Your Questions Answered by a Chicago Bankruptcy Attorney
When it comes to bankruptcy, you may have a number of questions. The answers to these will likely influence your decision to file, and that is why we have compiled some frequently asked questions to provide helpful insight on this typically misunderstood subject. In addition to reviewing the questions and answers below, please feel free to contact a Chicago bankruptcy lawyer at (877) 544-3394 for information that applies to your unique situation.
What are my options as an individual filing for bankruptcy protection?
As an individual debtor, you may file for bankruptcy protection under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 7 liquidates assets to discharge debt while Chapter 13 reorganizes debt.
Should I consider Chapter 7 or Chapter 13?
To file under Chapter 7, you cannot exceed certain income thresholds. A Chicago bankruptcy attorney can help you review the qualifications for both Chapter 7 and Chapter 13 to determine which suits your financial situation and goals.
How can you help my business in bankruptcy proceedings?
At Trifonova Law, P.C. we represent businesses in Illinois who need to seek bankruptcy protection. We handle Chapter 11 filings for businesses, which reorganizes debt under the protection of bankruptcy laws. You can reorganize and pay off debt while experiencing relief from debt collection efforts under Chapter 11. We also handle Chapter 7 filings for businesses.
What is an “automatic stay”?
When it comes to bankruptcy, you may hear the phrase “automatic stay.” This refers to a court order that automatically goes into effect the moment a bankruptcy petition is filed. An automatic stay immediately halts all collection efforts against a debtor.
Will bankruptcy stop foreclosure?
Bankruptcy will typically place an automatic stay on foreclosure proceedings, giving you invaluable time to figure out how to keep your home.
How long will a bankruptcy filing remain on my credit?
The answer depends on the type of filing. For Chapter 7, it will remain on your credit report for 10 years. Chapter 13 filings will remain on your credit for 7 years.
How can an attorney help me?
Working with a legal professional can have a significant impact on the timeliness and effectiveness of your bankruptcy filing. With intimate knowledge of bankruptcy proceedings, a skilled attorney can advise you of your rights and options and can handle every aspect of your filing to help you through the entire process to a beneficial resolution. An attorney can also handle any and all communication with creditors so you don’t have to.
Ready to learn more? Call our Chicago bankruptcy law firm at (877) 544-3394.