When Good People Fall Behind We Have Bankruptcy Options: Chapter 7 & Chapter 13
Car accidents happen when we least expect it. Hospital bills continue coming in the mail and it seems you owe more and more people every day. When you cannot pay your bills, your credit can suffer. You may have to use Bankruptcy to wipe out that debt to restore your good credit rating. It can take some time but it’s worth it.
Most families rely on at least two income sources to pay the mortgage or rent, and bills every month. The true cost of living in Chicago is significant. How long could you continue without a paycheck for a month or more?
You try to work with creditors and they get even more aggressive. They are not as sympathetic to your tales of woe, they hear it day in and out. More and more people use one of their bankruptcy options like Chapter 7 or Chapter 13 Bankruptcy.
The Stress of Paying Minimums and Barely Making It
The cost of living rising faster than wages makes it more difficult than ever to get ahead. Even with an adjusted expectation of the American dream, it seems impossible to save enough to get ahead. With added interest on unpaid debts, the balances due become ridiculous and people know they’ll never pay it off. Some ignore some bill collectors and eventually the calls stop. Then one day a new company picks up the debt and the phone with your number.
A Chapter 7 Bankruptcy Can Eliminate Your Debts. A discharge applies qualified debts that you can eliminate in full when you qualify. To qualify, you have to pass the Means Test. Joseph Wrobel, Limited can help explain it all.
Or Use Chapter 13 Bankruptcy to Keep Your Home, Car and Reorganize Portions of Debt. Chapter 13 is the “reorganization” bankruptcy option to repay a portion of your debts over a three to five year period.
Creditor and Bill Collectors Endless Harassing Behavior
Yes, there are debt collection laws governing collection activity for debts owed for credit accounts, utilities, loans, mortgages, rent, and other financial obligations. For example, a bill collector is not allowed to call you during certain hours. There are also opt-out provisions and written communications you can send directing how you may be contacted within your rights under the law.
Stop the bill collectors with the Automatic Stay. Bankruptcy options with Chapter 7 & Chapter 13 include the Automatic Stay. Any bill collector or creditor who pursues collection activity against you during a bankruptcy violates federal law. They can’t call you, they can’t write to you, and they can’t garnish your wages or seize your bank account. You are free from creditors and bill collectors and their endless harassing behavior during either a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.
When is Chapter 13 Bankruptcy Better Than Chapter 7 Bankruptcy?
If you don’t qualify for Chapter 7 Bankruptcy you probably qualify for Chapter 13 Bankruptcy. To get a Chapter 7 you must qualify through what is called the Means Test, which involves a calculation of assets, debts and income sources.
Read our article: Qualifying for Bankruptcy in Illinois: The Means Test
Keep certain assets, property, using Chapter 13 Bankruptcy. You may have inherited family heirlooms, cars, property, and other assets and they are valuable to you. Sometimes you can’t put a value on memories and sentimental possessions.
Do I Need to Have Enough Debt to File for Bankruptcy?
People ask me if they owe enough to qualify for Bankruptcy. You do not need to be severely behind or have a mountain of debt a mile high to qualify for a Bankruptcy. Call Joseph Wrobel, Limited at (312) 781-0996 to learn more about the process.
Means testing is what we use at Joseph Wrobel, Limited, to qualify you for Chapter 13 Bankruptcy or Chapter 7 Bankruptcy. When you come and meet with us, we can tell you whether we can put you in Chapter 7 or 13 and then you decide which bankruptcy options fit your needs.
What Happens After Bankruptcy, Will I Get Good Credit Again?
Lending people money is good for the economy and business growth, and after bankruptcy, you are a better lending risk because you have less or no debt. Get a secured credit card because you put the deposit money up front so you are automatically accepted. Use only a portion of the balance available on the new credit card and pay it down to a lower amount just before the end of the closing date. We can help you with all kinds of credit rebuilding tips right here on the Joseph Wrobel, Limited website.
Read our article: Good Credit After Bankruptcy
Credit rebuilding after Bankruptcy is easy and rewarding. Whether you use your right to either of your bankruptcy options in Chapter 7 or Chapter 13 you are going to be in a better position to rebuild your credit after your bankruptcy is discharged, however, you file. People often say the anticipation of rebuilding their credit was worse than actually doing it.
Why Use Joseph Wrobel, Limited for Your Chapter 7 or Chapter 13 Bankruptcy
Joe knows Bankruptcy. For over 40 years he has helped people be able to sleep through the night again. Over many years, men and women and their families from all over Chicagoland have come to us seeking help for their financial woes. We know that bad financial situations happen to good people, despite their best efforts and hard work.
Call us to find out if bankruptcy makes sense to you. We review your finances to help you understand all your options. At Joseph Wrobel, Limited we want you to be the one to make the decision whether to file for Chapter 7 or Chapter 13 Bankruptcy.
Call Joseph Wrobel, Limited in Chicago at (312) 781-0996 and learn more about your Bankruptcy options, Chapter 7 & Chapter 13 and protect yourself and your family.