| Chicago Loop | |
|---|---|
| Address: | 53 W. Jackson Blvd., #725 Chicago, IL 60604 |
| Phone: | 312-789-9999 |
| Fax: | 312-663-1312 |
| Waukegan | |
| Address: | 2835 Belvidere Rd, Ste. 312 Waukegan, IL 60085 |
| Phone: | 847-244-8180 |
| Oak Lawn | |
| Address: | 10735 S. Cicero, Ste. 204 Oak Lawn, IL 60453 |
| Phone: | 708-422-2221 |
| Skokie | |
| Address: | 9933 Lawler Ave., Ste. 402 Skokie, IL 60077 |
| Phone: | 847-244-8180 |
| Milwaukee | |
| Address: | 735 W. Wisconsin Ave, #980 Milwaukee, WI 60085 |
| Phone: | 414-224-0914 |
Where Every Client Gets Individual Attention
Bankruptcy Law Chicago - Your Legal Giant in Illinois
With the economy struggling and many people out of work it is no surprise that the number of people seeking foreclosure and bankruptcy help in Oak Lawn, Skokie, Waukegan, and the Chicago area is increasing. Every bankruptcy lawyer at Bankruptcy Law Chicago understands that every family's situation is different and strives to provide the most caring and compassionate legal services for those considering filing for bankruptcy or who need foreclosure help in Oak Lawn, Skokie, Waukegan, the Chicago area, and Southeast Wisconsin.
Many individuals don't realize how many options they have when it comes to bankruptcy and foreclosure defense. The talented lawyers at Bankruptcy Law Chicago are more than happy to explain to anyone in financial distress exactly what their options are. In most cases families are able to keep their home and vehicles, even when ultimately filing for bankruptcy or defending a foreclosure.
Foreclosure Help
Many turn to a bankruptcy attorney for foreclosure help falsely believing that filing for bankruptcy is the only option they have left. By making an appointment with a qualified bankruptcy attorney at Bankruptcy Law Chicago, families facing a financial crisis can discuss their particular needs and learn ways to avoid losing their home. If a bankruptcy is determined to be the best solution, a bankruptcy attorney will explain the process and be available to their clients throughout the entire process. We can also help by defending a foreclosure case in the state court.Choose a Reputable Bankruptcy Lawyer
Families down on their luck should take the first step to freeing themselves from financial burdens and call Bankruptcy Law Chicago. There is no obligation to use a lawyer, but knowledge is power and the friendly staff here will be happy to answer any questions regarding bankruptcy, and will also provide foreclosure help if necessary.NEW: See our blog: http://www.BankruptcyLawChicagoBlog.com For discussions of timely topics on Bankruptcy and personal finance from our experienced attorneys. Highlights below:
We're Dedicated To Helping You Through
Your Financial Distress.
We will eliminate your stress and give you peace of mind. Our attorneys, Daniel J Winter, Rebecca M. Engelmann, and Laxmi P. Sarathy, will help you decide whether Chapter 7 bankruptcy or Chapter 13 bankruptcy is right for you.
From Home Foreclosure, Paycheck Garnishment, Bill Collector Harrassment, Credit Card Debt, Repossession, we are prepared to assist you and get the outcome you deserve. We are a Federally-designated Debt Relief Agency. We help people file for bankruptcy relief from their creditors.
We are a Federally-designated Debt Relief Agency. We help people file for bankruptcy relief from their creditors.
We can also:
From Home Foreclosure, Paycheck Garnishment, Bill Collector Harrassment, Credit Card Debt, Repossession, we are prepared to assist you and get the outcome you deserve. We are a Federally-designated Debt Relief Agency. We help people file for bankruptcy relief from their creditors.
We are a Federally-designated Debt Relief Agency. We help people file for bankruptcy relief from their creditors.
We can also:
- stop license suspension or get your license back
- stop utility shutoff by ComEd, Peoples Gas, Nicor & phone company
- eliminate medical bills and some income taxes (Federal and State)
- stop collection by the City of Chicago for parking tickets and stop the "boot"…
providing for a fresh financial start.
