ClickCease Bankruptcy Lawyers in Illinois, IL | Legal Facts

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Bankruptcy Lawyers in Illinois, IL

Are you looking for information about a legal situation? Whether you are an individual, business, or institution, we have information on different types of legal cases that can help you understand the issue whether it has to do with workers’ compensation, bankruptcy, divorce, workplace harassment, among other cases that may be of interest to you.

With the help of experienced attorneys and people who have had contact with the law, we create easy-to-read and easy-to-understand articles so that you can understand complex legal issues in just a few minutes. In addition, on this page, we put you in touch with responsible attorneys who will do their best to advise you with your best interests in mind. 

If you want to learn more about bankruptcy and its types, read on – the best lawyers in Illinois are waiting for you!

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What is the Fresh Start Program?

The economy in the world has taken a huge turn since 2020 and consequently, our lives have also changed a lot. Not only many lost their jobs, but also many businesses failed and establishments closed as a result.

But it is not the end, we have to keep fighting for our dreams and stand firm in our convictions, we believe so. And if you think that debt will end it all, we want you to know that U.S. law has alternatives that can give you the financial fresh start you deserve: Bankruptcy.

Believe it or not, this may be the solution to your debt problems! Although you may think it is unthinkable, don’t believe the rumors that place it as the end of your financial life. On the contrary, it could be the fresh start you’ve been looking for.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your bankruptcy attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Illinois?

If your creditors are pestering and harassing you to pay your outstanding debts, you need to know that bankruptcy will put an end to the constant calls and messages once and for all, as it legally forces them to leave you alone.

Aside from getting rid of debts, filing for bankruptcy in Illinois has its specific benefits, as it has specific regulations that you can opt for and can benefit you when it comes to keeping your precious assets. In addition, Illinois is home to many of the best bankruptcy attorneys.

What Are The Different Types of Bankruptcy in Illinois?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as “liquidation bankruptcy,” because in this type of bankruptcy the court pays your debts to your creditors through the sale of your assets. Sometimes, you may be asked to provide certifications or proof to be able to file bankruptcy, so you should be aware that you will need to get these requirements in advance.

When the process begins, the court will assign you a trustee who will be in charge of selling all your assets and with those proceeds will pay your creditors. However, sometimes you will not have to sell your assets or you will be able to exempt a list of the assets you want to exempt. This type of bankruptcy is for you if you don’t mind the possibility of selling your assets and want to get out of debt as soon as possible.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as “liquidation bankruptcy,” because in this type of bankruptcy the court pays your debts to your creditors through the sale of your assets. Sometimes, you may be asked to provide certifications or proof to be able to file bankruptcy, so you should be aware that you will need to get these requirements in advance.

When the process begins, the court will assign you a trustee who will be in charge of selling all your assets and with those proceeds will pay your creditors. However, sometimes you will not have to sell your assets or you will be able to exempt a list of the assets you want to exempt. This type of bankruptcy is for you if you don’t mind the possibility of selling your assets and want to get out of debt as soon as possible.

What Can A Chapter 7 Bankruptcy Attorney in Illinois Offer You?

You should keep in mind that to use the benefits that this chapter can offer you, you must qualify. And an Illinois bankruptcy attorney will advise you on the requirements of this process and will see to it that every claim is delivered within the time frame set by the court. 

In addition, he or she will do everything in his or her power to make your case one with no assets to be exempted. In other words, you will receive the peace of mind you so richly deserve without having to part with your prized possessions. However, if you don’t think the risk of losing your assets is worth it, read on to learn about more types of bankruptcy.

Chapter 13 Bankruptcy

This type of bankruptcy is an alternative for all those who do not qualify for Chapter 7, in this type of bankruptcy you will have to have a detailed report that makes clear your financial situation to see if you qualify for this type of bankruptcy. 

Not everyone can qualify, this type of bankruptcy is also known as “wage earner’s bankruptcy”. You must have sufficient financial means to be able to repay your debts to your creditors, all through a court-approved payment plan of a certain duration. The best thing about this type of bankruptcy is that creditors will not be able to garnish your assets or your wages while you are paying. 

Chapter 13 Bankruptcy

This type of bankruptcy is an alternative for all those who do not qualify for Chapter 7, in this type of bankruptcy you will have to have a detailed report that makes clear your financial situation to see if you qualify for this type of bankruptcy. 

Not everyone can qualify, this type of bankruptcy is also known as “wage earner’s bankruptcy”. You must have sufficient financial means to be able to repay your debts to your creditors, all through a court-approved payment plan of a certain duration. The best thing about this type of bankruptcy is that creditors will not be able to garnish your assets or your wages while you are paying. 

What Can A Chapter 13 Bankruptcy Attorney in Illinois Offer You?

An attorney will be the professional who can properly guide you as to whether this is the type of bankruptcy that is most appropriate for your situation. If after analyzing the case it is determined that you would qualify for Chapter 13 bankruptcy, the attorney will be in charge of collecting all the documentation requested by the court.

 In addition, thanks to his experience and knowledge in the area, he will be able to make an appropriate payment plan for the case, which will also allow you to maintain your lifestyle. You must keep in mind that this type of bankruptcy requires you to be responsible with each payment, so the attorney will know how to advise you to maintain discipline with your payments so that you do not end up paying the remaining debt through the liquidation of your assets.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is commonly used by large businesses to discharge their debts like Chapter 13. That is, in this type of bankruptcy, the business must propose a payment plan to its creditors after filing with the court, to be able to stay afloat while paying debts.

If you are the representative of a large company, this is the most suitable type of bankruptcy for you. The good thing is that while the bankruptcy is in progress, you can continue to run your business, always respecting the financial reorganization plan to be able to make the payments on time and not have the company’s assets seized to pay the debt.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is commonly used by large businesses to discharge their debts like Chapter 13. That is, in this type of bankruptcy, the business must propose a payment plan to its creditors after filing with the court, to be able to stay afloat while paying debts.

If you are the representative of a large company, this is the most suitable type of bankruptcy for you. The good thing is that while the bankruptcy is in progress, you can continue to run your business, always respecting the financial reorganization plan to be able to make the payments on time and not have the company’s assets seized to pay the debt.

What Can A Chapter 11 Bankruptcy Attorney in Illinois Offer You?

Having a bankruptcy attorney in these types of cases is part of the requirements of federal law, so the wisest decision you can make is to look for an attorney with a lot of experience and knowledge. Luckily for you, Illinois is home to some of the best bankruptcy lawyers you can find.

If your business is going through hard times the last thing you want is for an inexperienced attorney to be the one planning the future of your business. A knowledgeable attorney will study every part of your organization and do everything in his or her power to make a plan that takes into account economic and operational factors.

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