Bankruptcy FAQs

What is Secured Versus Unsecured Debt?
Secured debt is debt that is tied to your property with the creditor possessing a “lien” on such property. Conversely, unsecured debt is not tied to any property. The most common examples of secured debt include mortgages and car loans, whereas the most common examples of unsecured debt include credit cards, medical bills, and personal loans.
Our house is paid off, but our other debts are too much. My wages are being taken, and now we are being sued. Can I go bankrupt and still keep my house?
Yes, you can. Filing for bankruptcy can stop people who have won in court from taking your home, wages, or other things you own. It gives you the chance to sort out your money issues and keep your house.
Can bankruptcy stop the IRS or the Illinois Department of Revenue from collecting?
Yes. Bankruptcy stops all debt collection, including by the IRS and the Illinois Department of Revenue. Sometimes, Chicago bankruptcy lawyers can help eliminate interest, penalties, and old tax debt with IRS debt negotiation services.
Will I Be Able to Buy a Car or House if I File Bankruptcy?
After your meeting of creditors occurs (about a month after the case is filed), you can start looking for a new car if a lender is willing to lend to you. There are many car finance companies that lend to people right out of bankruptcy or after the meeting of creditors and will sometimes need court approval. The same goes for purchasing a house and finding a lender willing to give you a mortgage.
I pledged my personal items to get a loan. Can I keep my stuff if I file for personal bankruptcy?
Yes, you can file bankruptcy on the loan, obtain debt relief, and still keep exempt property. However, this is only the case if you did not use the loan to buy the items you pledged.
Can bankruptcy help me if I am behind on my house or car payments?
Yes, if you are behind on payments for things like your house, car, or student loans, bankruptcy can allow you to catch up. You can spread these payments over up to 60 monthly installments.
Can filing for bankruptcy stop a foreclosure?
Yes, it can. It might even give you up to five years to repay any mortgage arrears owed to the lender or mortgage company.

Client Reviews

I am honored to provide such a financial relief feedback for this amazing blessing whose name is Atty. Wonais. There is so much I could share endlessly about his superb knowledge and service that he offered me as his...

Val B.

I was referred to them, and this has been the best decision I have ever made. I never been this confident in a person like I am with John. He heard my needs and wants, he made it possible to give me that. Excellent...

Nicole Murray

This office and staff was amazing. I was referred to John from my best friend and as soon as I reached out he was very prompt on getting back to me and helping. From start to finish the process was amazing stress free...

Kierra Smith

So one night I went online looking for advice on google and John came up and I called him on the weekend late evening and he happened to answered which was awesome. John helped me out with my situation he gave me amazing...


John took me on as a client with no problem. He was very understanding, passionate, helpful and available every step of the way. Trust me I am a very happy client, I definitely recommend John.

Jessica Burton

John did a wonderful and seamless job with my case-he handled everything properly and was very timely in all of his communication. He is professional and reliable. I would highly recommend him to anyone who may have to...

Ashley I.

I had a great experience with Wonais Law, LLC. John is very patient and replies right away to any questions or concerns that you have. I would recommend his services to anyone.

Erika Sing

Get in Touch

Fill out the contact form or call us at (312) 883-5422 to schedule your free consultation.
  1. 1 Free Consultation
  2. 2 Available 24/7
  3. 3 Plan for Your Future Today

Leave Us a Message