Find a Bankruptcy Lawyer in Skokie, Illinois

Find the right Bankruptcy attorney in Skokie, IL

In Skokie, Illinois, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally cleared, when they are unable to pay them. This hopefully allows them to begin 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 requirement. It is designed to prevent debt which has slight 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.

For that reason, it would be advisable to speak with a good Skokie, Illinois bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your specific situation. This determination is highly dependent on the details of each individual case, so a Skokie attorney's advice is really indispensable.

Types of Bankruptcy in Skokie, Illinois

There are three basic bankruptcy schemes that are most commonly used in Skokie: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Skokie, Illinois will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other largely used bankruptcy system in Skokie is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Moreover, their stock can still be bought and sold.

How Can a Skokie Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Skokie easily. Before making any such decision, it would be highly advisable to contact an efficient Skokie bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Skokie

The picturesque town of Skokie, Illinois is located just sixteen miles from the state capital of Chicago, and twelve miles from Chicago O'Hare International airport. Comprised of 10.2 square miles, Skokie is a popular town for city workers to live in, and was awarded the Illinois "Governor's Award" as well as being recognized as an "All American City" by the National Civil League.

Out of the entire country, Skokie was the first community to have a nationally accredited fire, police and public works department -- a distinction that places Skokie as a model city to many others inside and outside of the state. With all the awards and attention, it is no wonder that Skokie was named one of the 80 fastest growing suburbs in the nation.

Also on the rise in Skokie are lawyers. Whether working in Chicago or Skokie, local lawyers are skilled in anything a client may need whether it is a high stakes divorce or drafting a simple deed. Many lawyers come from the local law schools in Chicago, including University of Chicago Law School.

Skokie gets its unique name from the Native American term for fire. Skokie is home to the Illinois Holocaust Museum and Education center, and the city's large Jewish population makes it the only Illinois city that has more Jewish schools than Catholic schools. The North Shore Center for Performing arts is located in Skokie and provides the city with many cultural events and concerts every year.

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