Heller & Richmond, Ltd.
                                                                                       33 N. Dearborn St. Suite 1907
                                                                                       Chicago, IL 60602
                                                                                       312-781-6700
                                                                                       MRichmond@Hellerrichmond.com

 

Sitemap
  1. Home
  2. Bankruptcy Overview     
  3. Effects of Bankruptcy on Your Credit
  4. Obtaining a Mortgage After Bankruptcy
  5. Bankruptcy & Divorce
  6. Bankruptcy for the Elderly
  7. Bankruptcy vs. Debt Consolidation Programs
  8. Fair Debt Collection Practices Act (FDCPA)

1. Chicago Affordable Bankruptcy Lawyers
Experienced Illinois Bankruptcy Attorneys Offer You a 'Fresh Start' Are you out of a job, far behind on your bills and seeking debt relief advice you can afford?

At Heller & Richmond, Ltd., our Chicago affordable bankruptcy attorneys guide you through the Chapter 7 or Chapter 13 process in healthy, painless ways. Not with quick fixes such as debt consolidation or payday loans, but with sound bankruptcy protections that are "on the books" for a reason: to help hardworking breadwinners and providers just like you.

We serve individual, family and corporate clients in Chicago metro and suburban communities such as Skokie, Schaumburg, Wheeling, Waukegan, Aurora, Joliet and everywhere in between. We know the people of our region. We listen to your problems and work hard to solve them. As a law firm descended from a family of law offices, with roots in the 1950s, our professional and emotional investment in our clients is well established. Our skilled legal services come from our family to yours.

Sound Guidance Throughout the Legal Process — From Our Family to Yours Heller & Richmond's Chicago bankruptcy lawyers have one goal: to help you get out from under the burden of overwhelming debt and move forward into a brighter future. That might be accomplished through a Chapter 7 bankruptcy and liquidation. Or, Chapter 13 debt reorganization may be the better choice. For struggling small-business owners, it may be time to consider business bankruptcy.

Our clients include people from all backgrounds, occupations and age groups. We help families explore bankruptcy for elderly relatives. We counsel couples on issues of bankruptcy and divorce. Whatever the circumstances that have led you to seek a lawyer's advice, you can be sure that the team at Heller & Richmond will understand and give you the honest advice you deserve.

We can help you put an end to creditor harassment and threats of foreclosure. You do not need to feel like a prisoner to your financial circumstances. We can help you confront the situation and take charge of your future.

Attorneys at Heller & Richmond, Ltd. The legal team at Heller & Richmond, Ltd., is ready to help you explore your debt relief options. For a free consultation, please call us at 312-781-6700. You can also contact our Chicago law firm online.

We offer reasonable rates of flexible payment options that fit your needs.


 2. Chicago Chapter 7 and 13 Bankruptcy Lawyers Why Pay More? Talk to an Illinois Business Bankruptcy Lawyer If your Greater Chicago family or small company has fallen on hard times, you need sound advice from a legal professional you can depend on — someone you can trust to show you the way to a brighter future.

You can find those professionals at Heller & Richmond, Ltd. We have served Chicago and surrounding communities such as Schaumburg, Skokie, Wheeling, Waukegan, Joliet and everywhere in between for more than 30 years. We want our experience, wealth of knowledge and excellent reputation for results to be calming and comforting for you at a difficult time. Our services are also affordable. Our commitment to flexible payment plans and reasonable rates for our services is as solid today as it was decades ago.

Our Areas of Practice — Affordable Bankruptcy Representation for Greater Chicago Our experienced Chicago bankruptcy attorneys educate you on, and guide you through, all possibilities for debt relief, including:

By filing bankruptcy, you can stop wage garnishments and creditor harassment, as well put a stop to repossession and foreclosure.

From the start to the finish of the important work we undertake with you, you will always have the facts you need for sound decisions, and every available legal option at your disposal. We warn you against debt consolidation programs and other quick fixes that don't offer practical, lasting debt relief. We go to court with you if an irregularity in your bankruptcy requires litigation. The full-service nature of our firm means that there is no bankruptcy practice area we cannot handle. Whether you are struggling with medical bills or credit card debt, are going through a divorce or are having other challenges, we will be there for you.

We bring the benefits of that comprehensive command of our field and deliver it from our family to yours.

Contact Our Chicago Chapter 7 and 13 Bankruptcy Attorneys for a Free Consultation The legal team at Heller & Richmond, Ltd., is ready to help you explore your debt relief options. For a free consultation, please call us at 312-781-6700. You can also contact our Chicago law firm online.


