Consumer Bankruptcy Lawyers in Elmhurst, Illinois

Find the right Consumer Bankruptcy attorney in Elmhurst, IL

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 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. Particular courts in Elmhurst, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Elmhurst, Illinois

In Elmhurst, Illinois, there are 2 common types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates part 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 forms 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 forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Elmhurst, Illinois is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Elmhurst, Illinois

In Elmhurst, Illinois, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may 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 Elmhurst, Illinois

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

In any case, it would be a good idea to consult a local bankruptcy lawyer in Elmhurst, Illinois. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Elmhurst

Elmhurst is a suburb of Chicago, located in Cook and DuPage Counties of Illinois. The suburb has a population of around 46,000.

If one is thinking that a suburb cannot have attractions to visit, that's wrong! Elmhurst has a lot of great attractions. Such attractions include the York Theater, the Wilder Park Conservatory, Elmhurst Park District, the Elmhurst Historical Museum, the Elmhurst Art Museum, the Lizzadro Museum of Lapidary Art, and Elmhurst City Centre.

With Chicago nearby, Elmhurst residents have a strong legal force to tend to their legal needs. Chicago is filled with law firms of all sizes that train excellent attorneys.

Some notable residents of Elmhurst include Al Weis, Larry Stefanki, Rachel Melvin, Jim Ryan, Jeff Hornacek, Mark Wilson, John Witt, and John Grochowski.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY