PERSONAL BANKRUPTCY:

Chapter 7 and Chapter 13

Under either kind of bankruptcy, your creditors must leave you alone immediately.

read more about Chapter 7 Bankruptcy in Illinois>		Chapter 7 Bankruptcy Chapter 7, usually referred to as “straight bankruptcy”’ eliminates most unsecured debts and give you a fresh start. Usually, certain secured debts are retained, houses and cars, and you continue making payments as before.
read more about Chapter 13 Bankruptcy in Illinois>		Chapter 13 Bankruptcy Chapter 13 bankruptcy reorganizes your debts into an affordable monthly payment. Chapter 13 provides an attractive alternative to Chapter 7 and allows you to pay what you honestly can afford. Chapter 13 is available for people who have steady incomes and is particularly useful for those people who are behind on their mortgage payments and want to save their home.

PERSONAL BANKRUPTCY OVERVIEW

The bankruptcy laws were designed by Congress to help people who are having trouble paying their debts on time. Filing bankruptcy will immediately stop all harassing telephone calls, lawsuits, wage garnishments, repossessions and foreclosures. Bankruptcy stops the sleepless nights trying to decide how to make ends meet.

No one plans to get into debt so that they can file bankruptcy. Bankruptcy is simply a safety valve, so that people who cannot pay their debts on time without undue hardship can get a fresh start and begin to rebuild their lives. This year over 1.5 million people will file bankruptcy, shed their debt and start fresh.

Bankruptcy FAQ