Chicago Bankruptcy Clinic
Chicago Bankruptcy Clinic is a premier bankruptcy practice representing clients throughout Chicago. If you are struggling to pay your bills, are being sued by creditors or you are facing a foreclosure, we will provide you with informed representation when you need it most.
Founding attorney Alex Ranjha is well-versed in the U.S. Bankruptcy Code and regularly handles personal bankruptcy cases. He is keenly aware that anyone can suffer a financial setback; job loss, medical emergency, unexpected expenses or other circumstances can result in a heavy debt burden. Our legal team is here to help lift that burden by exploring your debt relief options.
Debt Relief Is
On The Way
When you consult with us, we will assess your financial situation and determine whether filing for bankruptcy suits your situation. Our objective is to help you eliminate or restructure your debt so you can make a fresh start on your finances. Because we understand the financial challenges facing you, we offer free consultations and flexible payment plans.
With Chicago Bankruptcy Clinic in your corner, you will have peace of mind knowing that debt relief is on the way. Conveniently located in Oak Brook, we provide first-rate legal services to individuals and families in Aurora, Joliet and throughout Chicagoland. Given the current climate, you won’t need to come to our office, as we can handle everything on our end remotely.
I couldn't recommend the services of Mr. Ranjha any higher. I was in a very uncomfortable financial situation that required drastic action and I was referred to Mr. Ranjha by a friend. Alex spent the necessary time asking questions and talking to me about my case and suggested we file Chapter 7 bankruptcy. Although I was very unhappy about the situation I found myself in, Mr. Ranjha couldn't have done a more efficient job.
Which Form of Bankruptcy Is Right for Me?
If you have defaulted on your credit cards, are delinquent with your mortgage and/or auto payments, or are facing a repossession, foreclosure or judgment, we can help you navigate a Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is known as a liquidation bankruptcy because it can eliminate most of your unsecured debt; however the process involves the sale of your property and assets by a bankruptcy trustee to pay off as much debt as possible.
At the same time, certain property is protected or “exempt” from being sold, including your home and/or car. However, you must reaffirm a mortgage or auto loan and continue making the monthly payments to keep the property. For those with few or no assets, Chapter 7 provides for a relatively quick discharge of their debts.
In any event, debts discharged in a liquidation bankruptcy include:
- Credit cards
- Medical bills
- Unsecured judgments
- Personal loans
- Payday loans
It is important to note that certain debts are not discharged including: child support, student loans, traffic tickets and most taxes.
As soon as a Chapter 7 bankruptcy petition is filed, a court order known as an automatic stay immediately goes into effect. The order stops creditors from collecting on the debt, which includes actions such as:
- Wage garnishments
- Creditor lawsuits
The stay remains effective until the bankruptcy is dismissed or discharged. If your case is dismissed, collection activities can restart. Our legal team will work to ensure an orderly discharge of your debts and to address any issues that may result in a dismissal.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is referred to as a reorganization bankruptcy because it is only available to individuals and married couples who want to pay off their debts (as well as those who earn too much to qualify for Chapter 7). Unlike a liquidation bankruptcy, Chapter 13 requires repaying your debts in a 3 to 5 year payment plan. You are allowed to keep your property, however. The automatic stay also goes into effect in a Chapter 13 bankruptcy, stopping all collection actions, including a foreclosure.
Plan Is Completed
The mortgage loan is included in the repayment plan, and you are allowed to catch up on the delinquent payments, as long as you continue making monthly payments.
Once the payment plan is completed, the bankruptcy will be discharged. Your case will be dismissed, however, if you fail to make the payments, at which point creditors can resume collection actions and lawsuits. Given the challenges associated with Chapter 13 bankruptcy, it is crucial to have the skilled representation we provide.
If you are facing insurmountable debt, filing for bankruptcy allows you to:
Filing for bankruptcy stops banks and mortgage lenders from foreclosing on your home. Under Chapter 13 bankruptcy, delinquent mortgage payments can be included in a repayment plan, and you can keep your home as long as you continue making your monthly mortgage payments.
Our bankruptcy attorneys can help you eliminate unpaid Chicago parking tickets and get your driver’s license reinstated.
The automatic stay in bankruptcy prevents your vehicle from being repossessed. You can keep your car by reaffirming the loan with the auto lender or arranging for a lower monthly payment.
A garnishment is a court order instructing your employer to withhold up to 25% of your after-tax pay and distribute that money to a creditor. Filing for bankruptcy stops a wage garnishment, which keeps you in control of your paycheck.
When you file for bankruptcy, the automatic stay immediately goes into effect, which stops all collection activities, harassing phone calls and other aggressive collection tactics. If creditors violate the stay, you may be able to pursue a lawsuit against them to recover damages.
Filing for bankruptcy allows you to eliminate your unsecured debt and begin to take the necessary steps to repair your credit.
Contact Our Experienced Chicago Bankruptcy Attorneys
If you are being harassed by creditors or are at risk of losing your home, you are probably frightened and may not know what to do. Turn to Chicago Bankruptcy Clinic. Our bankruptcy attorneys will offer you compassionate representation and guide you every step of the way. We will take the stress out of the process by handling all the legal details, from preparing and filing the bankruptcy petition to advocating for you before the bankruptcy trustee and the court.
Your Best Interests First
When you become our client, we will handle your case with the care and personal attention it deserves. Our trustworthy advice and objective insights will allow you to make informed decisions about your financial future. Above all, we will always put your best interests first and work to achieve the best possible outcome for your bankruptcy case. Please contact our office today to set up a free consultation.