Velazquez Consumer Law

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(630) 509-8989

Velazquez Consumer Law

Going through bankruptcy can be extremely overwhelming. Not only are you facing mounting debt that does not seem to decrease, but you are also constantly being bombarded by collection calls and notices. It can be a difficult time, but you do not have to face this stressful time alone. With the help of an experienced bankruptcy attorney in Illinois, you can overcome debt and begin to rebuild a healthy financial future.

Building a healthy financial future starts with accessing the options that are available to you. Depending on your current income situation and the types of debt you have, there are a couple of options available that can help you with debt relief. In order to determine the best course of action for your specific case, it is highly advised to seek the legal assistance of a bankruptcy attorney in Wheaton, IL. Enlisting a bankruptcy attorney in the DuPage County area can help you with all of the legal requirements that are necessary to successfully file a bankruptcy with the court.

Unfortunately, many people do not rely on the professional help of a bankruptcy attorney in Illinois. The results can cause more issues and stress. If you decide to file a bankruptcy case with the court on your own, you run the risk of filing incorrectly. You could be missing important documents or paperwork. You could even run the risk of filing the wrong type of bankruptcy for your case. As a result, the court will most likely deny your request for bankruptcy, leaving you right back where you started, minus time, and money. After going through such a headache, many revert to hiring a bankruptcy attorney in Wheaton, IL.

Fortunately, with the proper legal assistance, you can reach a favorable financial outcome. In just a few short months, your debt can be substantially minimized or completely wiped out. Better yet, you will be free from the harassing calls and letters of creditors and lenders. It is never too late to contact a bankruptcy attorney in the DuPage County area to help you move closer to a brighter financial future.

Chapter 7 Bankruptcy Law In Wheaton, IL

Depending on your circumstance, you may be able to file for a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is known as a liquidation bankruptcy. It allows a person in debt or a debtor to clear the majority or all of their debt. Under a Chapter 7 Bankruptcy, you are able to clear away unsecured debts such as credit cards, personal loans, medical bills, and some taxes. However, some debts are not eliminated or dischargeable, such as child support and alimony. For more information on the types of debt that can be discharged under Chapter 7, contact a bankruptcy attorney in Illinois.

When you have decided to pursue bankruptcy, your bankruptcy attorney in Wheaton, IL will help you determine the best option. Not everyone may qualify for a Chapter 7 bankruptcy. In order to be eligible, your bankruptcy attorney in DuPage County will compare your financial state against a means test. The means test helps determine if you are within the range to qualify for a Chapter 7 bankruptcy. Basically, if your debt to income and living expenses ratio is substantial, then you will most likely qualify for Chapter 7. People who do not make enough to cover their debt and living expenses are candidates for Chapter 7 bankruptcy.

For many people who fear losing their home and/or car under a Chapter 7, you would be relieved to know that it does not automatically mean that you will lose your home or vehicle. In most cases, your house and car could be exempt from being taken in a bankruptcy. It is advised to consult with a bankruptcy attorney in Wheaton, IL to discuss your case in detail.

Chapter 13 Bankruptcy Law In Wheaton, IL

Not everyone may qualify to file for a Chapter 7. However, it does not mean that there are no other options. If you do not qualify for a Chapter 7, you are most likely able to file a Chapter 13. Under Chapter 13, the court allows you to make reduced payments on your unsecured and secured debts within a three to five-year period. However, you may be able to have some debts discharged.

To qualify for a Chapter 13, you must be able to have sufficient income to make the required reduced payments set forth by the court. Even though you will still be making payments under a Chapter 13, your debt will be significantly reduced. Since payments are being made, you are able to keep your house and cars.

To determine whether a Chapter 13 bankruptcy is right for you, contact a bankruptcy attorney in Wheaton, IL for a detailed assessment. At Velazquez Consumer Law, we are dedicated to our helping our clients find the right legal solution for their financial needs.

Orlando Velazquez

Call Now For A Case Evaluation
(630) 509-8989

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