bankruptcy

Bankruptcy/Debt Relief - the miracle of a financial second chance.
Are you experiencing financial difficulties? Job loss; huge, unforeseen
medical expenses; the downturn in the real estate market; an addiction
to spending; and a sluggish economy can all conceivably put the most
responsible person behind a financial 8-ball.

It doesn’t have to be that way, of course. Many people are unaware
that, given a choice of being paid something or nothing, most creditors
would be tickled to death to receive something, anything, no matter how
small, as a show of good faith while times are hard.

If it looks like your economic downturn may take longer to correct, it may
even be possible to negotiate a settlement with the creditor for pennies
on the dollar.

Thanks to Congress, creditors derive economic benefit EVEN IF THEY
DON’T GET PAID!

Our office is experienced in dealing with creditors on behalf of
disadvantage clients.

The law gives debtors legal rights, too. Perhaps the biggest right
available is the right, if one qualifies, to file for bankruptcy.

Simply stated, bankruptcy is a legal mechanism for reducing or
eliminating most types of consumer debts. It does not work for getting
around some debts, like child support or student loans.

A qualifying debtor has two main options in bankruptcy: 1) they can force
a creditor to take pennies on the dollar to satisfy a debt (Chapter 13 –
best for people who have enough wage income to apply to debts), and
2) forcible elimination of entire indebtedness (Chapter 7 – best for
people with no job or inadequate income in excess of buying the bare
necessities). Furthermore, while the bankruptcy case is ongoing, and for
a time after it is closed, creditors can take almost no collection action
against a debtor.

Contrary to misconception, a person does not LOSE EVRYTHING, as a
result of filing bankruptcy. Illinois law creates several categories and
amounts of property that is “exempt” from creditor claims that a person
may keep even after filing for bankruptcy relief. It is also possible to “re-
affirm” certain debts in order to retain other, non-exempt property,
although this should be done sparingly.

Yes, filing bankruptcy is a drastic step, not to be taken lightly. Doing so
WILL result in a bad mark against your credit rating. However, one client
of this office filed for bankruptcy and within a year after his case was
closed, his credit score was the same as it was before filing. Yes, filing
bankruptcy still has some social stigma attached to it, but in our changing
society, not nearly as much as in the past.

Current base individual bankruptcy charges: $1000.00 (fee)
plus $300.00 (cost to file).