Are You Facing Debt in Burbank, IL? Contact Bankruptcy Attorney Thomas W. Lynch.

If you are a Burbank, IL resident struggling with overwhelming debt, you are not alone. With the U.S. economy still trying to rebound from The Great Recession, many residents of the 60459 ZIP Code need a bankruptcy attorney they can trust. The Law Offices of Thomas W. Lynch, P.C. has filed more than 3,000 bankruptcy cases for Illinois individuals and businesses. Our lawyers understand bankruptcy law and can help you take control of your financial situation now.

If you need assistance with debt relief, call (708) 598-5999 today to schedule a free, confidential in-person consultation with an experienced bankruptcy lawyer at The Law Offices of Thomas W. Lynch, P.C. You can also use our online contact form to submit questions about the services we provide.

Is Bankruptcy Right For You?

If you are like most people, you would like to avoid bankruptcy. Doing so, however, can cause more harm than good if your debt is overwhelming. At some point, we all face tough times. Filing for bankruptcy is about starting over. You should never feel guilty about considering this option.

In fact, if you are facing any of the following challenges, you should consult with a bankruptcy attorney as soon as possible:

• Harassing creditors
• Lack of funds to pay your monthly expenses
• Overwhelming medical bills
• Repossession or foreclosure
• Tax levies or liens
• Lawsuits for failure to pay past-due bills

What Are Your Personal Bankruptcy Options?

The bankruptcy lawyers at The Law Offices of Thomas W. Lynch, P.C. understand all of your debt relief options and will work with you to determine the best choice for your situation. For most individuals, the two most popular personal bankruptcy filings are Chapter 7 and Chapter 13.

Chapter 7 Individual Bankruptcy

Filing for Chapter 7 bankruptcy appeals to individuals in Burbank, IL who have lost their job or who have lower than average income. Filing under Chapter 7 initiates an automatic stay that stops debt collectors from taking action against you. That means debt collectors will stop calling you, your wages can no longer be garnished, and foreclosures and repossessions are halted until the bankruptcy court decides whether they can proceed.

Individuals who file for Chapter 7 bankruptcy can typically keep their furniture, clothing, and household goods of ordinary value, as well as their pensions and retirement accounts. Many debtors are able to keep everything they own, including a car. Chapter 7 discharges all debt without further repayment except for non-dischargeable debt (like student loans, child support, and certain tax debt).

Chapter 13 Individual Bankruptcy

People in Burbank, IL who have a good source of income yet are still unable to pay their debt obligations may not be eligible for a chapter 7 bankruptcy. They often find a Chapter 13 bankruptcy to be a good alternative. Chapter 13 offers the same relief from harassing collectors as Chapter 7, but includes a repayment plan that allows you to catch up on delinquent payments on secured property. If you have a home mortgage or a car loan, for instance, you continue to make your regular monthly payments as well as a Chapter 13 payment that brings your delinquency up to date.

When you file under Chapter 13, you stop paying your unsecured debt, including credit card and medical bills. Whether any of your unsecured debt will be paid through your Chapter 13 plan depends on whether there is money left over from your chapter 13 payments after your secured debts are brought up to date. Your unsecured debts are wiped out at the end of your Chapter 13 bankruptcy, even if you have paid little or nothing toward those debts.

Debtors filing under Chapter 13 usually keep all their assets, including property they would lose if they filed under Chapter 7. Future creditors might be more willing to take a chance on debtors who repaid some debts through Chapter 13 rather than discharging all debt in Chapter 7, making Chapter 13 a preferable alternative for some debtors who are eligible to file under Chapter 7.

Don’t let your debt continue to overwhelm you. Get a fresh start today. Call (708) 598-5999 now to schedule an appointment with a bankruptcy lawyer at The Law Offices of Thomas W. Lynch, P.C. You can also ask us questions by using our online contact form.

What Are Your Business Bankruptcy Options?

Businesses in Burbank, IL are not exempt from tough times. If your business is unable to meet its debt obligations, The Law Offices of Thomas W. Lynch, P.C. can explain your bankruptcy options and help you close your business or gain control of your business’ finances. The two most popular business bankruptcy filings are Chapter 7 and Chapter 11.

Chapter 7 Business Bankruptcy

If your business is failing and you are ready to call it quits, a business Chapter 7 bankruptcy allows you to put an end to creditor harassment, stop lawsuits, and close your business so you can move on to more successful ventures. You essentially turn over all business assets and debts to the bankruptcy trustee, freeing you of responsibility for selling those assets in order to pay business debts.

Chapter 11 Business Bankruptcy

If your business is struggling but could rebound with debt relief, then a Chapter 11 bankruptcy may be your best option. Filing under Chapter 11 enables you to stay in business while the court supervises the reorganization of your contractual debt obligations.

Our Illinois Bankruptcy Attorneys Will Work Hard for You

The bankruptcy attorneys at The Law Offices of Thomas W. Lynch, P.C. have years of experience helping individuals and businesses achieve debt relief. Our attorneys have earned the respect of bankruptcy judges, trustees, and other professionals. They work closely with our tax attorneys when unpaid taxes are among a client’s debt problems.

We want the best outcome for our Burbank, IL clients and are committed to providing outstanding client service, which includes offering:

• Reasonable rates
• Payment plans
• Two convenient and accessible locations
• Availability of flexible evening and weekend hours

Whatever your personal debt problem, Thomas W. Lynch & Associates, P.C. has the experience to help you take control of your financial situation. Call us now at (708) 598-5999 for a free, in-person consultation. You can also ask for an appointment by using our online contact form.