Experienced Lawyers Helping Clients File Bankruptcy in Illinois
If you are in serious financial trouble and are looking for a way to stop abusive creditors, we can help. At Illini Legal Services, formerly The Law Offices of C. David Ward, we have helped Illinois individuals regain their financial freedom through bankruptcy for more than 30 years. We would like to help you through the process of ordering your family's finances and regaining your financial freedom.
Contact our law firm to speak with an experienced bankruptcy attorney. We offer a free consultation and case evaluation, and serve clients throughout DeKalb, DuPage, Kane, Kendall and Will counties.
Is Bankruptcy the Right Choice for You?
Most people experience financial difficulties at some point in their lives. Filing for bankruptcy may not be the right choice for everyone; however, in appropriate cases it can provide a much needed fresh start. You should at the very least seek out expert advice to see if bankruptcy can be a useful tool in helping you solve your debt issues and regain your financial freedom.
- Chapter 7 and Chapter 13 Bankruptcy: As set forth in the United States Constitution, you have an absolute right to file for bankruptcy under the Bankruptcy Code, which provides protection for individuals and consumers from their creditors. The purpose of this legislation is to lawfully allow you debt relief. Chapter 7 and Chapter 13 are the most common forms of this relief under the Bankruptcy Code. The Bankruptcy Code also has chapters which can help business, farmers and others.
- Non-Bankruptcy Alternatives: For most financially troubled consumer debtors, there can be non-bankruptcy alternatives. These include workouts which determine the extent of your liability for one or more of your significant debts and then try to arrange for a formal or informal out-of-court agreement with the creditors. This would be in the form of a repayment of all or a significant portion of the debt. Also, debt consolidation is another option. This can be done through a HUD-approved credit counselor who would try to reorganize your debt.
- Chapter 7 Bankruptcy: This is known as the fresh start bankruptcy and allows a person to discharge most or all of his or her debt. Through the use of the automatic stay, creditors must stop harassing you. By using the exemptions allowed by law, in most instances you will be able to keep your property and discharge most of your debt.
- Chapter 13 Bankruptcy: This is a debt repayment plan which helps you to consolidate your debts over a three- to five-year period. To be eligible for Chapter 13, you need to have a regular monthly income which is sufficient to make payments to the Chapter 13 trustee. You can keep your car, avoid foreclosure and rearrange your other debt to allow you to live.
Which Option Should I Choose?
Chapter 7 bankruptcy is used to "wipe out" certain types of bills and unsecured debt. This will allow you to get a fresh start and regain you financial freedom. If your assets exceed certain exemptions, or you cannot qualify for a Chapter 7 via the means test, a Chapter 13 may be your best option.
Chapter 13 bankruptcy is a consolidation of your bills. Creditors are forced to accept payments you can afford. Hiring an experienced bankruptcy lawyer is an important step in helping you make this decision.
Contact Illini Legal Services
Contact bankruptcy attorneys C. David Ward or Joseph D. Lovelace for a free consultation about your specific options for debt relief.
Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
