Understanding Your Debt Relief Options in Illinois Bankruptcy
Shaw Law Ltd. has always been committed to service on behalf of northern suburban families in any time of crisis, including financial problems. If you’re worried about mortgage foreclosure, lawsuits, garnishment or unpaid bills related to a medical emergency or a period of unemployment, our lawyers can help you get a grip on the situation. For a free in-office consultation about your options, contact a Waukegan Chapter 7 bankruptcy lawyer at Shaw Law Ltd.
Legal advice in times of financial stress can do you a lot of good. We can help you avoid serious mistakes, like tapping a 401(k) account or home equity line of credit to pay down hospital bills or credit card debt. While we understand why people might resort to such measures, an experienced lawyer can advise you not to liquidate assets that a creditor could never reach in order to pay down a debt that you could discharge in bankruptcy.
Not everyone qualifies for Chapter 7 relief, but, for those who are eligible, it represents the fastest and most complete relief available under the U.S. Bankruptcy Code. To qualify, you need to demonstrate that your net household income is below the Illinois median. Our lawyers can guide you through the calculations, and you might even find that you’re eligible as a two-income middle class family grossing $80,000 or $90,000 annually.
We then help you take full advantage of Chapter 7’s benefits:
- Immediate relief from creditor harassment, collections, lawsuits and foreclosure
- Discharge of most unsecured debt within four to six months
- Opportunities to cure arrearages on past-due mortgage payments, secured motor vehicle loans and other substantial debts
- Relief from driver’s license problems related to liability for an accident while uninsured
- Credit rehabilitation opportunities that can sometimes begin even before your Chapter 7 discharge
Not everyone who’s eligible for Chapter 7 bankruptcy protection will be able to take full advantage of these benefits. In those cases, Chapter 13 will usually offer an effective way to protect nonexempt assets while taking care of substantial secured or nondischargeable debts. Regardless of which chapter you file under, however, personal bankruptcy gives you a chance to substantially reduce your liabilities through the liquidation of most unsecured debts.
Discuss Your Situation With an Illinois Credit Card Debt Attorney
Whether or not you decide to seek protection under any chapter of the Bankruptcy Code, discussing your debt problems with an experienced lawyer can help you understand and evaluate your options concerning mortgage problems, credit card debts, tax liens or hospital bills. Contact Shaw Law Ltd. in Waukegan to discuss your situation with a Chapter 7 bankruptcy lawyer.
We are a debt relief agency. We help people file for relief under 11 U.S.C. § 528 of the U.S. Bankruptcy Code.