Find a Bankruptcy Lawyer in Aurora, Illinois
In Aurora, Illinois, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).
For that reason, it would be prudent to speak with a good Aurora, Illinois bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Aurora attorney's advice is truly indispensable.
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Types of Bankruptcy in Aurora, Illinois
There are three basic bankruptcy schemes that are most commonly used in Aurora: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Aurora, Illinois will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.
The other commonly-used bankruptcy system in Aurora is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.
During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Aurora Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Aurora is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Aurora bankruptcy attorney.
There are 121 Bankruptcy, Banking and Credit cases posted in Aurora
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest IL Cities
Life in Aurora
Although Aurora, Illinois may not be very well-known, there is certainly a lot to do here. Aurora is the second most populated city in Illinois. It is a suburb located approximately 40 miles from Chicago. Many know Aurora as the "City of Lights" because it was one of the first U.S. cities to implement an all-electric street lighting system.Aurora also hosts many attractions perfect for families and tourists. People can enjoy a day at Blackberry Farm, the Aurora Historical Museum, Splash Country Waterpark, Hollywood Casino,and an exciting downtown filled with great boutiques and restaurants.
Aurora is also filled with many small law firms focusing on providing clients with excellent, personalized legal services. Firms and experienced attorneys in practically all areas of legal practice offer legal services to the citizens of Aurora. Therefore, no citizen's legal matter can remain unattended in Aurora, Illinois.