What Is Bankruptcy?
Bankruptcy is a Federal (United States/country-wide) system of laws, rules, and procedures designed to help legal residents of the U.S. deal with their debts, which, for whatever reason, individuals or businesses cannot pay as they are due. The most common types of Bankruptcy are for people (called Consumer Bankruptcies).
Two major types of Consumer Bankruptcy are: Chapter 7 (liquidation or debt-elimination), Chapter 13 (wage-earner reorganization for individuals or people running unincorporated businesses).
Chapter 11 is a type of Corporate Bankruptcy (reorganization for businesses and certain individuals with extremely large amounts of debt). The Chapter number refers to the section of the Bankruptcy law, called the Bankruptcy Code (which is in Title 11 of the U.S. Code).
Regardless of which type of bankruptcy you file, all creditors generally are prohibited from contacting you directly or continuing with lawsuits unless the court gives them permission.
Two major types of Consumer Bankruptcy are: Chapter 7 (liquidation or debt-elimination), Chapter 13 (wage-earner reorganization for individuals or people running unincorporated businesses).
Chapter 11 is a type of Corporate Bankruptcy (reorganization for businesses and certain individuals with extremely large amounts of debt). The Chapter number refers to the section of the Bankruptcy law, called the Bankruptcy Code (which is in Title 11 of the U.S. Code).
Regardless of which type of bankruptcy you file, all creditors generally are prohibited from contacting you directly or continuing with lawsuits unless the court gives them permission.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy allows individuals to eliminate “unsecured debt” while allowing them to keep their “exempt assets”. This means that by petitioning the bankruptcy court for relief from your debt, you allow the court to review the property that you own to see if it is worth more than what your state law allows you to keep (“exempt assets”).
“Unsecured Debt” is the money that you owe to a person or company which has no collateral. For example, credit cards and medical bills typically are “unsecured debts”.
“Secured Debt” is debt used for financing or buying specific merchandise, big-ticket items, or real estate. The type of ownership that a lender takes in the item is called a “security interest”. Car loans and home loans are good examples of secured debts. Bankruptcy does not eliminate the “security interest” in the item.
So, for example, the company you financed your car through still holds a security interest in the vehicle. Filing bankruptcy does not eliminate the requirement that in order to keep the vehicle you need to make the monthly payments on time.
If you have a home loan or loans, bankruptcy will not eliminate the security interest(s) that the lender(s) has/have in the house. A Chapter 7 Bankruptcy case cannot change the terms of your home loan or mortgage. In some rare situations, only if your mortgage lender agrees, the lender could change some of the payment terms of your loan with the company.
Chapter 7 Bankruptcy does eliminate most “unsecured debt”. Unsecured debt is debt that has no security pledged. Good examples of unsecured debt are credit card debt, payday loans, and medical bills. These debts are generally from your signing of a contract to pay a bill, such as a credit card agreement, or to pay for a service, such as a doctor bill. Bankruptcy, in effect, cancels these contracts.
Chapter 7 Bankruptcy does not eliminate some other unsecured debts such as most taxes, child support or alimony, and student loans or school tuition.
In a Chapter 7 Bankruptcy, you are allowed to keep most, if not all of your property. The amount of and kinds of property you are allowed to keep depends of the law of the state you live in. This is called “Exempt Property”. For example, in Illinois, you are allowed to keep:
$15,000.00 per person worth of equity in your home. (Equity is the current market value minus the amount you owe in your house);
$15,000.00 per person worth of an injury claim,
$4,000.00 per person worth of your personal property (things in your house, for example) (called the “wild –card”);
$2400.00 worth of equity in a motor vehicle;
100% of workers’ compensation benefits, retirement plans, and clothing.
“Unsecured Debt” is the money that you owe to a person or company which has no collateral. For example, credit cards and medical bills typically are “unsecured debts”.
“Secured Debt” is debt used for financing or buying specific merchandise, big-ticket items, or real estate. The type of ownership that a lender takes in the item is called a “security interest”. Car loans and home loans are good examples of secured debts. Bankruptcy does not eliminate the “security interest” in the item.
