Consumer Bankruptcy Lawyers in Aurora, Illinois

Find the right Consumer Bankruptcy attorney in Aurora, IL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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. Distinct courts in Aurora, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Aurora, Illinois

In Aurora, Illinois, there are 2 typical 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 typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused 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 Aurora, Illinois.

Chapter 13 Bankruptcy in Aurora, Illinois

In Aurora, Illinois, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Aurora, Illinois

The answer to this question depends strongly on your distinct situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Aurora, Illinois bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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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.

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