Top Chicago, IL Chapter 11 Bankruptcy Lawyers Near You
4 East Terra Cotta Avenue, Crystal Lake, IL 60014
203 North LaSalle Street, Suite 2100, Chicago, IL 60601
3077 W. Jefferson Street, Suite 107, Joliet, IL 60435
100 North Riverside Plaza, Suite 1500, Chicago, IL 60606
120 South Riverside Plaza, Suite 2200, Chicago, IL 60606
155 North Wacker Drive, Suite 3000, Chicago, IL 60606
53 W Jackson Blvd, Suite 1522, Chicago, IL 60604
200 W. Madison, Suite 3000, Chicago, IL 60606
135 South Lasalle Street, Suite 3950, Chicago, IL 60603
230 West Monroe Street, Suite 240, Chicago, IL 60606
1001 Warrenville Road, Suite 500, Lisle, IL 60532
55 West Monroe Street, Suite 3800, Chicago, IL 60603
71 South Wacker Drive, 45th Floor, Chicago, IL 60606
2155 W. Roscoe St., Chicago, IL 60618
79 W Monroe, 5th Floor, Chicago, IL 60603
111 East Wacker Drive, Suite 2600, Chicago, IL 60601
1 North Wacker Dr, Suite 4500, Chicago, IL 60606-1901
55 West Monroe Street, Suite 1200, Chicago, IL 60603
903 Commerce Drive, Suite 210, Oak Brook, IL 60523
33 N Dearborn St, Suite 1140, Chicago, IL 60602
311 South Wacker Drive, Suite 4300, Chicago, IL 60606
105 W. Madison Street, Suite 1800, Chicago, IL 60602
70 West Madison Street, Suite 5200, Chicago, IL 60602
155 North Wacker Drive, Suite 3100, Chicago, IL 60606
200 South Michigan Avenue, Suite 1100, Chicago, IL 60604
Chicago Chapter 11 Bankruptcy Information
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What Is Bankruptcy?
Bankruptcy is a legal process that allows people to get out from under debts that are causing serious financial harm. Through the bankruptcy process, you may be able to get rid of debts like medical bills, credit card bills, and other unsecured debts. Factors such as your income and whether you have assets that you can sell to pay off some of the debts are taken into account when filing for bankruptcy and will determine what happens.
What Happens When I File for Bankruptcy?
When you file for bankruptcy, you will be under a federal bankruptcy court’s supervision and protection. During this time, you, your lawyer, the court, and your creditors will work on a plan for discharging your eligible debts. Collectors will also be unable to repossess property and garnish your wages or bank accounts during this time.
How Much Does It Cost To File for Bankruptcy?
There is no easy answer to this question. The ultimate cost will be a mix of court filing fees and what you owe your attorney for guiding you through the process. What you owe will depend on how complicated your case is and whether there are any prolonged disputes with creditors. Most likely, however, the debt relief that comes with bankruptcy will outweigh any fees.
How Long Does Bankruptcy Stay on Your Credit Report?
A Chapter 7 bankruptcy filing will stay on your credit report for up to 10 years, while a Chapter 13 will remain for up to seven years. A bankruptcy filing will also harm your credit score. However, if you need to file for bankruptcy, it’s likely your score is not that high anyway, and your bankruptcy will give you a chance at a fresh start and time to rebuild your credit score.