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July 2018 Archives

Determine Chapter 7 eligibility with the bankruptcy means test

If you, like so many others across Illinois, feel as if you are drowning in unmanageable credit card debt, you may be weighing your options and trying to decide if filing for bankruptcy may help you find the relief you seek. Most personal bankruptcies are of either the Chapter 7 or Chapter 13 variety, but there are some important differences between the two. In brief, Chapter 7 bankruptcies are typically for low earners who do not have the capacity to pay back their debts, while Chapter 13 bankruptcies require that you pay back at least part of what you owe.

3 things you should know about equity and bankruptcy

Buying a home is a major responsibility. If you are well into your mortgage and discovering that you can no longer afford payments, though, it can seem like little more than a burden. Countless Americans make payments on their mortgage every month, but it is one of the biggest debts—if not the biggest—that most people have, and there is a reason why so many end up going into foreclosure.

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Lynch Law Offices, P.C.
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Phone: 630-761-5274
Fax: 888-691-8337
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Available to meet throughout Will and DuPont Counties