Naperville Bankruptcy Attorney
As you weigh the decision whether to file for bankruptcy, you will most likely receive input from friends, family, articles you read and many other sources. Not all the information you hear will be correct. Bankruptcy is surrounded by myths and misunderstandings. At the law firm of Linda Bal & Associates, we want you to have accurate information. This is a major decision in your life. Our Naperville bankruptcy lawyers want to make sure you understand the benefits that a bankruptcy filing can bring to your life.
- Stopping foreclosure: Filing for bankruptcy puts a halt to foreclosure proceedings. This buys you some time to decide what to do next. Perhaps you want to keep the home and can afford the payments. If not, it may be time to consider downsizing. Options for saving your home differ depending on whether you file Chapter 7 or Chapter 13 bankruptcy.
- Stopping repossessions: Bankruptcy can help you save your car and other important items. There are many details involved in avoiding repossession. Our Illinois attorneys will explain the possibilities.
- Eliminating certain tax debts: Bankruptcy can give you relief from IRS tax debt and prevent further interest and penalties from accruing. Not all tax debt can be eliminated, but many people are able to eliminate at least some of the debt.
- Eliminating unsecured debt: Credit card debt is one of the most common reasons people file for bankruptcy. Chapter 7 bankruptcy completely eliminates these debts. If you do not qualify for Chapter 7, then you can use Chapter 13 to reorganize all your debt into one manageable monthly payment. After you pay for three to five years, any remaining unsecured debt is eliminated.
- Eliminating medical debt: Other than credit cards, medical bill debt is the most common reason for filing bankruptcy. Unexpected illnesses or injuries can quickly lead to mounting debt. Medical bills are unsecured debt, which can be eliminated in Chapter 7 or reorganized in Chapter 13.
- Stopping wage garnishments, lawsuits and judgments: If your wages are being garnished by a creditor or you have an outstanding judgment against you, bankruptcy will put a stop to the garnishments and collection efforts.
- Stopping creditor harassment: Once you file for bankruptcy, creditors are not allowed to contact you anymore. Creditor harassment stops, which means you get room to breathe. Creditors who continue to contact you can be sued.
- Staying away from debt management services: There are thousands of debt negotiation and debt management companies across the country. They offer to help people in financial trouble. Sadly, these companies usually do more harm than good. They are optional for creditors, so even if you are in the program you may still have to pay everything at once. Bankruptcy gives you court protection from this kind of worry.
- Recovering from job loss: Expenses don't stop once you lose your job. Without income, you can quickly fall behind. Bankruptcy can eliminate many debts and give you time to catch up on house payments and car payments while you look for work.
- Getting a fresh start: By eliminating debt and reducing your debt-to-income ratio, you become a much more desirable candidate for loans in the future. You get a clean slate on which to start rebuilding your credit.
The Naperville bankruptcy attorneys at Linda Bal & Associates are ready to help you regain control of your financial life. This is one of the biggest decisions you will ever make, but with our help you can come out better for it.
Contact an Illinois Chapter 13 Lawyer for a Free Consultation
To learn more about the bankruptcy process and its benefits, please call Linda Bal & Associates at 630-296-5084 or toll free 800-599-2152. You can also contact our law firm online. Your initial lawyer consultation is free.
We are a debt relief agency. We help people for bankruptcy relief under the U.S. Bankruptcy Code.