Are You Overwhelmed by Debt in Lyons, IL?

Get the help you need from an experienced bankruptcy attorney

A statue in the Portage Woods Forest Preserve commemorates the location of Lyons, Illinois at the western end of the historic portage between the Chicago and Des Plaines Rivers. Lyons was founded about two hundred years after the portage was revealed to French explorers, and the residents recently celebrated the village’s 125th anniversary as a municipal government.

The Village of Lyons is taking steps to attract new industry, but during the economic downturn, many people lost their jobs or saw their paychecks shrink. Others failed to receive the pay increases they expected and realized they were living above their means. Unexpected medical bills, soaring credit card debt, or rising mortgage payments left some families in a state of crisis. If you are struggling with overwhelming debt and do not know where to turn for help, you may benefit from the advice of a skilled bankruptcy attorney.

To make an appointment for a free consultation with a bankruptcy professional, call the Law Offices of Thomas W. Lynch & Associates at (708) 598-5999. One call can set you on the path to a debt-free future. If you prefer, you can fill out the online request form and someone on our staff will contact you.

Are Bill Collectors Harassing You?

Are you receiving daily telephone calls from debt collection agencies? Are credit card companies calling to demand a payment? Have you received letters from banks or lawyers that threaten to foreclose your mortgage or repossess your vehicle?

Filing for bankruptcy with the help of an experienced bankruptcy attorney will put an immediate end to collection efforts and give you some breathing room so you can plan for the future.

On the day you file, the bankruptcy court will enter an automatic stay that requires your creditors to end their collection efforts until further court proceedings are held. While the automatic stay is in effect, bill collectors cannot call you, creditors cannot sue you, your wages cannot be garnished, and your landlord is not allowed to knock on your door to demand payment of back rent.

The guidance you get from a bankruptcy lawyer can give you peace of mind. There is no charge for the advice you receive during your first consultation. Fill out our online form or call the Law Offices of Thomas W. Lynch & Associates at (708) 598-5999 to schedule an appointment at one of our conveniently located offices.

Learn about Your Bankruptcy Options

Individual debtors often have a choice between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. You need to review your financial circumstances with a bankruptcy attorney before you decide which one is right for you.

Chapter 7 Personal Bankruptcy

A Chapter 7 bankruptcy is often the right choice for people who have few assets and who lack the income to keep up with their payments. The benefits of a Chapter 7 bankruptcy include:

• Nearly all debt is wiped out, including credit card debt. With only a few exceptions (including child support arrearages, student loans, and most taxes), you have a debt-free, fresh start on life at the end of your bankruptcy.
• If you do not own unusually valuable assets, you can probably keep all of your unsecured property.
• If you have a mortgage loan and can afford your monthly payments, you may be able to reaffirm the loan and keep your house.
• If your car is worth considerably less than the balance of your car loan, you may be able to keep your car by paying its current value to your lender.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy could be the right choice if you have regular income and can afford to make payments on your debt. In a Chapter 13 bankruptcy, your attorney will negotiate with your creditors to lower your overall debt and will then submit a payment plan to the bankruptcy court. In addition to your regular monthly payments to secured creditors (including your mortgage lender), you will pay a fixed amount each month over a period of three to five years. By the end of the plan, you catch up on delinquent payments to secured creditors and, if you can afford it, you pay a percentage of your debt to unsecured creditors. The advantages of a Chapter 13 bankruptcy include:

• None of your property will be sold to satisfy your debts.
• You keep your home and your car. Secured creditors cannot pursue foreclosure of your mortgage or repossession of your vehicle as long as you make your scheduled plan payments.
• Debts that cannot be discharged can be included in a Chapter 13 plan. You can reduce those debts by giving them a share of your monthly plan payment. While your plan remains in effect, the creditor cannot sue you for payment, garnish your wages, or pursue other collection efforts.
• When you complete your Chapter 13 plan, you will be current on all of your secured debts, while all of your dischargeable unsecured debts are wiped out, even if you did not pay anything to your unsecured creditors.

Business Bankruptcies

Some businesses are able to continue functioning by restructuring their debt. Those businesses may be eligible for a Chapter 11 “debt reorganization” bankruptcy. Other business cannot survive and are forced to liquidate. They can take advantage of a Chapter 7 business bankruptcy to wipe out business debt in exchange for surrendering business assets to the bankruptcy trustee.

Eligibility for Bankruptcy

Only debtors who can pass a “means test” qualify for a Chapter 7 personal bankruptcy. If you do not qualify, a Chapter 13 bankruptcy may be your only option. On the other hand, some debtors do not have sufficient regular income to qualify for a Chapter 13 bankruptcy. Still others can choose between Chapter 7 and Chapter 13. A bankruptcy attorney can explain how the means test applies to you and can help you understand your choices.

Before you decide which option is best for you, consult with a debt relief professional at the Law Offices of Thomas W. Lynch & Associates. Call (708) 598-5999 to schedule an appointment or fill out our online contact form.

Concerned Bankruptcy Professionals can Help You Today

The bankruptcy lawyers and staff at the Law Offices of Thomas W. Lynch & Associates are experienced, caring professionals. We understand the pressure you feel and the stress that debt puts on your family. Our debt relief agency has helped hundreds of people in Lyons and all across Chicagoland deal with the unbearable burden of debt.

In addition to knowledgeable bankruptcy attorneys and helpful paralegals, our firm includes tax attorneys, accountants, and criminal defense lawyers who handle tax fraud accusations, as well as other professionals who have the right training and experience to help you manage your debt crisis.

With convenient locations in Hickory Hills and Berwyn, residents of the 60534 ZIP code are within easy reach of the Law Offices of Thomas W. Lynch & Associates. In addition to providing a free initial consultation, we offer evening and weekend hours, affordable payment plans and reasonable fees.

Delay will only make your debt problems worse. Pick up the telephone today and call the Law Offices of Thomas W. Lynch & Associates at (708) 598-5999. If you want us to contact you, fill out our online contact form and we will be in touch with you promptly.