Victoria I Perez PC provides a step by step process by which you can be on you way to a fresh start in a personal and confidential manner. Stop the Creditor phone calls !! Calll for your FREE phone consultation

Should I file bankruptcy?
Filing for bankruptcy is a personal decision and should only be considered after weighing all possible options.
If you are:
- Late on paying your bills;
- Frequently worried about paying your bills on time;
- Have fallen behind on your bills;
- Being garnished by a creditor; 
- Being harassed by a creditor;
- In foreclosure;
- About to get a car repossessed;
- Have come upon some unforeseen expenses that will make it difficult for you to maintain your monthly obligations;
- Only making the minimum payments on your credit cards
Bankruptcy Law
Phone : (773)  325 2502      Fax: (773) 325-2504
   24 Hour Pager:  (312) 289-3027
CHAPTER 7
Chapter 7 bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate your unprotected assets to pay part of your outstanding bills. The term liquidation is rather misleading, though, since most people who file for Chapter 7 bankruptcy do not have any non-exempt assets, and thus there is no actual liquidation.
Chapter 7 bankruptcy cases, on average, take about 3-4 months. A discharge will eliminate unsecured debts like credit card debt, medical bills, most personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, some older tax debts, payday loans, and garnishments. Certain debts are classified "non-dischargeable debts" and cannot be discharged, or can only be discharged under very specific circumstances. These include child support, most student loans, and many tax debts.

CHAPTER 13
Chapter 13 bankruptcy allows a debtor to make payments on outstanding debt over a period of up to 60 months. The Chapter 13 bankruptcy process requires completion of various schedules and petitions and can be a complex procedure. Therefore, it is important to choose a bankruptcy attorney who has the experience, compassion, and work ethic to see you through the process.

The primary difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy is the repayment plan in a Chapter 13 bankruptcy case. The repayment plan commits the disposable income of the debtor to regular scheduled payments over a three to five year period.