Consumer Bankruptcy Lawyers in Dekalb, Illinois

Find the right Consumer Bankruptcy attorney in Dekalb, IL

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Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable long-term consequences warranting careful consideration of the costs and benefits. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Illinois will be the same as anywhere else in the country. Particular courts in Dekalb, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Dekalb, Illinois

In Dekalb, Illinois, there are 2 common forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and basic personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Dekalb, Illinois is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Dekalb, Illinois

Chapter 13 Bankruptcy in Dekalb, Illinois is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

The answer to this question depends heavily on your particular situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Dekalb, Illinois bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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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.