Crystal Lake (815) 788-9511

Algonquin Bankruptcy Lawyer

Bankruptcy Solutions

Overcoming debt can be one of life's greatest challenges.  Many individuals have debts they just can't afford to pay. 

If you are tired of fighting the endless battle to pay-off your debt, bankruptcy may be a great solution for you. 

Algonquin, IL Bankruptcy Attorney Timothy Brown provides free evaluations to individuals looking for debt relief.  Contact us online or call our firm at 815-788-9511 for your free evaluation!

Chapter 7 Bankruptcy

Chapter 7 bankruptcy provides debt relief to those who are experiencing a financial hardship.  In order to qualify to file under this chapter, you must meet the income eligibility requirement by passing the "means test."  If your income is below the applicable "median income" level, then you are eligible to file for Chapter 7 bankruptcy under the first part of the test.  The United States Census Bureau publishes the applicable income figures, which are adjusted periodically.  The median income amounts can be found on the U.S. Trustee's website.

If your income is above the applicable "median income" level, you may still be eligible to file for Chapter 7 if you can pass the second part of the "means test."  The purpose of this part of the means test is to determine whether you lack sufficient disposable income in your budget to repay at least part of your debt through a Chapter 13 repayment plan.  This determination is made by comparing your monthly income to your reasonable and necessary living expenses.  If you pass this test, you are then eligible to file for Chapter 7 bankruptcy. 

Chapter 7 Discharge

A successful Chapter 7 bankruptcy case will result in a discharge of general unsecured debt.  In most Chapter 7 bankruptcy cases, the court approves the bankruptcy discharge within about 3-months from the case filing, so long as all of the case requirements are satisfied.  Once the court approves the "Order of Discharge," the dischargeable debts are eliminated.

Related: Steps to file Chapter 7 bankruptcy

Related: Protecting your assets in Chapter 7 Bankruptcy

Related: How long before you can file again?

Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows you to become debt-free by repaying your debt through an installment plan over a fixed period of time (three or five years).  Different factors determine the type of Chapter 13 plan that is available to a particular individual.  An important goal of any Chapter 13 bankruptcy case is to obtain a payment plan with reasonable terms.

You won't lose your assets in Chapter 13 bankruptcy.  Chapter 13 bankruptcy protects assets such as real estate, vehicles, and savings.

Related: Steps to file Chapter 13 bankruptcy

Related: How to Rebuild Your Credit After Bankruptcy

Stop the Creditors

A bankruptcy filing will put an end to:

Algonquin, IL area Bankruptcy Attorney Timothy Brown would like to advise you of your debt relief options.  Please contact us online or call us at 815-788-9511 for a free case evaluation.

Contact Us

Law Office of Timothy Brown is committed assisting individuals in need of Debt Relief, Bankruptcy Litigation, Chapter 7, Chapter 13, Creditor Harassment Defense, Debt Collection Defense, and Foreclosure law issues in Illinois.

We will discuss your case with you at your convenience. Contact us today to schedule an appointment.