Bankruptcy Attorneys in River Grove, IL

Bankruptcy Attorneys Can Help Residents in River Grove, IL

CrisisWith 4,000 households and 10,000 people, River Grove is a tightknit community with all the amenities of a larger city. This Cook Country village is home to Follett Corporation, a multi-national book services company that generates over $2.7 billion in annual sales, and Triton College, a two-year community college that offers training in business, liberal arts, and health professions.

The recent recession hurt many Americans, including the residents of River Grove. Even with the improving economic outlook, the damage has been done, and some of the families in River Grove that had once enjoyed a comfortable middle-class lifestyle are now facing financial devastation.

You have probably never thought of yourself as a candidate for bankruptcy, but if your debt is spiraling out of control, know that there are bankruptcy laws in place to protect you. Even if you are not that this drastic step is right for you, you may benefit from a consultation with the professional team at Thomas W. Lynch & Associates. One of our experienced bankruptcy attorneys can help you decide what your next steps should be.

Schedule a free initial consultation to find out if bankruptcy is right for you. Contact the Law Offices of Thomas W. Lynch & Associates by calling (708) 598-5999 or completing our online request form. Our bankruptcy lawyers are fully insured and have an excellent reputation with the Better Business Bureau.

About The Law Offices of Thomas W. Lynch & Associates

The attorneys at Thomas W. Lynch are very familiar with bankruptcy laws and will give you trustworthy and knowledgeable advice that you can depend on. If bankruptcy is not the right move for you, they will let you know. But if it is your best option, you can be sure our professional staff will be there to guide you through the complicated bankruptcy process. These bankruptcy attorneys will work hard to ensure that you achieve the best possible outcome.

We have served the residents in the southwestern Chicago suburbs since 1992. Let us help you too. Contact our law office now by completing our online form or calling (708) 598-5999. A member of our staff will be happy to schedule a free consultation at your earliest convenience.

Bankruptcy: A Brief Overview

When considering bankruptcy, individuals and business owners have options:

  • Chapter 7 individual bankruptcy is often called “straight liquidation.”  Chapter 7 is the option for you if you have little left to lose. Generally, you are allowed to keep basic assets such as your home, a vehicle, and other necessities but you will be required to liquidate the remainder of your assets to pay as much of your outstanding debt as possible. Once you’ve done so, the remainder of your debt is forgiven. To qualify for Chapter 7, you will be required to take a “means test” that calculates your disposable income. This ensures that individuals with sufficient incomes do not file for Chapter 7.
  • Chapter 13 individual bankruptcy is often referred to as “reorganization” as it is meant to help you reorganize your finances to pay them off in three to five years, depending on your situation. Your repayment plan will need to be approved by the courts. You get to keep your property and a portion of your debts are forgiven.
  • Chapter 7 business bankruptcy is the right choice for businesses that have little chance of staying afloat. If your business qualifies for Chapter 7 business bankruptcy, you will be required to liquidate the business and use the proceeds to pay off as much debt as possible. All remaining debt will be expunged.
  • Chapter 11 business bankruptcy is the better choice if you wish to keep your business open and operating. The court will establish a repayment plan for your company’s debt. Through expert negotiations with your creditors, much of the debt may be forgiven so that your company can make a fresh start.

Thomas W. Lynch & Associates Can Help with Other Legal Issues

In addition to bankruptcy law, the attorneys at Thomas W. Lynch & Associates can assist clients with tax debt, real estate, and criminal matters, including DUI violations. With five attorneys, our office is small enough to provide personal service but has the legal knowledge to rival the bigger law firms. Our attorneys have an average of more than18 years each in their fields and have distinguished themselves as experts in the law.

Thomas W. Lynch & Associates offers a free initial consultation. We have reasonable rates and convenient weekend and evening hours. If you live in River Grove and need advice on financial or criminal matters, please contact us at (708) 598-5999 or fill out our Online Request Form and we will contact you shortly.