Kane County Bankruptcy Attorney

Bankruptcy and Debt Relief Lawyer in Aurora and Geneva

Insurmountable debt is a reality countless Americans face every day. It can happen to anyone. Unexpected job loss or emergency medical expenses can leave a family buried in debt, even if they have always been careful with money. McSwain Nagle Giese & Rapp, P.C. understands that modern life can be unpredictable, and how life's inevitable pitfalls can affect your financial health. Bankruptcy may bring relief to families and individuals who feel trapped by debt that they cannot overcome.

If you are not yet at the point where you are prepared to file bankruptcy, but feel overwhelmed by your debt, McSwain Nagle Giese & Rapp, P.C. may be able to negotiate with creditors on your behalf to help you stay on top of your accounts. If you are considering bankruptcy as an option, we will take the time to discuss all of your options and closely guide you through the entire process.

Liquidation Bankruptcy

Chapter 7 bankruptcy, commonly called "liquidation bankruptcy," is the classic form of bankruptcy where some of your assets may be sold to pay your debts, or "liquidated." This does not mean that all of your assets will be taken and sold - there is a good chance that you will be able to keep most of your property.

Certain assets are protected during liquidation bankruptcy by Illinois state exemptions. These exemptions cover things like up to $15,000 of home equity per individual, up to $2,400 of equity in a vehicle, and some personal property, so you may not lose your home or car, and are not likely to lose your furniture. Benefits like disability payments or life insurance are also exempt.

Our firm will also help you assess whether you pass the "means test" to qualify for this type of bankruptcy. While families with less than the median income in Illinois typically qualify, the courts will consider your expenses if your family falls at or above the median.

The process may not be as painful as you expect. McSwain Nagle Giese & Rapp, P.C. aims to guide you through your Chapter 7 bankruptcy in a way that minimizes both your immediate property loss and the long-term impacts on your family.

Sugar Grove Lawyers for Reorganization Bankruptcy

Formally called a Chapter 13 bankruptcy, reorganization bankruptcy is a somewhat less invasive form of bankruptcy that helps individuals get back on track towards repaying their debt. When a person files for this type of bankruptcy, a repayment plan is created. The duration of the plan is typically three to five years. The payments may be relatively high, but should you successfully complete the repayment plan, all remaining debts that were included in the bankruptcy are discharged.

Some clients who are at risk of losing their home for nonpayment find that this type of bankruptcy works well for them, as we can often help them roll any delinquent mortgage payments into the repayment plan. One of the benefits of reorganization bankruptcy is that it often prevents loss of assets for people who are struggling to keep up with payments.

McSwain Nagle Giese & Rapp, P.C. will work with you to decide which type of bankruptcy is best for your family under your particular circumstances. If you are not eligible for or wish to avoid a liquidation bankruptcy, a reorganization bankruptcy may be the best solution for your family.

Call a Batavia Bankruptcy Lawyer

If you are overwhelmed with insurmountable debt and considering bankruptcy as a relief option, McSwain Nagle Giese & Rapp, P.C. can help you make the right decision for your family. If bankruptcy is the best answer, our experienced attorneys will guide you through the proceedings and advocate for your interests at every stage. Contact us online or call 630-407-1200 for a free consultation. We serve clients throughout Kane County, including in Geneva, Sugar Grove, Batavia, and Aurora.