The Law Office of Scott W. Brammer

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Finding Solutions To Your Financial Struggles

Are you experiencing problems paying off your debts? Are you overwhelmed by credit card debt? Are you in danger of losing your home, having your car repossessed or having your wages garnished? If you answered “yes” to any of these questions, you may be eligible under federal law to file for bankruptcy relief from your creditors.

The Bankruptcy Code provides debtors with protection from creditors needed in order to get a fresh start. Filing bankruptcy will stop the harassing phone calls, threatening letters and wage garnishments. Bankruptcy can help eliminate many types of consumer debts, including medical bills and credit card debt, and forestall mortgage foreclosures and auto repossessions. Law Office of Scott W. Brammer is here to help you understand your options.

Understanding Common Bankruptcy Myths

There are a lot of myths surrounding bankruptcy. A popular misconception is that you can just spend, spend, spend, and then have all of your debt wiped out through bankruptcy proceedings, yet still be able to keep your house and car. This is only partially true, for while bankruptcy may stop the foreclosure of your home and allow you to catch up on missed or past-due payments, you will still need to continue to pay your mortgage in order to keep it. Similarly, in order to keep a vehicle on which you still have an outstanding loan, you will need to continue to make payments, though the bankruptcy process may allow you to renegotiate your loan at a rate that you can afford.

What Are Liens?

Liens (which gives the creditor the right to repossess the property or force its sale) can often survive a bankruptcy, so it’s best to remove liens before you file for bankruptcy. Some types of liens – tax liens in particular – cannot be wiped out through bankruptcy and may be very difficult to remove. Tax liens placed against your home can make it impossible to sell your home until you pay them off. An experienced bankruptcy attorney can help you negotiate with the IRS to create a plan to repay the lien in full, on terms that you can afford.

Other Debts That May Influence Bankruptcy

Examples of other debts that cannot be discharged through bankruptcy include court restitution orders, fines or court costs from criminal proceedings, most student loans and debts incurred from a divorce, such as child support, divorce settlements and spousal maintenance. If you and your spouse are also considering a divorce in addition to filing for bankruptcy, it may be in both of your best interests to file for bankruptcy before you get divorced so that when it comes time to divide marital property, marital debts can be addressed as well.

I have helped consumers file for bankruptcy protection. Because filing for bankruptcy is an important financial decision, it may not be for everyone. I will discuss other nonbankruptcy options with you and tell you if bankruptcy is right for you.

For More Information, Call Today

To set up an appointment for a free initial consultation, call my office in McHenry at 815-324-7467 or contact us online. Our experienced staff will provide the answers to all your questions and help you get your financial house in order.

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