Stuart Handelman Open for Business Open for Business
Attorneys that have confirmed to Avvo that they are open during this time are marked "Open for business" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Virtual Consultation Virtual Consultation
Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.The Law Offices of Stuart B. Handelman
30 N. Michigan Avenue, Suite 1603, Chicago, ILYou have options!Practice area72% Bankruptcy and debt, 28% Debt settlementCostFree Consultation 60 minutesLicenseIL, Active since 1987Joseph Wrobel Virtual Consultation Virtual Consultation
Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Joseph Wrobel, Ltd. - LOOP OFFICE
10 Chicagoland locations, 111 West Washington Street # 1051, Chicago, ILDon't be afraid of Bankruptcy. If you need it, it could change your life. Free Initial Consultation.Practice area34% Bankruptcy and debt, 33% Chapter 7 bankruptcy, 33% Chapter 13 bankruptcyCostLicenseIL, Active since 1973Karen Porter Porter Law Network
230 W Monroe St Ste 240, Chicago, ILThe Porter Law Network provides excellent legal representation for individuals and businesses.John Ioakimidis Open for Business Open for Business
Attorneys that have confirmed to Avvo that they are open during this time are marked "Open for business" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Virtual Consultation Virtual Consultation
Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.John Ioakimidis, Esq.
Triangle Plaza- West Tower - Near O'Hare Airport, 8700 W. Bryn Mawr Ave., Suite 1300, Chicago, ILI value my clients and aggressively defend their rights. I strive to resolve issues quickly with the least amount of expense. Usually, by the end of the case, my clients consider me not only as their lawyer, but also as their friend. I am licen...Practice area100% Bankruptcy and debtCostFree Consultation 15 minutesLicenseIL, Active since 1994Peter Geraci Geraci Law LLC
55 E. Monroe St. #3400, National Headquarters, Chicago, ILPeter 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...Jessica Bentz Bentz Holguin Law Firm, LLC (Main Office Location)
100 N. Lasalle Street, Suite 1600, Chicago, ILMake The Choice & Leave Your Debt Behind FREE Debt Analysis - Let our Experience Work For You!Christine Thurston Christine Thurston
208 S. LaSalle, Suite 1410, Chicago, ILBreathe. You've just found a solution.Raffy Kaplan Kaplan Bankruptcy Firm, LLC
25 E Washington St Ste 1501, Chicago, ILThere's Light Ahead. For the past 48 years, consumer bankruptcy has been the firm’s only business.Edwin Feld Edwin L. Feld & Associates, LLC
1 N La Salle St Ste 2250, Chicago, ILOur 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...Joel Schechter Law Offices of Joel A. Schechter
53 W Jackson Blvd, Suite 1522, Chicago, ILReview: “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 ...Ariel Weissberg Weissberg & Associates, Ltd.
401 S La Salle St Ste 403, Chicago, ILLongstanding relationships with our clients. We can help. For a free consultation, callPractice area34% Bankruptcy and debt, 33% Corporate and incorporation, 33% BusinessCostFree Consultation 60 minutesHourly Rates, $400-$450/hourContingency 33%-50%Retainer AlwaysPro Bono 10%LicenseIL, Active since 1979Richard Fonfrias Fonfrias Law Group, LLC.
125 South Wacker Drive, Suite 300, Chicago, ILRich Fonfrias is a respected Financial Rescue and Bankruptcy Lawyer based in Chicago, Illinois. He has practiced law for 13 years and has in-depth experience helping families and business owners overcome serious financial problems. Rich represents...David Leibowitz Lakelaw
3438 N Elaine Place - Suite 4, Chicago, ILLaw 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...Justin Storer Law Office of William J. Factor, Ltd.
105 W. Madiston St., Suite 1500, Chicago, ILI've got experience in bankruptcy (and bankruptcy litigation, and bankruptcy appeals), foreclosure defense, tax negotiation and repayment plans, citation defense and asset protection. Complicated things happen. If I can help, I will.William Factor Factor Law
105 W Madison St, Chicago, ILReview: “Mr. Factor and his staff worked tirelessly and sacrificially to help our non-profit navigate the mires of legal proceedings of fraud against the organization and subsequently, bankruptcy. Throughout the years of represent...Kevin Chern Sanguine Strategic Advisors LLC
1544 W. HENDERSON STREET, CHICAGO, ILMr. Chern is the former Managing Partner of UpRight Law. He has practiced exclusively in the area of consumer protection law for over 20 years. As a Managing Partner of two of the country’s premier consumer bankruptcy law firms, under Mr. Chern’s...Kenneth Walton The Walton Law Firm
River Point, 444 W. Lake Street, Suite 1700, Chicago, ILAs 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...Tina Tran Needle & Thread Law LLC
208 S. Jefferson St., Suite 204, Chicago, ILTina T. Tran (known to her close friends as Ty) is a second-generation Vietnamese American. As an ardent social justice advocate, Tina is committed to providing accessible, affordable, and affirming legal support and advocacy to people of all back...Matthew McClintock Goldstein & McClintock, LLLP
111 West Washington Street, Suite 1221, Chicago, ILReview: “Matt represented my design company in its capacity as a member of the Official Committee of Unsecured Creditors and a major creditor in a large commercial bankruptcy case. Through the sale of non-core assets and a subseq...
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.