For many people who are seeking relief from unmanageable debt, a Chapter 7 bankruptcy is the best option. While it is particularly well-suited to individuals who have a lower-than-average income, few assets, and a large amount of unsecured debt, some debtors with expensive homes and high incomes are also able to take advantage of the debt relief that Chapter 7 provides. Chapter 7 debt liquidation offers a fresh start for many Chicagoland residents who cannot keep up with high-interest credit card payments, lack the resources to pay unexpected medical bills, cannot get ahead because of unpaid judgments, or find themselves facing a debt crisis any other reason.

As a debt relief agency, The Law Offices of Thomas W. Lynch, P.C. helps individuals who are struggling with the burden of debt. We will give you the information and advice you need to help you choose the debt relief option that is right for you. Filing a Chapter 7 bankruptcy on your behalf is one of the services we provide to individuals who qualify for debt liquidation.

Find out whether a Chapter 7 bankruptcy is the best solution to your debt problems. Call The Law Offices of Thomas W. Lynch, P.C. at 708-598-5999 or fill out our online contact form to arrange for a free consultation. Appointments are available during evening and weekend hours.

Put an End to Debt Collector Harassment and Get a Fresh Start

We understand the stress that unmanageable debt places on your life. Financial woes are a leading cause of divorce; worrying about providing for your family takes a toll on your physical and mental health; and embarrassing calls from bill collectors while you are at work only make your problems worse.

A Chapter 7 bankruptcy can ease your mind by putting an end to debt collection efforts. As soon as you file under Chapter 7:

• Debt collectors must stop calling you
• Your wages can no longer be garnished
• Lawsuits against you are put on hold
• Foreclosure cannot proceed without the bankruptcy court’s permission
• Cars cannot be repossessed without the bankruptcy court’s permission
• All other debt collection efforts must cease

Eliminating debt with a Chapter 7 bankruptcy restores your confidence and provides you with new opportunities to succeed. If you need to file for bankruptcy, your credit score is probably already damaged. In the short term, filing for bankruptcy might make your score decline further, but in the long run, it can be the first step toward improving a bad credit rating. Without the crushing weight of debts you are unable to pay, you can begin to rehabilitate your credit score by proving your ability to use credit responsibly.

Client Testimonial:

“Great bankruptcy attorney. We believed we had a complicated bankruptcy case and met with Mr. Lynch to discuss our case. He was engaging and made it easy for us to understand our bankruptcy options. He followed through on what he said he was going to do.”  ~ P. Nicholas, bankruptcy client

 

Consider the Advantages of a Chapter 7 Bankruptcy

Many people who file a Chapter 7 bankruptcy are able to keep all of their property, including their homes. If you own a house but have built up little or no equity (that is, you owe nearly as much as the home is worth), you may be able to wipe out your other debts while continuing to make your mortgage payments. People who file for Chapter 7 bankruptcy can usually keep all of their furniture, clothing, and household goods of ordinary value, as well as their pensions and retirement accounts. Exemptions are also available that may allow you keep a vehicle, your tools, and other property up to a specified value.

Some people earn too much money and have too little debt to qualify for a Chapter 7 bankruptcy. Other people have more equity in their homes than the exemption laws would allow them to keep if they filed under Chapter 7. Additionally, some people have debts (like child support) that cannot be discharged in bankruptcy. The debt relief advisers at The Law Offices of Thomas W. Lynch, P.C. can help those individuals explore other debt relief options. For many people, however, a Chapter 7 bankruptcy is the right choice.

Consider a Chapter 7 bankruptcy if:

• You lost your job and have no income
• Your income is less than the median income earned by Illinois residents
• Most of your debt is unsecured
• You do not want to keep the car or other property that secures your debt
• You do not own a home
• You owe more for your home than it is worth and you do not want to keep it
• You are facing foreclosure and cannot afford your mortgage payments
• You have little equity in your home and can afford to make mortgage payments if your other debts are wiped out

Some people with high incomes and large mortgage payments are permitted to file under Chapter 7. The bankruptcy attorneys at The Law Offices of Thomas W. Lynch, P.C. will help you work through the federal “means test” to determine whether or not you qualify for a Chapter 7 bankruptcy.

To find out whether you qualify for a Chapter 7 bankruptcy and to learn more about your debt relief options, make an appointment with an experienced bankruptcy lawyer at The Law Offices of Thomas W. Lynch, P.C. Fill out our online contact form or call us at 708-598-5999.

Experienced Bankruptcy Lawyers Serving Chicagoland

The Law Offices of Thomas W. Lynch, P.C. has filed more than 3,000 bankruptcy petitions on behalf of individuals and businesses in the Chicagoland area. Our bankruptcy lawyers can provide you with:

• Advice about other debt relief options
• Pre-bankruptcy planning
• Assistance with negotiating reaffirmation agreements that allow you to keep your home and other secured property
• Advice about choosing and attending a required credit counseling course
• Careful preparation of all required forms and schedules
• Representation at all bankruptcy court proceedings
• Representation at bankruptcy trustee meetings in Cook, Will, or DuPage Counties
• Credit rehabilitation advice
• A free initial consultation at a convenient location
• Reasonable fees

Put your mind at ease by getting personal advice from a debt relief agency. The bankruptcy attorneys and skilled staff at The Law Offices of Thomas W. Lynch, P.C. are ready to assist you. To make an appointment at our Berwyn or Hickory Hills office, call us at 708-598-5999. If you prefer, you can complete our online contact form and our staff will get in touch with you.