Find a Bankruptcy Lawyer in Bartlett, Illinois
In Bartlett, 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 Bartlett, 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 Bartlett attorney's advice is truly indispensable.
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Types of Bankruptcy in Bartlett, Illinois
There are three basic bankruptcy schemes that are most commonly used in Bartlett: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Bartlett, 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 popular bankruptcy system in Bartlett is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor wil find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the orginal terms of their agreement with the debtor. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One main advantage of Chapter 11 bankrutpcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.
How Can a Bartlett Bankruptcy Lawyer Help?
Filing for bankruptcy in Bartlett is a very important decision, and should not be made lightly. Before filing, one should consult with a good Bartlett bankruptcy attorney for advice.
There are 67 Bankruptcy, Banking and Credit cases posted in Bartlett
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest IL Cities
Life in Bartlett
Bartlett is surrounded by Illinois's Kane and DuPage Counties. It is a small area with a little over 42,000 people.Some popular attractions in Bartlett include the Bartlett Park District Theatre, the original railroad station, and the Shri Swaminarayan Mandir with its adjoining cultural center called Haveli. Haveli is a large complex with large rooms decorated with intricately carved designs on stone and wood.
Although small, Bartlett is a great little area that welcomes a diverse population. Bartlett has a strong sense of community with a very unified spirit.
Bartlett residents look to nearby areas to seek legal advice. In general, Illinois has many great law schools and firms which significantly contribute to the legal force in Illinois. Therefore, Bartlett residents will never have to go very far to receive legal advice.
All in all, Bartlett is a wonderful community with small town charm!
