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Stop Creditor Harassment - Stop Foreclosure and Repossession - Stop Garnishments
One South Dearborn Street, Suite 2100 - Chicago, IL 60603
Honest & Dedicated Profesionals
800 E. Northwest Highway 7th Floor - Palatine, IL 60074
The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005. Seek the advice of an Illinois law firm with specific long-term experience in Illinois bankruptcy matters. Check references, if possible. A competent Illinois attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.
Contact your creditors to try to work out payment arrangements that you can manage. Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan. Sell as many assets as you can and pay down your debt to a manageable level. Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.
Consumer Bankruptcy Choices in Illinois
Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used. This filing results in a fair distribution of your available nonexempt property to creditors. Unsecured debts are generally discharged. Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13. Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.
U. S. business bankruptcies were up 40% in May of this year, further verifying the depth and breadth of the sluggish economy. Chapter 7 and Chapter 11 are the two most common types of Illinois business bankruptcy choices. With some exceptions, Chapter 7 is a liquidation procedure where the business is closed and all unsecured debt is discharged. Chapter 11 provides for working out an arrangement to pay creditors all or part of what is owed while keeping the company in business.
Last Words on Bankruptcy in Illinois
Illinois residents and businesses continue to suffer, as the State’s economy struggles to recover. If you are considering filing for bankruptcy in Illinois, decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings. Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.” Click here to find Illinois attorney resources in your area.<!--[endif]-->