Skip to main content

Chicago, IL Bankruptcy lawyers (1244 attorneys, 3715 reviews)

Compare Bankruptcy attorneys near you. Read reviews and contact them directly.

Filters
  • Joseph Wrobel, Ltd. - LOOP OFFICE
    10 Chicagoland locations, 111 West Washington Street # 1051, Chicago, IL
    Avvo Rating: 9.9  
    Licensed
    Don't be afraid of Bankruptcy. If you need it, it could change your life. Free Initial Consultation.
    Read more

    Practice area
    34% Bankruptcy and debt, 33% Chapter 7 bankruptcy, 33% Chapter 13 bankruptcy

    License
    IL, Active since 1973

  • Bentz Holguin Law Firm, LLC (Main Office Location)
    100 N. Lasalle Street, Suite 1600, Chicago, IL
    Avvo Rating: 8.8  
    Licensed
    Make The Choice & Leave Your Debt Behind FREE Debt Analysis - Let our Experience Work For You!
  • Kaplan Bankruptcy Firm, LLC
    25 E Washington St Ste 1501, Chicago, IL
    Avvo Rating: 8.0  
    Licensed
    There's Light Ahead. For the past 48 years, consumer bankruptcy has been the firm’s only business.
  • The Gunderson Law Firm
    2155 W Roscoe St, Chicago, IL
    Avvo Rating: 10  
    Licensed
    The Gunderson Law Firm
    Read more

    Practice area
    25% Bankruptcy and debt, 50% Real estate, 25% Car accident

    Cost
    Free Consultation
    Some lawyers offer a free consultation to help determine whether their services are right for your legal needs
    60 minutes

    License
    IL, Active since 2006

  • Edwin L. Feld & Associates, LLC
    1 N La Salle St Ste 1225, Chicago, IL
    Avvo Rating: 8.2  
    Licensed
    Our experience is difficult to surpass. We have helped thousands of clients obtain debt relief through a Chapter 7 bankruptcy or Chapter 13 bankruptcy. Attorney Ed Feld has been practicing exclusively in bankruptcy law since 1984. Our experience a...
  • Crane, Simon, Clar & Goodman
    135 S La Salle St Ste 3705, Chicago, IL
    Avvo Rating: 8.5  
    Licensed
    Chicago Bankruptcy Attorney John Redfield has more than 30 years of experience in bankruptcy law. He holds his Masters of Law in taxation and is a certified public accountant. As a bankruptcy trustee, he represented bankruptcy estates and fought t...
  • Donald Hyun Kiolbassa Attorney At Law
    203 N La Salle St Ste 2100, Chicago, IL
    Avvo Rating: 8.8  
    Licensed
    DHK Attorney CPA, is a Law Firm with a Tax Background. Real Estate or Estate Planning have incredible Tax and Legal consequences. We offer a broad range of solutions in these categories, which allow us to give the consumer the best value to help...
  • Law Offices of Joel A. Schechter
    53 W Jackson Blvd, Suite 1522, Chicago, IL
    Avvo Rating: 8.4  
    Licensed
    Review: “several heart attacks, agent Orange medicines, and 2 children attending college, laid off from work and 60 % loss of pension due to employer filing Bankruptcy drain your savings. Mr. Schechter put my financial world back ...
  • Sugar Felsenthal Grais & Helsinger LLP
    30 North LaSalle, Suite 3000, Chicago, IL
    Avvo Rating: 10  
    Licensed
    I focus on business bankruptcy and on other ways of helping businesses in financial distress.  Restructuring and workout tools include chapter 11 business bankruptcy and assignments for the benefit of creditors.  I represent debtors (borrowers) as...
  • Allied Law Counsel
    Thompson Center, P.O. Box 64514, Chicago, IL
    Avvo Rating: 7.0  
    Licensed
    Life has it's challenges and we all go through hard times and the legal system understands this can be the case. This is why we have bankruptcy laws in place to help individuals get financial relief in hard situations. There is nothing anyone shou...
  • Geraci Law LLC
    55 E. Monroe St. #3400, National Headquarters, Chicago, IL
    Avvo Rating: 9.1  
    Licensed
    Peter Francis Geraci is a well-known attorney licensed to practice law in Illinois, Indiana, Wisconsin, Michigan, Florida, New York and California.  He is licensed in those state courts, and also in the United States District Courts for those stat...
  • Ravago & Associates
    5757 N. Lincoln Ave., Suite 28, Chicago, IL
    Avvo Rating: 5.4  Attention 
    Licensed
    One of the things that separates me from other attorneys is my ability to look at the big picture and see how a case may start out as one type of case but has effects in other areas of the law. Many attorneys have only a narrow perspective and can...
  • Lakelaw
    3438 N Elaine Place - Suite 4, Chicago, IL
    Avvo Rating: 10  
    Licensed
    Law Offices of David P. Leibowitz, LLC focuses its practice on trustee and fiduciary matters such as assignments for the benefit of creditors. Mr. Leibowitz also serves as a  mediator and expert witness. He provides services to other bankruptcy la...
  • The Walton Law Firm
    River Point, 444 W. Lake Street, Suite 1700, Chicago, IL
    Avvo Rating: 10  
    Licensed
    As the founding member of the firm, Mr. Walton concentrates his representation primarily in the areas of real estate litigation, real estate transactions, and in state and federal civil litigation. Mr. Walton, is licensed title agent for Attorneys...

