DuPage County Foreclosure Lawyer
The light at the end of the tunnel. The road to financial freedom. The journey that always begins with an all important first step.
Whatever description you care to use, to explain the benefits of a personal bankruptcy filing — they are all true. The law firm is powered by the belief that every person is entitled to a fresh start.
Linda Bal uses her knowledge, more than 20 years of experience, professional skills and human compassion to assist hard-working debt relief clients across the state. As so many hard-working individuals, families and small businesses have already shown, you can trust her respected law firm to work hard for the results you need.
During your free initial consultation with Linda Bal, you will learn that the two most common types of consumer bankruptcy strategies — Chapter 7 liquidation and Chapter 13 reorganization — share many attributes. A case is started by submitting a petition to the federal bankruptcy court. The petition must include a detailed summary of all of your assets, liabilities and other information as required by law. You cannot pick and choose which creditors (one to whom money is owed) to include on the petition, you must list them all.
If you are married, you do not have to file together with your spouse if all debts are substantially in your name. If this is the case, then you may file as an individual.
To find out more, call any of our Linda Bal & Associates locations, toll free: 800-599-2152. Your e-mail or after-hours message will be responded to promptly. An evening or weekend appointment is available upon request.
When You File for Bankruptcy, You Will See the Light at the End of the Tunnel
You can benefit, starting today, from Linda Bal's decades of experience in these consumer bankruptcy practice areas:
- Chapter 7
- Chapter 13
- Save your home
- Save your car
- Credit cards?
- IRS problems
- Remove your second mortgage
- Bankruptcy and divorce
- What can I keep during bankruptcy?
- What happens when a creditor sues you?
In rare cases, an involuntary proceeding is initiated by your creditors to force you into bankruptcy. These are limited to business cases. The majority of consumer cases filed are known as a voluntary Chapter 7 with a smaller percentage filed as Chapter 13.
The most important aspect of filing a voluntary bankruptcy petition is the creation of an automatic stay. This action stops creditors in their tracks and they are immediately prevented from doing anything further to compel collection of a debt. This includes harassing phone calls, wage garnishments, all lawsuits, property foreclosures, vehicle repossessions or shutting off utility services. This action provides you time to get back on your financial feet without anymore contact from creditors.
All your debts will be listed on the petition and are classified as either priority, secured or unsecured. Priority debts are typically government tax liabilities and such things as child support. As the name implies, these creditors possess the rights to payment above the other creditors.
Secured debts, typically mortgages and auto loans, are those backed by collateral. This means a creditor has lien rights to recover the property upon default (nonpayment) of the loan. For example, when obtaining a car loan, a lien is attached to the vehicle by virtue of a written security agreement signed when the vehicle is purchased. This allows the lender to repossess the vehicle if payments fall too far behind. A secured debt can also be a piece of furniture or clothing, for example, purchased with a store credit card that contains a written security agreement.
Unsecured debts include everything else such as credit card bills, back utilities, medical bills and store charges. Unsecured creditors do not have lien rights to the property purchased. The exception is, if you purchased certain items with a store charge or credit card with a written security agreement, the seller can repossess that item on default.
Contact Linda Bal & Associates — Four Convenient Law Office Locations in Illinois
Our experienced Naperville bankruptcy law attorney also serves clients in Itasca, Huntley, DuPage County and other counties in Greater Chicago. Contact us for the free consultation about the "fresh start" you need. Call us locally or toll free, or reach us online by e-mail.
We offer reasonable flat rate fees with no hidden costs; weekend and evening hours, with appointment flexibility; all work performed personally and directly with you, by an experienced attorney; and prompt, professional service you can count on.