When you're filing for bankruptcy, it is critical to understand your legal rights. Bankruptcy laws protect consumers from financial ruin and the potential to be abused by outstanding creditors. By allowing consumers to have their qualifying debts eliminated, bankruptcy offers all Americans a second chance at controlling their debt.

As a skilled Chicago Bankruptcy Attorney, I recognize that financial hardships can happen to anyone, and consumers who fall into this category sometimes do not have the ability to comply with creditors’ repayment demands. My bankruptcy practice is wide-ranging, including representation of individuals and businesses on both sides of the issue.

I have 25 years experience practicing bankruptcy law in the Northern District of Illinois, and 23 years experience as a Federal Bankruptcy Trustee. My clients presently include small businesses experiencing financial distress, individuals and companies being sued for the recovery of preferential transfers in pending bankruptcy cases, individuals and businesses who either need assistance collecting amounts due them from bankruptcy estates, or, who desire to remove their property from the jurisdiction of the Bankruptcy Court.

I also represent purchasers who are interested in purchasing property from Bankruptcy Estates, and am also a well-respected advocate for Domestic Relations litigants in Bankruptcy Court. I have extensive experience with the representation of creditor committees in Chapter 11 cases, in a multitude of business environments. I have administered thousands of bankruptcy cases through my practice and as a Trustee. I have a candid, straightforward approach to the practice of bankruptcy law.

Bankruptcy Solutions for Businesses

• Bankruptcy & Workout Law: Commercial Creditor/Debtor
• Small Business Reorganization and Liquidation
• Preferential Transfer Defense
• Medical Practice Bankruptcy Reorganization
• Chapter 7 - Small Businesses
• Chapter 11 - Corporations, Partnerships and Individuals
• Property acquisition

Divorce/Bankruptcy Issues
I have been particularly successful in the representation of individuals whose rights in Domestic Relations Court are impacted by a Bankruptcy filing.

As an experienced Chicago Bankruptcy Attorney and Trustee, I provide my clients the sophisticated counsel that one frequently finds in large law firms, in a cost-effective manner. I use my keen ability to recognize the source of financial distress and my interpersonal skills to counsel and educate clients, and negotiate with opposing counsel. As a result, my clients are generally able to understand the source and true nature of their financial issues and are are able to acquire long-term benefit from the solutions provided with my representation. To the extent that my clients are best served by consultation or co- counsel support from counsel in different specialty areas, I draw upon a trusted pool of highly qualified practitioners to assist with such representation.

I am available to meet at a client's premises as my schedule permits and by appointment only. Specifically, I am often available for on premises consultation in the Illinois Counties of Cook, Lake, Dupage, Will, LaSalle and Grundy.

If you or someone you know needs the assistance of an experienced Chicago Bankruptcy Attorney, call Deborah Kanner Ebner today at 312-922-3838, or use the contact form provided on this site to schedule your initial consultation.

Practice Areas and Legal Definitions

Every year, more than 1,000,000 Americans file for protection under Federal bankruptcy laws. Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty, and face irreperable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. To discuss your bankruptcy options, or other areas of recourse that might be available to you, contact a qualified bankruptcy attorney who can advise you of your legal rights as stated under Bankruptcy Law and federal Bankruptcy courts.

New Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.

As of October 17, 2005, the requirements under which a debtor may file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 will now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Bankruptcy Fraud:
Bankruptcy fraud is a business crime of filing for bankruptcy with criminal intent, that is with the intention of evading payment for goods even though the buyer has funds that could be used to pay for them, or accepting payment for goods or services but not supplying them. Common types of bankruptcy fraud include petition mills, false oath, concealment of assets, and fraudulent conveyance. Multiple filings are not per se fraudulent; as with all things in the law, it depends on the circumstances. Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act (but may prejudice a judge against the filer if there is evidence that bankruptcy is being used strategically).

Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

If you or someone you know needs the assistance of an experienced Chicago Bankruptcy Attorney, call Deborah Kanner Ebner today at 312-922-3838, or use the contact form provided on this site to schedule your initial consultation.

Professional Profile

If you or someone you know needs the assistance of an experienced Chicago Bankruptcy Attorney, call Deborah K. Ebner today at 312-922-3838, or use the contact form provided on this site to schedule your initial consultation.

FIRM ADDRESS:
Law Office of Deborah Kanner Ebner
11 East Adams St., Suite 800
Chicago, IL 60603
Phone: 312-922-3838
Hours: M-F, 8:00AM-5:00PM

MEMBERS OF THE FIRM:
Deborah Kanner Ebner

EDUCATION:

• Samford University, Birmingham Alabama, J.D. 1981
• Recipient, Gore Memorial Foundation Scholarship 1979-1981
• Auburn University, B.S. 1977

COURTS ADMITTED:

• United States District for the Northern District of Illinois
• Trial Bar United States District Court for the Northern District of Illinois
• Seventh Circuit Court of Appeals

PROFESSIONAL MEMBERSHIPS:

• American Bankruptcy Institute
• Commercial Law League of America - Appointed Executive Council Bankruptcy and Insolvency Committee
• Chicago Bar Association
• Illinois State Bar Association
• Will County Bar Association - Co-chair bankruptcy committee

COMMUNITY INVOLVEMENT:

• Federal Bankruptcy Trustee in the Northern District of Illinois Eastern Division, 1984 to Present
• 1995, Chair of Pro Bono Subcommittee of the Chicago Bar Association's Bankruptcy Committee through which she established the Pro Bono Bankruptcy Program at Chicago Volunteer Legal Service
• Panel of Mediators Northern District of Illinois Eastern Division
• Trustee, Dreis & Krump Manufacturing Future Personal Injury Trusts 1996 to 2008

PUBLISHED LEGAL WRITING AND FACULTY APPOINTMENTS::

• Faculty, American Academy of Matrimonial Lawyers (Illinois Chapter); Illinois Institute for Continuing Legal Education - Bankruptcy Issues Affecting Divorce, January 2006
• Faculty, Seventh Circuit Bar Association, Federal Bar Association ( Chicago Chapter), Chicago Bar Association's Robert E. Ginsberg Continuing Legal Education Series, American Bankruptcy Institute - The New Bankruptcy Code and Rules, September 2005
• Faculty American Bankruptcy Institute - Chicago Consumer Bankruptcy Conference, Chicago-Kent College of Law, 2004
• Faculty, American Bankruptcy Institute - Chicago Consumer Bankruptcy Conference, Chicago-Kent College of Law, July 2004
• Residential Real Estate in Bankruptcy, Copyright 2003
• Bankruptcy and the Matrimonial Litigant

LEGAL LECTURES:

• "Overview of the Ty-Walk Liquid Sale Bankruptcy and the interplay between Statutory Liens and Section 557 of the United States Bankruptcy Code," Chicago Bar Association Bankruptcy Committee
• "Preferential Transfers and Section 547 of the Bankruptcy Code," Commercial Law League of America
• "The Automatic Stay and Section 362 of the Bankruptcy Code," Illinois State Bar Association
• "Bankruptcy and the Matrimonial Litigant," Chicago Chapter of the American Academy of Matrimonial Lawyers & the Will County Bar Association.