Bankruptcy Lawyer in Lombard

Dealing with financial difficulties can cause stress, tension, and problems in the home. You may feel like you are in over your head and don't know where to turn. Bankruptcy can offer an opportunity to restructure or eliminate your debts and start you on the road to financial recovery. It can also stop foreclosures, repossessions, and creditor harassment.

At the Mevorah Law Offices, we have been assisting clients in filing for bankruptcy for more than 20 years. We focus our bankruptcy practice on assisting individuals in filing for Chapter 7 and Chapter 13 bankruptcies. Both Chapter 7 and Chapter 13 stop collection activities such as creditor phone calls, foreclosures, and repossessions. However, each chapter operates differently and applies to different types of people.

Bankruptcy for Individuals

While lack of financial training, poor financial planning and credit card spending can lead to an unmanageable debt load, for many individuals, the most common events wreaking havoc with their finances and causing them to seek protection of bankruptcy are job loss, catastrophic health problems and divorce.

Chapter 13

Chapter 13 offers individuals with a steady income the opportunity to repay their debts and keep their assets. In addition, the total amount of the debt to be repaid may be reduced by as much as 90 percent. The court supervises and approves the individual's bankruptcy petition and the proposed plan for debt repayment.

Chapter 7

Chapter 7 is also known as "straight" bankruptcy. This type of bankruptcy cancels most of your debts. However, you may have to surrender some of your property to pay off your creditors. A bankruptcy trustee appointed by the court will meet with you, go over your paperwork, and determine which property can be sold to pay off your creditors and which creditors get priority. At the end of the process, all of your debts are discharged.

Bankruptcy for Businesses

On the other hand, businesses can fall victim to mismanagement and unscrupulous accounting, although the primary causes of financial difficulties for commercial enterprises typically include one or a combination of factors, such as increased competition, inability to secure new capital, downturn in sales, loss of major contracts and tax-related problems.

Individuals and businesses coping with heavy debt loads typically attempt to find viable solutions, such as debt consolidation, settlement negotiation with creditors, budget creation and asset sales, before they resort to bankruptcy. When all other approaches fail, bankruptcy might be the only way to obtain debt relief and regain financial footing.

Chapter 11

Generally used by businesses but also open to individuals, Chapter 11 offers more flexibility than any other type of bankruptcy and involves reorganization of debt so a business can stay in operation.

2005 Changes in Bankruptcy

In recent years, the bankruptcy landscape changed significantly with The Bankruptcy Reform and Consumer Protection Act of 2005 (BAPCPA). The Act made broad changes, with rules geared toward eliminating fraud and providing creditors with added protection.

Today bankruptcy procedures have more stringent requirements and force more people to reorganize their debt rather than allowing them to liquidate assets. Despite added restrictions, bankruptcy is still a viable solution for staggering debt and an avenue for hope and a better future.

At the Law Offices of Steven H. Mevorah & Associates, we represent clients in DuPage, Cook, Kane, McHenry and Will counties. When you seek our legal help, you will find experienced bankruptcy lawyers, well-versed in the law, adept at evaluating troubling financial situations and determining whether seeking protection through bankruptcy is right for you.

Our Illinois law firm offers legal services tailored to the needs of individuals and businesses that might benefit from the protection offered by bankruptcy laws. To learn how the knowledge and expertise of a skilled bankruptcy attorney can benefit you, we encourage you to call our office at 630-932-9100 or Contact Us Online to schedule a no-cost consultation.

Helpful Link

Federal Trade Commission Facts for Consumers

If you are in need of assistance in filing for bankruptcy or you have questions about whether filing a bankruptcy is right for you, please call the Mevorah Law Offices in Lombard, Illinois, today. Our experienced bankruptcy attorneys will help you put financial difficulties behind you. Contact us anytime!

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

'Steven H. Mevorah & Associates did a very good job, taking care of my Bankruptcy. I couldn’t have asked for a better firm. I would recommend your firm to family or friends.'
- D. W.

'We would like to thank Steven H. Mevorah and Assoc. and especially [our attorney] for helping us through a difficult time in our lives. Everyone in the office was very helpful and we will recommend this firm to our friends and family.'
- J. V. & C. V.

'I would like to thank the entire staff, especially [the paralegal on our case]. She was a great help. I have recommended a client already.'
- T. C.

'I feel the services I received far exceeded my expectations for the price I paid. All of my questions were answered promptly and I was always shown courtesy in my dealings with the attorneys and staff. I would definitely recommend this firm to anyone in need of assistance.'
- K. V.

'I highly recommend Steven H. Mevorah & Associates for their consistent proficiency, professionalism and outstanding knowledge in the handling of my case. They worked hard and were so organized, which enabled them to use the correct precision in making sure that nothing was omitted. Thank you to [my attorney and his paralegal] for closing my case with an outstanding outcome. I will ALWAYS be grateful, and will recommend Steven H. Mevorah to my friends.'
- A. S.

'I have used Steven H. Mevorah & Associates twice now and they did a great job in both cases. I will definitely recommend them to any family or friend in need.'
- G. M.

'I would like to thank [my attorney and his paralegal] personally for their hard work on my case. They answered all my questions quickly and to the point. I will definitely use your law office for any future issue that I may need. [I] will also recommend you to my family and friends. Thanks again for your excellent service.'
- M. C.

'[We] just wanted to say thanks for a job well done – your staff did a great job as well. It was scary to go through that, but it turned out well. Thanks again.'
- R. U. & V. U.

'Thank you to [my attorney] & the Steven H. Mevorah & Assoc. staff. You helped my husband & I during a hard financial period; get back on track. Thank you again.'
- C. W.

'Thank you very much for all of your help, your staff was great.'
- R. A.

'Steven H. Mevorah & Associates made a difficult situation fast and painless. I truly appreciate their help and expertise. I would definitely recommend their services.'
- M. B.

'I would like to thank [my attorney] with Steven Mevorah & Associates for all my legal needs. He helped me understand options I had with my case. He answered all my questions no matter how big or small. I will definitely use Steven Mevorah & Associates with any future legal needs. Thanks again. You Rock!'
- B. R.

'I would like to thank my attorney for the efficient, timely manner in which he handled my case. He answered my questions and put me at ease. This is the second time I have used Steven H. Mevorah & Associates and would do so again.'
- D. S.

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established and as any information submitted could be used by us in the event we represent an adverse party now or in the future. Legal advice cannot be given without full consideration of all relevant information relating to the visitor’s individual situation for which a full consultation is necessary. We offer free in-person consultations at each of our offices.

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