Finding Chicago Bankruptcy Attorneys

With the economy in a perpetual state of turmoil, a growing number of Americans are beginning to evaluate the full range of their financial options, including the possibility of filing for Chicago bankruptcy. Many of us feel a great sense of dread at the mention of the -b' word, but in reality it is one of the most common legal strategies that people in massive amounts of debt pursue. It should not have the stigma of failure or embarrassment attached to it. To dispel that notion, you can easily educate yourself about the basics of bankruptcy by doing some light online reading. In the course of doing so, you will find just how straightforward filing can be and the protections it can immediately provide.

The two most common bankruptcy filings for individuals are Chapter 7 and 13. Both have their own unique advantages and drawbacks, which is why soliciting the advice of bankruptcy attorneys is the best way to determine which Chapter is fitting to your financial situation. A number of important factors will help you and your lawyer make an informed decision, including your income status, assets, and number of creditors. Do not make the mistake of filing by yourself. The forms and other important paperwork that must be submitted to the court are highly complex and rarely able to be understood by anyone who doesn't deal with finance law professionally.


Chapter 7, which is by far the most common that individual Americans file, means that a court-appointed trustee will take an inventory of all the debtors assets, from their televisions, to their vehicles, to their home. That property is then sold at auction or through other means, with the proceeds going towards paying back creditors. The Chapter 7 process takes an average of four months from the initial filing to all of the debt being completely discharged. An experienced attorney will be able to prevent a debtor filing for Chapter 7 from losing their car or house in this process.

For those in debt who still have a steady source of income, perhaps a full-time occupation or a large inheritance to draw from, Chapter 13 is a way in which they can have a payment plan constructed to pay back a consolidated debt. As is the case with Chapter 7, a court official will make sure payments are met on time. Creditors can no longer make harassing calls or send threatening letters once you have filed for any type of bankruptcy, meaning your stress will be greatly reduce right away.

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