Stop Creditor Harassment and Discharge Debt: Usually filing for bankruptcy puts an automatic stay on most collection activities. This allows our lawyers to prevent creditors from making harassing phone calls, work to get your repossessed property returned , and put a stop on wage garnishments.

Depending on which chapter is filed, most types of debt can be eliminated. Our lawyers work with your creditors to do away with medical bills and credit card debt. We offer valuable advice and assistance for clients concerned about student loans and expenses.

Protect Yourself From Unethical Practices: A few precautionary notes: Watch out for lawyers who claim to be “experienced,” but are actually new to bankruptcy law practice, although they may be experienced in other areas. Likewise, watch out for mortgage industry agencies that do not have your best interests at the heart of their lending practices. Finally, watch out for unscrupulous debt counseling, debt settlement or debt consolidation enterprises that create problems rather than providing true debt relief. Ledford, Wu & Borges, LLC has the level of experience and the genuine answers that our clients seek.

As a leading Chicago Bankruptcy Law Firm, our lawyers have more than 50 years of bankruptcy experience that we utilize to help you eliminate debt in Chicago and its suburbs. Our focus is on bankruptcy and only bankruptcy, which makes us highly familiar with local regulations, trustees, judges and creditors.

The Bankruptcy Process
Bankruptcy issues can be confusing and financial warning signs can grow into bigger problems quickly. That is why we lay out a timeline designed for your situation. From choosing the right Chicago bankruptcy attorney to rebuilding your credit after filing , we answer all your questions and can help you decide if filing bankruptcy is right for you .

Chapter 7
Receive a fresh start by discharging all of your eligible debt.

Chapter 13
Individuals who can afford to pay some of their debt back can establish a repayment plan with Chapter 13 bankruptcy.

Chapter 11
Also known as “business reorganization bankruptcy,” Chapter 11 permits a company to set up a repayment schedule, allowing for the retention of professional relationships and continuation of business operations.

Chapters 9, 12, and 15
 These chapters deal with bankruptcy options for farmers, fishermen, municipalities and cross-border cases.

Life After Bankruptcy
Foreclosure Assistance: If you want to prevent a foreclosure , filing for bankruptcy may be an option that could save your house. Our lawyers will provide you with the foreclosure information you require.

In many ways, a married couple constitutes one legal and financial unit, but there are also many ways in which a wife and husband can operate separately in their financial lives.

  • Either spouse can apply for credit in his or her own name only.
  • Either spouse can start a business in his or her name only.
  • An inheritance may be considered separate rather than marital property.
  • Married people may choose to file income taxes jointly or separately.
  • Either spouse may declare bankruptcy without involvement of the other.

A generalized answer to the question of “Do we have to file Chapter 7 bankruptcy jointly?” is “No,” but there are some caveats. Naturally, a marriage will have an impact on a bankruptcy filing, whether or not both spouses file. For example, household income and expenses will include both spouses’ finances.

Also, any debt that is held jointly by both spouses will be discharged only for the person who files bankruptcy. The other spouse could be held liable for the entire debt by the creditor. In Illinois, this includes medical bills for either spouse. Illinois laws hold that medical expenses of either spouse or their dependents incurred while a couple is living together are joint debts of the two people. Therefore, in order to fully discharge medical debts in a bankruptcy, a married person will need to file together with the other spouse.

However, there are many circumstances in which married couples may not wish to file bankruptcy together, and sometimes this is the best decision when all factors are taken into consideration.

For example, a wife might not want to join in a bankruptcy filing, and she and her husband have $3,000 in joint credit card debts, in addition to other debts that are his alone. In this case, it may make perfect sense for the husband to file bankruptcy separately in order to eliminate the husband’s debt, even though this will mean that the wife will still be responsible for the $3,000 in joint credit card debts. Once the bankruptcy is complete and the Chapter 7 debt discharge is issued, the husband can join with the wife in repaying that debt.

Contact an Experienced Chicago Chapter 7 Bankruptcy Attorney

Bring your questions regarding Chapter 7 bankruptcy to our attention at Billbusters, Borges and Wu, LLC.& Borges, LLC. Only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Billbusters, Borges and Wu, LLC.& Borges, LLC. Contact us to schedule a No Obligation Consultation.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Billbusters, Borges and Wu, LLC.& Borges, LLC has offices in Downtown Chicago, South Side Chicago, Calumet City, North Riverside/Berwyn, Northwest Side and Schaumburg

Some people postpone talking to an attorney about bankruptcy for months or even years after financial warning signs such as out-of-control credit card debt become impossible to ignore. Billbusters, Ledford, Wu & Borges, LLC offers people in the Chicago area a no-obligation bankruptcy suitability analysis. Contact us if you are wondering whether bankruptcy is the appropriate solution to your debt problems.

Common bankruptcy myths often serve as mental obstacles for consumers. Do not let unanswered questions block your path forward. We will gladly take the time now to answer questions that loom large in your mind.

Your Home and Your Car May Be Exempt

A popular bankruptcy myth is the fear of losing one’s house or car. People naturally worry about where they would live or how they would get to work if they were forced to give up their house or car in bankruptcy. This is why of the first questions that we often hear in an initial consultation with someone considering filing Chapter 7 bankruptcy is, “Do I have to include my house and car in Chapter 7 bankruptcy?”

You Must List All Debts and Assets When You File Bankruptcy

To answer this question for potential new clients, our attorneys begin by clarifying that people filing bankruptcy must declare all income, assets and liabilities. However, society acknowledges that everyone needs a place to live and transportation to get to work. Bankruptcy laws allow for exemptions that are protected from creditors’ claims – including a home and a vehicle.

