Chicago area residents are not immune from the crushing effects of overwhelming debt problems. Most people do not know where to turn. From the stress of trying to make ends meet with limited means to the constant terror of trying to deal with creditor harassment when you are in a situation involving debt, it can truly be a nightmare. For this reason, it is imperative that you do not hesitate to secure the legal assistance that you deserve from a skilled Chicago bankuptcy law firm serving the greater metropolitan area.  That is where the highly skilled and experienced staff of attorneys at Wator & Zac, LLC come in.  By working with an attorney that is well-versed and intimate with bankruptcy law, you can begin to take the necessary steps towards freeing yourself from the strain of this constant struggle. The key is to explore all possible alternatives that are available to begin the process of wrapping up this difficult chapter of your life and getting a fresh start. This may not necessarily mean filing a bankruptcy, but unless you talk to an experienced lawyer you will never know what other avenues are available to you. Bankruptcy allows you not only the right to start a new chapter in your life. It provides the unique opportunity to throw out the old book and get a new beginning. Therefore, this step is too important to leave up to chance. There is an imperative need to be proactive and aggressive in your pursuit of your optimum outcome.

The legal team at Wator & Zac, LLC has extensive experience in assisting clients to get a fresh start through the use of the federal bankruptcy laws. These laws were written to provide you with the opportunity to move forward with a new beginning with your debts "discharged" in a Chapter 7 bankruptcy filing, or by way of a reasonable payment schedule in a filing under Chapter 13 of the Bankruptcy Code. Whether you qualify and meet the requirements of filing for bankruptcy is easily determined by a review of your situation by an attorney Wator & Zac, LLC Our legal team provides skilled and personal legal representation in all bankruptcy-related matters.

Bankruptcy Attorney in Chicago

Crushing debt leads to serious situations such as endless creditor calls, the fear of losing your home, destroyed credit and even personal and relationship problems as a result of financial stress. When facing the ongoing anxiety and fear surrounding debt problems, it is vital that you take action to resolve the situation before it gets worse. There are certain legal actions that can be taken to assist in fighting to avoid losing your home and your other assets that you have worked hard for.

With assistance from our legal team at Wator & Zac, LLC, it can be determined how to proceed with filing for bankruptcy and you will understand the process and be guided by an attorney from start to finish. It is urgent that you take action quickly before the financial scene deteriorates even further. Bankruptcy can quickly resolve the stressful situation and give you the financial relief you deserve.
In the past, bankruptcy may have been considered to be something to be ashamed of. Things have changed. Hundreds of thousands of individuals and families have already filed bankruptcy -- many of them respected members of the community. Even the most hardworking individuals have gotten into financial trouble in recent years. There should be no concern about your reputation with regard to this matter - the option of bankruptcy is provided to you by the federal government as assistance for you and people like you who are in serious financial trouble.
It is likely that many of your friends and neighbors have already filed and are free of financial problems. It is important that you act quickly, as these situations quickly deteriorate, and with fast action, you can avoid the losses you may face if you fail to file early enough and lose the opportunity to save more assets than you can imagine.
Area of Bankruptcy Representation:
Cook County 
Will County
Lake County
Kane County
Dupage County
Kendall County

 

FIVE QUESTIONS ABOUT CHAPTER 7 BANKRUPTCY

CAN I KEEP MY HOME?
The short answer to this question is yes. In many cases a person who files for a Chapter 7 Bankruptcy can keep their home. Under the Bankruptcy Code when we file the bankruptcy petition we will mark a particular form that we wish to “reaffirm” the mortgage that is on the home. This lets the court, the trustee and the client’s creditors know that they wish to keep their home and discharge the rest of their debt. There are three key factors in determining whether this is possible in a bankruptcy. The first is the client’s financial situation. In a reaffirmation we have to be able to show the court that you can pay your mortgage.  Therefore, someone who is not employed at all and cannot show an income to pay their expenses and the mortgage will have a difficult time keeping their residence. The second key factor is whether the mortgage is up to date in payments. In order to reaffirm the mortgage the debtor cannot be behind in their payments. However, we have found that in today’s economic environment a client who has applied for a loan modification the court is often willing to reaffirm the debt even if certain number of payments are unpaid. The third key factor is whether the client has any equity in the property. Equity is any value of the property over and above the total debt on title. Therefore,  a person who has a mortgage of $200,000 but whose home has a market value of $225,000 has equity of $25,000.  Under a bankruptcy a certain amount of equity ($15,000 if someone is filing individually and $30,000 for a married couple filing together) is reserved for the debtor – it is “exempt.” This means that the trustee nor the court cannot use this equity to pay off debts that are owed to the creditors.  However, a problem may arise for a client whose equity is far above the “exempt” amount. If this figure is large enough then the trustee may be authorized to sell the home and use any money from the sale above the mortgage amount and the “exemption” for the debtor to pay off creditors. In either case all three factors are reviewed when a lawyer in our firm is determining whether our client can keep their home in a Chapter 7 bankruptcy petition.

CAN MY CREDITOR’S COME AFTER ME AFTER MY BANKRUPTCY IS DONE?
NO.  When you receive your discharge all debt that was stated in your petition is discharged – FOREVER.  An exception does exist for those cases where the debt was secured by way of fraud or if it is proven that the debtor perpetrated fraud in the bankruptcy petition.

WILL I STILL GET CALLS FROM THE CREDIT CARDS WHILE I AM WAITING FOR MY DISCHARGE?
Under the Bankruptcy Code creditors are required to cease all communications with the debtor once notice of the bankruptcy filing is sent out from the clerk.  Furthermore, Federal law prevents creditors from contacting you once your discharge is entered by the court. In fact there are strict penalties against a creditor who contacts a debtor during the course of a bankruptcy or after the discharge is given.

HOW LONG DOES IT TAKE?
The average bankruptcy filing takes anywhere from 4-6 months to complete from the moment it is filed with the court.

I HAVE A FORECLOSURE JUDGMENT AGAINST ME FOR A HOME THAT I OWNED WILL THAT BE DISCHARGED?
Debt that was originally a mortgage used to purchase a home is dischargeable in a Chapter 7 bankruptcy just like any other non-secure debt (such as credit cards, medical bills, collections accounts, etc.)

The author of this article, Dariusz T. Wator, is a partner with the law firm of Wator & Zac, LLC and an bankruptcy attorney. If you have any questions about this article or any other area of the law please contact him at 877-282-6190or email us at info@4legalbasics.com to schedule an appointment at one of the following convenient locations

10711 S. Roberts Road                                                          6020 W. Higgins Road, Suite B
Palos Hills, Illinois 60465                                                         Chicago, Illinois 60630

7101 Cicero Avenue, Suite 104                                              6033 W. Sheridan Road, Unit S-4     
Lincolnwood, Illinois 60707                                                     Captains Walk Mall
Chicago, Illinois 60660

Or visit our website at www.4legalbasics.com for more information about Mr. Wator and the law firm.