Experienced Bankruptcy Representation
Most people consider filing for bankruptcy as the last resort when they are in financial trouble. It is certainly a big decision, but it is also a safe, legal tool for eliminating debt. The sooner you seek help, the more of your assets you may be able to save.
At The Law Offices of Chad M. Hayward, P.C., we assist individuals and families who are in need of debt relief. Whether bankruptcy or an alternative method of debt relief is best for you, we can help. To schedule a free consultation with our Oak Brook bankruptcy attorney, please call 888-804-8641 or contact us online.
Chapter 7 and Chapter 13 Bankruptcy
If your income is below the median income in Illinois for a household of your size, you may be eligible for Chapter 7 bankruptcy. If your income exceeds the median, you most likely will not be eligible for Chapter 7, but you may be able to file Chapter 13.
Chapter 7 bankruptcy discharges (eliminates) many of your debts. Unsecured debt such as credit card debt and medical bills are usually discharged. You may also permanently discharge secured debts, however, you must return the property to the creditor.
If you want to keep secured property such as your home or car, you must continue to make the payments. Chapter 13 bankruptcy makes this easier because your debts will be restructured into a repayment plan of three to five years. Under this plan, the monthly payments on your loans will be lowered. When you have successfully completed the repayment plan, some of your remaining debts may be discharged.
No chapter of bankruptcy will eliminate all types of debt, however. In general, you need to repay in full obligations such as alimony, child support, certain taxes and injury or wrongful death judgments against you.
Contact an Illinois Chapter 7 Bankruptcy Lawyer
Learn more about whether bankruptcy or another means of debt relief may be right for you. Please call our Oak Brook office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oak Brook and St. Charles.
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