Bankruptcy FAQ: In this article, our Illinois bankruptcy attorneys answer questions that are frequently asked about bankruptcy. Bankruptcy is a legal process designed to help individuals and corporations liquidate or restructure their debts. Most consumers will file either a Chapter 7 or Chapter 13 bankruptcy. The other types are generally for corporations, farms, and even governmental entities.
In this article, we discuss the likelihood of an increase in personal bankruptcy filings in Illinois due to the continued economic fallout from Covid-19. We will answer the following questions: what is preventing the filing of bankruptcies that should be happening now?, what factors might increase the likelihood of bankruptcies in 2021?, what bankruptcy options will be available for consumers in 2021?, and what steps can be taken now to improve my bankruptcy outcome?
In this article, we’ll discuss unsecured debt and Chapter 13 bankruptcy in Illinois and answer the following questions: what types of debt are covered under Chapter 13 bankruptcy?, how much does income factor into Chapter 13 bankruptcy?, and what is the “Best Interest of Creditors Test?”
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Consumer Defense FAQ: This article explains the Fair Debt Collection Practices Act and tackles some of the frequently asked questions our Consumer Defense attorneys receive about the laws that shield you from debt collectors, protect the integrity of your credit report, and punish those that violate those laws. Three main statutes that create this Consumer Defense area of law are the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, and the Fair Credit Reporting Act.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
In this article, we explain the Chapter 7 Bankruptcy process in Illinois. We will explain the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, how to determine if Chapter 7 Bankruptcy is right for you, how to file for Chapter 7 Bankruptcy, what to expect from the First Meeting of Creditors, and what happens after the First Meeting of creditors in a Chapter 7 Bankruptcy case.
When your bankruptcy petition and schedules are filed, the court will schedule a meeting with the trustee called the First Meeting of the Creditors. Although notice of this meeting is sent to everyone you list as a creditor in your petition, it is extremely rare for a creditor to actually attend.
In Chapter 13 bankruptcies, debtors pay some or all of their debts over the course of either three or five years according to a repayment plan. In this article, we will explain how Chapter 13 bankruptcy repayment plans work, define the different classes of creditors, explain how each class of creditor must be treated under the repayment plan, and explain how the length of the repayment plan is determined.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
In this article, we discuss Chapter 7 Bankruptcy In Indiana and answer the following questions: what Is Chapter 7 Bankruptcy?, how To Determine Eligibility of Chapter 7 Bankruptcy In Indiana?, what Are The Benefits And Drawbacks of Chapter 7 Bankruptcy?, what Is A Reaffirmation Agreement In Chapter 7 Bankruptcy?, what Debts Cannot Be Discharged In Chapter 7 Bankruptcy?, and what Happens After Chapter 7 Bankruptcy, In Indiana?
In this article, we discuss the pros and cons of Chapter 11 bankruptcy in Indiana and answer the following questions: What Is Chapter 11 Bankruptcy?, How Is Chapter 11 Bankruptcy Different From Chapter 7 Or Chapter 13?, Is Chapter 11 Bankruptcy A Good Option For Businesses In Indiana?, and How Can I Get The Most Out Of Chapter 11 Bankruptcy?
In this article, we discuss debt collection practices in Indiana and cover a step by step process that a business could use to collect on its accounts receivable. Read the full article to see our 7 steps on debt collection.
Consumer Defense FAQ: This article explains the Fair Debt Collection Practices Act and tackles some of the frequently asked questions our Consumer Defense attorneys receive about the laws that shield you from debt collectors, protect the integrity of your credit report, and punish those that violate those laws. Three main statutes that create this Consumer Defense area of law are the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, and the Fair Credit Reporting Act.
In this article, we discuss Chapter 20 bankruptcy and answer the following questions: What is Chapter 20 bankruptcy?, What are the benefits and drawbacks of filing only Chapter 7 bankruptcy?, What are the benefits and drawbacks of filing only Chapter 13 bankruptcy?, What are the benefits of Chapter 20 bankruptcy?, and What are the drawbacks of Chapter 20 bankruptcy?
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
Make a consultation reservation online using our online scheduling tool.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
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