Derrick B. Hager, PC

Welcome to our bankruptcy law firm, a Federally designated Debt Relief Agency under the Bankruptcy Reform Act. We are dedicated to representing individuals and families in need of financial restructuring through Chapters 7 and 13 under the Federal Bankruptcy Code. Our mission is to help you and your family get to a place in life where you are free to prioritize your children, your significant other, and saving for the future without the stress and hardship of overwhelming and relationship-destroying debt. We have handled thousands of bankruptcy law cases and have helped people and families with consumer bankruptcy law in Aurora, Batavia, Carol Stream, Downers Grove, Elgin, Elmhurst, Geneva, Glen Ellyn, Lisle, Lombard, Naperville, St. Charles, South Elgin, Warrenville, West Chicago, Wheaton, Winfield, and the surrounding towns, areas, and counties.

Our Services

We specialize in providing bankruptcy law services for consumers, which include people whose debt is primarily personal debt accumulated due to the purchase of consumer goods rather than business debt. For consumers, there are two types of bankruptcy relief available: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy, often referred to as the "classic" or "traditional" form of bankruptcy, is a process where an individual or a married couple filing jointly, asks the federal bankruptcy court to issue a final court order permanently enjoining his/her/their creditors from attempting to collect the debt owed. The "Order of Discharge" is the ultimate goal in both a Chapter 7 and a Chapter 13 bankruptcy case, which terminates lawsuits, wage garnishments, accruing interest, late fees, and overlimit fees. In just 90 to 100 days after filing a petition in bankruptcy, the net result is a Discharge of your unsecured debt, allowing you to move forward without the pressure and disruption of collection efforts, permitting you to save for the future and EARN A FRESH START.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy, often referred to as a "customized" or "adjustment of debts for an individual with regular income" bankruptcy, is a process where a "Plan" is proposed to pay money into a general pot over 36-60 months to be distributed by a managing "Trustee". The Trustee is charged with the responsibility of distributing money from the general pot to priority creditors in full (past due income taxes, property taxes, past-due house payments, etc.) and the remainder, on a pro-rata basis, to one's unsecured creditors. When all the payments have been made and all the money is distributed according to the Plan, the bankruptcy court issues a final court order permanently enjoining the unsecured creditors who received less than 100% of what they were owed from attempting to collect the difference. While making payments into the Plan, the unsecured creditors are prohibited from charging interest, late fees, and overlimit fees. The payments they receive through the Trustee's distribution are applied 100% toward principal.

Pre-Bankruptcy Planning

Before filing for bankruptcy, it is crucial to engage in pre-bankruptcy planning. Our team of experienced bankruptcy attorneys will guide you through this process, which includes a thorough analysis of your financial status, determining your eligibility for bankruptcy, gathering all the necessary documents and information for your consultation, and advising you on post-discharge credit restoration and avoiding bankruptcy in the future.

Avoiding Bankruptcy

While bankruptcy may seem like the only option for some individuals and families struggling with debt, it is important to consider all available options. Our team of experienced bankruptcy attorneys can help you explore alternatives to bankruptcy, such as negotiating with creditors, creating a debt management plan, or seeking credit counseling.