BANKRUPTCY IN CHICAGO

How Bankruptcy Works

Bankruptcy provides a safety net for people struggling to pay debt. Once filed, debt collectors and other creditors must stop sending harassing letters, making calls, and pursuing collection lawsuits. The bankruptcy process involves a review of the debtor’s financial situation, including income and property value, to determine whether creditors will receive some portion of what’s owed. Most bankruptcy cases end with the court issuing a debt discharge wiping out qualifying debt.

Types of Bankruptcies

Chapter 7

A Chapter 7 bankruptcy provides a fresh start by erasing credit card balances, medical bills, personal loans, and other qualifying debt. It’s quick—taking about four months to complete—and the filer doesn’t repay creditors through a repayment plan. Chapter 7 filers keep property needed to work and live, such as a modest car and household furnishings. The bankruptcy trustee sells nonessential property for the benefit of creditors.

Chapter 13

Wage earners with enough steady income to repay creditors some portion of what they owe file for Chapter 13. This chapter offers valuable benefits not available in Chapter 7, such as allowing filers to keep all of their property. Filers can also save a home from foreclosure or a car from repossession by catching up on missed payments through the repayment plan. Once complete, the debt discharge erases remaining balances on qualifying debt.

Chapter 11

Chapter 11 helps income-generating companies stay in business, as well as high-earning individuals whose debts are too high to qualify for Chapter 13. In Chapter 11, the filer and creditors create a restructured debt plan the company can afford by agreeing to new terms or reducing amounts owed. Many small businesses and individuals can take advantage of the relaxed, cost-saving Chapter 11, sub-V procedures created especially for them.

Cost of Bankruptcy

A Chapter 7 bankruptcy in Illinois tends to cost $1,500, but it might be more in large metro areas like Chicago. The average Chapter 13 case costs $3,500.

Bankruptcy Pros and Cons

  • Wiping out qualifying debt can help filers live within their means.
  • Filers start rebuilding credit immediately after receiving a bankruptcy discharge.
  • Filers can save a home from foreclosure or a car from repossession, and in some cases, wipe out an underwater residential junior mortgage or reduce secured debt to the value of the collateral.
  • A business owner can restructure debt and save a failing business or, after a business closure, wipe out personal liability for business debt.

  • A bankruptcy discharge doesn’t wipe out recently incurred tax balances, domestic support obligations, student loans, and other nondischargeable debts.

  • The bankruptcy filing will impact the filer’s credit score temporarily and will remain on a credit report for up to ten years.
  • Bankruptcy filers pay higher interest rates on most credit purchases after bankruptcy.
  • Filers will find it difficult to lease property for a year or two after bankruptcy.

For more on Bankruptcy in Illinois, and questions from Chicago, see our free legal advice page.