So, for example, the company you financed your car through still holds a security interest in the vehicle. Filing bankruptcy does not eliminate the requirement that in order to keep the vehicle you need to make the monthly payments on time.
If you have a home loan or loans, bankruptcy will not eliminate the security interest(s) that the lender(s) has/have in the house. A Chapter 7 Bankruptcy case cannot change the terms of your home loan or mortgage. In some rare situations, only if your mortgage lender agrees, the lender could change some of the payment terms of your loan with the company.
Chapter 7 Bankruptcy does eliminate most “unsecured debt”. Unsecured debt is debt that has no security pledged. Good examples of unsecured debt are credit card debt, payday loans, and medical bills. These debts are generally from your signing of a contract to pay a bill, such as a credit card agreement, or to pay for a service, such as a doctor bill. Bankruptcy, in effect, cancels these contracts.
Chapter 7 Bankruptcy does not eliminate some other unsecured debts such as most taxes, child support or alimony, and student loans or school tuition.
In a Chapter 7 Bankruptcy, you are allowed to keep most, if not all of your property. The amount of and kinds of property you are allowed to keep depends of the law of the state you live in. This is called “Exempt Property”. For example, in Illinois, you are allowed to keep:
$15,000.00 per person worth of equity in your home. (Equity is the current market value minus the amount you owe in your house);
$15,000.00 per person worth of an injury claim,
$4,000.00 per person worth of your personal property (things in your house, for example) (called the “wild –card”);
$2400.00 worth of equity in a motor vehicle;
100% of workers’ compensation benefits, retirement plans, and clothing.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is where an individual (through their attorney, typically) submits a plan to repay or reorganize their debts, and to catch up on payments for certain property that they want to try to keep. Most of the time, the Chapter 13 debtor (the person who owes the money) uses his or her income from their job to make payments each month. The payments are part of a Plan, submitted to the court for approval. As part of the Plan, some of the payments are made to a court-appointed official called the Chapter 13 Trustee. The Chapter 13 trustee usually has staff, and several attorneys, to handle the payments. The Trustee pays out the money to the creditors (companies or people who are owed money) based on the amount that the debtor pays. Some other payments are made directly to the companies.
Typically, a Chpater 13 debtor with a home pays the mortgage payments directly, and then makes an additional Plan payment to the trustee as part of the Plan. All creditors are required to stop collection activities, such as foreclosure on your house, or repossession of your car(s).
Typically, a Chpater 13 debtor with a home pays the mortgage payments directly, and then makes an additional Plan payment to the trustee as part of the Plan. All creditors are required to stop collection activities, such as foreclosure on your house, or repossession of your car(s).
Requirements In All Consumer Bankruptcy Cases
1. Every Debtor needs to provide documentation of their financial situation.
(A)-Tax returns for the 4 years immediately preceding (before) the year you file a Bankruptcy case. For example, if you file in 2010, you must provide copies of your filed Federal (U.S.) and State income tax returns for 2009, 2009, 2007, and 2006. If you have not filed your returns, you need to file them, preferably before you file a bankruptcy case. If you do not file your returns, your Bankruptcy case will be dismissed (thrown out by the court).
(B) Pay stubs or proof of income for the six-month time period immediately preceding the month you file your case. For example, if you file your case on January 15th, you need to provide copies of your pay stubs or printouts from your payroll department from July, through December of the previous year. I request that my clients provide pay stubs for the month before that so that I can calculate your average pay based on the year-to-date figures on your check stub.
2. Why do I need to provide all of this information, and where does it go?
(A) the Bankruptcy Reform Act of 2005 requires all Debtors to submit these documents to the Bankruptcy court appointed Trustee. The Trustee then reviews these documents to be sure they match the figures you list in your Bankruptcy papers (called Petition).
