Chapter 7
Chapter 7 is what most people think of when they think about bankruptcy – it eliminates most debts and allows people to have a “fresh start” afterwards.
Chapter 7 eliminates:
• Credit card debts
• Medical bills
• Unsecured loans, like signature and personal loans
• Left over balances on secured loans after the collateral has been taken and sold by the creditor, such as foreclosed houses and repossessed vehicles
• Old utility bills and debts to former landlords
• Some types of tax debts
Ask yourself: Would your life be much easier without these types of debts hanging over your head? Would you finally be able to save money instead of living paycheck-to-paycheck? Would a “fresh start” allow you to sleep better at night?
If yes, then call us today for a free consultation and find out how a Chapter 7 bankruptcy can change your life for the better.
Chapter 7 Cannot:
There are some debts that cannot be eliminated in a Chapter 7 bankruptcy. Those include:
• Student loans (in most cases)
• Child support or alimony
• Newer tax debts
• Criminal fines or restitution
But if you have these debts, that doesn’t mean a Chapter 7 can’t help you. Eliminating debts that can be wiped out can put you in a much better position to pay down the debts that can’t be eliminated in a Chapter 7, and get you on your way to that fresh start that you deserve.
Chapter 7 eliminates:
• Credit card debts
• Medical bills
• Unsecured loans, like signature and personal loans
• Left over balances on secured loans after the collateral has been taken and sold by the creditor, such as foreclosed houses and repossessed vehicles
• Old utility bills and debts to former landlords
• Some types of tax debts
Ask yourself: Would your life be much easier without these types of debts hanging over your head? Would you finally be able to save money instead of living paycheck-to-paycheck? Would a “fresh start” allow you to sleep better at night?
If yes, then call us today for a free consultation and find out how a Chapter 7 bankruptcy can change your life for the better.
Chapter 7 Cannot:
There are some debts that cannot be eliminated in a Chapter 7 bankruptcy. Those include:
• Student loans (in most cases)
• Child support or alimony
• Newer tax debts
• Criminal fines or restitution
But if you have these debts, that doesn’t mean a Chapter 7 can’t help you. Eliminating debts that can be wiped out can put you in a much better position to pay down the debts that can’t be eliminated in a Chapter 7, and get you on your way to that fresh start that you deserve.
Chapter 13
Chapter 13 is a repayment plan bankruptcy that allows you to get caught up on important debts, like mortgages and car loans, but on your terms, not the lender’s.
Once a Chapter 13 is filed, all collection efforts, like foreclosure cases in state court, or repossessions by car creditors, have to stop. Those debts must then be addressed in Bankruptcy Court, according to payment plan terms that you propose.
Chapter 13 can:
• Stop foreclosures and allow you to pay your past due payments over 5 years
• Stop repossessions and allow you to pay past due payments over 5 years, and, in some cases, pay less than the loan balance
• Stop wage garnishments against your paycheck
• Pay child support arrears, taxes, or court fines over 5 years
• Discharge most unsecured debts, like credit cards and medical bills, at the end of the payment plan
Chapter 13 also has advantages over Chapter 7 – it takes less time to rebuild your credit score, because Chapter 13 stays on your credit report for only 7 years, and a Chapter 7 stays on for 10 years. Also, Chapter 13 allows you to keep all of your property, whereas sometimes property is sold by the Chapter 7 Trustee.
Ask yourself: Are you scared of losing your home to a foreclosure lawsuit by your mortgage company? Are you worried that your car might be repossessed by your car creditor and you will have no way to get to work? Would you like to stop a wage garnishment that is taking money from your hard-earned paycheck? Would you like to pay your debts, but on your own time frame, not the creditor’s?
If yes, then call today for a free consultation and find out how a Chapter 13 can change your life for the better, and give you peace of mind that your debts are being addressed in a way that you have control over.
Once a Chapter 13 is filed, all collection efforts, like foreclosure cases in state court, or repossessions by car creditors, have to stop. Those debts must then be addressed in Bankruptcy Court, according to payment plan terms that you propose.
