Fight Your Way to Financial Freedom
At The Law Office of Timothy Brown, our firm is dedicated to assisting individuals who are in need of debt relief. In these challenging economic times, many people find themselves unable to meet their financial obligations.
Crystal Lake bankruptcy lawyer Timothy Brown has helped hundreds of clients just like you obtain the debt relief they deserve, for a reasonable price. We sincerely care about our clients, and we do whatever it takes, within the confines of the law, to obtain a favorable outcome.
By filing for bankruptcy, you may be able to accomplish some combination of the following:
- Eliminate some or all unsecured debt.
- Restructure existing debts into manageable payments.
- Put an end to creditor harassment.
- Stop or delay the repossession of your property.
If you are experiencing overwhelming debt, wage garnishment, lawsuits, collection, or repossession, we would like to help. When you contact our offices in McHenry County, you will speak to our skilled attorney himself, or be contacted promptly.
Contact us now for a free consultation.
Types of Bankruptcy
For individuals and families experiencing a significant amount of debt, there are two different types of bankruptcy available to help them: Chapter 7 and Chapter 13. Which of these is right for you will depend heavily on your situation.
Chapter 7 bankruptcy is intended for those with low to moderate income and more debt than they could hope to repay without help. This would eliminate most or all of an individual's unsecured debt. To qualify for this chapter, you must pass the “means test,” the first part of which simply verifies that your income is below the median income level. The second part of the test requires more complex calculations. Under the second part of the test, in simplified form, if your monthly disposable income (your income minus certain allowed expenses) is less than a certain portion of your monthly unsecured debt obligation, you pass the second part of the test and thus qualify to file under Chapter 7. If you do not pass the means test, you may want to consider filing under Chapter 13.
Chapter 13 is a good option for those who do not qualify under Chapter 7 bankruptcy, but are still in need of assistance to get out from under significant debt. Under Chapter 13, the individual proposes a plan to repay his creditors over a period of three or five years. Debtors who are behind on their mortgage payments are given an opportunity to pay the arrearage over a reasonable period of time. At the end of the plan, most unsecured debts are discharged. Certain debts, however, are non-dischargeable, including but not limited to: child support, alimony, college loans, certain long-term obligations, and certain tax obligations. One reason to choose Chapter 13 over Chapter 7 might be that debtors filing under Chapter 13 are permitted to keep their property, such as their home.
Call The Law Office of Timothy Brown Today
Our highly skilled Crystal Lake bankruptcy attorney is dedicated to helping clients like yourself get out from under their debt and take back control of their financial future. We sincerely care about our clients, and do everything in our power to ensure that they are given the chance they deserve to regain their footing and get a fresh start.