Find a Bankruptcy Lawyer in Palatine, Illinois
In Palatine, Illinois, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Palatine, Illinois. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Palatine bankruptcy attorney cannot be substituted.
Find a Palatine Lawyer that Specializes in Your Area of Need:
Types of Bankruptcy in Palatine, Illinois
In Palatine, Illinois, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Palatine, Illinois wil be about the same as anywhere else in America. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.
The other form of bankruptcy most commonly used in Palatine is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requries that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Palatine Bankruptcy Lawyer Help?
One should not make the decision to file for bankruptcy in Palatine lightly. Before making any such decision, it would be highly adviseable to contact an experienced Palatine bankruptcy attorney.
There are 42 Bankruptcy, Banking and Credit cases posted in Palatine
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest IL Cities
Life in Palatine
Palatine, Illinois is located in Cook County, and is a mostly-residential suburb of Chicago. Its population is about 68,000 people.The village of Palatine was founded in 1866, as a station for the new Chicago and North Western Railway. Palatine began to grow as a residential suburb immediately after World War Two. That period of history saw major economic growth, driven by years of pent-up consumer demand caused by war rationing and the Great Depression.
During the economic boom of the late 1990s, Palatine began modernizing and revitalizing its downtown area, building a new train station, parking garage, as well as a good deal of office and condominium space. Several large corporations have a major presence in Palatine. They include JPMorgan Chase, Weber-Stephen Products, and Square D (a large manufacturer of circuit breakers).
Palatine's economy also benefits from its status as a suburb of Chicago. Many residents of Palatine work in Chicago, allowing for a regular exchange of goods and labor.
If you live in Palatine, Illinois, and need a lawyer, it's very likely that a Palatine, Illinois lawyer can help.
