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John Wonais

The founder of DebtPros

Practices Bankruptcy Law

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Client Testimonials

What Our Clients Say

Very fast professional and makes you feel safe from debt I recommend John to anyone

- Wise Guy

Love the service he’s very understanding Five stars he definitely get that from me He helped me and answered every question me and my daughter asked him lol cool dude thanks John for the help and being understanding keep up the good work and continue blessings people with your knowledge and service

- Latoya Jefferson

Extremely helpful. I felt really safe about the process. John is extremely helpful and knowledgeable. Any questions I had were addressed immediately and the entire process was quick and easy.

- Erica Walls

Working with John has been great! From start, to finish, John has been extremely helpful and I really appreciate he and his team! Highly recommend!

- Brittney Moss

John is excellent and answers all my questions in a timely fashion and getting my case filed. I would definitely file bankruptcy with this firm again in the near future when needed. I can now rest assured that I’m doing business with a firm that I can trust and to help me be debt free and get my finances back to where it should be. One of the best firms to do business with.

- Lisa Brooks

About our service

Chicago Bankruptcy Lawyer

Q: Is Chapter 7 bankruptcy right for me?

In Illinois Chapter 7 bankruptcy, qualification depends on a means test comparing income to the state's median. If income is below, qualification is likely. Above, qualification may still be possible after expense deductions. Illinois exemptions protect assets like $15,000/$30,000 home equity, $4,000 personal property, and $2,400 vehicle equity.

Q: Is Chapter 13 bankruptcy for me?

Chapter 13 bankruptcy in Illinois allows individuals with a stable income to reorganize debts over three to five years, keeping their assets unlike Chapter 7. This is beneficial for those needing to catch up on secured debts like mortgages, avoiding foreclosure. Eligibility requires unsecured debts under $465,275 and secured debts under $1,395,875.

Q: How long does a Chapter 13 repayment plan last?

Chapter 13 bankruptcy repayment plans last three to five years. Lower-income individuals may qualify for a three-year plan, extendable to five, while higher-income individuals typically have a mandatory five-year plan. Payments are made to a trustee who distributes them to creditors per the court-approved plan.

Q: What debts are dischargeable in Chapter 13 bankruptcy?

A Chapter 13 bankruptcy enables the discharge of unsecured debts (credit card, medical, personal loans) after completing a repayment plan. However, some debts are non-dischargeable, including domestic support, most student loans, certain taxes, and debts from fraud. Secured debts (mortgage, car loans) require continued payment to retain the collateral.

Q: Will filing for Chapter 7 bankruptcy stop wage garnishments and collection calls?

Filing for Chapter 7 bankruptcy initiates an automatic stay, a court order that temporarily halts most creditor collection actions, offering immediate relief. However, this stay doesn't apply to all debts, such as child support, alimony, or certain tax obligations. Upon successful completion of the bankruptcy and debt discharge, creditors are generally barred from pursuing collection of the discharged debts.

At DebtPros, our bankruptcy attorneys are dedicated to helping you get the debt relief you deserve. Struggling with large amounts of debt can be overwhelming. However, filing for bankruptcy can offer you a fresh start. If you're being harassed by creditors or facing foreclosure, repossession actions, or wage garnishments, contact a Chicago bankruptcy lawyer at DebtPros to regain control of your financial situation.

We have years of experience handling bankruptcy cases. We can assess your case and determine which chapter of bankruptcy is best suited for you: Chapter 7, Chapter 13, or any other applicable chapter.

Unlike other law firms, we provide personalized legal advice tailored to your needs. An attorney who initially evaluates your case will work closely with you throughout the entire case. Trust us to protect your finances and guide you through the complex bankruptcy process.

Explore Bankruptcy With DebtPros

Bankruptcy law helps regain financial stability, but filing a petition under it can be complex and confusing.

For example, you may find relief in Chapter 7 if you have unsecured debts, like credit card debt or medical bills. Others may benefit from Chapter 13, which reorganizes your debt into a more manageable repayment plan.

Our Chicago bankruptcy attorneys can guide you through the complexities of the process and help you make informed decisions about your financial future.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy. It helps individuals and businesses wipe out their unsecured debt. It includes credit card balances, medical bills, personal loans, or any other debt not secured by collateral.

