Useful Facts About Illinois Bankruptcy Laws

Bankruptcy is a legal process that provides relief to individuals and firms in a financial crisis; it also protects their creditors to the maximum extent possible. In this process, the debtor's assets and liabilities are assessed. This provides a structure within which the debtor is allowed to keep some property and sell off others to pay off the debt. Bankruptcy can offer a fresh beginning after a troubled time in life, but it should be considered the last resort for those individuals or firms who are facing a financial crisis.

Filling Chapter 7 or Chapter 13 Bankruptcy is a courageous step forward taken to save oneself from further financial challenges, and a qualified Bankruptcy lawyers in Chicago can generally handle these issues very well. Additionally, they’ll have answers to the many questions running through your mind if you’re stuck in a financial crisis.

Know The Facts About Illinois Bankruptcy Laws

Knowing the facts about bankruptcy in Illinois will help calm your anxiety somewhat and help you understand what to expect in a given bankruptcy case. Here are a few basics about bankruptcy, which your Chicago bankruptcy attorney can explain more in detail:

There are four types of bankruptcy in Illinois under the Bankruptcy Code:

·         Chapter 7: This is also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available. In Chapter 7, all eligible assets are liquidated to settle as many debts as possible while the remaining ones are discharged.

·         Chapter 11: This is known as corporate bankruptcy; it typically allows corporations to carry on operations while they attempt repaying their debts.

·         Chapter 12: This is aimed solely at the rehabilitation for family farmers and fishermen.

·         Chapter 13: This is a loan repayment plan for individuals with a regular source of income.

Your attorney can help you determine which Chapter would best fit your situation.

The following are the benefits that you may experience when filing for bankruptcy with help from your bankruptcy attorney in Chicago:

·            You may get a ‘discharge of debts’, which means that you are exempted from paying any or all of your debtors.

·            Your assets may be exempted from foreclosure and you may be given a chance to catch up on the arrears of the payments.

·            If any of your assets have been repossessed, the court might pass an order for them to be returned to you.

·            It will get you relief from creditor harassment.

Armed with this information, you can better evaluate your situation. Being aware is like being armed. You are better prepared now to face the tough times and achieve financial freedom.

Chang and Carlin, LLP focuses primarily on helping people file Bankruptcy in Illinois. They’re very knowledgeable in the practice of Bankruptcy Law and have helped thousands of clients over eliminate debt. Contact us today at 1-866-790-8601 and discuss your situation in a FREE Bankruptcy Consultation.

How To Choose A Bankruptcy Lawyer

Bankruptcy is a federal court process that helps individuals and firms get rid of their debts. For anybody who is in a financial crisis, the obvious solution is to look for a good bankruptcy lawyer. While there are many bankruptcy lawyers in Chicago, it can be difficult to find a good one.

Your choice of bankruptcy attorney will have considerable impact on the outcome of your case, including what debts you are able to release, what property is safeguarded from insolvency and how you are able to rebuild your finances and credit history after the bankruptcy. This makes it a very delicate decision. However you only need to pay attention to a few important pointers and you’ll likely find the right bankruptcy lawyer in Chicago.

Choosing a Chicago Bankruptcy Attorney: 7 Steps

1. Bankruptcy proceedings may be complicated and will have an impact on your future. It is well worth your time and money to ensure that the attorney you are choosing is experienced with a solid track record of success.
2. While selecting a bankruptcy lawyer, it is important to ensure that the bankruptcy lawyer works for a medium sized law firm. This is to avoid the pitfalls that might arise from hiring a one-man law firm. In such a firm, the lawyer may be over-burdened with cases and short on resources. On the other end of the spectrum, a large law firm may treat you a number, and not treat your case with the care and sensitivity you deserve due to high volumes of work.
3. Your level of comfort with the bankruptcy attorney in Chicago is an important factor. You should be able to trust your attorney and be able to communicate and interact with them effectively.
4. You are going through troubled times. An experienced lawyer will know well how to put you at ease and guide you through this time with compassion. On the other hand, you should be able to respect this person’s knowledge and experience. This is the person who will help you attain financial freedom.
5. Make sure that the lawyer offers you a Free Consultation in the law office during which you can evaluate their disposition towards you and your situation, while assessing whether their fees will fit into your already weakened finances.
6. A good Chicago bankruptcy attorney should explain the pros and cons of each step that you take in accordance with the plan of action that you both formulate.
7. The easiest and most sure-fire way of having a good experience with filing your bankruptcy is to go with a lawyer recommended by your friends or families who have used their services in the past with satisfactory results. Checking out online reviews is another good way of gauging the quality of a given attorney.

If you keep these pointers in your mind while looking for an experienced bankruptcy attorney, you can feel good about your decision. If you are looking for reputed bankruptcy lawyers in Chicago, try Chang and Carlin, LLP.