Bankruptcy FAQs


  • Do I qualify for Chapter 7 Bankruptcy?
    • To determine if you qualify for Chapter 7 Bankruptcy you must determine if your household income is above or below the median. If your household income is above the median you may not qualify for a Chapter 7. If so, you can file a Chapter 13 bankruptcy and pay off a portion of your debt in the next 3-5 years. Typically, you will pay off your debt with zero interest and you will only pay what you can afford. Contact Mr. Olstein today to help determine if you will be able to file for Chapter 7. 
       
  • If I file for Bankruptcy will I lose my house?
    • You can keep your property after filing bankruptcy. However, it can be complicated and depends on careful examination of your financial situation. Contact Mr. Olstein today to help you make a determination on this important issue. 
       
  • Can I stop foreclosure on my home?
    • Yes, you can stop foreclosure of your home by filing for Bankruptcy. However, it is important to get the bankruptcy process started quickly to prevent the continuation of the foreclosure process. Contact Mr. Olstein today to discuss your foreclosure options.
       
  • My car was repossessed can I get it back?
    • Yes, in most circumstances you can get your car back by filing for Chapter 13 Bankruptcy. In Illinois, your finance company must return your car once you file. However, you must file before your car is sold, and you should act fast. Contact Mr. Olstein today to help you get your car back. 
       
  • Will Bankruptcy stop harassing phone calls and lawsuits?
    • When you file for Bankruptcy the automatic stay takes affect and stops the continuation of any actions to collect a debt from you. Foreclosures, garnishments, and most lawsuits must stop once a Bankruptcy is filed. Contact Mr. Olstein today, to help stop collection activities.
       
  • Do I need to file with my spouse?
    • There are many factors to consider when filing bankruptcy. Although you do not need to file with your spouse, there can be advantages and disadvantages to filing with or without your spouse. Contact Mr. Olstein today to determine if you should file with your spouse or not.
       
  • My license is suspended, can I reinstate it?
    • Many citizens of Illinois have their license suspended for different reasons. In many cases, you can reinstate your drivers license by filing for bankruptcy. Contact Mr. Olstein today to determine how to get your license reinstated. 
       
  • Can I stop the IRS or Discharge Taxes that I owe?
    • Yes, you can stop the IRS and potentially discharge different tax liabilities. There are many different considerations to be made to determine when you should file that can affect whether your taxes can be discharged. Contact Mr. Olstein today to determine how to resolve your IRS tax situation. 
       
  • Do I need a lawyer to file Bankruptcy?
    • You can file Bankruptcy on your own. However, the process is very complicated, and there are many pitfalls that you might encounter when filing. Our legal services are affordable and we can work with you to make sure you have an experience attorney to help you through the process. Contact Mr. Olstein today.