Chapter 7 for individuals. What it clears, what you keep, what it does not touch, and whether it is even the right answer for you.
People arrive at this conversation embarrassed. There is nothing to be embarrassed about. Bankruptcy is a legal process the law provides on purpose, and the only real question is whether it is the right tool for the debt you actually have.
Sometimes it is not, and I will say so. That conversation is free and it is shorter than you think.
The common route for individuals. Unsecured debt, credit cards, medical bills, personal loans, is discharged. It takes a few months rather than years. There is an income test that determines whether you qualify.
Illinois exemptions protect a defined amount of equity in your home, your vehicle, your retirement accounts, and your personal belongings. Most people keep considerably more than they expect. We work out exactly what applies to you before anything is filed.
Child support and maintenance survive bankruptcy. Most student loans and most recent tax debt do too. If your debt is mainly in those categories, filing may not achieve what you want, and you should know that at the start rather than after.
Filing triggers an automatic stay, which stops collection calls and most garnishment while the case runs.
When both are happening, the order matters and it depends on the facts. This is a real advantage of having one attorney who handles both.
“Mr. Steinman was an excellent attorney. He helped me with my bankruptcy case. Very detailed and straight to the point, which I really liked. Very personable and he actually shows interest and actually cares about you/your case as an individual.”
Placeholder. In the built site this answers common questions about divorce, parenting time, support and bankruptcy in Illinois, around the clock, and hands over a name and number when someone is ready to talk.
It never gives legal advice and it says so. Every conversation is a lead in Phil’s inbox the moment it happens.