Velazquez Consumer Law

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(630) 576-9030

Velazquez Consumer Law

When you are facing a substantial amount of debt that does not seem to diminish, it may be time to consider bankruptcy. Regardless of how much you intend to pay back your debt, sometimes the reality is that increasing debt may not decrease without undertaking other measures. Sometimes, those measures lead to bankruptcy. If you are seeking debt relief to no avail, it may be time to contact a knowledgeable bankruptcy attorney in Illinois to help guide you through the best bankruptcy option available for your unique circumstance.

Bankruptcy may seem scary, but it does not have to be a frightening experience. With the right legal assistance from a bankruptcy attorney in Lombard, IL, your journey to debt relief can be painless. It is not recommended to file bankruptcy on your own with the court. If you are not familiar with state and federal bankruptcy laws, your case may become more strenuous than if you had initially enlisted a bankruptcy attorney in DuPage County. Anything that is filed or submitted to the courts must be accurate and complete. If you have missing documents or paperwork, the court may dismiss your case completely. If your case gets dismissed, it can take several months before you are able to file for another bankruptcy. It is best to get it done once and for all, and it is much more expedient to have a bankruptcy attorney in Illinois who knows the legal system help you.

Once a bankruptcy gets properly filed with the court, the court will issue an automatic stay. An automatic stay is a significant stress reliever. Automatic stays prohibit all creditors, lenders, and collection agencies from contacting you during the bankruptcy. They are not allowed to collect on any debt, garnish wages, and/or empty bank accounts. In other words, you will stop hearing from creditors and collection agencies until your bankruptcy is finalized. In addition, if you are able to file a Chapter 7 bankruptcy and manage to get all of your unsecured debts discharged, you will no longer hear from creditors or collections agencies ever again.

Bankruptcies can help you find debt relief if done right. The best way to secure a timely and cost-efficient bankruptcy is to hire an expert bankruptcy attorney in Lombard, IL. Hiring a bankruptcy attorney in DuPage County can diminish the stress, concerns, and fears of filing for bankruptcy.

Chapter 7 Bankruptcy Law In Lombard, IL

Filing for bankruptcy does not have to be a painful or confusing process. If you have hired a bankruptcy attorney in Lombard, IL, your attorney can help determine the best type of bankruptcy to file for your unique case.

If you qualify for a Chapter 7 bankruptcy, your unsecured debt such as medical bills, personal loans, and credit cards can be discharged. Student loans, tax debt, and secured loans are not usually dischargeable. It is also important to note that child support and alimony are not dischargeable. However, you may be able to keep your home and car if you meet the state’s exemption law and can continue to pay your monthly commitment to your lenders. It is advised to talk to a bankruptcy attorney in DuPage to verify whether you are able to keep your house and car.

A Chapter 7 bankruptcy is known as a fresh start bankruptcy. If the court discharges all of your unsecured debt, you will no longer have to worry about paying back those debts. As a result, you are able to financially start fresh and begin to rebuild your financial stability. Once a Chapter 7 is filed, it usually takes four to six months to get your debt discharged. With the help of a bankruptcy attorney in Illinois, your journey to debt relief can be rather quick.

Chapter 13 Bankruptcy Law In Lombard, IL

If you do not qualify to file for a Chapter 7, your bankruptcy attorney may recommend a Chapter 13. Under a Chapter 13 bankruptcy, unsecured debt is not discharged after four or six months. Rather, a Chapter 13 is structured to resemble a payment plan that lasts between three to five years. When the court grants a Chapter 13 bankruptcy, debt is substantially reduced and, in time, after the payment plan has concluded, any remaining unsecured debt can get discharged.

Similar to a Chapter 7, a Chapter 13 has the potential to have credit cards, personal loans, and medical bills discharged.

To be eligible for a Chapter 13, the debtor must have a stable monthly income to cover the payment plan. During a Chapter 13, lenders are not allowed to foreclose or repossess any property. As long as the debtor stays current with his or her payments, they will be able to avoid foreclosure.

If you are interested in pursuing either a Chapter 7 or Chapter 13 bankruptcy, it is recommended to seek an experienced bankruptcy attorney in the DuPage County area.

Orlando Velazquez

Call Now For A Case Evaluation
(630) 576-9030

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