Find a Bankruptcy Lawyer in Hanover Park, Illinois

Find the right Bankruptcy attorney in Hanover Park, IL

In Hanover Park, Illinois, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Hanover Park, Illinois. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Hanover Park bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Hanover Park, Illinois

There are three basic bankruptcy schemes that are most commonly used in Hanover Park: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Hanover Park, Illinois will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most commonly used in Hanover Park is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Hanover Park Bankruptcy Lawyer Help?

The need to weigh all the options and consider the costs and benefits of filing for bankruptcy in Hanover Park cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Hanover Park bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Hanover Park

Hanover Park is located in the DuPage and Cook Counties of Illinois. Hanover Park is a suburb of Chicago with an approximate population of 40,000.

Popular sites in Hanover Park include the Hanover Park District, the Poplar Creek Public Library District, and Schaumburt Township District Library. Hanover has a community-like feel and is home to many families with small children.

Being so near Chicago, Hanover Park residents have an extremely competent legal force to handle their legal matters. Chicago is home to many top ranked law firms that train ivy-league educated attorneys. Further, Chicago also has many small to mid-size law firms that train intelligent attorneys who focus on providing personalized legal services.

All in all, Hanover Park offers residents a safe, community-like atmosphere and a wonderful quality of life!

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