Consumer Bankruptcy Lawyers in Arlington Heights, Illinois

Find the right Consumer Bankruptcy attorney in Arlington Heights, IL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Illinois will be the same as everywhere else in the country. Individual courts in Arlington Heights, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Arlington Heights, Illinois

In Arlington Heights, Illinois, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Arlington Heights, Illinois.

Chapter 13 Bankruptcy in Arlington Heights, Illinois

Chapter 13 Bankruptcy in Arlington Heights, Illinois differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Arlington Heights, Illinois

Chapter 13 is usually a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Regardless of your situation, you should speak with an attorney in Arlington Heights, Illinois who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Arlington Heights

Arlington Heights, Illinois is a suburb of Chicago. As of the 2000 census, it has a population of more than 76,000 people.

Despite being so closely associated with the much larger city of Chicago, Arlington Heights, Illinois is most definitely a distinct community in its own right.

Arlington Heights, Illinois has undergone a major business boom in recent decades, leading to significant economic and population growth. As a result, Arlington Heights, Illinois is home to Arlington Park, a famous horse race track, which has been in nearly constant use since the 1920s.

Because of its diversity, and the extremely active business and racing community, there is a significant demand for skilled Arlington Heights, Illinois lawyers. Lawyers in Arlington Heights need to be skilled in as wide a variety of legal areas as possible, if they are to succeed in an incredibly competitive legal marketplace.

In addition to a large quantity of lawyers, the quality of Arlington Heights, Illinois lawyers is hard to beat.Being near Chicago means that Arlington Heights, Illinois is very close to Northwestern University, and the University of Chicago. These universities are considered by many to have some of the finest law schools in the nation. Both of these law schools consistently rank in the top 15 nationwide.

Given the quantity and quality of lawyers in Arlington Heights and the surrounding areas, chances are that hiring an Arlington Heights, Illinois lawyer will turn out to be a very good decision.

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