Bankruptcy Lawyer Des Plaines, IL
A Des Plaines, IL bankruptcy lawyer understands that one of the clients’ biggest concerns about bankruptcy is how the filing will impact their credit score. The truth is that dealing with overwhelming debt may have already had an effect. If you have been late with payments or have missed payments, or have high credit card debt, your credit score has likely already taken a significant hit. The following is a brief overview of bankruptcy and credit scores. For more detailed information, contact Therman Law Offices, LTD.
How Long Does Bankruptcy Stay on a Person’s Credit History?
There are two different types of personal bankruptcy – Chapter 7 and Chapter 13. A Chapter 7 bankruptcy involves liquidating any assets the person has in order to pay off debts. Any debts that are unable to be paid off are discharged and the person no longer owes the creditor a balance. Chapter 7 bankruptcy can stay on a person’s credit report for up to 10 years.
In a Chapter 13 bankruptcy, there will be a repayment plan the allows the person a few years to pay off their debt in monthly amounts they can afford. If there is any balance left over after the repayment plan has been completed, that debt is discharged. Chapter 13 bankruptcy typically stays on a person’s credit history for approximatley seven years.
Obtaining Credit After Bankruptcy
As a Des Plaines bankruptcy lawyer can explain, being able to get credit after a bankruptcy can be difficult because there are many lenders who will look at you as a high-risk borrower. If you are able to obtain credit, the terms usually involve very high interest rates on very low credit limits.
However, there are ways you can rebuild your credit that will help raise your credit score. Applying for a secured credit card is a good first step. With these types of credit cards, you are required to make a deposit in the amount of the credit line the lender is extending to you. For example, for a $200 credit limit, you would need to send the credit card company $200. Making payments on time and keeping balances low is critical to repairing your credit.
There are some lenders that may extend credit to you without a deposit, such as vehicle loans, however, the interest rate and terms will likely be very high.
Although it can be frustrating, paying your bills on time and keeping balances low will mean that your credit score will gradually begin to creep up and you will eventually see a favorable credit score.
Contact Our Office Today
If you are struggling with debt, contact Therman Law Offices, LTD to speak with a Des Plaines bankruptcy lawyer. We can even help those who are facing foreclosure and/or vehicle repossession. Call our office today for a confidential consultation and find out what type of legal options you may have to begin to ease these financial burdens.
When it comes to bankruptcy law in Des Plaines, Illinois, several landmark cases have shaped the legal landscape. As an experienced Des Plaines bankruptcy lawyer, it is essential to be well-versed in these precedents to provide effective representation to clients facing financial distress. Three notable cases that have had a significant impact on bankruptcy proceedings are In re: Sallie Mae, In re: General Growth Properties, and In re: Tribune Company.
In the case of In re: Sallie Mae, the issue at hand involved the treatment of student loan debt in bankruptcy proceedings. Sallie Mae, a major student loan lender, sought to prevent the discharge of certain student loans under Chapter 7 bankruptcy. The court’s ruling on this matter significantly influenced how student loan debt is treated in bankruptcy cases across the country.
For a Des Plaines bankruptcy lawyer, the In re: Sallie Mae case holds particular relevance due to the high number of college students and graduates in the area. Student loan debt can be a significant burden for many individuals, and understanding how it is handled in bankruptcy is crucial when advising clients on their financial options.
In re: General Growth Properties was a landmark case in the commercial real estate industry. General Growth Properties, a major shopping mall operator, filed for bankruptcy protection due to the impact of the 2008 financial crisis. The case raised complex issues regarding the restructuring of large-scale commercial properties and the treatment of creditors’ claims.
For a Des Plaines bankruptcy lawyer, this case has implications for clients involved in the commercial real estate sector. Understanding the strategies and solutions employed in In re: General Growth Properties can provide valuable insights when representing businesses or investors facing financial difficulties related to commercial properties.
In the case of In re: Tribune Company, a prominent media conglomerate filed for bankruptcy protection after experiencing financial turmoil. The case revolved around issues of corporate governance, asset sales, and the rights of secured creditors. The court’s decisions in this case set significant precedents for large-scale corporate bankruptcy proceedings.
As a Des Plaines bankruptcy lawyer, being familiar with In re: Tribune Company is vital when handling complex corporate bankruptcy cases. This case exemplifies the complexities and challenges involved in navigating bankruptcy for corporations, making it a crucial reference for guiding clients through similar circumstances.
In the realm of bankruptcy law, staying informed about relevant case law is paramount for a Des Plaines, IL bankruptcy lawyer. The In re: Sallie Mae, In re: General Growth Properties, and In re: Tribune Company cases stand out as crucial milestones in the bankruptcy arena, shaping how various aspects of bankruptcy proceedings are conducted and resolved.
By understanding these cases and their implications, a bankruptcy lawyer in Des Plaines can better serve their clients facing financial distress. Knowledge of these precedents empowers attorneys to craft effective strategies and advocate for the best possible outcomes, whether for individuals struggling with student loan debt or businesses navigating complex corporate restructurings.
Incorporating these cases’ insights into legal practice can help foster a successful bankruptcy law practice in Des Plaines, Illinois, ultimately benefiting both the law firm and its clients.
Seeking the counsel of a reputable Des Plaines, IL bankruptcy lawyer can provide the expertise and support necessary to navigate the complexities of bankruptcy law. Facing financial distress can be a daunting experience, leaving individuals and businesses uncertain about their future. Whether you’re an individual struggling with mounting debt or a business grappling with insolvency, a qualified bankruptcy lawyer from Therman Law Offices, LTD can offer strategic solutions to help you achieve a fresh start and reclaim financial stability.
