3077 W. Jefferson Street, Suite 107, Joliet, IL 60435

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Will County Attorney Answers Common Questions about Bankruptcy

How often can I file Chapter 7 Bankruptcy?

You are only allowed to file for Chapter 7 bankruptcy once every eight years. However, you are not restricted from filing for Chapter 13 debt consolidation even if you have a recent Chapter 7 filing. If you are in financial trouble and you have already filed Chapter 7 within the past eight years, Chapter 13 might be an option to consider.

I'm not sure if bankruptcy is right for me, and I'm afraid of the process. Can you help?

Many people are apprehensive about filing for bankruptcy because of what they have heard it might do to their credit rating, and how it will affect their lives. The truth is that if you are going through financial difficulty, bankruptcy can be a good option to eliminate unsecured debt or at least consolidate your debt into a lower, more manageable payment. If you are in this situation, the impact on your credit score may be minimal in the short-term, and in the long-term, you will have the opportunity to rebuild your credit. Call us at 815-729-9860 to discuss your situation and see if bankruptcy is right for you. We are here to help.

What is the first step in filing for bankruptcy?

The first step is to get a handle on all your debts and who you owe money to. The more you understand your financial situation, the more you will be able to make a decision that will work best for you.

Is a debt consolidation better than Chapter 13 bankruptcy?

It is different than a Chapter 13 bankruptcy and has a different result. A debt consolidation loan is simply a loan you take out (either unsecured or secured) that can be used to pay off your other debts and consolidate them into one payment.

If you are able to significantly lower your interest rate, this might be a good option. There are also debt consolidation programs in which the consolidation company takes your monthly payment and pays your creditors in an agreed process. This is different from obtaining a loan to pay your creditors. In Chapter 13, you submit a debt consolidation plan, and it is approved by the court. The plan often allows you to lower your interest and pay less than 100% of what you owe. Lastly, a debt consolidation loan will not immediately stop creditor harassment, while Chapter 13 will. Contact us, and we will discuss your options with you.

Can I keep my home if I go bankrupt?

Yes, if you file for Chapter 13 bankruptcy. Chapter 13 allows you to repay the amount you are behind on your mortgage payments (within your debt consolidation plan) and resume regular monthly mortgage payments. You can also pay unpaid real estate taxes with Chapter 13. Chapter 7 bankruptcy only allows you to eliminate most unsecured debt. While it may be able to delay a home foreclosure and give you time to work something out with your mortgage lender, there is no guarantee that it will stop the foreclosure process. However, if you do not have much equity in your home, you will not lose your home if you file Chapter 7.

Can bankruptcy stop those harassing phone calls from my creditors?

Yes. One of the major benefits of filing for bankruptcy (either Chapter 7 or Chapter 13) is that you are afforded an automatic stay under the Federal Bankruptcy Code, which forces creditors to stop most types of collection activity.

How much experience do you have with bankruptcy?

Marc Scheinbaum has been a practicing bankruptcy attorney for over 35 years.

What other areas of law do you practice?

Bankruptcy laws are complex, and this is the only area of law our firm practices. We can refer you to other firms that practice other areas of law such as medical malpractice, personal injury, and tax law.

How much does bankruptcy cost?

Call us for a quote for Chapter 7 bankruptcy. We are one of the MOST affordable bankruptcy firms in Will and LaSalle Counties. In Chapter 13 bankruptcy, we receive most of our fees through payments to the Chapter 13 trustee.

When can I talk to you about my situation?

Give us a call at 815-729-9860 to schedule an appointment. We work by appointment only, but we keep weekend hours, so you do not have to miss work for your appointment.

Have Additional Questions?

For further answers to your questions about the bankruptcy process or to schedule a consultation, contact our office today at 815-729-9860.

We represent clients in Chapter 7 and Chapter 13 bankruptcies in Joliet, Will County, Bolingbrook, Plainfield, Naperville, Cresthill, Lockport, Homer Glen, Mokena, Ottawa, LaSalle County, and surrounding Illinois communities.


3077 W. Jefferson Street, Suite 107, Joliet, IL 60435

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