The Lawyer to Guide You Through the Bankruptcy Process
No one should live in fear of creditors, but many people across the greater Chicago area experience that reality every day. When you're overwhelmed by credit card balances, it can feel hopeless as you struggle each month but never make progress toward eliminating your debt.
I'm attorney Scott C. Polman, and I want you to understand that you do have choices. Despite the harassing mail and constant phone calls from creditors, debt doesn't have to consume you, and you don't have to spend the rest of your life living in fear. Filing for bankruptcy can be a straightforward, responsible approach for dealing with your financial problems, helping you achieve the fresh start that you deserve.
In order to inform you about your options for bankruptcy, I'll need to learn more about your individual situation. To schedule a free consultation, call my Niles, Illinois office at 847-292-1989 or contact me online.
Types of Consumer Bankruptcies
Chapter 7 bankruptcy is a straight liquidation of unsecured debt, and the typical case lasts from three to six months. For consumers who qualify based on the means test, this is often the preferred form of bankruptcy, and clients can usually expect a complete discharge of their credit card debt and medical bills.
Chapter 13 bankruptcy may be an option for individuals who don't qualify for Chapter 7. Under Chapter 13, you'll be required to pay back some of your debt under a repayment plan, usually over a 3 to 5 year period.
Common Terms in Bankruptcy
The language of bankruptcy can be confusing at first. The following are definitions of some fundamental terms that will be used in your case.
Debtor. Someone who owes money to another person or business, and typically the one who files the case. You are the debtor.
Creditor. Persons or businesses to whom you owe money, like a credit card company.
Trustee. An official appointed by the bankruptcy court to carry out the administrative tasks associated with a bankruptcy case. The Trustee attempts to seize and sell nonexempt property for the benefit of unsecured creditors. In most cases, however, a report of no distribution is issued because nonexempt assets don't exist.
Unsecured Creditor. A creditor that doesn't have a legal interest in your property. The most common examples include credit card companies and doctors or hospitals.
Secured Creditor. A creditor that owns a secured claim, or a lien, in a piece of your property, like your home or car. If you default on your loan, the secured creditor can repossess the car or foreclose on your home.
Automatic Stay. An injunction automatically issued by the bankruptcy court when you file your case. The automatic stay prohibits most creditor collection activities such as phone calls or letters demanding payment, as well as filing or continuing lawsuits.
Lien. A legal claim against property that must be paid before title to the property can be transferred.
Equity. The value of your interest in your property. For example, if you have a car worth $10,000, and you still owe $7,000, then your equity in the car is $3,000.
Exempt Property. The property you own that the Trustee cannot take and sell to pay your unsecured creditors. This is property you get to keep, despite filing for bankruptcy.
Discharge. A court order issued at the conclusion of a bankruptcy case which legally relieves the debtor of personal responsibility for paying certain debts. This is the reason you file for bankruptcy -- to eliminate the debts that you owed prior to filing your case.
Get the Fresh Start You Deserve — Contact the Law Office of Scott C. Polman
Once you make the decision to file for bankruptcy, you can count on me to guide you through every step of the process, all the way until your case closes. Contact my office online or call 847-292-1989 to schedule a free initial consultation.
Spanish-speaking administrative services available.
Member of the National Association of Consumer Bankruptcy Attorneys (NACBA).
BAPCPA disclosure: My firm is a debt relief agency as designated by federal law. We help people file for bankruptcy relief under the Bankruptcy Code.