If you're grappling with a mountain of debt, you are not alone. The average taxpayer in Chicago, IL, carries a debt burden of $41,900, ranking second highest in the U.S.

Under Chapter 7 bankruptcy, you may be able to eliminate these overwhelming unsecured debts and get a fresh start.

However, you must pass the means test to be eligible for it. This test compares your income with the median income for a household of your size in Illinois. If your income is below the median, you may qualify for it. If it's above, Chapter 13 bankruptcy might be a better option for you.

Filing for Chapter 7 bankruptcy offers several benefits:

The process is relatively short compared to other types of bankruptcy, typically taking only 4 to 6 months to complete.
It discharges most of your unsecured debts, and the law does not compel you to pay them.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is often called a wage earner's plan. If you have a stable income but are overwhelmed by debt and concerned about losing your assets, like your car or home, Chapter 13 bankruptcy might be a better choice.

It's designed for people with a stable income who can repay their debts gradually over time. It allows you to create a payment plan to repay your debts (or a portion of them) over three to five years. To be eligible for it, you must have enough income left after expenses to meet repayment plan obligations.

Chapter 13 offers several benefits:

It allows you to keep valuable assets that are at risk, like your car and property.
It creates a repayment plan based on your income and expenses, making it more manageable for you to repay your debts over time.
It protects you against the foreclosure or repossession of your assets as long as you make your scheduled payments.

By the end of the repayment plan, you'll be in a stronger financial position as most of your debt will have been eliminated.

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Case Map

Our Process

Our experienced bankruptcy attorneys at DebtPros follow a systematic approach to ensure you receive the best possible outcome for your financial future. While every case is unique, here is a step-by-step guide on how the process typically goes:

Free Consultation

When you schedule a free consultation with our law firm, you can expect a confidential conversation where we learn about your financial situation and discuss your options for debt relief. We gather information about your income, expenses, debts, and assets.

After assessing your financial situation, our experienced bankruptcy attorney gives personalized advice on whether Chapter 7 bankruptcy or Chapter 13 is the best option for you.

Bankruptcy Counseling

Before filing for bankruptcy, you must take a credit counseling course. This course teaches crucial things about money management and the bankruptcy process. It's a legal requirement, and you must complete it with an agency approved by the U.S. Trustee in Illinois. We can take care of everything for you, including enrolling you in the classes, so all you have to do is attend the online classes.

Filing the Petition

Our skilled bankruptcy lawyers can handle all the paperwork, draft a petition, and submit it to the local bankruptcy court on your behalf. We will present your case effectively, so you can start a new chapter of your life, free from debt. We can also prepare this petition virtually, so you don't need to come to the office in person.

Automatic Stay

The moment our Chicago bankruptcy attorney files your bankruptcy case, an automatic stay comes into effect. It is like a shield that stops creditors from directly contacting you or staking a claim on your property. If creditors are harassing you or you're facing foreclosure, the automatic stay can provide immediate relief.

Meeting of Creditors

The meeting of creditors is also known as the 341 meeting. About a month after filing, you will attend a virtual meeting of creditors. In this meeting, you will meet the trustee and any creditors. You'll answer questions about your finances and the bankruptcy filing. To support you, your DebtPros attorney will also join this meeting and accompany you every step of the way.

Completion of a Financial Management Course

You must complete a financial management course to discharge your debt. It helps you navigate your finances moving forward and is a prerequisite for getting rid of your debt. These courses are available online, and DebtPros will make all the arrangements.

Debt Discharge or Reorganization Plan Approval

The final step depends on the type of bankruptcy you file for.

If you file for Chapter 7 and all goes well, the court will issue a discharge order. As a result, it will eliminate most of your unsecured debt. However, in some rare cases, there might be pending litigation objecting to discharge, which might impact the order.

If you file for Chapter 13, the court will approve your repayment plan if it meets the necessary criteria. As a result, you will get a chance to clear your debt over three to five years, allowing you to retain your assets while paying off your debts at a pace you can manage.

Automatic Stay

Meeting of Creditors

Completion of a Financial Management Course

Debt Discharge or Reorganization Plan Approval

The final step depends on the type of bankruptcy you file for.

