Consumer Bankruptcy Lawyers in Hanover Park, Illinois

Find the right Consumer Bankruptcy attorney in Hanover Park, IL

Bankruptcy is a legal procedure allowing a person or business to have their debts discharged, in part or in whole. It is usually treated as a last resort, because, while it can prevent financial catastrophe, it has some major long-term consequences. This warrants careful consideration of the costs and benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Illinois are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Hanover Park, Illinois bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Hanover Park, Illinois

In Hanover Park, Illinois, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of some 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 usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Hanover Park, Illinois is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Hanover Park, Illinois

Chapter 13 Bankruptcy in Hanover Park, Illinois differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Hanover Park, Illinois

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy attorney in Hanover Park, Illinois. Your attorney 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).

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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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