Aurora Bankruptcy Lawyers

Bankruptcies Rise in Aurora

Outlook Grim for Recovery in Aurora

Auto dealership closings and homebuilder bankruptcies are in the news these days in Aurora.  Residents here continue to look for signs of recovery, but the outlook remains grim in the near term.  U.S. bankruptcy filings in 2008 hit record levels with over 56,000 in Illinois alone, and over 97% of those filed by consumers.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Steps to Filing Your Bankruptcy in Aurora

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 a Aurora law firm with specific long-term experience in Aurora bankruptcy matters.  Check references, if possible.  A competent Aurora 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.

Chapter 13 or Chapter 7 Bankruptcy in Aurora

Generally, all consumers considering bankruptcy in Aurora will file either a Chapter 7 (liquidation) or Chapter 13 bankruptcy.  Chapter 13 provides for your creditors to be paid back all or a portion of the debt owed, over a period of three to five years.  Chapter 13 is often used in Aurora to prevent a foreclosure of a home or repossession of a car.  Aurora filers who do not pass the Chapter 7 “means test” will be required to file Chapter 13 or remove themselves from the bankruptcy process entirely.

Property Exempt from Bankruptcy in Aurora

Certain property, or values of property, is exempt from being included in the debtor’s estate and these exemptions vary from state to state.  Some states have their own set of exemptions which replace the federal list, and other states allow you to choose between the state or federal list of exemptions.  The exemptions, which change frequently, vary widely from jurisdiction to jurisdiction and understanding your options is a very important aspect of evaluating your position.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Aurora, IL.

There May Be Alternatives to Filing Bankruptcy in Aurora

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.

Your Bankruptcy Filing in Aurora – Last Thoughts

Aurora residents continue to suffer, as the State’s economy struggles to recover.  If you are considering filing for bankruptcy, decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court warns that “Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.”    Click here to find Aurora attorney resources in your area.