Bankruptcy is a legal process controlled by federal law known as the "Bankruptcy Code." The Bankruptcy Code is intended to provide debt relief to individuals or other entities in financial difficulties. Bankruptcies are handled by a distinct federal court division known as the United States Bankruptcy Court.
The fundamental goals of bankruptcy law are to provide an honest debtor with a "fresh start" in life by discharging most obligations and to repay creditors in an orderly way to the extent that the debtor has property available for payment.
Some bankruptcy cases are filed to let a debtor reorganize and create a repayment plan for creditors, while others entail the liquidation of the debtor's assets.
Besides our home, our car is our most valuable possession. Our vehicles allow us to take care of all the things our busy lives require us to do.
Far too many people in Illinois are living with daily creditor harassment. Keep a log of all such calls and contact us to take care of this.
At this point, you're probably wondering what's the best way to stop foreclosure in Illinois - reinstate your loan, redeem the property for sale or file for bankruptcy.
If you're trying to dig yourself out of a harsh financial situation or a bad debt, this is the last thing you need. Call us to stope the wage garnishment today!
A DebtStoppers bankruptcy plan can immediately wipe out your entire ticket balance and help you get your car or license back right away.
Chapter 7 Bankruptcy can help get your car back, and license back as well as free yourself from other debt you may have.
The idea that declaring bankruptcy entails losing all of your possessions is untrue. Exemptions are a tool you can utilize to safeguard your assets.
If you want to wipe out your debts and start fresh, call or text DebtStoppers today to schedule a free one-on-one financial evaluation.
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If you're one of the millions of Americans struggling with unpaid medical bills, you don't need to feel ashamed. More than 100,000 are buried with medical debt.
Usually, most Chapter 7 bankruptcy cases in Illinois are closed and discharged within 6 months.Learn more
There were more than 20,000 filed Chapter 13 bankruptcies in Illinois by December 2021.Learn more
Mortgage modifications are an agreement between you and your bank to alter your current loan terms. While the goal is to make your monthly payments more affordable, lenders can be stingy about changing your mortgage terms.Learn more
If you have big debts that you can't repay, and you are behind on your mortgage payments or you are facing foreclosure, and you are being hounded by bill collectors—or all of the above—filing for bankruptcy may be your best option. Or it may not be.
Bankruptcy can decrease or eliminate debts, save your house, and put bill collectors away in some situations, but it also has major implications, including long-term harm to your credit score. This, in turn, can limit your capacity to borrow in the future, boost your insurance premiums, and even make it harder to find work.