LAWYERS YOU CAN TRUST IN BANKRUPTCY MATTERS!

BANKRUPTCY AND DEBTOR-CREDITOR RELATIONS

Seek the professional advice of Drew & Snyder, Counselors at Law, regarding your debts, and you may receive immediate financial recovery and rewards. Drew & Snyder are experienced attorneys in consumer bankruptcy for over ten years. We understand the many personal and legal difficulties caused by uncontrollable debt. That is why we carefully review your entire financial situation to consider all the issues. Please contact us now for a Consultation, and receive the advice and counsel you need to help overcome your financial woes and preserve your hard-earned assets! Through the experienced representation of Drew & Snyder, you may be able to save your home, real estate, motor vehicle and other valuable property. It is even possible for you to maximize your future earnings and savings with sound and prudent bankruptcy advice from the professionals at Drew & Snyder. Turn your Life around by calling us Now!

There are many alternatives to filing bankruptcy. A smart consumer looks at all the options, and considers the short term and long term in planning for a better future. It takes experienced lawyers you can trust to inform you about your options and rights regarding your debts. Be a smart consumer and address your debt problems the right way! Drew & Snyder can help you and your family - Now!

FREQUENTLY ASKED QUESTIONS FOR BANKRUPTCY

Can I save my home?

Although you have debt problems, you can save your home! Residences can be saved in bankruptcy with the right advice and counsel. In a Chapter 7 bankruptcy, you can keep your home under the right circumstances. In a Chapter 13 bankruptcy, you can stop a foreclosure to cure missed mortgage payments. And there are other available options, too.

Can I save my car?

Bankruptcy laws will protect your rights to your vehicles under the right circumstances. Vehicles may be saved in a Chapter 7 and Chapter 13 bankruptcy. Stop repossession. Have your car returned - in certain cases.

Are my student loans dischargeable?

Government backed student loans are not eliminated in bankruptcy except in extreme cases of hardship. However, that does not mean you are helpless. Contact our Firm for a consultation on how to best deal with your student loan debt!

Can I keep my property if I file Bankruptcy?

You bet you can depending on what kind of property you own and possess. In Chapter 7 bankruptcy you are allowed to keep specific types and amounts of property allowed under Illinois or federal law, which may mean all your property. In Chapter 13 bankruptcy, you often are able to keep all your proper under the right circumstances.

Are my past due taxes dischargeable in Bankruptcy?

You may be surprised to know that certain taxes can be eliminated in bankruptcy. Other taxes cannot. No matter what your situation, you probably can save a lot of money by consulting Drew & Snyder about your past due taxes that may be accruing interest and penalty as we speak.

Will bankruptcy affect my credit? Will I be able to buy a home or car after I file bankruptcy?

Yes and Yes. A bankruptcy filing will remain on your credit report for ten years from the date of filing. Consequently, your credit will be affected. However, in many instances you can apply for a mortgage after 1-2 years from your bankruptcy filing. In fact, after a bankruptcy for a Chapter 7 case and during a bankruptcy in a Chapter 13 case, you want to make timely payments on your debts so that you can re-establish your credit.

What alternatives do I have to filing bankruptcy?

You may have many options! Bankruptcy is often not your only choice. In fact, it may be a bad choice under certain circumstances. Drew & Snyder will advice you of your options both legal and practical.

What is Chapter 7?

Commonly known as a straight bankruptcy, that provides a consumer a fresh start. Chapter 7 normally eliminates your unsecured debt whether you are an individual, business or joint debtor. Bankruptcy often means your debts and liabilities exceed your asset, but bankruptcy can be considered in other situations, too. A bankruptcy order of discharge in a chapter 7 bankruptcy means you do not have to pay your dischargeable debts back.

What is Chapter 13?

Chapter 13 is often used to avoid mortgage foreclosure proceedings against your home and repossession of your car. It is an extended payment and consolidation of your debt plan of reorganization available for individual and joint (husband and wife) debtors. To qualify for a Chapter 13 you must be a wage earner or receiving monthly income, and the income must exceed your monthly living expenses. The excess income is known as disposable income, and that is what you use to pay off your debt in the Chapter 13 bankruptcy case for up to 60 months, if necessary.

How much does it cost to file bankruptcy?

The cost to file a Chapter 7 bankruptcy is $209.00, which is charged by the Clerk of the U.S. bankruptcy court.

The cost to file a Chapter 13 bankruptcy is $194.00, which is charged by the Clerk of the U.S. bankruptcy court.

Are my traffic tickets dischargeable in bankruptcy?

No. However, the debts can be paid-off in a Chapter 13 bankruptcy case. Also, an attorney may be able to assist you with your accumulated traffic tickets outside of bankruptcy.

Some things you need to know before you file bankruptcy:

  • What is the fair market value of my real estate?
  • What is the fair market value of my car?

Are gambling debts dischargeable in bankruptcy?

Yes – in some cases; however, you will want bankruptcy attorneys like Drew & Snyder to carefully review your case.

What if I filed Chapter 7 bankruptcy in the past?

You do not want to file bankruptcy unless you have to, but under the federal laws of the United States of America, you cannot file Chapter 7 bankruptcy if you filed with the last six years. But you may qualify for the filing of a Chapter 13 bankruptcy.

Are the bankruptcy laws changing?

They may be. But all laws change. The smart thing to do is to consult Drew & Snyder if you have any doubts about how to resolve your debt problems.

Can I keep my retirement savings if I file bankruptcy?

Normally you can, but this question is definitely one that you want seek professional advice on! So contact Drew & Snyder!

Can my spouse file bankruptcy with me?

Yes, if she needs to. However, you may benefit from only one spouse filing thereby preserving the credit of the spouse that does not need to file.

What debts are NOT dischargeable?

Most student loans, many taxes, debts obtained by fraud, debts incurred as the result of personal injury liability in certain circumstances, and child support and there are others. It is very important to hire attorneys who will closely and carefully consider your unique case.

How long does a Chapter 7 bankruptcy take?

In most cases, about 4-6 months from start to finish.

How long does a Chapter 13 bankruptcy take?

When you consolidate your debt in a Chapter 13 bankruptcy case, it can take as long, but no longer than, 5 years! Many cases can be concluded in 3 years or shorter.

Can my credit ever be repaired?

Your credit can be corrected by disputing inaccuracies with the respective credit bureau. When you file bankruptcy, the bankruptcy filing will become part of your credit history and will remain thereon for ten years. After ten years, it is removed.

What are the benefits of Chapter 13 over Chapter 7?

With Chapter 13, you may have a greater chance at saving your home and/or your motor vehicle. Chapter 13 allows you to discharge certain debts that are not dischargeable in a Chapter 7. Debtors have more flexibility in a Chapter 13 to deal with debt problems. Chapter 13 allows you to pay all or a percentage of your debt back.

What are the benefits of Chapter 7 over Chapter 13?

Chapter 7 allows for a fresh start and usually is completed in 4-6 months. Chapter 7 relief is short-term, whereas Chapter 13 takes a longer time to obtain full relief. You still may be able to save your home or motor vehicle in a Chapter 7 under certain circumstances.

Do I qualify to file bankruptcy? Call or Contact Us to find out Now!

 

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Both attorneys are licensed to practice law in Illinois, all Illinois courts, and the northern district of Illinois, Federal Court.  Both attorneys are licensed to practice in the Northern District of Indiana, Hammond Federal Court.

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