Stop Creditor Harassment and Discharge Debt

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Stop Creditor Harassment and Discharge Debt: Usually filing for bankruptcy puts an automatic stay on most collection activities. This allows our lawyers to prevent creditors from making harassing phone calls, work to get your repossessed property returned , and put a stop on wage garnishments.

Depending on which chapter is filed, most types of debt can be eliminated. Our lawyers work with your creditors to do away with medical bills and credit card debt. We offer valuable advice and assistance for clients concerned about student loans and expenses.

Protect Yourself From Unethical Practices: A few precautionary notes: Watch out for lawyers who claim to be “experienced,” but are actually new to bankruptcy law practice, although they may be experienced in other areas. Likewise, watch out for mortgage industry agencies that do not have your best interests at the heart of their lending practices. Finally, watch out for unscrupulous debt counseling, debt settlement or debt consolidation enterprises that create problems rather than providing true debt relief. Ledford, Wu & Borges, LLC has the level of experience and the genuine answers that our clients seek.

As a leading Chicago Bankruptcy Law Firm, our lawyers have more than 50 years of bankruptcy experience that we utilize to help you eliminate debt in Chicago and its suburbs. Our focus is on bankruptcy and only bankruptcy, which makes us highly familiar with local regulations, trustees, judges and creditors.

The Bankruptcy Process
Bankruptcy issues can be confusing and financial warning signs can grow into bigger problems quickly. That is why we lay out a timeline designed for your situation. From choosing the right Chicago bankruptcy attorney to rebuilding your credit after filing , we answer all your questions and can help you decide if filing bankruptcy is right for you .

Chapter 7
Receive a fresh start by discharging all of your eligible debt.

Chapter 13
Individuals who can afford to pay some of their debt back can establish a repayment plan with Chapter 13 bankruptcy.

Chapter 11
Also known as “business reorganization bankruptcy,” Chapter 11 permits a company to set up a repayment schedule, allowing for the retention of professional relationships and continuation of business operations.

Chapters 9, 12, and 15
 These chapters deal with bankruptcy options for farmers, fishermen, municipalities and cross-border cases.

Life After Bankruptcy
Foreclosure Assistance: If you want to prevent a foreclosure , filing for bankruptcy may be an option that could save your house. Our lawyers will provide you with the foreclosure information you require.

HOW TO STOP CAR REPO IN CHICAGO?

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Chicago Car Repossession Lawyers Defending You In Bankruptcy

Stop A Car Repo Today • Chicago Debt Relief Attorneys

Even if your vehicle has already been repossessed, you may still be able to get it back. Whether your vehicle has been repossessed or is in danger of repossession, act quickly to preserve your interests. You are operating under a strict timeframe — speak with a lawyer as soon as possible.

We are focused exclusively on providing debt relief and bankruptcy services in Chicago, Illinois. Our lawyers offer experienced, cost-effective and personalized service, creating strategies suited to fit each unique situation. Call 312-853-0200 or contact us online for a free consultation with an attorney at our firm.

Repossession in Illinois. If you are 31 days behind on payments, your car (or other property) can be repossessed. After repossession, you have 20 days until the car can be sold at auction. Usually, the car is sold for two-thirds its value at most — and you will be expected to pay the balance. Stop Repossession with Chapter 13 Bankruptcy.

A Chapter 13 bankruptcy can stop repossession instantly.

Even if your car has already been repossessed, we may be able to help you get it back. Chapter 13 bankruptcy works in part by allowing you to create a debt repayment plan to catch up on past payments for secured debts like car loans (if you want to keep your car, you will still have to pay for it). The instant you file for bankruptcy, an “automatic stay” usually takes effect — a court order forcing your creditors to stop all efforts at collecting on your debt. This will immediately stop repossession as well as foreclosure and wage garnishment.

If your car has been repossessed, the vehicle sold and the finance company is pursuing you to collect the balance owed, then Chapter 7 bankruptcy may be the option for you as a Chapter 7 will discharge your liability on this debt.

If you are facing repossession, you should speak with an experienced lawyer to learn about your options and find out if bankruptcy is right for you. For a free consultation with an attorney call 312-853-0200 or contact our offices online.

 

DO I HAVE TO INCLUDE ALL MY DEBTS IN CHAPTER 13?

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In any type of bankruptcy, a debtor must declare all income, assets and debts. There is no opportunity to hold back a debt. You cannot keep a loan such as a loan from a family member or business partner in an attempt to keep the effects of the bankruptcy away from that creditor.