Practice Areas

Bankruptcy Law

Chapter 7

Chapter 13

Consumer Bankruptcy

Consumer Bankruptcy

Repossession

Asset Protection

Credit Card Debt

FAQ

Frequently Asked Questions About Bankruptcy

These are some of the most frequently asked questions our legal team hears from our personal injury clients. Contact our law office for a free consultation for a specific answer about your case.

Get In Touch

If you have any other questions about the bankruptcy process in Chicago, feel free to get in touch with us.

Is Chapter 7 bankruptcy right for me?

To qualify for a Chapter 7 bankruptcy, individuals must pass a means test comparing their income to the median income for a similar household in Illinois. If their income is below the median, they likely qualify; if above, they may still qualify after deducting certain allowable expenses.

Illinois has its own set of exemptions to protect essential assets from liquidation, such as up to $15,000 in equity in a primary residence (or $30,000 if married and filing jointly), $4,000 in personal property, called the “wildcard” exemption, and $2,400 in equity in a motor vehicle.

Is Chapter 13 bankruptcy for me?

Chapter 13 bankruptcy may be suitable for Illinois residents who have a steady income and wish to reorganize their debts rather than liquidate assets. Unlike Chapter 7, Chapter 13 allows individuals to keep their property while repaying creditors over a three to five year period, based on a court-approved plan. This option is particularly beneficial for those who are behind on mortgage payments or other secured debts and want to avoid foreclosure or repossession. Illinois residents must meet certain eligibility criteria, including having unsecured debts of less than $465,275 and secured debts of less than $1,395,875.

How long does a Chapter 13 repayment plan last?

The length of a Chapter 13 repayment plan is typically three to five years. The specific duration depends on your income level relative to the median income for a similar household in your state. If your income is below the median, you may propose a three-year plan, although it can be extended to five years if necessary to meet the plan’s requirements. If your income is above the median, the plan generally must be for five years. During this period, you will make regular payments to a bankruptcy trustee, who will distribute the funds to your creditors according to the terms of the approved plan.

What debts are dischargeable in Chapter 13 bankruptcy?

Chapter 13 bankruptcy allows for the discharge of many types of unsecured debts, including credit card debt, medical bills, and personal loans, upon the successful completion of the repayment plan. However, certain debts are non-dischargeable. These include domestic support obligations like child support and alimony, most student loans, certain taxes, and debts arising from fraud or malicious conduct. Secured debts, such as a mortgage or car loan, must be paid according to the terms of the plan if you wish to keep the collateral.

Will filing for Chapter 7 bankruptcy stop wage garnishments and collection calls?

Yes, filing for Chapter 7 bankruptcy triggers an automatic stay, which is a court order that immediately halts most collection activities against you. This includes wage garnishments, collection calls, lawsuits, and other attempts by creditors to collect on debts. The automatic stay provided by a Chapter 7 bankruptcy provides temporary relief from financial pressure and gives you the breathing room to proceed with the bankruptcy process.

However, it’s important to note that the automatic stay from your Chapter 7 bankruptcy does not apply to all types of debts. For example, a Chapter 7 bankruptcy typically does not stop actions related to child support or alimony, and certain tax debts may also be excluded. Once your bankruptcy case is completed and your debts are discharged, most creditors will no longer have any legal right to pursue collection activities against you for those discharged debts.

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.

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.

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.

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.

Choose DebtPros to Claim Your Financial Freedom

Call DebtPros today at (312) 883-5422 or contact us online to request a free consultation and start wiping your debt slate clean.

We are a bankruptcy law firm led by John Wonais, a lifelong Chicago resident who knows and understands the city and its unique financial challenges.

We don't shy away from a fight. John Wonais, our lead attorney, proved this by taking a case against the City of Chicago to the United States Supreme Court.

With this level of dedication, we have helped many clients escape different types of debts.

Attorney at Law

Meet John Wonais

Attorney John Peter Wonais is the founder of Wonais Law, LLC, D/B/A DebtPros. Born and raised in the Chicagoland area, John understands the unique challenges people face in Chicago and has a deep-rooted passion for protecting the...