Consumer Bankruptcy Lawyers in Bartlett, Illinois

Find the right Consumer Bankruptcy attorney in Bartlett, 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 Bartlett, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Bartlett, Illinois

In Bartlett, 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 Bartlett, Illinois.

Chapter 13 Bankruptcy in Bartlett, Illinois

In Bartlett, Illinois, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

In any case, you should talk with a local Bartlett, Illinois bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

Talk to a Bankruptcy & Finances Law Attorney now!

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!

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