Chicago's Financial Rescue & Bankruptcy Lawyer
Rich Fonfrias Explains How You Can
Take Control of Your Finances and:

• Find an experienced Chicago bankruptcy lawyer
• Learn about Illinois credit repair lawyers
• Avoid home foreclosure
• Get debt consolidation help
• Learn about credit card management
• Read about tax reduction & tax lien defense lawyers
• Find a mortgage & loan refinance specialist
• Learn about credit repair & creditor defense
• Stop mortgage foreclosure
• Erase credit card debt
• Remove tax liens
• Save your home or business
• Manage your money
• Improve your credit score
• Get out of debt
• And more—with (or without!) filing for bankruptcy in Illinois

"Thank you for visiting. On this web site you’ll find a wealth of educational information, including our popular "20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy" – and "7 Shocking Facts About Consumer Credit Counseling."

"To learn more about me, please review my biography – important reasons businesses and consumers in financial distress hire me – and my list of Financial Rescue and Bankruptcy services."

You're Invited to Call or E-mail!

"If you have questions about Illinois bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial problems, please don't hesitate to call."

"If you don't want to file for bankruptcy, I'll explain your many bankruptcy alternatives, which many Chicago lawyers and their clients overlook. Plus I'll be glad to answer your questions and help you in every way. In most cases, the sooner you call me, the more I can do to help you. So please send an e-mail to rich@chicagomoneylawyer.com or call today: 312-969-0730."

Thanks!

 

Keep Reading and You'll Discover…

• 21 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy in Illinois
• 7 Shocking (and Costly!) Facts About Consumer Credit Counseling
• 11 Tragic Misconceptions About Bankruptcy, and
• 8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy

Your Location: I proudly represent business owners, executives and consumers in the Illinois cities of Chicago, Palatine, Evanston, Park Ridge, Elmwood Park, Oak Park, Hoffman Estates, Schaumburg, Hanover, Arlington Heights, Des Plaines, Northbrook and Glenview. With eighteen offices serving Chicago and communities throughout Illinois, Fonfrias Law Group is Chicago's experienced financial rescue and bankruptcy legal team, offering all forms of bankruptcy legal services, debt consolidation, bad credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing advice. We can help with all forms of homeowner and consumer financial rescue in emergency situations. While we are well known as The Chicago Money Lawyer; we are also known as The Illinois Money Lawyer, ready to assist and advise those with serious money issues in Illinois.

There are 6 types of bankruptcy in our legal system. The type of bankruptcy that you file depends on a number of factors. Bankruptcy laws are federal laws. Your bankruptcy will take place in Bankruptcy Court, which is a division of the U.S. Federal District Court. In order to decide which bankruptcy is right for you, it is important to have an understanding of bankruptcy law and the differences between the different types of bankruptcy. Most consumers usually file either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. In Chapter 7 Bankruptcy (liquidation), the bankruptcy court requires that you complete a large amount of paper work, listing all of your assets and all of your debts or liabilities. You must also indicate any exempt property which by law you may keep. With Chapter 13 Bankruptcy, as well as completing a mountain of paperwork, you are required to negotiate with your creditors, work with the Chapter 13 Trustee and draw up an approved plan to repay your creditors.

Chapter 7 of the Bankruptcy Code provides for liquidation, meaning the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. In order to be eligible for Chapter 7, the debtor must satisfy a means test. The court will evaluate the debtor's income and expenses to determine if the debtor may proceed under Chapter 7. Chapter 13 of the Bankruptcy Code provides for the adjustment or reorganization of an individual's debts with regular income, sometimes referred to as a wage-earner plan. Chapter 13 allows a debtor to keep property and use his or her disposable income to pay debts over time, usually three to five years. Navigating your way through Chapter 7 Bankruptcy or Chapter 11 Bankruptcy can be a daunting experience for those who decide to go it alone, without the help of an experienced bankruptcy attorney. Bankruptcy is a complex process, with many potential pitfalls for those not thoroughly experienced in bankruptcy law. If you are unfamiliar with bankruptcy law, bankruptcy court or the American legal system in general and are considering filing for bankruptcy without the legal advice of a bankruptcy specialist, you are taking a huge risk. Declaring bankruptcy can be life-changing event. With your entire financial future hanging in the balance, seeking professional help in bankruptcy just make sense.

Chapter 11 of the Bankruptcy code general provides for the reorganization of debt and usually involves a corporation or partnership. It can also be used as a mechanism for liquidation. In most cases under Chapter 11, the debtor puts forward a plan of reorganization to keep their business alive and pay creditors over time. Individuals and those with small businesses can also seek relief in chapter 11. In general, Chapter 11 bankruptcy is available to every business, whether organized as a corporation or a sole proprietorship, and to individuals, although it is most prominently used by corporations. Chapter 11 usually allows the debtor to retain control of his business operations as a debtor in possession. This however is subject to the oversight and jurisdiction of the court. Due to the complexities of the bankruptcy process, anyone considering filing for Chapter 11 Bankruptcy should seek the advice of an experienced bankruptcy lawyer. A bankruptcy attorney can help you to protect your business from litigation by creditors and to keep as many assets as possible.

In the states of California and Florida, homeowners and individuals carrying debt have been particularly hard hit during the recession. Due to the sheer numbers of people in California and Florida in financial trouble, these states had seen widespread problems with disreputable financial rescue companies. Many Florida homeowners and people with debt problems in California have been taken advantage of by dishonest debt management relief companies or have been given disastrous advice from unqualified credit councilors. The practices of some Florida debt resettlement companies and some California debt resettlement companies have come under serious scrutiny. Consumers need to be aware of the laws of their state and consult with recognized state consumer protection organizations before dealing with any debt settlement company. The Fonfrias Law Group, an experienced and trusted financial rescue law firm serving Illinois, California and Florida, offers Florida debt settlement help and California debt settlement assistance. Our financial legal services can help with debt management relief in California and relief from creditors in Florida.

California consumers should know that advance fees for California loan modifications are now illegal. As of October 2009, any person, including real estate brokers, real estate salespeople, lawyers, corporations, companies, partnerships or any other licensed or unlicensed person or party, cannot demand payment in advance for loan modification services in California. This includes any advance charges or collections, upfront or retainer fees, or any other type of pre-payment compensation, for loan modification work or services, or any other form of mortgage loan forbearance. It is a violation under California law for anyone to charge in advance for services such as home loan renegotiate, home loan modify, arranging to have a lender refrain from collecting mortgage payments, or assisting in avoiding foreclosure in California. For more details on Senate Bill 94 (Calderon) and recent changes to the law, visit the Government of California website.