 3. Bankruptcy and Credit — Chicago Bankruptcy Attorneys Setting You Up for Success Most people are concerned about how a bankruptcy filing will affect their credit. One thing to remember is that if you are in a position where bankruptcy is a realistic option, your credit score has already taken some major hits from late payments, excess date and other factors. It is true that bankruptcy affects your credit, but over the long term it is designed to improve your score, not harm it.

With the help of the Chicago bankruptcy attorneys at Heller & Richmond, Ltd., you can use bankruptcy to clean up your finances and get a fresh start. With time and effort, you can repair your credit and move forward. Our affordable bankruptcy services are designed to help you every step of the way.

Our Chicago lawyers can help you understand bankruptcy and credit. Please call 312-488-1178 or toll free 888-326-8794 for a free consultation. You can also contact our Chicago law firm online.

How Bankruptcy Affects Your Credit Credit scores are based on dozens of factors, but two of the most important are the amount of outstanding debt you have and your history of making payments. Bankruptcy relates to these factors and many others. 

Chapter 13 bankruptcy addresses your overall debt and your payment pattern:

  • Reducing debt: A Chapter 13 plan provides you with a three- to five-year payment schedule. Your payments are applied to principal and no further interest is charged. Making your payments thus quickly improves your debt-to-income ratio.
  • Consistent payments: By adhering to your repayment plan, you will build a pattern of consistent, timely payments to your creditors.
Chapter 7 bankruptcy does appear on your credit report for 10 years. However, your credit will not be impacted for that entire time. By completely eliminating debt, this form of bankruptcy greatly improves your debt-to-income ratio. In fact, most people are eligible for a mortgage after bankruptcy after only two years have elapsed from the date of discharge.

Experience You Can Trust The lawyers at Heller & Richmond, Ltd., have helped thousands of clients get back on their feet through bankruptcy. We can advise you in detail about how your credit will be impacted by bankruptcy, and more importantly, how you can rebuild your credit. Bankruptcy is not an end point. It is a new beginning for you and your family. We can help you make the most of it.

Contact Our Chicago Bankruptcy Lawyers for a Free Consultation Do not believe everything you hear about bankruptcy and your credit. Get the facts from an experienced attorney by calling Heller & Richmond, Ltd., at 312-781-6700. You can also contact our Chicago law firm online.


 4. Mortgage After Bankruptcy in Illinois — Chicago Attorneys Helping People Get Home Loans After Filing Bankruptcy One of the greatest myths about bankruptcy is that it is impossible to get a mortgage after filing for bankruptcy. That belief keeps people from filing even when they are in serious need. The truth is, bankruptcy shows lenders that you are taking control of your situation. It lowers your outstanding debt. Within two years after filing bankruptcy, many people become eligible for mortgages.

At Heller & Richmond, Ltd., we provide full-service bankruptcy representation to people throughout the Chicago metro and suburban areas. Over our many decades of experience, we have worked with thousands of clients who were concerned about life after bankruptcy. Getting a mortgage is often tops on the list of concerns. Our Chicago bankruptcy lawyers have excellent relationships with many mortgage lenders, and we understand these situations from the lender's viewpoint. We are ready to educate you about what lenders look for and how you can make yourself an attractive candidate for a home loan following bankruptcy.

Steps That Can Lead to a Successful Post-Bankruptcy Mortgage Application
  • The first step to getting a mortgage after bankruptcy is simply to realize that it is possible. Get rid of the idea that no one will lend money to you.
  • Secondly, honor the terms of your bankruptcy. If you filed Chapter 13, make your payments on time and in full. 
  • Third, clear up your credit. It typically takes two years to qualify for a home loan after your bankruptcy discharge. Use that time to clear up and build credit. For many people, getting a credit card and paying it off in full each month is a good way to start.
  • Fourth, make sure you can establish a record of income. Lenders will want to see that you have steady income for at least the last six months.
Federal Housing Administration (FHA) Loans The FHA is usually flexible with bankruptcy filers. Often, these loans require a down payment of 3.5 percent or less. If you filed Chapter 7 bankruptcy and have maintained perfect credit since the date of the discharge, then you could be eligible for an FHA loan two years from the discharge date. If you filed Chapter 13 bankruptcy, you could qualify for a loan after only one year of making your payments. Court permission is required if you are still in repayment.

Just remember, bankruptcy is designed to help you have a better future. It is not a penalty. With hard work on your part and given the right amount of time, getting a mortgage after bankruptcy is very possible.

