In today’s difficult times, many individuals are finding it very difficult to keep up with their financial obligations.  More and more people are losing their jobs or getting their hours reduced, resulting in a loss of income.  Law suits, car repossessions, wage garnishments, and creditor collection harassment are just a few problems plaguing millions of American families.  In addition, many homeowners are in foreclosure after experiencing a job loss, decrease in pay, or an increase in their monthly mortgage payments.

 

The attorneys at Angelina & Herrick, P.C. are committed to helping people resolve their financial problems and get them back on the road to financial freedom.  If you are having trouble managing your debt, then our skilled attorneys will provide you with the help you need.  The Bankruptcy laws exist to help people get out of debt and get a fresh start.  We understand the financial difficulties many American families are currently facing, and the attorneys at Angelina & Herrick, P.C. have the experience and knowledge you need to help you take control of your financial future.

 

Our lawyers are experienced and can answer all of your bankruptcy questions.  We will handle everything from beginning to end to help make the bankruptcy process easier on you and your family. 

 

For a consultation with one of our attorneys and to discuss what we can do to help you relieve your financial burden, call us at (847) 873-0590.

 

FREQUENTLY ASKED QUESTIONS

 

1.   Will people know that I filed for bankruptcy?           

Generally speaking, no.  Someone would have to know exactly how and where to search for recent filings.

 

2.  How long before I will be able to obtain credit again?

Your will be able to obtain credit right away.  However, your interest rate will be higher.  If you are able to wait two years after bankruptcy to obtain credit, the interest rate will be similar to that of someone who has not filed for bankruptcy.

 

3.  How long will the bankruptcy be on my credit report?

The bankruptcy will be removed from a credit report after ten years.

 

4.  Are all of my debts gotten rid of in bankruptcy?

Most debts are but child support, alimony and student loans are not.

 

5.  Are there different types of bankruptcy?  If so, what are the differences?

Yes, Chapter 7 and Chapter 13.
 

A Chapter 7 filing is for someone with less income that a Chapter 13 filer and who has a significant amount of unsecured debut, like credit cards or medical bills.

               

A Chapter 13 filing is typically for people with higher incomes who have significant equity in their home and/or another asset.  They file for Chapter 13 because of large accumulated debt that they are unable to keep up with on a monthly basis.  Chapter 13 filings are supervised by the court and require a three to five year payment plan to pay off a portion of the total debt on a monthly scheduled.