Consumer Bankruptcy Lawyers in Buffalo Grove, Illinois

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

Chapter 7 Bankruptcy in Buffalo Grove, Illinois

In Buffalo Grove, 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 Buffalo Grove, Illinois debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Buffalo Grove, Illinois

In Buffalo Grove, 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 Buffalo Grove, Illinois

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Buffalo Grove, 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.

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Life in Buffalo Grove

Buffalo Grove is known as one of Illinois's most affluent areas. It is a small suburb located north of Chicago.

There are many sites for visitors and residents to enjoy in Buffalo Grove. These attractions include The Raupp Museum, the Buffalo Grove Park District, the Buffalo Saint Mary's Church, and the Buffalo Grove Theaters and Escape. For some fine shopping and dining, Raupp Boulevard is a terrific spot to visit.

Celebrities such as Raymond Benson, Lindsey Durlacher, Vince Vaughn, Dickey Simpkins, and Andy Wozniewski have called Buffalo Grove home.

For legal inquiries, residents have many law firms nearby. Chicago is home to small, mid-size, and large firms that train excellent, top-notch attorneys. Overall, the legal force in Chicago ensures that every legal need of Buffalo Grove residents will be met.

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