Bankruptcy Attorney | Wheaton, IL
When you are struggling with debt, the things that provide you with stability - your house, your job, your family - can seem all too fragile. But debt doesn't have to tear your life apart. You have options. We are here to here to guide you through your debt relief options. We provide bankruptcy services for Individuals and Corporations filing for Chapter 7 or Chapter 11 and Chapter 13 bankruptcy. We also represent creditors and debtors in adversarial proceedings and complex bankruptcy matters.
Things to consider in regard to the difficulty
in paying all of your bills during the pandemic.
Attempt to contact creditors to see if there are any programs available through the creditor to allow you to skip or reduce the monthly obligation for payment.
Bankruptcy Attorney Naperville
When you are struggling with debt, the things that provide you with stability - your house, your job, your family - can seem all too fragile. But debt doesn't have to tear your life apart. You have options. We are here to here to guide you through your debt relief options. We provide bankruptcy services for Individuals and Corporations filing for Chapter 7 or Chapter 11 and Chapter 13 bankruptcy. We also represent creditors and debtors in adversarial proceedings and complex bankruptcy matters.
You may find that during the COVID-19 crisis, creditors are more willing to work with you to allow you breathing room to get back on your feet and meet your financial obligations.
Although it may seem overwhelming because of reduced hours and/or loss of a job or source of income during the crisis, this will not be a permanent state of affairs. More than likely, government programs to help those in desperate need will become available in late fall or early spring from the federal and state governments. If you’re looking for professional bankruptcy services for corporations in Naperville, give us a call today. Let’s get you back on track.
Things not to do
Do not become overwhelmed, many Americans are in the same situation as you are in.
Be careful in spending monies that may be needed for emergency situations that may arise.
Do not deplete savings, or assets to resolve short-term obligations.
Remember that in the worst case scenario you have a right to declare insolvency while at the same time protecting your retirement and IRA funds. Do not deplete your IRA or retirement not only will you be taxed on those monies for early withdrawal, but you will also lose the protection of those funds under the Illinois homestead exemptions
Federal law explicitly states that Social Security benefits are exempt, and it is the position of the Social Security Administration, as well as the bankruptcy courts, that such funds are protected.
There is a 100% exemption to qualified pensions and retirement benefits. That would include Individual Retirement Accounts (IRA) and 401(k) accounts.
Also, Veterans Benefits Are Exempt in Bankruptcy and Illinois. These benefits are exempt under the Illinois Statutory Exemptions found at 735 ILCS 5/12 1001(g) (2). The Federal Exemptions at 11 U.S.C. 522(d) are prohibited in Illinois pursuant to 11 U.S.C. 522(b) which authorizes the state prohibition and Illinois Statute 735 ILCS 5/12-1201 which prohibits the Federal Exemptions in Bankruptcy and provides exemptions under 735 ILCS 5/12 1001.
Remember: Do not exhaust all of your savings, assets, and retirement accounts before contemplating bankruptcy.
We would be glad to discuss with you not only non-bankruptcy options but also the details regarding your constitutional right to pursue insolvency if necessary, aka Bankruptcy.
Discover Your Debt Relief Options
Before you file for bankruptcy, it is important to know exactly what you can accomplish. Filing for bankruptcy can:
Stop wage garnishment.
Stop collection actions, including harassing phone calls from creditors or lawsuits attempting to collect a debt.
Stop foreclosure.
Discharge unsecured debt.
Give you time to catch up on past due mortgage payments.
What does this all mean?
Bankruptcy can be a confusing area of the law for many people. When we meet, I will explain the process and answer all of your questions. I will make sure that you are not "lost in the process" and that you understand how, together we will work your case through the bankruptcy system. To get you started, I'm providing some basic information about bankruptcy:
Only a bankruptcy attorney can give you legal advice as to the best approach to resolving your financial issues as well as represent you at the meeting of creditors or any court appearances. A bankruptcy attorney or a document preparer can work through the paperwork with you, but only an attorney can answer your questions along the way.
Bankruptcy allows you to discharge some or all of your debts."Unsecured debts" are amounts you owe that are not tied to property, like credit cards. "Secured debts" are amounts that you owe that are tied to property, like a mortgage or car loan.
"Exemptions" allow to keep certain amounts of specific types of property; you may not have to lose your home, your car, your family heirlooms or other property. The amount of the exemption depends on the type of property.
No two bankruptcies are exactly alike. With my years of experience in this area of the law, I will be able to tell you what a bankruptcy would look like based on your own financial situation.
Choosing the Appropriate Chapter
Contact our bankruptcy law firm to in discuss in detail the best approach to your financial circumstances and the type of bankruptcy that would potentially suit your financial situation - a filing under Chapter 7 or under Chapter 13 of the bankruptcy Code. Or for businesses a Chapter 7 or 11.