Bankruptcy can be a very complicated process. So it is very important to know how the bankruptcy regulations in your state work. This includes which types of property are exempt and which are not. Having a knowledgeable bankruptcy lawyer to help you through this process is critical so that you are able to get the benefits you are entitled to. Dan Sugrue has been a Chicago area attorney for many years and has dealt with bankruptcy law cases, providing quality legal services for individuals, families, and small businessess in Lake, Cook, Will and Dupage Counties. During difficult economic times, you can receive sound, trustworthy advice to help you decide whether bankruptcy is the right option for you.
There are many advantages and disadvantages to consider before filing for bankruptcy. A few of them are outlined below, but be sure to consult a legal professional before making a decision.
Dan Can Help You:
- Represent you in a Chapter 7 or Chapter 13 individual bankruptcy
- Represent your business in a Chapter 11 bankruptcy petition
- Protect your rights as a creditor filing a claim against a debtor in Bankruptcy Court
Bankruptcy Services Include:
- Pre Bankruptcy Consulting
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Sale of Assets at Bankruptcy Sales
- Lease Contracts for Insolvent Units
- Exit Financing
- Garnishment Recovery
From the Blog: Bankruptcy
What exemptions are available when you file for bankruptcy in Illinois?
When you file for bankruptcy, whether it be through Chapter 7 or Chapter 13, you’re entitled to protect some of your property from being included as part of the bankruptcy estate, and subject to liquidation by your creditors. These are called exemptions. For... read more
Is Credit Counseling required before filing Bankruptcy?
Before filing a petition for bankruptcy under Chapter 7 of the Bankruptcy Code, a debtor must first take a credit counseling course within 180 days before you file. In addition, you must complete a course in debtor education after you file but before your debts are... read more
Can contributions to a 401(k) continue to be made during a Chapter 13 bankruptcy?
In re: Renita Sheri Hall, 12 B 43452, involved a case where a trustee objected to confirmation of a Chapter 13 plan because the debtor was continuing contributions to her 401(k). The trustee’s reasoning in objecting to the plan was that the debtor was not... read moreAdvantages to Declaring Bankruptcy:
- As soon as you file for bankruptcy, most of your creditors must stop their collection efforts
- You can start the process of rebuilding your credit
- Keeps you from incurring additional debt throughout the process>
- There are certain types of property that are exempt from creditors once you file for bankruptcy, thereby protecting that property
Disadvantages to Declaring Bankruptcy:
- Pre Bankruptcy Consulting
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Sale of Assets at Bankruptcy Sales
- Lease Contracts for Insolvent Units
- Exit Financing
- Garnishment Recovery