We are a debt relief agency. We assist people and businesses in dealing with debt issues, including filing bankruptcy when necessary.
CHAPTER 7 INDIVIDUAL BANKRUPTCY:
Individuals who have few assets, or very little equity in their assets, after deducting State exemptions, generally use Chapter 7 Bankruptcy.
Most individuals who qualify for Chapter 7 may keep what they own; their house, their auto, their furniture and similar items, but are able to get out of most types of unsecured debt, which includes credit cards, medical bills, judgments, garnishments and some types of taxes.
Filing a Chapter 7 generally stops all creditor harassment and completing a Chapter 7 usually puts an individual in a better position to obtain future credit than they were in before filing Chapter 7. There are income limitations on filing Chapter 7 bankruptcy, so it is not always available as a remedy for higher income individuals who have debt problems.
Chapter 7 Bankruptcy does not get an individual out of obligations for Child Support or Alimony, “DUI Claims” or, under most conditions for liabilities for student loans. For most debts, however, Chapter 7 is effective in eliminating the liability. If you file bankruptcy and wish to keep your house, automobile, or other property which has a loan against it, you will have to continue paying the loan, although it is sometimes possible to modify the loan in some manner.
For most people who file Chapter 7 Bankruptcy, filing the bankruptcy is, oddly enough, the first step to improving their credit. A Chapter 7 will show up on your credit report and it is not, in and of itself, a good thing to have on your credit. In addition, a bankruptcy does not take anything off of your credit report. All of the old credit history continues to be shown on the credit report.
However, for most people who file bankruptcy the fact that a completed (discharged) bankruptcy appears on their credit report means that a lot of debt, including old unpaid debt, lawsuits, judgments, repossessions or other adverse items are no longer active debts. The Creditors can no longer collect from you. This means you no longer have to worry about garnishments, bank levies, lawsuits, and embarrassing telephone calls at home or at work. In addition, since your credit no longer includes “unpaid open items” it becomes possible for lenders to begin considering you for various types of loans. This is particularly true if you are careful and begin to develop a good payment history on your debts after you file.
The process of filing a bankruptcy involves preparation and filing of some fairly complex forms, and accumulating backup documentation. These forms have to be filed with the Bankruptcy Court and much of the backup documentation has to be provided to other administrators involved in your case. You have to take a credit counseling course before filing bankruptcy and during the time your case is pending. These courses are normally considered to be fairly straight forward courses and they are normally taken online.
If you file bankruptcy and you live in Cook County, you will have to travel to downtown Chicago to attend a meeting conducted across a desk from an administrator (Trustee). If you live in Will County your meeting will be held in Joliet, and if you live in DuPage County your meeting will be conducted in the area of the DuPage County Court Complex in Wheaton. If your schedules are accurate, (and ours “almost always” are) the meeting goes smoothly and a few months from filing, your case is over and you receive a “Discharge”.
If you are looking through websites and trying to learn as much about bankruptcy as you can, we commend you and encourage you to learn all you can on the subject. As you are finding out, however, Bankruptcy is a surprisingly complex area of law, so at some point you may want the opportunity for a face to face meeting with a trained Bankruptcy Professional. This meeting can help you confirm what you are learning and help you in determining which form of bankruptcy or other debt management technique can be of use to you. To assist you in making it as easy as possible for you to determine the best way for you or your business to proceed when you face debt, tax and litigation issues, this firm offers a FREE, PERSON TO PERSON, CONFIDENTIAL CONSULTATION, WITH AN ATTORNEY OR OTHER TRAINED BANKRUPTCY PROFESSIONAL.
Arrange for a Free, Confidential, Consultation by e-mailing us from this Page or by Calling Us at (708) 598-5999.
This Firm has filed over 3,000 bankruptcies assisting individuals and businesses, at times utilizing each of the applicable business and individual chapters of the bankruptcy code to help individuals and businesses deal with their debt. We have assisted many thousands more in determining their rights or appropriate courses of action available to enable them to handle their debts including credit cards debt, medical bills, foreclosures, tax liabilities, lawsuit, judgments and similar problems.
Utilizing EXPERIENCED DEBT PROFESSIONALS to handle these types of problems is your wise course of action.
We Maintain Convenient Hours of Operation, Including Evening and Weekend Hours and
Our Rates are Considered Reasonable and We Work With People On Making Payments
Making it as Easy as Possible for You to Find Out What You Need to Know and Take the Action You Need To Take.
TO MAKE THE PROCESS EVEN EASIER, OUR FIRM IS CONVENIENTLY LOCATED IN THE SOUTHWEST SUBURBS, very near a number of expressway exits so you don’t have to lose time to get the information you need.
FIND OUT WHAT YOU NEED TO KNOW. It could be how to handle a personal situation or one for your business.
The Law Offices of Thomas W. Lynch & Associates, P.C.
9231 S. Roberts Road
Hickory Hills, IL 60457
TEL: (708) 598-5999 – FAX: (708) 598-6299
E-Mail: info@thomaswlynchpc.com
Please download, print and read the Initial Interview Bankruptcy form. 
Learn about different types of Bankruptcy:
- Chapter 11 Business Bankruptcy
- Chapter 7 Individual Bankruptcy
- Chapter 13 Individual Bankruptcy
- Chapter 7 Business Bankruptcy
We are serving the following towns and their surroundings:
