Find a Bankruptcy Lawyer in Berwyn, Illinois

Find the right Bankruptcy attorney in Berwyn, IL

In Berwyn, 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 Berwyn, 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 Berwyn attorney's advice is truly indispensable.

Types of Bankruptcy in Berwyn, Illinois

There are three basic bankruptcy schemes that are most commonly used in Berwyn: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Berwyn, Illinois will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

Under Chapter 13 bankruptcy in Berwyn, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One main advantage of Chapter 11 bankruptcy 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 Berwyn Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Berwyn is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Berwyn bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Berwyn

Berwyn is located in Cook County in the state of Illinois. It has a population of 54,000 and was formed in the year 1908. It is frequently co-listed with Berwyn Township.

Berwyn is known for being the fastest-growing suburb in Illinois. It is noted for having the largest collection of Chicago-style brick two story bungalows in the United States. The city boasts a growing arts community due to its Arts Council and top notch entertainment and music venues. It also has a professional equity theater in operation. Berwyn has become a haven for artists who are seeking a vibrant alternative to downtown Chicago.

Other attractions in Berwyn include the widely celebrated Houby Day Parade and the Fall Mushroom Harvest, both of which are held annually. An annual vintage car parade called "Cartopia" is held wherein Berwyn residents can showcase their prized automobiles.

Lawyers in Berwyn, Illinois practice in a variety of legal fields. Specifically, many Berwyn lawyers focus on finance and investment law. This is because the Cermak Road area has been nicknamed the "Bohemian Wall Street", since it contains a large number of savings and loans institutions. Berwyn has been reported to have the highest concentration of financial and lending institutions in the entire world.

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