Filing for Chapter 7
Chicago Bankruptcy Attorneys
Let’s face it, very few people wake up in the morning wanting to file bankruptcy in Chicago. It’s a word with a lot of negative stigma and connotations. But it’s also a word that’s horribly misunderstood. What bankruptcy really is, and was designed by the government to be, is a chance at a fresh start. It’s a chance to get out of a hole that has become so deep it will take more than a lifetime to climb out of. At Lifetime Debt Solutions, LLC you’ve found your Chicago Bankruptcy Attorney!
There’s often an unnecessary sense of shame associated with Chicago bankruptcy. Sure, there are irresponsible people who abuse the system but there are irresponsible people who take advantage of every system. The majority of people who file bankruptcy in Chicago, however, are not those people. They’re hardworking, responsible individuals who have encountered unexpected and unavoidable financial difficulties. Even those that are consistently employed often find themselves stretched to the limits by an economy that appears to be stuck in an eternal recession.
When the word bankruptcy is used, it’s usually in reference to a Chapter 7 Bankruptcy. A Chapter 7 is the ultimate fresh start. Basically it’s the “redo” button. Hitting it is quick and relatively painless. It provides two things that are CRITICAL to your new financial future: Protection from creditors and Freedom from debt. As soon as you file, the moment you file, the second you file, it immediately forces Creditors to stop trying to collect your debt and as soon as your case is approved instantly wipes out all of your qualifying debt.
Chapter 7 Benefits
Chapter 7 Eliminates Unsecured Debt – A Chapter 7 provides a legal forgiveness of your unsecured debt. It’s a court ordered freedom that forces your creditors and collection agencies to move on and allow to start fresh. Credit cards, medical bills, personal loans, payday loans, old utilities, repossessions, and broken leases are all examples of debts that literally just disappear after a Chapter 7. Although all of the benefits of Chapter 7 won’t be relevant for you, we’ll still take the time to cover them. If any area doesn’t apply to you, you have our permission to skip it.
Chapter 7 Stops Creditors From Taking Money From Your Paycheck – When you’re already pressed to make the monthly bills, the LAST thing you need is some collection agency taking money directly from your paycheck. A lawsuit, if the creditor wins, will likely result in your wages being taken to pay the debt, thus making an already tight situation nearly unbearable. A Chapter 7 bankruptcy prevents and stops your creditors from taking (also known as garnishing) your wages.
Chapter 7 Removes Cosigner Liability – If you cosigned a loan for someone that stopped making payments it’s likely that the lender will send you to collections. Although it won’t repair your relationship with the person that put you in this situation, a successful Chapter 7 Bankruptcy will remove your legal liability to pay for the applicable debt.
If You Lost Your Drivers License, Chapter 7 Will Get It Back– Look, accidents happen, that’s why we have insurance. Unfortunately sometimes they happen when your insurance lapsed. If the damage is severe, the cost of an accident could be tens of thousands of dollars. In addition to being on the hook for this money, as you unfortunately know, your drivers license will be suspended until you pay up. The Chapter 7 filing not only eliminates the debt, but also allows you to get your driving privileges immediately. However, we kindly request that you get insurance before hitting our streets again.
Chapter 7 Stops Creditor Harassment – If you’ve ever gotten a call from a creditor or collection agency, you know it can be a very uncomfortable and unpleasant experience. Some of the more ruthless ones will bother you at work, contact your friends and family, and even will threaten you if you don’t agree to send them a payment. All that stops with a Chapter 7. Original creditors and collection agencies are prohibited from contacting you in any way after you file Chapter 7. If a creditor or collection agency contacts you after you file we’ll put on our favorite litigator suit (no pun intended) and go after them. As soon as you hire us, and even before you file, it’s likely your phone traffic and harassment will diminish greatly: The Fair Debt Collections Practices Act prohibits collection agencies from communicating with you as soon as you hire us.
Chapter 7 Restores Your Credit – Many of our clients tell us that they’ve delayed the decision to file Bankruptcy because they didn’t want to ruin their credit. The truth is that most of the time delaying a necessary bankruptcy filing tends to be more damaging than actually filing the bankruptcy. The fact is that you are going to have negative credit reporting activity monthly until you file. Furthermore, if you are sued, Credit Analysts show that a lawsuit and judgment against you can be THREE TIMES more damaging to your credit than a bankruptcy filing. Furthermore, if you’ve gotten this far on our website chances are that either your credit is already bad or that it’s likely to take a nosedive shortly. As such, there’s a good chance your credit score won’t be affected by filing a Chapter 7. What banks don’t want you to know is that some people even see their credit scores go up immediately after filing the bankruptcy. A significant percentage of your credit score is based on your debt to income ratio. Wipe out the debt and that ratio automatically improves. Also, although it might be hard to believe, getting credit after bankruptcy is easier than you might think. We find that most of our clients are bombarded with credit offers immediately after they file. Why? Because creditors know you can’t file again for eight years. So, worst-case scenario, they are guaranteed eight years of payments from you. That’s certainly a better guarantee than they have extending credit to you now!
So What’s The Catch?
That’s the most common response we get during a bankruptcy consultation. How is it that you can wipe out your bills AND simultaneously be able to rebuild your credit quickly simply by paying an attorney to prepare and file some paperwork for you? There must be a catch, right? No, it’s true; this is exactly what the government intended to happen when they passed this law. The fact that it is so powerful might now explain why banking lobbyists have spent millions of dollars creating a stigma surrounding your legal right. Moreover, the government encourages you to take advantage of this law so you can become a “buyer” again. America needs you to be able to buy new goods and services to pump our businesses with your money as opposed to paying off things you bought years ago. With that said, thanks to those banking lobbyists, not everyone qualifies for a Chapter 7 Bankruptcy.
If you want to find out if Chapter 7 is right for you, give us a call now. What do you have to lose? It’s free, it’s painless, and if nothing else, you’ll get some good information. Lifetime Debt Solutions, LLC is THE Chicago Bankruptcy Attorney you were looking for. Our Chicago Bankruptcy Attorneys will provide one on one Consultations for free. Additionally, although our Corporate Offices are in Chicago, we have Offices throughout Illinois to meet with YOU. Lifetime Debt Solutions, LLC. YOUR Lifetime Debt Solution.