Consumer Bankruptcy Lawyers in Palatine, Illinois

Find the right Consumer Bankruptcy attorney in Palatine, 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 controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Illinois are often the identical as everywhere 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 Palatine, Illinois bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Palatine, Illinois

In Palatine, Illinois, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. 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 Palatine, Illinois is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Palatine, Illinois

Chapter 13 Bankruptcy in Palatine, Illinois differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

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

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

Regardless of your situation, you should speak with an attorney in Palatine, Illinois who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Palatine

Palatine, Illinois is located in Cook County, and is a mostly-residential suburb of Chicago. Its population is about 68,000 people.

The village of Palatine was founded in 1866, as a station for the new Chicago and North Western Railway. Palatine began to grow as a residential suburb immediately after World War Two.That period of history saw major economic growth, driven by years of pent-up consumer demand caused by war rationing and the Great Depression.

During the economic boom of the late 1990s, Palatine began modernizing and revitalizing its downtown area, building a new train station, parking garage, as well as a good deal of office and condominium space. Several large corporations have a major presence in Palatine. They include JPMorgan Chase, Weber-Stephen Products, and Square D (a large manufacturer of circuit breakers).

Palatine's economy also benefits from its status as a suburb of Chicago. Many residents of Palatine work in Chicago, allowing for a regular exchange of goods and labor.

If you live in Palatine, Illinois, and need a lawyer, it's very likely that a Palatine, Illinois lawyer can help.

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