Find a Bankruptcy Lawyer in Dekalb, Illinois

Find the right Bankruptcy attorney in Dekalb, IL

In Dekalb, Illinois, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 proper 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 Dekalb, 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 individual situation. This determination is highly dependent on the details of each individual case, so a Dekalb attorney's advice is absolutely indispensable.

Types of Bankruptcy in Dekalb, Illinois

In Dekalb, Illinois, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Dekalb, Illinois will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

Under Chapter 13 bankruptcy in Dekalb, 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 prolonged period of time, thus 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 accessible to individuals, Chapter 11 bankruptcy is generally 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 presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Dekalb Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Dekalb

DeKalb is located in DeKalb Count, Illinois. It has a population of around 44,000 people. The city is rooted in history because it is named after Johann De Kalb, the German war hero who died during the American Revolutionary War.

The top employer is Northern Illinois University. Other top employers include Kishwaukee Health System, the school district system, and Wal-Mart. Although the legal force is not included in this list, DeKalb is home to many attorneys who practice in many areas of law. Thus, DeKalb residents should not have a problem finding a solution to their legal problem.

Some popular residents of DeKalb include Cindy Crawford, Barbara Hale, Richard Jenkins, Mel Owens, Richard Powers, and A.J. Bramlett.

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