Dupage County Bankruptcy Attorney
Take Control of Your Finances – Call (630) 909-9676
The decision to file for bankruptcy is never easy. Many hardworking people fall into financial trouble through no fault of their own, and need help getting out. Whether a divorce, serious medical emergency, loss of employment, reduced hours at work, or an expensive mortgage payment have caused your finances to spiral out of control, bankruptcy protection can give you the relief you need. At the Law Office of Joseph P. Doyle, our professional Dupage County bankruptcy lawyers understand your struggles and can use our vast legal knowledge to help you find a solution to your debt.
Contact us online to discuss your financial situation today.
The Benefits of Bankruptcy
Many people shy away from the concept of bankruptcy due to its negative social stigma and various false myths. In reality, filing for bankruptcy is an honorable and completely legal opportunity for those in financial straits to solve their debt and gain legal protection from
creditor harassment. Federal bankruptcy law gives debtors the ability to get a fresh financial start when they have gotten too far into debt and are unable to keep up with bills and obligations.
Bankruptcy can provide the following benefits:
- Cease creditor collection efforts
- Eliminate your non-secured debts
- Allow you the opportunity to rebuild your credit
- Allow you to reorganize your finances
Chapter 7 vs Chapter 13 Bankruptcy
There are several different types of bankruptcy, though the most common are
Chapter 7 and
Chapter 13. Chapter 7 bankruptcy involves liquidating certain assets to satisfy creditors and pay off a portion of your unsecured debts. Once this is completed, any remaining unsecured debts such as credit cards, utility expenses, medical costs, and payday loans can be discharged and are gone forever. While Chapter 7 can eliminate your debt completely, it is only available to you if you are able to pass a "Means Test." The Means Test involves disclosing all of your assets and liabilities to determine your eligibility for Chapter 7 bankruptcy. It is strongly advised that you get assistance with this critical requirement in filing bankruptcy.
Those who do not qualify for Chapter 7 may still be able to pursue debt relief through Chapter 13 bankruptcy. Instead of liquidating assets to pay for debts, Chapter 13 bankruptcy involves reorganizing your finances and creating a three to five year repayment plan. At the end of this period, if you have faithfully adhered to your repayment plan, any remaining unsecured debts will be discharged. While Chapter 13 will not wipe away your debt to the extent that Chapter 7 will, this option can allow you to keep your home and assets.
Solve Your Debt with Joseph P. Doyle
If you are struggling to make ends meet and are tired of being constantly badgered by creditors over your outstanding debts, our firm can help you gain the relief you deserve and get you on track towards a financially secure future. As shown by our many positive client testimonials, our Dupage County bankruptcy attorneys are committed to protecting your wellbeing and can walk you step-by-step through the appropriate legal channels. Do not let the weight of debt drag you down any longer and
contact our office today.
Take advantage of your free bankruptcy evaluation today!