Do You Need A Bankruptcy Attorney in LaGrange Park, IL?
Even if it no longer lives up to its old nickname, the “Village of Roses,” LaGrange Park is a charming, family-oriented community with many residents who grew up locally. Families can enjoy the vibrant parks, the many summer activities, Little League games followed by pizza at Bill’s Place, and bike rides on the Salt Creek Trail.
The median household income in LaGrange Park Village is higher than average for the state, and only 3.2% of households are below the poverty line. Additionally, home values in the 60526 ZIP code area are almost twice the state average.
However, even in a village as prosperous as LaGrange Park, some people are struggling with debt. Fortunately, the bankruptcy attorneys at the Law Offices of Thomas W. Lynch & Associates are close by and ready to help.
Contact our offices today to set up a free, one-on-one consultation with one of our experienced bankruptcy lawyers. Simply complete our online form or give us a call at (708) 598-5999 and a professional in our office will be happy to schedule an appointment at your earliest convenience.
The Damaging Effects of Overwhelming Debt
Living under a burden of debt can be a nightmare. You may be faced with constant phone calls from creditors, overdue bills piling up, and the need to make tough decisions about which bills to pay and which to put off for yet another month. Facing foreclosure on a home or the repossession of a vehicle can be especially frightening.
Dealing with high levels of debt is so stressful it can cause physical symptoms. According to an AP-AOL survey, 27 percent of people with high levels of debt stress had ulcers or digestive problems compared to 8 percent of people with low levels of debt-related stress. Furthermore, 44 percent had migraines, 29 percent suffered from severe anxiety, and 23 percent had severe depression. The rate of heart attacks for people with high debt stress was twice the rate for people with low debt stress.
In addition, high levels of debt-related stress can make it difficult to concentrate and sleep, and can make you more irritable – making the whole family miserable. Although some people may be reluctant or even embarrassed to consider filing for bankruptcy, it’s often the best way to escape from oppressive levels of debt.
Take care of your heath and your finances. Contact the Offices of Thomas W. Lynch & Associates today and discover how our bankruptcy attorneys can help you get on the road to financial recovery. Just complete our online form or call us at (708) 598-5999 to schedule a free consultation.
LaGrange Park Residents Have Bankruptcy Options
For most consumers who are deeply in debt, either Chapter 7 or Chapter 13 bankruptcy will offer a solution. If you are a business owner in LaGrange Park and your business has been operating in the red with no solution in sight, you may want to consider Chapter 7 or Chapter 11 business bankruptcy. Either way, our bankruptcy attorneys can help you get the debt relief you need.
What is Chapter 7 Bankruptcy?
If you file for Chapter 7 bankruptcy, the bankruptcy trustee may liquidate (sell) some of your property to satisfy your debts. However, you may keep property that is exempt from liquidation under state law.
Under Illinois state law, types of property exempt or partially exempt from liquidation include:
- Up to $15,000 in equity in a residence
- Up to $2,400 in equity in a motor vehicle
- Necessary wearing apparel
- The Bible and school text books
- Up to $4,000 in other personal property
- Any watercraft over 12 feet in length
- Professional tools and books worth up to $1,500
After non-exempt property is sold to pay debts, most or all of your unsecured debts, such as most credit card debts, will be erased. An unsecured debt is a debt that isn’t secured by property. (Car loans and home mortgages are typical types of secured debt.)
For secured debt, you have the option of:
- allowing the creditor to repossess the property,
- continuing to make payments (if the creditor agrees), or
- paying the creditor the current value of the property, which may be less than the amount owed.
Not everyone is eligible to file for Chapter 7 bankruptcy, and not all types of debts are covered. For example, child and spousal support, most tax debts, and most student loans cannot be wiped out via Chapter 7 bankruptcy.
What Is Chapter 13 Bankruptcy?
When you file for Chapter 13 bankruptcy, you are able to keep all of your property but you must make payments over three to five years to pay off some or all of your debts.
You must present a repayment plan. The minimum payments will depend on your income and debts, and on how much creditors would have received if you had filed for Chapter 7 bankruptcy.
Total debts must be within the federal limits which are currently at a little more than $1 million in secured debt and about $380,000 in unsecured debt.
Turn to Thomas W. Lynch & Associates Today
When you are ready to consider your bankruptcy options, the experienced bankruptcy attorneys at the Law Offices of Thomas W. Lynch, P.C. can help. The firm’s bankruptcy lawyers have filed more than 3,000 bankruptcy applications and have served the Chicagoland community for more than 20 years.
Our law firm is a debt relief agency and can offer help and advice with both personal bankruptcy and business bankruptcy. We have offices in nearby Berwyn as well as in Hickory Hills. Convenient evening and weekend hours are available.
Complete and submit our convenient web form or call us at (708) 598-5999 today to make an appointment and start the process of freeing yourself from the burden of debt.