Chapter 13 can:
• Stop foreclosures and allow you to pay your past due payments over 5 years
• Stop repossessions and allow you to pay past due payments over 5 years, and, in some cases, pay less than the loan balance
• Stop wage garnishments against your paycheck
• Pay child support arrears, taxes, or court fines over 5 years
• Discharge most unsecured debts, like credit cards and medical bills, at the end of the payment plan
Chapter 13 also has advantages over Chapter 7 – it takes less time to rebuild your credit score, because Chapter 13 stays on your credit report for only 7 years, and a Chapter 7 stays on for 10 years. Also, Chapter 13 allows you to keep all of your property, whereas sometimes property is sold by the Chapter 7 Trustee.
Ask yourself: Are you scared of losing your home to a foreclosure lawsuit by your mortgage company? Are you worried that your car might be repossessed by your car creditor and you will have no way to get to work? Would you like to stop a wage garnishment that is taking money from your hard-earned paycheck? Would you like to pay your debts, but on your own time frame, not the creditor’s?
If yes, then call today for a free consultation and find out how a Chapter 13 can change your life for the better, and give you peace of mind that your debts are being addressed in a way that you have control over.
General Practice
At The Law Offices of Shari L. Murphy, LLC, we don’t just do bankruptcy, although that is our main practice area. We would be happy to help you with your other legal issues. Ms. Murphy and her staff are knowledgeable about many practice areas, as bankruptcy touches on a wide variety of legal areas. Personal injury, class action, and family law are just a few.
Debt Collection Defense
When a client comes to us for help with debts, bankruptcy isn't always the best solution. In those cases, we work with individual creditors to settle clients’ debts without filing a bankruptcy. Sometimes we negotiate a lump sum settlement, and sometimes we negotiate a payment plan – every case is different. We can often accomplish this even if the creditor has sued you in court already. This may be a better solution to your debt problems than a bankruptcy, so call today to find out what we can get done for you.
Personal Injury
A lot of life happens while you’re struggling with debts and financial trouble, including personal injury accidents. Were you injured while driving? Did you take a tumble at a store? We would be happy to represent you and help you collect the money to compensate you for your injuries. We are knowledgeable about how personal injury settlements and jury awards are treated in bankruptcies also, and can help you navigate through both legal areas simultaneously to allow you to keep as much of your settlement as permitted by law, while also eliminating as much of your debt as the law permits.
Class Actions
It often turns out that if you have been treated wrongly by a mortgage company, a car creditor, or other financial entity, they have treated others in the same wrongful manner. Class actions are a specialized type of law suit where one person represents a whole “class,” or group, of people who have all been legally wronged in the same way, by the same bad actor. We have the expertise in bankruptcy and financial laws to determine if your rights have been violated by a financial institution or creditor, and we know how to vindicate those rights. We also understand how those laws and class action cases are treated in a bankruptcy. If you think you have had your legal rights violated by someone you owe money to, we can quickly assess whether you have a violation, whether it’s unique to you or if a class action case is appropriate, and how all of that will work in a bankruptcy.
2nd Amendment Rights
In Illinois, all firearm owners are required to have a Firearm Owner’s Identification card – or FOID card. If you possess firearms, or even just rounds of ammunition, in Illinois without this card, you can be looking at severe criminal penalties. Loss of this card and the rights that it represents in Illinois can be frightening, but there are methods of reinstatement, whether that loss was caused by mental health issues that have since been resolved, past convictions for certain kinds of criminal offenses, or simple administrative issues, we have the knowledge to help you through the legal process and regain your important 2nd Amendment Rights. Every case is unique, so call today to see if we can help you get your Rights back.
Traffic and Criminal Law
Have you received a traffic ticket or been charged with a crime? Do you not have time to take off of work to go to court, but aren’t interested in paying the fine on the ticket and possibly taking a conviction that can effect your license or insurance? Call us today, we are happy to represent you in court and negotiate a reasonable resolution of the charges, and, in the case of traffic tickets, make sure it stays off your driving record.