(B) The second reason is so the Trustee can review the “Means test” to be sure you qualify for the type of Bankruptcy that you filed. The “Means Test”, also created by the Bankruptcy Reform Act of 2005, requires every person who files for Bankruptcy to provide proof of their average income for the 6-month time period before the case is filed with the court. Then the attorney calculates that average. The average is then compared to the median (average) income for your size household for your state. If you are below that figure, you qualify for Chapter 7 (Debt-elimination) Bankruptcy. If you are above that figure, then your attorney completes the Means Test form further, to see if you qualify. Certain deductions are allowed in this test, based on a series of complicated rules and calculations.
The Means test results show a number. If the number is positive, generally, that number, multiplied by 60 is the amount that you have to pay on your “unsecured debt” in a Chapter 13 (payment plan) Bankruptcy. If that number is very small, or negative, you still qualify for the Chapter 7 (debt elimination) Bankruptcy. If you do not qualify for Chapter 7, you would then need to file a Chapter 13 Bankruptcy to pay at least some part of your debts, based on the Means Test results.
• Credit counseling requirements: Two courses- one before filing and one after filing.
• Before filing- Credit Briefing
Before a person can file for Bankruptcy relief, he or she must complete a course from an approved credit counselor. (The U.S. Trustee’s office, which oversees the Bankruptcy system, approves the counselors). Your attorney will give you a list of the approved agencies. This course lasts approximately 1 hour and can be done on the internet with a follow-up phone call, totally by phone, or in-person. You give the counselors information about your finances. Then the counselors are required to explain all of your possible options to try to solve your financial problems. They cannot give you legal advice on which solution would best help you. That is the role of your Bankruptcy Attorney. This course is called the Pre-filing Credit Counseling Course. You cannot file a Bankruptcy case until you complete this first course and get a certificate. Our clients usually reimburse our office for the cost of the course, that we pay for their convenience. The course costs between $36-50.00, for single or married people filing together.
• The second counseling course- Financial Management or Debtor Education Course.
This is a course about how to manage a household budget, and how to handle your money. It is designed to help you make better financial decisions in the future, so that you (hopefully) don’t end up with money problems in the future. You will need to participate in a 2-hour video or live presentation, in person, online, or by phone conference with a home-study book. You need to complete the course before your case is over, in order to get a Discharge Order from the Court (completion of your case). I recommend that my clients complete the course before the required court hearing in their case (called “meeting of creditors”) to prevent problems getting the course done in time. Some of the Chapter 13 Trustees offer this course for free, at the same place as the court hearing, on the same day. Otherwise the course costs between $19 and $50.00 per person.
(A)-Tax returns for the 4 years immediately preceding (before) the year you file a Bankruptcy case. For example, if you file in 2010, you must provide copies of your filed Federal (U.S.) and State income tax returns for 2009, 2009, 2007, and 2006. If you have not filed your returns, you need to file them, preferably before you file a bankruptcy case. If you do not file your returns, your Bankruptcy case will be dismissed (thrown out by the court).
(B) Pay stubs or proof of income for the six-month time period immediately preceding the month you file your case. For example, if you file your case on January 15th, you need to provide copies of your pay stubs or printouts from your payroll department from July, through December of the previous year. I request that my clients provide pay stubs for the month before that so that I can calculate your average pay based on the year-to-date figures on your check stub.
2. Why do I need to provide all of this information, and where does it go?
(A) the Bankruptcy Reform Act of 2005 requires all Debtors to submit these documents to the Bankruptcy court appointed Trustee. The Trustee then reviews these documents to be sure they match the figures you list in your Bankruptcy papers (called Petition).
(B) The second reason is so the Trustee can review the “Means test” to be sure you qualify for the type of Bankruptcy that you filed. The “Means Test”, also created by the Bankruptcy Reform Act of 2005, requires every person who files for Bankruptcy to provide proof of their average income for the 6-month time period before the case is filed with the court. Then the attorney calculates that average. The average is then compared to the median (average) income for your size household for your state. If you are below that figure, you qualify for Chapter 7 (Debt-elimination) Bankruptcy. If you are above that figure, then your attorney completes the Means Test form further, to see if you qualify. Certain deductions are allowed in this test, based on a series of complicated rules and calculations.