However, it is important to know that not all debts are the same in a Chapter 13 bankruptcy. Debts will be categorized by the bankruptcy trustee into three categories:

  • Priority debts, including debts that cannot be discharged in bankruptcy at all such as back child support and most taxes. These debts must be paid in full over the three- to five-year period of debt repayment that makes up a Chapter 13 bankruptcy debt reorganization plan.
  • Secured debts such as car loans and mortgages. These types of loans involve liens placed on the property. Unpaid back car loan payments or mortgage arrearages will be second priority in the debt reorganization.
  • Unsecured debts, including credit card debts and medical bills, are at the lowest priority for repayment in a Chapter 13 bankruptcy. In many cases, only a fraction of the total owed is repaid. A cash loan from a family member will usually fall in this category.

Keep in mind that once your debt discharge takes effect at the end of the Chapter 13 bankruptcy repayment period, you will then be free to voluntarily repay any debts that were discharged in part or in whole.

Only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Ledford, Wu & Borges, LLC. We are prepared to advise you and guide you through bankruptcy with your best interests at the forefront.

Concerned About Chapter 13 Bankruptcy? Contact an Experienced Chicago Bankruptcy Attorney at Billbusters, Borges and Wu, LLC.& Borges, LLC

Call or e-mail us to schedule a free initial consultation with a bankruptcy attorney.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Which debts cannot be discharged in a chapter 13 bankruptcy?

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Filing for a chapter 13 bankruptcy in Chicago is particularly advantageous if you are in a position to pay off some of your debts. Through this option, you can work with creditors to develop a plan to pay them in installments. You may be able to save your home from foreclosure, reschedule your secured debts and lower the payments on your outstanding balances.

Your qualified debts will be discharged as long as you follow the requirements of a chapter 13 filing. Those include taking a financial management course and certifying that all payments have been made.

Despite these benefits, there are limitations to what this process can do. According to the U.S. Courts, there are several debts that will not be discharged in a chapter 13 bankruptcy, such as the following:

  •        The mortgage on your home (though a second mortgage may be eliminated)
  •        Certain taxes, especially if the debt is less than three years old
  •        Most student loans
  •        Child support or alimony payments
  •        Fines or penalties related to criminal activity or a civil lawsuit regarding certain personal injury cases, such as drunk driving

Any debts that were occurred due to fraudulent activity or other personal injury matters could be eligible for discharge. However, the U.S. Courts note that a creditor is able to file a motion to make the debt nondischargeable.

Even if you have these debts, you should recognize that a chapter 13 filing could free up money to pay them because the amount you owe to other creditors may be lowered. When you file for bankruptcy, an automatic stay is placed on all your debts, allowing you to get your finances in order.

While this information may be useful, it should not be taken as legal advice.

Understanding how debts are organized in a chapter 13 bankruptcy

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Filing for chapter 13 bankruptcy in Illinois gives you the ability to pay off creditors under more manageable circumstances. At Ledford, Wu & Borges, LLC, our team works with people like you so they can understand their options and know what to expect when filing for bankruptcy. When it comes to chapter 13, you should be aware of how your debts will be organized because if affects how much you will have to pay.

As the U.S. Courts point out, there are three categories in which each of your debts may fall, and those are the following:

  •        Priority: These include payments such as child support, most taxes, and alimony.
  •        Secured: These are the debts for which a creditor has a right to take back property, such as your home or car.
  •        Unsecured: These are items in which creditors do not have a right to property, such as credit card debt.

The U.S. Courts note that in your chapter 13 repayment plan, you will be responsible for paying all of your priority debts in full. If you wish to keep your assets, you will have to pay either the total value of property in secured debt or the total value of the debt, depending on the circumstances.

When it comes to unsecured debt, you may not have to pay the full amount. There are several factors that will determine how much of this debt you will need to pay. Your monthly income and the length of your repayment plan, for example, will dictate how much you will owe on these debts.

Bankruptcy concealment lands Illinois woman in hot water

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Whether people in Illinois are filing for Chapter 7 bankruptcy or Chapter 13, they are legally required to put together a complete list of their assets and debts, according to the Illinois Attorney General. Assets include any bank account balances, family heirlooms, real estate, retirement plans, vehicles, and expensive furnishings. Debts include bank loans, credit cards, mortgages, child support/alimony obligations, and living costs. When people fail to disclose all of their assets, they can find themselves in legal trouble.

This happened recently with a woman living in Carterville. The woman stated that she paid for family and personal expenses out of a workers’ compensation claim settlement for $17,500. However, when she filed for bankruptcy, she chose not to disclose that payout to the court. It is uncertain how authorities discovered the hidden money or whether there was anything left. Consequently, the woman was charged with committing bankruptcy fraud. Now, she faces a prison sentence of up to five years after entering a plea of guilty.

