Chicago Bankruptcy Law

Welcome to Chicago Bankruptcy Law.net. If you’re looking for information on filing bankruptcy in Chicago, you’ve come to the right spot.

The decision to file for bankruptcy protection with the U.S. Court can have a profound effect on your life. Imagine having no credit card debt, no collection calls, and no threat of foreclosure or repossession. All of this can be possible through bankruptcy.

How does bankruptcy work? You and your attorney file a petition with the bankruptcy court, and the court immediately orders your creditors to halt all collection efforts. This is called the automatic stay, and it’s designed to give you the breathing room you need to focus on making smart decisions during your case.

At the end of your successful bankruptcy case, the court will issue a debt discharge that forever ends your obligation to repay the debts included in your filing.

There are two main kinds of bankruptcy: Chapter 7 (”straight” bankruptcy) and Chapter 13 (”reorganization” bankruptcy). Chapter 7 moves quickly, and usually includes credit cards, payday loans and other “unsecured” debts. Chapter 13 gives you up to five years to pay off you debt and is often used to save a home from foreclosure.

Bankruptcy laws are different in each state, and each bankruptcy court may have its own rules for interpreting them. It’s important to work with a Chicago bankruptcy lawyer to understand the bankruptcy laws and how they might work in your case.

When you’re ready to find an attorney who can help you evaluate your situation and decide if bankruptcy is the right option for you, turn to ChicagoBankruptcyLaw.net.