Understanding Bankruptcy
Bankruptcy is a legal process designed to provide relief to debtors burdened by overwhelming financial obligations they cannot meet. Bankruptcy laws are governed by both federal and state regulations. The two primary types of bankruptcy available to individuals and businesses are Chapter 7 and Chapter 13.
- Chapter 7 Bankruptcy: Also known as “liquidation bankruptcy,” Chapter 7 involves the sale of non-exempt assets to repay creditors. After liquidation, the remaining eligible debts are discharged, offering the debtor a clean slate to begin anew.
- Chapter 13 Bankruptcy: This type of bankruptcy allows individuals to reorganize their debts into manageable payment plans spanning three to five years. This enables debtors to retain their assets while working towards financial stability.
How a Bankruptcy Lawyer Can Help
Navigating bankruptcy proceedings requires comprehensive knowledge of the law and an intricate understanding of the legal system. A seasoned Des Plaines bankruptcy lawyer possesses the expertise and experience to guide clients through the process effectively. Here’s how they can assist:
- Personalized Assessment: Each financial situation is unique, and a skilled bankruptcy lawyer will conduct a thorough assessment of your finances to determine the most appropriate bankruptcy option for your specific circumstances. This ensures that the chosen approach aligns with your goals and long-term financial interests.
- Filing Assistance: Filing for bankruptcy involves extensive paperwork and adherence to strict deadlines. A bankruptcy lawyer can help you complete the necessary documentation accurately and on time, reducing the risk of errors that could potentially delay or jeopardize your case.
- Protection from Creditors: Once you file for bankruptcy, an automatic stay is imposed, which halts all creditor actions, including debt collection attempts, foreclosure, and repossession. A bankruptcy lawyer will ensure that your rights are protected throughout this process.
- Negotiation and Representation: If you’re facing Chapter 13 bankruptcy, your lawyer can negotiate with creditors to establish a manageable repayment plan. For businesses, negotiations with stakeholders may be necessary. Your attorney will represent your interests and advocate for fair and reasonable terms.
- Avoiding Pitfalls: Bankruptcy law can be intricate, and attempting to handle the process without legal counsel can lead to costly mistakes. A bankruptcy lawyer’s guidance can help you avoid common pitfalls and ensure your case proceeds as smoothly as possible.
When facing financial hardship, the decision to file for bankruptcy is not an easy one. However, with the assistance of a skilled bankruptcy lawyer, the process can be more manageable and less stressful. By leveraging their expertise, you can navigate the complex legal landscape, protect your assets, and work towards a brighter financial future. Remember, taking the first step towards financial recovery by seeking legal counsel can be the key to reclaiming control over your economic well-being. Contact a Des Plaines bankruptcy lawyer at Therman Law Offices, LTD today to schedule a risk-free consultation.
5 Essential Benefits of Hiring a Bankruptcy Lawyer in Des Plaines, IL
Financial challenges can happen when you least expect them to, as a Des Plaines, IL bankruptcy lawyer knows. When faced with such pivotal moments, having a seasoned bankruptcy lawyer by your side can be the difference between a fresh start and lingering uncertainty. Here are the five indispensable advantages of securing an attorney during these trying times:
Comprehensive Understanding of Legal Nuances
Because bankruptcy law is so intricate and complex, it can be difficult to thoroughly understand how it works. There are multiple chapters (Chapter 7, 11, and 13 to name a few), each presenting its unique blend of regulations, eligibility standards, and resultant outcomes. Making an erroneous decision in this realm can have significant repercussions. But with the guidance of an adept attorney, you’ll navigate this legal labyrinth with precision, ensuring every step taken aligns with your best interests.
A Fortress Against Creditor Harassment
The incessant calls, letters, and emails from creditors can be more than just annoying; they can be downright demoralizing. Persistent harassment from creditors is one of the biggest issues that many people with debt face. However, the moment you initiate a bankruptcy filing, an automatic stay is placed, legally halting most collection actions against you. Your attorney ensures this protective shield is in place, granting you the peace of mind you desperately need.
Maximized Asset Retention
A common assumption about bankruptcy is that clients must always forfeit their assets. On the contrary, with an astute legal strategy, you can safeguard many of your valuable possessions. Familiar with the exemptions available in the Des Plaines, IL region, a bankruptcy lawyer crafts a plan to ensure you retain as much as legally permissible.
A Pillar of Emotional and Objective Support
There is a lot of shame associated with filing for bankruptcy, as a Des Plaines bankruptcy lawyer is familiar with. Having someone on your side who is not only well-versed in legalities but also understands the emotional roller coaster is invaluable. Your attorney serves as a steady pillar, offering emotional reassurance while ensuring your decisions are made rationally and not clouded by heightened emotions.
A Roadmap for a Robust Financial Tomorrow
Bankruptcy involves several steps to complete, and life after bankruptcy can be difficult to navigate. Post-filing, the landscape can seem unfamiliar. This is where your lawyer steps in, guiding you on the path to rebuilding your credit, making informed financial decisions, and avoiding potential pitfalls that could jeopardize your newfound stability.
We recognize the weightiness of considering bankruptcy. Our dedicated and empathetic team offers more than just legal counsel; we offer a partnership. Residents and businesses of Des Plaines, IL can trust in our expertise and commitment to their cause. Embarking on the journey to financial recovery need not be a solitary endeavor. Let us walk alongside you, shining a light on the path ahead. If you or someone you know is grappling with the possibility of bankruptcy, don’t delay.Find out how you can obtain the legal help from a reputable Des Plaines bankruptcy lawyer like one from Therman Law Offices, LTD that you can count on by setting an appointment now.