A LAWYER YOU CAN TRUST IN
BANKRUPTCY AND DEBTOR-CREDITOR RELATIONS
Seek the professional advice of William P. Drew III, Counselor at Law,
regarding your debts, and you may receive immediate financial
recovery and rewards. William P. Drew III is an experienced attorney in
consumer bankruptcy for over ten years. We understand the many
personal and legal difficulties caused by uncontrollable debt. That
is why we carefully review your entire financial situation to
consider all the issues. Please contact us now for a Consultation,
and receive the advice and counsel you need to help overcome your
financial woes and preserve your hard-earned assets! Through the
experienced representation of William P. Drew III, you may be able to save
your home, real estate, motor vehicle and other valuable property.
It is even possible for you to maximize your future earnings and
savings with sound and prudent bankruptcy advice from the
professionals at William P. Drew III, Counselor at Law. Turn your Life around by calling us
There are many alternatives to filing bankruptcy. A smart
consumer looks at all the options, and considers the short term and
long term in planning for a better future. It takes experienced
lawyers you can trust to inform you about your options and rights
regarding your debts. Be a smart consumer and address your debt
problems the right way! William P. Drew III can help you and your family -
FREQUENTLY ASKED QUESTIONS FOR
Can I save my home?
Although you have debt problems, you can save your home!
Residences can be saved in bankruptcy with the right advice and
counsel. In a Chapter 7 bankruptcy, you can keep your home under the
right circumstances. In a Chapter 13 bankruptcy, you can stop a
foreclosure to cure missed mortgage payments. And there are other
available options, too.
Can I save my car?
Bankruptcy laws will protect your rights to your vehicles under
the right circumstances. Vehicles may be saved in a Chapter 7 and
Chapter 13 bankruptcy. Stop repossession. Have your car returned -
in certain cases.
Are my student loans dischargeable?
Government backed student loans are not eliminated in bankruptcy
except in extreme cases of hardship. However, that does not mean you
are helpless. Contact our Firm for a consultation on how to best
deal with your student loan debt!
Can I keep my property if I file Bankruptcy?
You bet you can depending on what kind of property you own and
possess. In Chapter 7 bankruptcy you are allowed to keep specific
types and amounts of property allowed under Illinois or federal law,
which may mean all your property. In Chapter 13 bankruptcy, you
often are able to keep all your proper under the right
Are my past due taxes dischargeable in Bankruptcy?
You may be surprised to know that certain taxes can be eliminated
in bankruptcy. Other taxes cannot. No matter what your situation,
you probably can save a lot of money by consulting with Bill Drew
about your past due taxes that may be accruing interest and penalty
as we speak.
Will bankruptcy affect my credit? Will I be able to buy a home
or car after I file bankruptcy?
Yes and Yes. A bankruptcy filing will remain on your credit
report for ten years from the date of filing. Consequently, your
credit will be affected. However, in many instances you can apply
for a mortgage after 1-2 years from your bankruptcy filing. In fact,
after a bankruptcy for a Chapter 7 case and during a bankruptcy in a
Chapter 13 case, you want to make timely payments on your debts so
that you can re-establish your credit.
What alternatives do I have to filing bankruptcy?
You may have many options! Bankruptcy is often not your only
choice. In fact, it may be a bad choice under certain circumstances.
Bill Drew will advice you of your options both legal and
What is Chapter 7?
Commonly known as a straight bankruptcy, that provides a consumer
a fresh start. Chapter 7 normally eliminates your unsecured debt
whether you are an individual, business or joint debtor. Bankruptcy
often means your debts and liabilities exceed your asset, but
bankruptcy can be considered in other situations, too. A bankruptcy
order of discharge in a chapter 7 bankruptcy means you do not have
to pay your dischargeable debts back.
What is Chapter 13?
Chapter 13 is often used to avoid mortgage foreclosure
proceedings against your home and repossession of your car. It is an
extended payment and consolidation of your debt plan of
reorganization available for individual and joint (husband and wife)
debtors. To qualify for a Chapter 13 you must be a wage earner or
receiving monthly income, and the income must exceed your monthly
living expenses. The excess income is known as disposable income,
and that is what you use to pay off your debt in the Chapter 13
bankruptcy case for up to 60 months, if necessary.
How much does it cost to file bankruptcy?
The cost to file a Chapter 7 bankruptcy is $299.00, which is
charged by the Clerk of the U.S. bankruptcy court.
The cost to file a Chapter 13 bankruptcy is $274.00, which is
charged by the Clerk of the U.S. bankruptcy court.
Are my traffic tickets dischargeable in bankruptcy?
No. However, the debts can be paid-off in a Chapter 13 bankruptcy
case. Also, an attorney may be able to assist you with your
accumulated traffic tickets outside of bankruptcy.
Some things you need to know before you file bankruptcy:
- What is the fair market value of my real estate?
- What is the fair market value of my car?
Are gambling debts dischargeable in bankruptcy?
Yes – in some cases; however, you will want a bankruptcy attorney
like Bill Drew to carefully review your case.
What if I filed Chapter 7 bankruptcy in the past?
You do not want to file bankruptcy unless you have to, but under
the federal laws of the United States of America, you cannot file
Chapter 7 bankruptcy if you filed with the last six years. But you
may qualify for the filing of a Chapter 13 bankruptcy.
Are the bankruptcy laws changing?
They may be. But all laws change. The smart thing to do is to
consult Bill Drew if you have any doubts about how to resolve
your debt problems.
Can I keep my retirement savings if I file bankruptcy?
Normally you can, but this question is definitely one that you
want seek professional advice on! So contact William P Drew III.
Can my spouse file bankruptcy with me?
Yes, if she needs to. However, you may benefit from only one
spouse filing thereby preserving the credit of the spouse that does
not need to file.
What debts are NOT dischargeable?
Most student loans, many taxes, debts obtained by fraud, debts
incurred as the result of personal injury liability in certain
circumstances, and child support and there are others. It is very
important to hire attorneys who will closely and carefully consider
your unique case.
How long does a Chapter 7 bankruptcy take?
In most cases, about 4-6 months from start to finish.
How long does a Chapter 13 bankruptcy take?
When you consolidate your debt in a Chapter 13 bankruptcy case,
it can take as long, but no longer than, 5 years! Many cases can be
concluded in 3 years or shorter.
Can my credit ever be repaired?
Your credit can be corrected by disputing inaccuracies with the
respective credit bureau. When you file bankruptcy, the bankruptcy
filing will become part of your credit history and will remain
thereon for ten years. After ten years, it is removed.
What are the benefits of Chapter 13 over Chapter 7?
With Chapter 13, you may have a greater chance at saving your
home and/or your motor vehicle. Chapter 13 allows you to discharge
certain debts that are not dischargeable in a Chapter 7. Debtors
have more flexibility in a Chapter 13 to deal with debt problems.
Chapter 13 allows you to pay all or a percentage of your debt back.
What are the benefits of Chapter 7 over Chapter 13?
Chapter 7 allows for a fresh start and usually is completed in
4-6 months. Chapter 7 relief is short-term, whereas Chapter 13 takes
a longer time to obtain full relief. You still may be able to save
your home or motor vehicle in a Chapter 7 under certain
Do I qualify to file
bankruptcy? Call or Contact Us to find out Now!
Law Firm of William P. Drew
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Real Estate | Estate Planning
| Bankruptcy |
Licensed to practice law in Illinois, all
Illinois courts, and the northern district of Illinois, Federal
Court. Licensed to practice in the Northern
District of Indiana, Hammond Federal Court.
William P. Drew III - Counselors at Law
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