Real Estate Lawyers, Real Estate Laws, Chicago Lawyers, Illinois Real Estate Attorney

The JKP Law Group, Ltd.
10560 West Cermak Rd.
Westchester, Illinois 60154
Phone: (708) 562-9880
Fax: (708) 562-9879
Email: info@jkplawgroup.com

Bankruptcy

Bankruptcy is sometimes viewed as a dirty word. However, for those people who have truly reached their limit, Bankruptcy is the best choice. Filing for Bankruptcy ends harassing calls from creditors and ends wage garnishments, and offers you peace of mind in trying times.

There are generally two types of Bankruptcy filings available to individuals, and businesses generally file under Chapter 11. Below you will find more information concerning each one. The information offered here is for informational purposes only, and if you are considering Bankruptcy, it is best to contact an Attorney.

Chapter 7 Bankruptcy

This is sometimes called liquidation. That is because under Chapter 7 of the Bankruptcy Code, all non-exempt property of the debtor is sold. The proceeds of the sale are then distributed amongst the creditors. Usually, most of the debts are discharged within a few months of your Attorney filing a Bankruptcy Petition.

Under Chapter 7, a trustee is appointed. The trustee assembles all non-exempt property of the debtor and sells it, distributing the proceeds to the creditors. Debtors are entitled to keep certain property as exempt from the proceedings and can also sign reaffirmation agreements to keep paying for car loans or mortgages.

Chapter 13 Bankruptcy

Unlike Chapter 7, the goal under Chapter 13 is to reorganize the debts to repay all or some of the debts under better terms. This allows individuals to pay off the debts using whatever income they have and keep their property. The plan is in effect even if creditors don’t agree to it. The catch is that under the Bankruptcy Code, debtors must repay the debts within 5 years.

The advantage to a Chapter 13 filing is that debtors can obtain a full plan discharge if they have completed all payments under the plan. There are a few exceptions to this case, and an Attorney will help you navigate through the plan.

If you have questions or need guidance regarding a Bankruptcy filing, it is best to speak to an Attorney as soon as possible. An Attorney can guide you through the process and protect your interests in Court. Please use the form below to discuss your case with an Attorney.

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The JKP Law Group, Ltd, 10560 West Cermak Rd, Westchester, Illinois 60154, Phone: (708) 562-9880, Fax: (708) 562-9879, Email: info@jkplawgroup.com

Your visit to this site is not intended to create or result in an attorney-client relationship. The site is not intended to provide legal advice and you should not act on any information given here without seeking legal counsel, that is, without communicating with a lawyer from our firm or elsewhere.