Contact a Chicago Chapter 7 Bankruptcy Lawyer for a Free Consultation The attorneys at Heller & Richmond, Ltd., can help you understand how mortgage companies view bankruptcy and what you can do improve your ability to purchase a home. Call 312-781-6700 for a free consultation. You can also contact our Chicago law firm online.


 5. Bankruptcy and Divorce Lawyers in Illinois
When Financial and Family Challenges Intersect Domestic situations can lead to financial struggles. Just one example would be when one parent leaves and the other is left to take care of the children without help. Conversely, financial difficulties can lead to major problems in a marriage. One spouse may have accumulated an overwhelming amount of credit card debt, for example. If these or other circumstances have you headed for family and financial hardship, bankruptcy may be an option to consider.

At Heller & Richmond, Ltd., we offer compassionate service and affordable representation for those considering bankruptcy and divorce in Chicago and throughout Illinois. Being burdened with debt is hard enough. Going through a divorce at the same time can be truly overwhelming. Our attorneys understand and will provide you with the caring, honest advice you need to overcome these challenges and move forward into a bright future.

Talk to a Chicago bankruptcy and divorce lawyer about the issues you face. Call 312-781-6700. You can also contact our Chicago law firm online. 

Is It the Right Time to File Bankruptcy? Couples who reach the point where divorce and bankruptcy both become options, their most common question is simply, "When should we file?" The answer to that question depends on your family's unique circumstances. As a general matter, we often recommend filing bankruptcy before filing for divorce. Whether you file Chapter 7 or Chapter 13 bankruptcy, the critical thing is that you are dealing with your debt before getting divorce. That is important for two reasons: 

  • Eliminating the debt issue means there is one less issue that could complicate your divorce
  • While you are still married you can file a joint bankruptcy, which is often more affordable
Understanding the Limitations of Bankruptcy Part of Heller & Richmond's commitment to clients is that we provide honest advice and full information to you. To that end, we want you to know that if you file bankruptcy during divorce proceedings or after, you could still end up being responsible for debts that were assigned to your ex-spouse by the family court. If your name is on a loan, that's all the creditor cares about. If you ex-spouse stops making payments, the creditor can come after you. This is another reason to file bankruptcy before filing for divorce.

You also need to understand that spousal maintenance (alimony) and child support payments cannot be eliminated in bankruptcy. 

Contact a Chicago Bankruptcy and Divorce Attorney for a Free Consultation To schedule a free initial consultation with an experienced Chicago bankruptcy lawyer, please call 312-781-6700. You can also contact our Chicago law firm online. We are ready to discuss the right steps as you think about divorce and debt relief.


 6. Chicago Attorneys Handling Elderly Bankruptcy Filings
Do You Have an Elderly Loved One Who Is Struggling Financially? When financial times get tough, senior citizens have fewer options than those who are younger. Finding another job, working extra hours or working at all may not be possible. Hesitant to ask their families for help, many seniors resort to credit cards to pay their bills. Soon, thousands of dollars in debt piles up and the situation becomes a major problem.

For some seniors, bankruptcy can be used as a tool to rebuild what has become a broken financial situation. The lawyers at Heller & Richmond, Ltd., are devoted to helping people obtain debt relief, and we have served many senior citizens throughout the Chicago area. Our focus is on providing affordable services and helping your elderly loved one move through the process while maintaining his or her dignity and respect. We know these situations are sensitive, and we treat them accordingly. 

To set up a free consultation to discuss your elderly loved one's financial situation with a Chicago bankruptcy attorney, please call 312-781-6700. You can also contact our Chicago law firm online.

Elderly Bankruptcy — What You Should Know About Social Security and Retirement  If your elderly parent or relative is apprehensive about filing bankruptcy, it may be because they think they will lose everything, from their home to their Social Security and retirement income. It is important to know that:

  • Social Security income cannot be touched in bankruptcy. It will not be taken away.
  • Federal exemptions can be used to protect 401(k) accounts, pensions and other sources of retirement income.
What About Other Property? Our Chicago bankruptcy lawyers provide individually tailored advice to each senior citizen client. We often start by explaining bankruptcy exemptions that can be used to allow the senior to keep his or her car and other personal items. Then, we help select the form of bankruptcy. If Chapter 7 is filed, the senior's home could be sold by the trustee if there is equity in the home. We will assess that risk and decide if Chapter 13 would therefore make a better option.

We will also explore potential alternatives to bankruptcy, such as debt negotiation or workouts. Only after meeting at length with your loved one and assessing the situation from all angles will we make a final recommendation about what to do.

