and it resulted in discharge of your debts, you may only file for Chapter 7 again eight years after the first case.

Some of the benefits to an Illinois Chapter 13 bankruptcy payment plan:

A look at the main disadvantages to filing for a Chapter 13 repayment plan in Illinois include:

Overwhelming Debts? Talk to a Bankruptcy Attorney Elgin IL – ASM Law

Like most any legal matter, filing for bankruptcy is a process and typically the safest and most practical route is to have a legal professional guide you throughout it to optimize your chances of success. The expertise of a Bankruptcy Attorney Elgin IL who specializes in bankruptcy law can provide valuable peace of mind and help you obtain a fresh financial start.

The process will typically involve:

-Your initial consultation with your Bankruptcy Attorney Elgin IL. This first meeting is important for establishing an overview of your situation and legal case.

-Legal advice on what options may be available to, specifically which type of bankruptcy you should file.

-Accurately complete the necessary paperwork to file for bankruptcy in the state of Illinois.

-A Bankruptcy Attorney Elgin IL provides essential legal representation when your case goes to court.

The bankruptcy filing process usually starts with an interview between the person filing and their attorney. If the filer is married, it’s recommend that both spouses attend so all questions may be answered accurately. The Bankruptcy Attorney Elgin IL will be able to inform you of your options and, naturally, which is the best one for you.

Making rough estimates of how much debt you carry and to whom you owe it isn’t a good beginning strategy. It’s much more helpful to provide your Bankruptcy Attorney Elgin IL with paperwork that supports your answers regarding not just your debts but also your assets. It’s essential to be forthcoming so you can receive an accurate and straightforward evaluation of your situation.

Once your Bankruptcy Attorney Elgin IL has sufficient documentation to assess your case, you can then receive useful advice on how you should proceed. Your attorney may not necessarily recommend that you file for bankruptcy. It might be possible to resolve your debt problems through other means such as debt settlement or perhaps a debt management program.

If your best way forward, though, is to proceed with a bankruptcy filing, the next step you can probably expect from a Bankruptcy Attorney Elgin IL is to file paperwork in court. Remember that your Bankruptcy Attorney Elgin IL is there to protect as much of your assets as possible.

The following step mostly depends upon the type of bankruptcy you’ll be pursuing. For example, in a Chapter 7 bankruptcy case, you’ll appear before a trustee who shall review your bankruptcy petition.

By supplying thorough and accurate schedules in addition to other supporting documentation to the Chapter 7 trustee, the review will usually proceed smoothly when you have the guidance of a Bankruptcy Attorney Elgin IL.

In a Chapter 13 filing, for instance, things can get complicated. Not just because you’ll meet with a Chapter 13 trustee, but you’ll also need to present a plan for Chapter 13 that requires acceptance from the court.

This is a step that most people would find difficult when filing without a Bankruptcy Attorney Elgin IL. A Chapter 13 bankruptcy plan must fulfil all the requirements in the bankruptcy code in order to receive “confirmation” from the court.

Documents to Collect Before Meeting with your Bankruptcy Attorney Elgin IL

Bankruptcy involves disclosing your complete financial condition. Naturally, that’s how you’ll get a clear view at your debts and income. Also, financial records will help your Bankruptcy Attorney Elgin IL determine if bankruptcy is an option for you.

Or, your attorney may advise an alternative to bankruptcy. (More information on alternatives later on this post.)

Some of the financial documents to collect include:

-Proof of your income. Collect paycheck stubs, unemployment insurance stubs and earning statements. For the self-employed, collect your profit/loss statements.

-Taxes. Collect your last three or four years of federal income tax statements. Additionally, collect your bank, investment and retirement account statements.

-Bills. Gather recent bills from creditor, such as those that display the existing balance on your car loans and mortgage.

-List of properties. Prepare a thorough list of assets you own. For example, real estate, furniture, vehicles, household appliances and other property. Include each item’s value along with the equity you hold in the items.

-Exempt properties. Talk with your Bankruptcy Attorney Elgin IL about using exemptions to protect your property.

Because the circumstances of each potential filer are unique, applying Illinois bankruptcy law can be complex. For that reason it’s essential to hire a Bankruptcy Attorney Elgin IL who will protect your rights.

In some cases, a bankruptcy filing is a viable option even if you do not have significant debt. Certainly,

it is not a necessity to owe a specific dollar amount of debt to file. Everyone’s financial condition is different. Debts that cause one person to fall into financial trouble might not be equally problematic for another.

