Wheaton Bankruptcy Attorney

Lawyer for Chapter 7 and Chapter 13 Bankruptcy in Wheaton, IL

Debt is an issue that affects many people and families. Debts can build slowly due to missed payments, sudden medical expenses, the loss of a job, or a divorce. Even if you have made payments on time and done your best to avoid unnecessary expenses, you can accumulate debts that may become overwhelming. When you are dealing with creditor calls, overdue bills, and other financial problems, you will need to understand your options for debt relief. In many cases, bankruptcy may be the best solution.

Bankruptcy is not a failure; it is a legal remedy that is meant to give people a chance to eliminate overwhelming debts and receive a fresh start. If you have debts that seem impossible to pay off, bankruptcy may be the first step you can take toward long-term financial recovery. At The McCormick Law Firm, LLC, our attorney can help you regain control over your finances. We will advise you of your options and help you determine the best ways to eliminate your debts while minimizing the ways your life may be affected.

Common Reasons Debts Can Become Unmanageable

No matter your background or income level, you may end up in a situation where you are overwhelmed by debt. These debts may have been caused by unexpected life events or circumstances that were out of your control. Some common reasons why you may need debt relief include:

• Medical Bills: A single serious injury or illness can result in tens of thousands of dollars in medical expenses. Even if you have insurance, you may end up owing a massive amount of money that may be difficult or impossible to pay off.
• Job Loss or Reduced Income: If you have been laid off from your job, you may struggle to cover your ongoing expenses. If you need to focus on paying rent and utilities and putting food on the table, you may be unable to make payments toward your debts, leading balances to grow due to late fees, penalties, and interest.
• Divorce or Separation: When you separate from your spouse or partner, you may struggle financially as you determine how to cover your ongoing expenses on a single income. When added to the legal costs involved in your case, debts can quickly spiral out of control.
• Credit Card Debt: Due to the high interest rates on credit cards, purchases you made in the past may lead to growing balances that may be difficult to pay off. These issues can become even worse if you are forced to use credit cards to cover basic living expenses.
• Unexpected Emergencies: Car repairs, damage to your home, or other unforeseen costs can lead you to rely on credit cards or loans. If you have difficulty paying off these loans, you may face a number of consequences.

When you are dealing with financial problems, you will need to make sure you work with a legal professional who will handle your case without making any judgments. Our lawyer will focus on helping you take steps toward a better future.

Chapter 7 Bankruptcy

To wipe out your debts quickly, Chapter 7 bankruptcy may be the ideal option. This form of bankruptcy will allow you to discharge most types of unsecured debts, including medical bills, balances on credit cards, and personal loans. To pay off some of what you owe, certain non-exempt assets may be seized and liquidated. However, many people are able to keep most or all of their property through bankruptcy exemptions.

This type of bankruptcy may be ideal if you have limited disposable income, significant unsecured debts, and few or no non-exempt assets. Our attorney can help you determine whether you qualify for Chapter 7, and we will guide you through each step of the process, ensuring that you can receive debt relief.

Chapter 13 Bankruptcy

If you have a steady income, wish to retain non-exempt assets, or need to catch up on secured debts like a home mortgage, Chapter 13 bankruptcy may be the best option for you. With this form of bankruptcy, a court-approved repayment plan lasting for three to five years will be created. You will make monthly payments, and when the plan has been completed, your remaining unsecured debts will be discharged.

Chapter 13 bankruptcy can be used to prevent foreclosure, stop vehicle repossession, and address tax debts while avoiding the liquidation of your assets. If this type of bankruptcy is right for you, our lawyer will work closely with you to develop a manageable repayment plan and make sure you will be able to complete all requirements during your case.

Contact Our Wheaton, Illinois Bankruptcy Lawyer

When you are dealing with large debts and other related financial issues, you should be sure to understand your options. Bankruptcy may provide the clean slate you need to rebuild and recover. At The McCormick Law Firm, LLC, we can provide you with guidance on the best ways to eliminate your debts and move forward with your life. Contact our Wheaton bankruptcy and debt relief attorney at 630-517-8570 to arrange a free, confidential consultation.