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Bankruptcy Explained by a Trusted Illinois Law Firm

Helping Cook County residents get back on their feet

More than at any other time in our history, Americans are finding themselves overwhelmed by debt:

  • Mortgage debt
  • Credit card debt
  • Medical debt
  • Debt from job loss or underemployment

And the stress we feel from carrying this weight is damaging our families, our quality of life, even our health. Too many of us feel powerless to fix our debt problems. The good news? We're not powerless at all! Filing for bankruptcy in Chicago may be the answer for you.

A DebtStoppers Chapter 7 or Chapter 13 bankruptcy plan can end that stress and put you on the path to financial independence. As thousands of DebtStoppers clients already know — there's no feeling in the world as empowering as the feeling of getting out of debt.

A DebtStoppers bankruptcy plan can help you get your life back.

About bankruptcy

When you file for bankruptcy in Illinois, you're making the decision to take back control of your finances AND your future. Not sure if your case fits the bill? Schedule an appointment with DebtStoppers for a free debt analysis of your case. Our attorneys sit down with you one-on-one to walk you through your options.

Bankruptcy is helping millions of Americans

More Americans are getting debt relief under the bankruptcy laws every day. You probably have friends, relatives and co-workers among them. The DebtStoppers bankruptcy law firm has helped thousands of people save their homes, eliminate debt and get a fresh start — a second chance to realize your financial dreams.

Is bankruptcy the right tool for me?

Are you behind with your mortgage payments or facing foreclosure? Paying the minimum on your credit cards? Getting hassled by bill collectors? Is your debt situation always on your mind? Are you having trouble sleeping? Is it realistic to expect that you'll ever be able to get out of debt without help?

Be honest now. Do these sound like the problems you face? If so, you owe it to yourself to learn more about the one legal tool that was created to solve your problem — personal bankruptcy. Denying debt trouble and putting off action only make things worse and cause you more pain. A DebtStoppers Chapter 7 or Chapter 13 bankruptcy could be your key to a brighter future.

But you can only find out for sure if a bankruptcy plan is the right plan for you by meeting with a professional. That's why DebtStoppers offers our free debt analysis — a personal, one-on-one meeting with a DebtStoppers bankruptcy attorney.

Will filing for bankruptcy wreck my credit?

A better question might be, “How's my credit now?” If you're struggling to make ends meet, living paycheck to paycheck, using credit cards to fill in the gaps and "robbing Peter to pay Paul," you probably don't have any credit left to wreck!

The truth is, because filing for bankruptcy eliminates your debts, your credit actually improves after bankruptcy. And while it's also true that a bankruptcy stays in your credit file for 10 years, a bankruptcy will not prevent you from getting credit. In fact, most DebtStoppers clients receive offers for credit cards, car loans and mortgages almost immediately after their bankruptcy discharge.

Will I lose everything I own if I file for bankruptcy?

No! In fact, most DebtStoppers clients don't lose anything when they file for bankruptcy. Each state has a list of bankruptcy exemptions, items of value not considered part of the bankruptcy proceedings. In other words — items you get to keep. There are exemptions for real estate, vehicles, retirement plans, tools of the trade, personal possessions and many other things.

What about debt consolidation, settlement or counseling? Shouldn't I try those before filing for bankruptcy?

Many of our clients have paid a high price to discover a basic truth about all the other popular debt relief solutions — they just don't work. And in the case of debt settlement companies, their own industry data shows that debt settlement companies fail to settle 80 percent of the debts they take on.

What separates bankruptcy from the other debt relief options?

Bankruptcy works!

Will my creditors really stop calling me?

You bet they will — or else! As soon as DebtStoppers files your bankruptcy case, the court issues what's known as an automatic stay — a court order that stops all collection action against you. Foreclosure, repossession and lawsuits must immediately stop. In fact, your creditors are no longer even allowed to contact you directly. They can only go through your DebtStoppers attorney. Any violation of the automatic stay is taken very seriously by the court and is punishable with substantial fines and damages.

Learn about Chapter 7 bankruptcy

Need to eliminate credit card debt, IRS debt, medical expenses or other unsecured debt and don't have major assets such as a house to protect? Filing Chapter 7 bankruptcy could be a good plan for you.

Learn about Chapter 13 bankruptcy

Are you behind on your mortgage payments or facing foreclosure? Are you looking to set up a way to repay your debts on a schedule you can live with? Filing Chapter 13 bankruptcy stops foreclosure and reduces or eliminates other debts, allowing you to pay remaining debt in a timeframe of three to five years. At DebtStoppers, most of our debt relief filings are Chapter 13 bankruptcy plans.

Don't spend one more day in debt. Make the first move and talk to a bankruptcy lawyer about your bankruptcy options.

Do you have questions about bankruptcy? Call 312-913-0630 today!

If you want to learn more about filing for bankruptcy and whether a DebtStoppers bankruptcy plan is the right debt relief solution for you, take a few minutes and look around our bankruptcy web site. Watch our debt relief videos, and learn how to avoid predatory lending scams and debt relief programs that don't work. Read the DebtStoppers Bankruptcy Blog — and keep up with all the latest credit and debt news affecting our communities. Attend our next free Atlanta Financial Workshop or Chicago Financial Workshop — evenings of fun, food and financial empowerment.

But the best way to find out if bankruptcy debt relief is right for you is by taking advantage of DebtStoppers free debt analysis, a personal, one-on-one meeting with an experienced bankruptcy attorney at a DebtStoppers location near you. DebtStoppers bankruptcy lawyers are true debt relief professionals, among the most successful bankruptcy attorneys in the country.

You already know if you're carrying too much debt

  • Facing foreclosure? Behind on your mortgage?
  • Having trouble making minimum credit card payments?
  • Behind on your car payments? Facing repossession?
  • Having your wages garnished?
  • Falling behind on title or payday loans? Rent to own contracts?
  • Buried in uncovered medical expenses?
  • Living paycheck to paycheck?
  • Struggling because of job loss or underemployment?

Let DebtStoppers help you eliminate debt and start fresh

If you answered yes to any of these questions, a DebtStoppers Chapter 7 bankruptcy or Chapter 13 bankruptcy could be the best answer for you. A DebtStoppers bankruptcy plan can get you out of debt.

Call DebtStoppers today at 312-913-0630 or fill out our free personal debt analysis form and find out for free if a DebtStoppers plan is a better plan for you.