Chicago Bankruptcy Attorney

Helping Clients throughout Illinois Recover from Financial Distress

Financial problems can wreak havoc on a person’s entire life. Mounting debt and financial worries can lead to debilitating stress, health complications, and marital discord. Financial woes can leave your feeling like you are alone and have no options, but this is not the case. There are a number of options to deal with financial problems and you do not need to go through the struggle alone. Chicago bankruptcy attorney Glenn Betancourt is here to help guide you through the maze of legal options available to remedy your financial situation.

If you are in debt and struggling to pay your bills, do not hesitate to contact Chicago bankruptcy lawyer Glenn Betancourt at (847) 768-5805 in Des Plaines or (773) 252-5923 in Chicago to schedule a free consultation to learn more about your bankruptcy options.

Chapter 7 Bankruptcy

One of the most common options for individuals and married couples to remedy financial problems is to file Chapter 7 bankruptcy. Under Chapter 7 liquidation, generally all debts are discharged, including secured debts such as a car loan, unless the debt is reaffirmed. In exchange for the forgiveness of debts, the bankruptcy trustee will liquidate assets to pay your creditors a portion of what they are owed. You are able to protect certain property from liquidation, however.

Many people mistakenly believe that Chapter 7 bankruptcy is not an option for them and choose to proceed with Chapter 13 reorganization. Under Chapter 13 reorganization, you repay a portion of your debts over a period of three to five years, with no debt forgiveness. Moreover, a chapter 13 bankruptcy includes additional requirements, including (1) the debtor must have “regular” income, (2) the debtor must owe less than $1,081,400 in secured debt and less than $360,475 in unsecured debt, and (3) the debtor must not have filed a previous chapter 7 within 4 years or a previous chapter 13 within 2 years.

As an experienced Chicago bankruptcy attorney, Glenn Betancourt can help you determine whether you are eligible for a Chapter 7 bankruptcy and, if so, whether it makes the most sense given your particular situation.

Chapter 7 Bankruptcy Can Help You Get a Financial Fresh Start

Once you file for bankruptcy, you are protected from contact by all creditors. This protection is known as the “automatic stay” and it prohibits creditors from contacting you by phone, sending statements or letters, filing or proceeding with lawsuits, and continuing with wage garnishments and citation proceedings.  Automatic withdrawal payments will also be discontinued. If you wish to reaffirm your debt with a particular creditor, however, you must continue to make voluntary payments throughout the duration of the bankruptcy.

If a creditor violates the automatic stay and continues to pursue a debt after you have filed for bankruptcy protection, you can file a motion for sanctions against the creditor and the creditor may be required to pay you money damages, as well as attorneys’ fees associated with filing the motion.

Chapter 7 bankruptcy can give you the financial fresh start that you need so that you can regain your financial footing. There are some consequences to filing bankruptcy, however, and Chicago bankruptcy attorney Glenn Betancourt can help you understand whether the benefits of filing for bankruptcy outweigh the disadvantages. If you choose to file bankruptcy, Glenn Betancourt will file all court documents and appear in court on your behalf. He will walk you through the maze of confusing and complex bankruptcy laws and help you understand how you bankruptcy will affect your life going forward.

If you are facing financial troubles, help is just a phone call away. Contact Chicago bankruptcy lawyer Glenn Betancourt at (847) 768-5805 in Des Plaines or (773) 252-5923 in Chicago to schedule a free consultation to learn how he can help you recover from your financial problems.