Highly experienced credit card attorney John D. Ioakimidis has helped his clients for over 25 years erase credit card debt in Chicago, Cook County, DuPage County, McHenry County, Will County, Kane County, and Lake County for over-25 years.
There are various types of debt; credit card debt is one of the worst. If you cannot pay your balances in full and are making minimum or small payments on your credit cards, you end up paying more interest than principal every month. Most credit cards carry high-interest rates to make things worse, which makes it even more challenging to pay off your balances within a reasonable time. If you look closely at your credit card statements, it can take over 20 years to pay off your credit cards if you keep making your minimum payments. This is not a path that leads to financial freedom, but rather, it's a path that forces you to make credit card payments for many years. Credit cards like this arrangement because they collect interest and increase their profits.
Well, there is hope for a more prosperous tomorrow! For over 25 years as debt solutions and bankruptcy attorney, I have been helping people in the greater Chicago area, including Cook, Lake, DuPage County, Kane, McHenry, and Will counties, to erase or drastically reduce their credit debt.
So what can be done about my credit card debt?
Depending on your individual circumstances, I prepare a plan of action that takes into account all of your finances and goals. Credit card debt may be reduced and settled through negotiation with your credit card companies or their collectors. If you have been sued, I can appear in Court and defend the lawsuit or work out a settlement that makes financial sense. In certain situations, I will guide you in trying to get approved for a debt management plan which allows you to pay off your debt over 60 months - usually interest-free. More often than not, it's a combination of things that leads to the best results because most people have more than just credit card debts - such as car loans, mortgages, 401 k loans, personal loans, and other debts. Every situation is different, so each case is handled individually with custom solutions.
If some of your credit card creditors are unwilling to agree to a reasonable settlement and the balances are keeping you in financial distress, federal bankruptcy law gives you the option of erasing your credit card bills in a Chapter 7 bankruptcy. This type of bankruptcy allows you to erase your dischargeable debts and will enable you to keep almost all of your personal property in most cases - including your home and car if you have little equity. You also keep your retirement accounts, IRAs, and pension. In situations where you have a lot of equity in your personal property or home, you can file Chapter 13 bankruptcy and reduce your credit card debt, usually by 90% percent or more in almost all cases. I have successfully helped folks in the greater Chicagoland area for over 22 years get rid of the burden of debt that never seems to get paid off. You can be assured that you will have one of the most experienced bankruptcy attorneys in Illinois on your side if I am representing you.
If it is challenging to make ends meet and your credit card bills and other debts are holding you back, bankruptcy is an excellent option because it puts you in a much better position financially once you finish your case. In almost all cases, your credit score will improve after your bankruptcy has been completed. Credit card companies do not want you to know that their life after bankruptcy.
Credit card companies are in the business of making money off high-interest rates. If you are having financial difficulties, these lenders do very little to help you voluntarily. If you make late payments, they report you to the credit bureaus and ruin your credit score. The relationship between you and your credit card lenders is balanced in favor of them by allowing them to charge high-interest rates, late fees, and can ruin your credit. Well, for credit card lenders who are unreasonable, the United States Constitution provides you with the right to use federal bankruptcy laws to protect your property, assets, and wages.
So what is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 and Chapter 13 are the two consumer options available for those who need debt relief. In Chapter 7, your credit card bills are erased, and you get a fresh start. The idea of Chapter 7 bankruptcy is to get rid of your bad debt, keep your personal property in almost all cases and start a new financial future without being tied down to the past. Once the case is filed, all collection activities, including lawsuits, will stop, and your creditors are not allowed to contact you in any way. Within 3 or 4 months after filing your case, your dischargeable debts like your credit cards will be erased, and you can move on with your life.
If you have substantial equity in your property or home, you may have to file for Chapter 13 instead of Chapter 7 bankruptcy. In this type of bankruptcy, your credit bills and other unsecured debts may be reduced by 90% or more. A Court approved payment plan provides that you can take up to 5 years to pay off your drastically reduced debt - generally with zero interest. It is very common even if you have to file Chapter 13, you will end paying nothing to certain credit card lenders because they just write-off the don't get involved in your bankruptcy,
Whether you qualify for a Chapter 7 or Chapter 13 depends on your economic situation. Both consumer options give you leverage to deal with your credit cards much more aggressively because you have many rights under federal bankruptcy law and the State of Illinois laws. As a Chicago bankruptcy lawyer with 25 years of experience, I have the real-world knowledge to determine if you should file a Chapter 7 or Chapter 13 with having been the lead bankruptcy lawyer in over 700 bankruptcy cases over the last 25 years.
Can I get credit cards after filing Bankruptcy?
Yes, you can get credit cards after bankruptcy. You can even purchase a car, home, or other property. I have seen firsthand over the last 22 years my clients rebuild their credit after bankruptcy. It's not difficult to do. With my guidance and a little effort on your part, you will be on your way to fixing your credit again. You will be pleasantly surprised when credit card companies will send you offers even before completing your Chapter 7. In Chapter 13 bankruptcy, you will usually start receiving credit card offers once you complete your case. For creditors who are unwilling to compromise, bankruptcy levels the playing field giving you another chance to take control of your finances.
How do I start?
Call me for a free consultation at 312-229-5500 or contact me online to discuss your options of erasing your debt and taking control once again. Whether it's negotiating with your credit card lenders to settle your debt, defending you in Court, or representing you in bankruptcy, you can feel confident that you are being represented by one of the most experienced bankruptcy attorneys in Chicago and Cook. Lake, DuPage, Will, McHenry, and Kane Counties. Once the weight and burden of debt are erased or settled, it will positively transform your life.