Illinois Bankruptcy Attorney

Many individuals and businesses find themselves in difficult financial circumstances. For some, bankruptcy can offer the opportunity to start over anew and regain solid financial footing. The first step in determining if bankruptcy is right for you is consulting with a knowledgeable bankruptcy attorney to learn about your options.

What is Bankruptcy?

Bankruptcy is a legal process in which individuals and businesses can either eliminate their debts or reorganize and repay their debts while under court protection. The most common types of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy.  With Chapter 7 bankruptcy, also known as straight bankruptcy or liquidation, your non-exempt assets are sold to repay some of your debt. The remainder of your debt is eliminated. With Chapter 13 bankruptcy, also known as reorganization or wage earner bankruptcy, you propose a three to five year repayment plan for your debts and keep all of your assets. With both forms of bankruptcy, petitioners must receive debt counseling before cases can be resolved. At Northwest Suburban Bankruptcy, we evaluate our clients’ specific financial circumstances to help determine which type of bankruptcy will be most advantageous.

For more information on bankruptcy, visit our Bankruptcy Information Center

Bankruptcy and Credit Ratings

Many individuals worry about how a bankruptcy will affect their credit ratings and their ability to get credit in the future. Filing for bankruptcy and addressing your debt problems, however, can actually help your credit rating in the long run. The day your case is closed, you can start rebuilding your credit score, and our firm can tell you how.

If you are considering filing for bankruptcy, contact us today to discuss your financial situation with a knowledgeable bankruptcy attorney.