Chicago has 1166 Bankruptcy and debt Attorneys with 3775 Reviews
![Stuart Handelman Bankruptcy Attorney]( "Stuart Handelman headshot")
Stuart Bradley Handelman
Open for business Open for businessAttorneys 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 ConsultationAttorneys 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 1987![Joseph Wrobel Bankruptcy Attorney]( "Joseph Wrobel headshot")
Joseph Wrobel
Joseph Wrobel, Ltd. - LOOP OFFICE
10 Chicagoland locations, 111 West Washington Street # 1051, Chicago, ILI have one granddaughter, age 7 and of course is the love of my life. She and my son and daughter-in-law live in San Francisco. I visit her a few times every year and of course, we video chat a lot. of course I would rather she lived closer, but ...![Joel Schechter Bankruptcy Attorney]( "Joel Schechter headshot")
Joel Alan 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 ...![Justin Storer Bankruptcy Attorney]( "Justin Storer headshot")
Justin Robert 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.![Stephen Newland Bankruptcy Attorney]( "Stephen Newland headshot")
Stephen S. Newland
Newland & Newland, LLP
161 N. Clark Street, Suite 1700, Chicago, ILBankruptcy and Debt Negotiation![Tina Tran Bankruptcy Attorney]( "Tina Tran headshot")
Tina Thuy 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...![Karen Porter Bankruptcy Attorney]( "Karen Porter headshot")
Karen Jackson Porter
Open for business Open for businessAttorneys 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 ConsultationAttorneys 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.
Porter Law Network
230 W Monroe St Ste 240, Chicago, ILThe Porter Law Network provides excellent legal representation for individuals and businesses.![Peter Geraci Bankruptcy Attorney]( "Peter Geraci headshot")
Peter Francis 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...![Cindy Johnson Bankruptcy Attorney]( "Cindy Johnson headshot")
Cindy M. Johnson
Johnson Legal Group, LLC
140 S. Dearborn St., Suite 1510, Chicago, ILReview: “I contacted Cindy's firm for a collections case. She was extremely helpful and kept me updated every step of the way. I am completely satisfied with how the case unfolded. She used all of her resources for an outco...![Edwin Feld Bankruptcy Attorney]( "Edwin Feld headshot")
Edwin L. Feld
Edwin L. Feld & Associates, LLC
1 N La Salle St Ste 2250, Chicago, ILSince 1984, it has been my pleasure to represent thousands of bankruptcy clients in the Chicago area. I have worked hard to build a legal practice that helps people resolve their financial problems. That’s all we do! I’m proud to lead a firm that ...![Christine Thurston Bankruptcy Attorney]( "Christine Thurston headshot")
Christine A Thurston
Christine Thurston
141 W Jackson, Suite 2800, Chicago, ILWe are currently offering remote services. I strive to provide the most personalized and hands-on approach to serving my clients. I am committed to explaining the process so that you understand exactly how bankruptcy works and are prepared for e...![George Spathis Bankruptcy Attorney]( "George Spathis headshot")
George J. Spathis
Horwood Marcus & Berk Chartered
500 West Madison Street, Suite 3700, Chicago, ILReview: “The experience in legal matters has been the most professional. I admire the ethical approach in finding the facts and applying the facts for the best results. I highly recommend.”![John Ioakimidis Bankruptcy Attorney]( "John Ioakimidis headshot")
John Dimitrios Ioakimidis
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...![David Leibowitz Bankruptcy Attorney]( "David Leibowitz headshot")
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...![Joseph Olstein Bankruptcy Attorney]( "Joseph Olstein headshot")
Joseph Michael Olstein
Olstein Law LLC
10450 S. Western Ave., Chicago, ILI own and operate Olstein Law, a consumer protection and bankruptcy law firm that is dedicated to helping consumers resolve the financial hardships they are experiencing. I will take the time to listen to your concerns, answer all your questions,...![Raffy Kaplan Bankruptcy Attorney]( "Raffy Kaplan headshot")
Raffy A. Kaplan
Open for business Open for businessAttorneys 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 ConsultationAttorneys 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.
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.![Michael Forkan Bankruptcy Attorney]( "Michael Forkan headshot")
Michael Emmet Forkan
Forkan Law Office
5508 W. Lawrence Avenue., Chicago, ILI attended John Marshall Law School in Chicago for my law degree. I clerked for the Cook County Public Defender and the Law Office of Joseph V. Roddy during my time as a student. I obtained a real working knowledge of criminal and civil legal proc...![Jonathan Brand Bankruptcy Attorney]( "Jonathan Brand headshot")
Jonathan Todd Brand
Lakelaw
53 W. Jackson Street, #1610, Chicago, ILI am a Managing Attorney at Lakelaw and focus on bankruptcy, litigation, and transactional matters. I represent small and middle-market debtors, creditors and trustees in a variety of insolvency matters. I have experience representing clients in t...![Ariel Weissberg Bankruptcy Attorney]( "Ariel Weissberg headshot")
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 1979
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.