The Means test results show a number. If the number is positive, generally, that number, multiplied by 60 is the amount that you have to pay on your “unsecured debt” in a Chapter 13 (payment plan) Bankruptcy. If that number is very small, or negative, you still qualify for the Chapter 7 (debt elimination) Bankruptcy. If you do not qualify for Chapter 7, you would then need to file a Chapter 13 Bankruptcy to pay at least some part of your debts, based on the Means Test results.
• Credit counseling requirements: Two courses- one before filing and one after filing.
• Before filing- Credit Briefing
Before a person can file for Bankruptcy relief, he or she must complete a course from an approved credit counselor. (The U.S. Trustee’s office, which oversees the Bankruptcy system, approves the counselors). Your attorney will give you a list of the approved agencies. This course lasts approximately 1 hour and can be done on the internet with a follow-up phone call, totally by phone, or in-person. You give the counselors information about your finances. Then the counselors are required to explain all of your possible options to try to solve your financial problems. They cannot give you legal advice on which solution would best help you. That is the role of your Bankruptcy Attorney. This course is called the Pre-filing Credit Counseling Course. You cannot file a Bankruptcy case until you complete this first course and get a certificate. Our clients usually reimburse our office for the cost of the course, that we pay for their convenience. The course costs between $36-50.00, for single or married people filing together.
• The second counseling course- Financial Management or Debtor Education Course.
This is a course about how to manage a household budget, and how to handle your money. It is designed to help you make better financial decisions in the future, so that you (hopefully) don’t end up with money problems in the future. You will need to participate in a 2-hour video or live presentation, in person, online, or by phone conference with a home-study book. You need to complete the course before your case is over, in order to get a Discharge Order from the Court (completion of your case). I recommend that my clients complete the course before the required court hearing in their case (called “meeting of creditors”) to prevent problems getting the course done in time. Some of the Chapter 13 Trustees offer this course for free, at the same place as the court hearing, on the same day. Otherwise the course costs between $19 and $50.00 per person.
For Individuals
Chapter 13 or Chapter 7 relief. We will counsel you to help you determine the best solution to your legal problems.
We can help you file a Chapter 13 Bankruptcy case to help you save your home and stop Foreclosure proceedings. We will protect your car or truck from repossession. We can also protect your paycheck from garnishment, and stop actions by the IRS and State of Illinois. You have a limited time to act to save your property; it is important that you speak to an attorney to protect your rights. We will develop a Plan based on what you and your family can afford.
We can help you file a Chapter 7 Bankruptcy case, where, in most cases, you can keep your house or car if you are current in your payments. Chapter 7 Bankruptcy can eliminate most other bills such as credit cards and medical debt. In some cases, tax debts to the IRS and the State of Illinois can be eliminated.
We can help you file a Chapter 13 Bankruptcy case to help you save your home and stop Foreclosure proceedings. We will protect your car or truck from repossession. We can also protect your paycheck from garnishment, and stop actions by the IRS and State of Illinois. You have a limited time to act to save your property; it is important that you speak to an attorney to protect your rights. We will develop a Plan based on what you and your family can afford.
We can help you file a Chapter 7 Bankruptcy case, where, in most cases, you can keep your house or car if you are current in your payments. Chapter 7 Bankruptcy can eliminate most other bills such as credit cards and medical debt. In some cases, tax debts to the IRS and the State of Illinois can be eliminated.
For Business Owners
Chapter 7 or Chapter 11
We can analyze your financial situation to determine the right course of action. We can review all options with the owners or principals. We can help you determine whether the business is viable or whether it should be shut down, and the proper procedures to follow. Also experienced in out-of court workouts, settlements, assignments for the benefit of creditors, and negotiations with creditors to avoid bankruptcy.
We will review your legal issues and problems and provide the solution that will produce the results you want.
We can analyze your financial situation to determine the right course of action. We can review all options with the owners or principals. We can help you determine whether the business is viable or whether it should be shut down, and the proper procedures to follow. Also experienced in out-of court workouts, settlements, assignments for the benefit of creditors, and negotiations with creditors to avoid bankruptcy.
We will review your legal issues and problems and provide the solution that will produce the results you want.