Bankruptcy
Wheaton, Illinois - Consumer Bankruptcy Attorneys
Bankruptcy is the legal process by which you can manage your debts when you can no longer pay them. Filing for bankruptcy can be stressful and even embarrassing for many individuals. However, once people file for bankruptcy, they often experience immediate debt relief.
The most common types of bankruptcy filed by consumers are Chapter 13 and Chapter 7.
At the law firm of Beck & Houlihan, P.C., in Wheaton, Illinois, we help clients understand the bankruptcy process and the different types of bankruptcy options available to them. We present clients with alternatives to filing for bankruptcy, such as out-of-court settlements, selling off or borrowing on property in order to pay for debts, or obtaining a reduction on payments.
Our goal is to dispel the common misconceptions people have about bankruptcy and to educate them, so that they can make informed legal decisions about their financial situation.
Once a bankruptcy proceeding begins, the person that filed for bankruptcy, also known as the “debtor”, will receive instant protection against creditors. Creditors may not harass, sue, or try to collect on debts, once the debtor goes into bankruptcy.
Contact Beck & Houlihan, P.C. in Wheaton, Illinois, to speak with our experienced bankruptcy attorneys. We can offer you the legal guidance you need and help you to protect your rights.
Chapter 13 Bankruptcy
Most people who file under the Bankruptcy Code of Chapter 13 are “wage earners” or people with regular income. In a Chapter 13 case, a person makes a promise to pay off all or part of their debt within 3 to 5 years. This type of plan must be court approved before it can take effect.
During this repayment plan, debtors are allowed to keep their property as long as they continue to make their payments on time. If you are behind on your car loans or mortgage payments, a Chapter 13 can be a nice alternative to a Chapter 7 bankruptcy, by allowing you time to catch up.
Contact Our Wheaton Bankruptcy Attorneys
If you have questions about bankruptcy and whether or not it is in your best interests, do not hesitate to contact the law firm of Beck & Houlihan, P.C., to speak with our attorneys.