For many Illinois residents, the ability to pay creditors depends upon how much of their income they need for basic expenses. For example, a relatively minor debt can be financially distressful for someone living from one paycheck to the next. In that situation, a bankruptcy filing will likely make financial sense.

If you are considering bankruptcy but don’t have large debts, a few issues to review before filing include:

-The amount of debt you actually owe. Will filing for bankruptcy wipe out the category of debt you carry?

-Are you currently facing litigation, wage garnishment or other sort of collective action?

Get Legal Help If You Are in Debt – Consult with a Bankruptcy Attorney Elgin IL – 847-231-3999

It’s essential to remember that discharging debt comes along with consequences for the long term. Bankruptcy will impact your credit score and appear on your report for several years. In some instances, it remains on a credit report for up to ten years. Also, some courts are less likely to grant bankruptcy for people with low debt amounts. A Bankruptcy Attorney Elgin IL review your situation and advise you on the best legal plan of action.

Alternatives to Bankruptcy: Talk to a Bankruptcy Attorney Elgin IL about Debt Consolidation in the State of Illinois

Without a doubt, there are alternatives to filing for bankruptcy that you may want to consider. The availability and practicality of these alternatives will depend upon your income and employment situation as well as the kind of assets you possess. These other possibilities involve consolidation of your debt payments via a credit counseling services provider or consolidating all of your debts into a debt consolidation loan.

Generally there are two varieties when it comes to debt consolidation loans. One type of loan is secured with your home’s equity. With the other type, which is not secured by your home’s equity, a company basically loans you the funds to pay down your debts. The plan typically requires making monthly payments to the debt consolidating company, who then takes care of the debt payments to your creditors.

It might also be possible for you to reduce the cost of your credit and make improvements to your financial situation by consolidating your debts through a home equity line of credit or a 2nd mortgage.

Naturally, these steps require careful consideration before you decide to commit to one. These types of loans will require use of your house as collateral. Consequently, in the event you are not able to make the loan payments you could be at risk of losing it.

Bankruptcy Attorney Elgin IL – Alternatives to Bankruptcy – Consumer Credit Counseling

Another option for Illinois residents to consider prior to filing bankruptcy is consumer credit counseling. With a consumer credit counseling schedule, your creditors might be willing to reduce your interest rates and to accept lower payment amounts if you begin a debt payment plan.

Typically, in these payment plans, you’ll need to deposit money every month with your credit counseling services provider. The deposits are then used to repay your creditors in compliance to a schedule set by the credit counselor.

As a part of the payment plan, you might have to agree that you won’t apply for any additional forms of credit as long as you’re participating in the plan. An experienced Bankruptcy Attorney Elgin IL can help determine if credit counseling is a possibility.

For a repayment plan to be successful, you will need to make timely, regular payments on a schedule that may take two years or more to conclude. Ask a credit counseling service for an estimation of the time it usually takes for most people to complete their plan.

There are some counseling services that charge nothing or only a minimal fee for managing repayment plans. Others may charge a fee every month that adds up to a substantial amount over time. Some of the credit counseling services receive funding, in part, from creditor contributions.

Even though a debt payment plan will help to eliminate a lot of worries that come from dealing with escalating bills and creditors, it doesn’t mean you’ll be able to forget your debts. Credit counseling does not eliminate all of your debts and provide a fresh beginning in the way that a Chapter 7 bankruptcy can.

Consult with a Bankruptcy Attorney Elgin IL – Call ASM Law – 847-231-3999

You will still be responsible to pay any creditors with remaining debts that are not part of your payment plan. In addition, you’ll need to review the monthly statements you’ll receive your creditors in order to verify they are processing your payments.

In the event your repayment plan depends upon your creditors consenting to reduce or eliminate finance and interest charges, or to waive late payment fees, you’re responsible for ensuring those concessions are shown on your monthly statements.

A debt payment plan will not eliminate your credit history. According to the Fair Credit Reporting Act, information regarding your accounts can remain upon your credit reports for as long as seven years. A bankruptcy typically stays on your record for ten years.

Also, your creditors shall continue to update information about which accounts of yours are managed through a debt payment plan. For instance, creditors might report an account is under financial counseling or that payments are missed or overdue.

Don’t wait any longer to seek assistance if you’re overwhelmed by debt. Consult with ASM Law today at 847-231-3999.