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’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?”
In this article, we discuss how often you can file for bankruptcy in Illinois and answer the following questions: How long must you wait between filing the same chapter bankruptcy?, How long must you wait between filing different bankruptcies?, Can you get in trouble for filing bankruptcy too often?, and What can you do if your bankruptcy is dismissed?
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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.
Make a consultation reservation online using our online scheduling tool.
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.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
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 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.
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.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
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Monday to Friday
9am - 5pm
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