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Questions & Answers about Bankruptcy
- Will filing for bankruptcy protection stop creditors from calling me or contacting me?
- Can I save my home from foreclosure even if I have waited until the day before the Foreclosure sale
- My car was repossessed. Will chapter 13 bankruptcy help me get my car back?
- Can I keep my home, car, and other possessions?
- What is Chapter 13 Bankruptcy?
- Can I buy or sell a home while I am in Chapter 13?
- How will my past due child support obligation be handled in the Chapter 13 Bankruptcy?
- I’m in debt to the IRS. Will filing Chapter 13 help me?
- What is Chapter 7 Bankruptcy?
- Can I file Chapter 7 if I have assets I want to keep?
- How will filing for bankruptcy affect my credit score?
- How soon will I be able to re-establish my credit?
- What is credit counseling? How do I enroll?
- How many times will I have to go to court?
- What is a bankruptcy mill?
- Am I qualified to file? Who is disqualified from filing under the new laws?
Will filing for bankruptcy protection stop creditors from calling me or contacting me directly?
Yes, immediately. After we file your bankruptcy, your creditors must not contact you. They may only contact us. In addition, filing for bankruptcy will stop wage garnishments, end most lawsuits, halt repossessions and foreclosures, and potentially even return previously garnished wages or repossessed property to you.
Will filing for bankruptcy save my home from foreclosure even if I have waited until the day before the foreclosure sale?
Yes. We can stop the foreclosure sale any time before it occurs.
My car was repossessed. Will filing for chapter 13 bankruptcy help me get my car back?
Yes. You have 10 days from the day your car was repossessed to file during which we can retrieve your vehicle. You will be required to show proof of insurance before the vehicle is returned to you. Read more here
Can I keep my home, car, and other possessions?
Yes. Chapter 13 is designed to reorganize and eliminate your debt without losing your home, car, or other property. However, you must begin paying regular monthly payments on these debts to maintain ownership. Past due balances will be part of the repayment plan determined by the court. You will be giving 3 – 5 years to pay off these past due balances.
What is Chapter 13 Bankruptcy?
Chapter 13 is also known as a “wage earner plan” or a “debt reorganization”. Your past due balances are consolidated and you agree to repay them over a period of 3 – 5 years. During this time you continue to make all current payments. Your monthly payment on the past due debts is determined by your income and expenses, often amounting to 10 cents on the dollar.
Can I buy or sell a home while I am in Chapter 13?
Yes, but the process will be a motion before the court. We will help you with the process.
How will my past due child support obligation be handled in the Chapter 13 Bankruptcy?
Past due child support is considered a “priority debt” under the new 2005 Bankruptcy laws. Past due child support must be included in your Chapter 13 filing. It will be consolidated with the rest of your debts and become part of your repayment plan.
I’m in debt to the IRS. Will filing Chapter 13 help me?
Yes. As we all know, taxes are very complicated. We will review your
tax debt with you and help you understand which portion may be dismissed
and what portion will be addressed in the bankruptcy.
What is Chapter 7 Bankruptcy?
Chapter 7 is also known as “a fresh start” or “clean slate”. Chapter 7 lets you discharge (wipe-out) most unsecured debt, such as credit card balances, medical bills, and even certain taxes. Some debts, such as child support, student loans, and recent taxes cannot be discharged through Chapter 7. Typically, people who file for Chapter 7 have no assets to protect and earn below the median income.
Can I file Chapter 7 if I have assets I want to keep that are secured with a mortgage?
Yes, in certain circumstances. This is called “reaffirming” a debt. In the Chapter 7 process, you may be able to reaffirm secured debts, such as a mortgage or car loan. However, you must stay current on your payments. You can also choose to surrender these assets, in which case any past due balances will be discharged (wiped out) in your settlement.
How will filing for bankruptcy affect my credit score?
Unfortunately, the damage is already done. Once you have any debt that is over 3 months (90 days) past due, a vehicle that has been repossessed, or a home in foreclosure, your credit score has already been damaged. Filing a Chapter 7 or Chapter 13 and successfully meeting all requirements and repayment obligations of the case are the first steps to rebuilding your credit rating.
How soon will I be able to re-establish my credit?
A lot sooner than you might think. Many individuals that file bankruptcy are able to qualify for home mortgages, auto loans, credit cards, shortly after filing. You may simply have to pay a higher interest rate than someone who has unblemished credit.
What is credit counseling? How do I enroll?
According to the new Bankruptcy Law passed in April 2005, clients must participate in credit counseling sessions as a provision of their bankruptcy application. In some cases, participants may even discover that there are other reasonable ways to pay off their obligations and avoid filing for bankruptcy altogether. Enrolling is easy.
How many times will I have to go to court?
Most cases require only 2 appearances. We will be with you and representing
you at both hearings.
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What is a bankruptcy mill?
A bankruptcy “mill” is a large firm that files many cases. These mills are notorious for charging additional fees at every step of the case. These types of firms have a factory approach to the entire process. You become little more than a case number to them. Clients often do not get the personal attention they deserve from their attorney. Cases are often handled primarily by assistants, rather than by the attorneys themselves. Jordan Legal Group is most defiantly NOT a bankruptcy mill. You will be treated with the utmost respect and dignity. We set our standards for customer service very high and demand that every member of our staff adhere to those standards. We do not charge additional fees for your legal needs during the life of your case.
Am I qualified to file? Who is disqualified from filing under the new laws?
The new Bankruptcy Law was designed to decrease the number of people eligible to file. Therefore, your ability to obtain a discharge is determined by a complex series of calculations that compare how much you owe to how much you earn. It also compares what you earn to the median income for Illinois. As with any law, however, the new bankruptcy statutes are open to interpretation. Just because one attorney has told you that you do not qualify does not mean we will not take your case. Remember, your initial consultation is completely free! There’s no obligation – no strings attached.
Our Locations:
1999 West Galena Blvd. Suite B, Aurora, IL 60506
1020 Essington, Joliet, IL 60435