Affordable Representation Is Our Hallmark We know that most seniors have little income, so paying for a lawyer may seem scary. Our firm, however, is committed to making our services affordable and accessible. We offer flexible payment options and low rates. Do not let the idea of paying for a lawyer keep you from taking steps to help your elderly loved one get back on track. 

Contact Our Chicago Lawyers With Your Senior Citizen Bankruptcy Questions To learn more about whether bankruptcy may be the right choice for you or an elderly loved one, please call Heller & Richmond, Ltd., at 312-781-6700.  You can also contact our Chicago law firm online.


 7. Bankruptcy vs. Debt Consolidation — Chicago Attorneys The concept of rolling all your debts into one monthly payment can sound appealing. But the reality is that many debt consolidation programs simply do not work. These programs can easily make your financial situation worse, not better.

At Heller & Richmond, Ltd., we focus on one thing: helping people get relief from overwhelming debt and all the hardships it causes. We have found that bankruptcy is often the most useful tool for most people. Occasionally, debt settlements, loan workouts or other alternatives to bankruptcy may be appropriate. But in nearly any situation, debt consolidation is not a wise choice.

For a free consultation with an experienced Chicago bankruptcy lawyer, please call 312-488-1178 or toll free 888-326-8794. You can also contact our Chicago law firm online.

Why Is Bankruptcy Usually So Much Better Than Debt Consolidation? At best, most debt consolidation programs leave people in the same position as before they entered the program. At worse, these programs leave people worse off. Why is that? There are many reasons, such as:

  • Consolidations companies are businesses. They want to make money so they charge high fees that cancel out any interest savings the customer may receive.
  • Consolidation plans are not court ordered. They are voluntary for creditors. 
  • Because creditors do not have to participate, a creditor can demand full payment even while you are enrolled in the program. They can still make harassing phone calls and even garnish your wages.
  • The monthly payments can be massive.
Chapter 13 bankruptcy offers many advantages over debt consolidation:

  • Bankruptcy gives you court protection, so creditors cannot demand full payment.
  • You do not incur any further interest or penalties while in bankruptcy
  • Creditors have to stop harassing you.
  • Foreclosures, repossessions and wage garnishments stop.
  • After you finish the three- to five-year repayment plan, any unsecured debt left over gets eliminated.
Contact a Chicago Debt Relief Lawyer for a Free Consultation To learn more about debt consolidation, bankruptcy and your options for getting your financial life back on track, please call Heller & Richmond, Ltd., at 312-781-6700. You can also contact our Chicago law firm online.


 8. Debt Collector Harassment Attorneys in Chicago
The Fair Debt Collection Practices Act and Its Protections If you are experiencing serious financial difficulty, you have probably received harassing phone calls and letters from your creditors. They demand that you pay your debts immediately and often use threatening or hostile language. This can cause you extra stress at a time when you certainly do not need it. Fortunately, you can get protection from unfair debt collection practices.

Filing bankruptcy can shield you from aggressive debt collectors. At Heller & Richmond, Ltd., we help people deal with debt and all the difficulties that come with it. Many of our clients come to us at the end of their ropes. They have been harassed by calls to their homes, to their offices and even to their neighbors. We use our experience and knowledge of bankruptcy and the Fair Debt Collection Practices Act (FDCPA) to bring relief to our clients.

For a free consultation with an experienced Chicago debt collector harassment lawyer, please call 312-781-6700. You can also contact our Chicago law firm online. We offer affordable representation with flexible payment options.

What Does the FDCPA Do? Essentially, the FDCPA allows debtors to file lawsuits against creditors who violate its terms. When you file for bankruptcy, whether Chapter 7 of Chapter 13, creditors must stop harassing you. When creditors do not stop, as so often happens, the FDCPA gives you rights. Our Chicago bankruptcy attorneys aggressively pursue claims against collection agencies and debt buyers who continue to engage in behaviors such as:

  • Disclosing your debts to third parties, such as your neighbors or relatives
  • Threatening to sue
  • Using obscene language
  • Continuing to call after you tell them to stop
First Steps in an FDCPA Case You should notify your creditors that you have hired an attorney. This is another sign to them that they should stop calling you. You should also document the phone calls you receive. Take note of the language used in calls, keep the letters you receive. This all provides strong evidence for your potential claim.

Contact a Chicagoland Bankruptcy Lawyer for a Free Consultation To learn more about how Heller & Richmond can help you put an end to harassment by debt collectors, please call 312-781-6700. You can also contact our Chicago law firm online.

Evening and weekend appointments are available upon request.