Bankruptcy in Chicago

Chicago bankruptcy is one of the toughest bankruptcy processes in the country. A good lawyer can help you navigate through the bankruptcy process, but many people don't avail themselves of this option and they often end up regretting it. In order to understand why a lawyer is so important in the bankruptcy process let's look at some of the facts of what bankruptcy is and how it works.

Bankruptcy at its heart is a process of becoming insolvent, which means you are no longer able to pay your bills. Most people know this, but many don't know that there are a number of different kinds of bankruptcy to choose from. Many of these different types of bankruptcy exist mostly for corporate law, but there are at least two that can apply to the average individual. These types are called Chapter 7 and Chapter 13.


Which form of bankruptcy you should pursue depends almost entirely on your income and what state your finances are in. Chapter 13 is a more lenient form of bankruptcy. It can allow you to keep your house and most of your belongings whereas Chapter 7 means losing almost everything you own. However, to qualify for Chapter 13 you need to make a plan to pay back a portion of your debts. A lawyer can help you decide if this is feasible for you.

There are specific rules governing what you can and cannot keep. These are made by the state of Illinois even though bankruptcy itself is a federal law. This makes the process extra complicated. People run into a number of walls at this point. It can be hard to choose whether to go with Chapter 7, which could get your case thrown out if you earn too much, or Chapter 13, which can involve payments long term. It's also hard to know what property you risk losing in each case unless you have professional advice.

If you're facing bankruptcy in Illinois, do yourself a favor and hire a bankruptcy lawyer. A skilled lawyer can help you keep more of your property, make the wisest and best decisions for your family, and wrap up your case quickly and with confidence. There is no reason to face the legal system alone when you could have professional counsel at your side. Hiring an attorney to help navigate the bankruptcy process is always in your own best interest.

Sam H Pitt is the author of the article on somekeywordSam H Pitt is the author of the article on somekeyword

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