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...
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...
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...
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 ...
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...
Review: “Patrick has been nothing short of stellar. I've used him for both credit issues as well as real estate contract reviewal. He has shown me quality attention as a client, and made me feel confident that he is doing all ...
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...
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...
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.
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