Bankruptcy Law In Downers Grove, IL | Velazquez Consumer Law
If you are drowning in debt, it may be time to consider bankruptcy. The stress of growing debt and collection calls and notices may be enough to signal a change in the management of your finances. In order to obtain debt relief, bankruptcy may be in your best option depending on your individual circumstance. It is advised to counsel with a knowledgeable bankruptcy attorney in Illinois to discuss whether bankruptcy is the right option for you.
Understanding bankruptcy can be complex. Aside from federal laws, bankruptcy is also governed by state laws. In other words, each state has its own laws, exemptions, and requirements that establish how bankruptcy is applied or practiced. If you are interested in pursuing bankruptcy, it is essential to seek a bankruptcy attorney in Downers Grove, IL to help guide you through the bankruptcy process. It is not recommended to file bankruptcy on your own without the proper guidance of a bankruptcy attorney in the DuPage County area.
Filing your own bankruptcy can lead to a lot of issues. If you file incorrectly or miss attaching vital documentation and paperwork, the court can dismiss your bankruptcy. If your bankruptcy gets dismissed by the court, you will have to start all over again. Doing so will cost more time and money. It is best to seek the professional assistance of a bankruptcy attorney in Illinois to avoid any unwanted headaches and stress. By enlisting a bankruptcy attorney in Downers Grove, IL, your bankruptcy case can be settled within a few short months.
It is important to keep in mind that not all bankruptcies are the same. Depending on your unique situation, you may be able to file either a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 and Chapter 13 bankruptcy each have a different set of requirements and stipulations in order to be eligible to file. Even though bankruptcies are governed by federal law, each state also has laws that apply to bankruptcy cases.
Finding a bankruptcy attorney in the DuPage County area who is well-versed in the federal and state laws that apply to your specific case is crucial. There is nothing more disheartening than having gone through the entire bankruptcy just to get it dismissed at the end due to some technicality that could have been readily solved by an experienced bankruptcy attorney in Illinois. At Velazquez Consumer Law, we have years of experience with Chapter 7 and Chapter 13 bankruptcy cases. We are dedicated to providing our clients with exceptional legal counsel. And, we will ensure that your case obtains a favorable outcome.
Chapter 7 Bankruptcy Law In Downers Grove, IL
Many who file for a Chapter 7 bankruptcy are able to financially start fresh. Under Chapter 7, you are able to get the majority or all of your debt discharged, depending on the type of debt you have. You also have to qualify under certain requirements in order to be eligible to file.
To be eligible to file, your monthly income has to be less than the median income for the same-sized household in Illinois. A means test can also help determine whether or not your income is sufficient to cover your debt. If you pass the means test, you are eligible to file a Chapter 7 bankruptcy. To determine whether you qualify for a Chapter 7 bankruptcy, it is best to consult with a bankruptcy attorney in Downers Grove, IL to assess your individual case.
Under Chapter 7, you are able to discharge certain debts, mostly unsecured debt. However, not all debts are dischargeable. Debts that are dischargeable include credit cards, personal loans, and medical bills. Other types of debt such as alimony and child support are not dischargeable. If you are unable to keep up with mortgage or car payments, the court is able to discharge those debts. However, creditors and lenders may still foreclose or repossess your property even though the debt has been discharged. If you have questions or concerns about your house and/or car and the bankruptcy process, it is expedient to talk to a bankruptcy attorney in DuPage County to discuss your options.
Chapter 13 Bankruptcy Law In Downers Grove, IL
Most people who do not qualify for a Chapter 7 bankruptcy are eligible to file for a Chapter 13. A Chapter 13 bankruptcy is a good option for individuals who have enough income to cover payments rendered to creditors and lenders. If you do not qualify for a Chapter 7 because your income is above the median income for the same-sized household in Illinois, a Chapter 13 can help you obtain debt relief.
Under Chapter 13, the court will approve a repayment plan that will last between three to five years. The term set forth by the court will depend on your income and individual circumstance. Payments are reduced and much more affordable under a Chapter 13. Additionally, after a certain amount of time or after completing the payment plan, remaining unsecured debts can get discharged.
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