There are many rules and guidelines in place when it comes to filing for bankruptcy, Therefore, people may find it worthwhile to enlist the help of an experienced attorney. The attorney can help them understand how bankruptcy works, choose the right bankruptcy filing for their situation, point out what assets they may be able to keep and prepare their paperwork. An attorney can also answer any questions filers may have and assist them in gathering together a complete list of their financial obligations and their monetary assets.

Source: The Southern Illinoisan, “Carterville woman pleads guilty to bankruptcy fraud,” Dustin Duncan, July 13, 2016

Garnishing wages in a Chapter 13 bankruptcy

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If you are behind in making payments on your mortgage, vehicle loans, credit cards, medical expenses or other types of loans, you may have received phone calls, texts and/or emails from creditors. In an attempt to reclaim owed funds or replace missing payments, creditors may take action by garnishing your paycheck. While it may be impossible to retrieve the funds that have already been lost through wage garnishment in Illinois, filing for Chapter 13 bankruptcy may help to protect you from losing more money. At Ledford, Wu and Borges, LLC., we know that having your wages garnished can be overwhelming. You have options when it comes to unfreezing your bank account, having your wages garnished or filing for bankruptcy.

When a creditor garnishes a debtor’s wages, federal and state laws place a limit on how much money a creditor can take out of each paycheck. While federal law prohibits creditors from taking more than 25 percent of the debtor’s income, Illinois state law reduces that limit to 15 percent. The garnishments are taken out of the debtor’s paycheck after all other deductions have been made.

Once you file for Chapter 13, the creditors that are listed on your application will be notified of your case. At that point, those creditors are no longer able to contact you or garnish your wages. If you notice that a payment has been taken out of your paycheck after you have filed with the court, you should contact your attorney as soon as possible. Our office will speak with your company about stopping the garnished wages and may contact the creditor as well.

To find out more information about filing for bankruptcy and garnished wages, visit our Chapter 13 bankruptcy page.

Managing the high cost of bankruptcy

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Bankruptcy is designed to help people, who have been overwhelmed by debt, manage their financial burdens. In some cases, debtors can emerge from bankruptcy with a clean financial slate. Some people, however, may be unable to afford the cost of bankruptcy itself. The truth is, filing for bankruptcy can be pricy, and the cost may deter people from starting bankruptcy proceedings. In addition to the fees and costs of filing the bankruptcy paperwork with the court, there are often attorney’s fees involved. In some cases, these fees can amount to thousands of dollars. This leaves many people wondering how they can come up with this money when they have no money to pay their debts in the first place.

Debtors have several options when it comes to accumulating the money needed to file for bankruptcy. Depending on which chapter of bankruptcy you are planning to file, you may want to stop making payments on your credit cards. Since you are attempting to discharge the debt, you can take the money that you would use for the monthly payments and put it toward obtaining an attorney. Keep in mind that once you file for bankruptcy, an automatic stay will keep creditors from harassing you with constant calls and correspondence.

There are some attorneys that may help you by working out a payment plan. This allows you to pay your attorneys’ fees and bankruptcy filing costs in affordable monthly amounts over time. Although you are able to file for bankruptcy on your own, without the legal assistance of an attorney, it may be better to go through the process with a professional in your corner. The bankruptcy process can be confusing, and having an experienced lawyer there to answer your questions and walk you through the process may prove to be vital.

Emergency care and medical debt: Is it dischargeable in bankruptcy?

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Medical bills can be astronomical. This is true whether the care involves out-patient care or more serious, emergency situations. This reality was recently discussed in a piece by the Associated Press.

The story involves a man that required urgent care. The only way to get the treatment he needed was to receive transportation through the use of an air ambulance transport service.

Is the cost of ambulance transportation covered? Unfortunately, even if a patient has medical insurance, not all the medical costs needed for care may be covered. As a result, the answer to this question depends on the language of your insurance policy and the details of the situation.

In some circumstances, a ride in an ambulance may not qualify for coverage. This can leave the patient left to cover the cost. If that emergency transport involved air travel, such as in an air ambulance like a helicopter, the cost left to the patient could translate to a bill of almost $30,000.

In the story noted above, the man’s insurance policy did not cover the cost of transportation for a number of reasons. As a result, he was left with a bill of approximately $27,000.

What can I do if I can’t manage my medical debt? Those who are struggling with medical debt have options. One option is to seek relief through bankruptcy.

In many cases, medical debt qualifies for discharge through bankruptcy. This means the debt would essentially be forgiven. There are different types of relief available through bankruptcy, but the most common for individuals struggling with this form of debt are Chapter 7 and Chapter 13.

These two forms of bankruptcy offer different benefits and should be discussed with an attorney. Legal counsel can review the details of your situation and help you choose the best option for a fresh financial start.

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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