Consumer Bankruptcy Lawyers in Bolingbrook, Illinois

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

Chapter 7 Bankruptcy in Bolingbrook, Illinois

In Bolingbrook, 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Bolingbrook, Illinois debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Bolingbrook, Illinois

In Bolingbrook, 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 involves a court setting up an altered payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Bolingbrook, 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.

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bolingbrook

Bolingbrook is a city in Illinois with a population of approximately 74,000 people.

Popular spots in Bolingbrook include the Bolingbrook Park District, the Illinois Aviation Museum, the Boughton Ridge Golf Course, and the Bolingbrook Recreation and Aquatic Complex.

Some famous people have called Bolingbrook home. These people include Steve Jaros, Drew Peterson, and Bobby Abrams.

Bolingbrook also has some great law offices and law firms. These offices and firms train attorneys to handle legal inquiries in all areas of law.

Overall, Bolingbrook offers its residents and visitors a great quality of life.

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