Ottawa Bankruptcy Attorneys

LaSalle County Lawyers for Chapter 7 and Chapter 13 Bankruptcy

For many individuals and families who are going through financial problems, bankruptcy may be a good solution. Filing for bankruptcy can help you eliminate unsecured debts or consolidate your debts and gain a new lease on your financial life. This option is not right for everyone, however. Before making a final decision on whether or not to file for bankruptcy, it is best to speak with a seasoned attorney.

At Scheinbaum & West, LLC, we have over three decades of experience helping clients who have faced financial hardship get their lives back on track. Our lawyers are focused exclusively on bankruptcy, and we understand the complexities of this area of the law. We work closely with clients in Ottawa, LaSalle County, and the surrounding communities to fully analyze their circumstances and help put them on the right path toward financial stability.

Bankruptcy Options

There are two main options for consumers who are considering bankruptcy: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Also known as "liquidation bankruptcy" or "straight bankruptcy," Chapter 7 allows you to have most of your unsecured debts forgiven. Debts that can be discharged through this process may include credit cards, payday loans, unsecured personal loans, and most civil judgments. A few types of unsecured debts cannot be discharged with Chapter 7 bankruptcy, such as student loans, back child support, and most federal and Illinois state tax debts.

Chapter 7 bankruptcy is ideal for those who have a high amount of unsecured debts and difficulty paying them back. To qualify, you must meet certain income requirements, and you must not have filed for Chapter 7 in the past eight years. Chapter 7 takes about four months to complete from start to finish, and it has a very high success rate.

Chapter 13 Bankruptcy

Chapter 13 is a court-approved debt consolidation plan that allows you to pay back your debts in three to five years with one manageable payment. In many cases, you can pay your debts with a lower interest rate and pay back less than 100% of what you owe. Chapter 13 is appealing for many who have an income that is too high to qualify for Chapter 7 and/or more assets they want to protect. For example, Chapter 13 can help stop a home foreclosure and allow you to keep your home by repaying the amount you are behind on your mortgage through your debt repayment plan. You can also use Chapter 13 to pay past due property taxes.

Stop Creditor Harassment in Peru, Leland, and Ottawa

One of the biggest advantages with either Chapter 7 or Chapter 13 bankruptcy is the ability to stop creditor harassment. Once you file for bankruptcy, an automatic stay goes into effect ordering creditors to cease collection activity. This can put an end to annoying calls and letters from debt collectors, and it can also stop most wage garnishments and civil procedures.

Speak With a LaSalle County Bankruptcy Lawyer

Many people who are facing financial troubles are apprehensive about filing for bankruptcy because of how it may affect their lives. We understand that bankruptcy can be a scary and confusing process, and we are here to answer any questions you may have. Contact our office today at 815-729-9860 to schedule an appointment to speak with our Ottawa bankruptcy attorney and go over your options. We are available on weekends for your convenience.

We represent clients for Chapter 7 and Chapter 13 bankruptcy in Ottawa, Leland, Peru, Marseilles, Earlville, Mendota, Sandwich, Utica, and throughout LaSalle County, Illinois.