Don't let debt get the best of you. If you're struggling with excess credit card debt, medical bills or an unaffordable mortgage, bankruptcy may be an option to eliminate your debts and get your life back in order.
A Chicago bankruptcy attorney can help you explore your debt relief options and examine whether bankruptcy may be the right option for you.
You don't have to struggle with the decision any longer. Simply fill out our free form on this page or call 877-349-1309 to connect with a Chicago bankruptcy lawyer for free.
Personal bankruptcy laws are designed to address debts that have become burdensome and impossible to manage. When you file bankruptcy in Chicago bankruptcy court, you'll have the opportunity to take control of your debt and find a debt relief option that works for you.
Depending on your situation either Chapter 7 or Chapter 13 bankruptcy may be the appropriate option to take. Each chapter is designed to address specific financial situations, and provides different solutions.
Chapter 7 bankruptcy, sometimes called a "straight" bankruptcy, is designed to eliminate credit card debt, medical bills, utility bills and other types of "unsecured" debts.
In general, Chapter 7 cases move relatively quickly—typically coming to a close in just a few months. During that time, bankruptcy laws prevent your creditors from coming after you and trying to collect on debts included in your filing.
In Chapter 7 bankruptcy, debts are "liquidated" by selling some of the filer's assets. However, Illinois bankruptcy laws allow for anyone filing Chapter 7 bankruptcy to keep some eligible property as exempt. Many Chapter 7 filers do not have to part with any property. In Chapter 7 bankruptcy, debts are "liquidated" by selling some of the filer's assets.
In order to file Chapter 7 bankruptcy, your monthly income must fall below the median income for the state of Illinois. A Chicago bankruptcy attorney can help you determine if you pass this means test.
Chapter 13 bankruptcy is designed to help those with valuable assets, such as their home or luxury items, restructure their debts into an affordable repayment plan.
Unlike Chapter 7 bankruptcy, there is no limit on monthly income in order to file a Chapter 13 bankruptcy petition in Chicago.
Chapter 13 bankruptcy creates a monthly plan for secured debts, such as car payments past due mortgage payments. Unsecured debts may be partially or totally eliminated from the plan, depending on what you are able to afford.
To learn more about the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy and which one may help you, connect with a Chicagoland bankruptcy attorney.
No matter what personal bankruptcy chapter you file, you should benefit from the protections of bankruptcy's automatic stay. The automatic stay is a court order that was created to stop collection calls, foreclosure proceedings and debt-related lawsuits, and give you the breathing room you need from creditors.
The automatic stay goes into effect immediately after filing bankruptcy at the Chicago bankruptcy court, and in most cases, may last during your entire case and until you receive your debt discharge.
Looking for bankruptcy court near you? Here's the closest Chicago bankruptcy court locations: 219 S. Dearborn Street (Eastern Illinois Division) and 211 S. Court Street in Rockford (Western Illinois Division).
Ready to take the next step? Get help from a Chicago bankruptcy lawyer near you. Connecting with a local attorney is easy. Just fill out the free bankruptcy evaluation form on this page or call our toll-free number: 877-349-1349.
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