By applying bankruptcy exemption laws to their lists of assets, most people filing Chapter 7 bankruptcy are able to keep their houses and cars if:

  • Their budgets enable them to keep up with a mortgage and car loan payments.
  • Loan payments, insurance, and taxes are up to date.
  • There is not more equity in the property that can be protected by the debtors’ exemptions.

Contact an Experienced Chicago Chapter 7 Bankruptcy Lawyer

If you are seriously behind on your mortgage or car payments, Chapter 13 bankruptcy may be a better choice. In Chapter 13, you can repay mortgage or car loan arrearages as part of your debt reorganization plan.

Everyone’s financial circumstances are unique. The best way to find out what Chapter 7 bankruptcy will actually mean to you is to discuss the facts of your debts, income and assets with an experienced, knowledgeable attorney. Contact us today to schedule a free initial consultation.

Keep in mind that only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Billbusters, Borges and Wu, LLC.& Borges, LLC.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Do I Have to Include All My Debts in Chapter 7 Bankruptcy?

If you are considering filing Chapter 7 bankruptcy, you may be wondering whether you have to include all your debts. Perhaps you owe money to a favorite uncle, to a business partner or to your family dentist. You may hope to avoid involving certain people in your bankruptcy at all. You might rather not even tell them that you are going to file bankruptcy – and you certainly do not want them to receive official notices from the bankruptcy court stating that you are off the hook with regard to those debts.

Will Your Bankruptcy Harm Important Relationships in Your Life?

Such concerns are understandable and are natural for people who are contemplating bankruptcy. You may believe that to renege on your promises will damage your relationships.

On the other hand, some of your debts may be attached to things that are special and important to you such as your fishing boat or your child’s musical instrument. So you wonder whether you can simply leave those debts off the list that you submit to the bankruptcy trustee and repay them as planned.

All Debts Must Be Included in Your Bankruptcy Filing

The truth about bankruptcy, however, is that you must include all debts to any debtor(s) anywhere in the world. Even your home mortgage and your car loan must be listed. Any debts that are dischargeable will most likely be discharged if your Chapter 7 bankruptcy is successful. Officially, those debts will cease to exist and your creditors (even your favorite uncle) will be banned from ever trying to collect on those debts.

In fact, however, once your Chapter 7 bankruptcy is complete, you are free to direct your money wherever you wish. With a clean slate, you will still be able to repay an old debt if you wish (such as a loan from your uncle), with the understanding that the former creditor has no right to try to collect from you.

In some cases such as with your mortgage and/or car loan, you may elect to reaffirm a debt in order to avoid repossession of your property by the former creditor. Talk to an experienced and knowledgeable bankruptcy law attorney about how to position yourself most favorably when filing Chapter 7 bankruptcy.

Discuss Your Debts With an Experienced Chicago Chapter 7 Bankruptcy Lawyer

Bring your tough questions to Billbusters, Borges and Wu, LLC.& Borges, LLC with confidence. Remember: only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Billbusters, Borges and Wu, LLC.& Borges, LLC. Contact us to schedule a No Obligation Consultation and take advantage of the wealth of knowledge at Billbusters, Borges and Wu, LLC.& Borges, LLC.

*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

If you are filing for Chapter 7 bankruptcy, you may have questions about which debts you can have discharged. At Billbusters, Borges and Wu, LLC.& Borges, LLC, our attorneys can help you understand which debts can be discharged and which you will still be responsible for. With more than 100 years’ combined experience in bankruptcy law, we are prepared to help you reach your debt relief goals.

Is filing bankruptcy right for you? Contact a Chicago bankruptcy lawyer by e-mail or call 312-853-0200 for a No Obligation Consultation at any of our seven office locations. Our Chicago Chapter 7 bankruptcy attorneys are here to protect your rights.

These Debts May or May Not Be Discharged

Filing for Chapter 7 bankruptcy essentially “eliminates” your debt, discharging it completely. Certain debts, however, may not be discharged if certain circumstances apply.

  • Student loans: If you have student loans and file for bankruptcy, they can only be discharged if you are disabled or have another “undue hardship” that would qualify them for discharge.
  • Tax debts: Some tax debts can be discharged and some cannot. Tax debts that are older than three years old generally can be discharged.
  • Overpayment of Governmental Benefits: While generally dischargeable, governmental units can, and sometimes do, object to these debts being discharged. In these circumstances, it’s even more important to have an experienced attorney.

There are other debts you may choose to keep. For instance, if you have a car loan and wish to keep your car, you may sign a reaffirmation agreement. This will allow you to keep your vehicle and the debt associated with it as long as you stay current on payments.

No two situations are alike. To get an accurate understanding of what debts you can keep and which you can discard, it is important to speak with an experienced Chicago Chapter 7 bankruptcy lawyer. Our bankruptcy attorneys will work with you personally to answer your questions and help you through all stages of the process.

Contact The Chicago Bankruptcy Attorneys at Billbusters, Borges and Wu, LLC.& Borges, LLC

Contact our offices online or call 312-853-0200 to speak with an experienced Illinois Chapter 7 bankruptcy lawyer. We are ready to help.

Billbusters, Borges and Wu, LLC.& Borges, LLC has offices in Downtown Chicago, the South Side of Chicago, Homewood, North Riverside/Berwyn, the Northwest Side and the Southeast Side.