Bankruptcy

Illinois Attorney Resolving Your Bankruptcy Concerns

Helping Chicago Businesses Filing under Chapter 7, Chapter 11 or Chapter 13

Perhaps you have heard that bankruptcy is no longer an option for individuals or businesses in need of a fresh start. Despite all of the misleading and often wrong information circulating, the reality is that recent changes to federal bankruptcy laws only affected the process of filing. Many people are still eligible to file for Chapter 7 or Chapter 13 bankruptcy; these remain valid means of finding debt relief and getting back on the road to financial stability.

As a Chicagoland bankruptcy attorney, I work closely with individuals, business owners and entrepreneurs who need help understanding current bankruptcy qualifications and the process of filing their claims.

I have very reasonable affordable fees that are some of the lowest in Chicagoland.

If you have concerns about your financial situation, contact me, Chicagoland bankruptcy attorney Alan H. Klein, to schedule an appointment for prompt, affordable and knowledgeable legal assistance focused on your goals.

What you Need to Know about Chapter 7 Bankruptcy

In order to qualify for Chapter 7 bankruptcy under current statues, your monthly income must not be more than the median monthly income of similar households in Illinois. If your monthly income does exceed this median amount, you may still qualify under Chapter 7 if your monthly disposable income is below a specified amount after certain bills and expenses are paid.

Chapter 7 allows people to discharge their unsecured debt, including outstanding credit card and medical care bills. The courts will typically liquidate some assets and eligible property to pay off creditors, but retirement savings, social security benefits and certain other assets are exempt. It is important to understand that not all of your debt will be discharged by filing for Chapter 7; debts such as child support, school loans and liens on property are not eligible. As your experienced bankruptcy attorney, I will help you determine if you qualify for Chapter 7 bankruptcy and guide you through the process, including steps you can take immediately to get back on a solid financial footing.

How Chapter 13 Bankruptcy Applies

Chapter 13 bankruptcy, sometimes known as the wage earner plan, allows people to reorganize creditor debt through a repayment plan. By allowing debtors to continue to make some form of monthly mortgage payment, this type of bankruptcy is ideal for homeowners facing foreclosure. While filing bankruptcy under Chapter 13 may require you to pay most of your outstanding debt, the court will use your income to devise an appropriate repayment plan, regardless of creditor objections.

With over 25 years of experience serving north Chicago clients living and working in zip codes 60640, 60626, 60660, 60613, 60657, 60645, 60659, 60611, 60616, 60653, 60649, and 60617 I am confident that together we can find a bankruptcy solution that meets your needs and helps resolve your financial troubles.

Contact a Chicagoland bankruptcy lawyer at my office to discuss how we can put together a bankruptcy plan the protects your interests and meets your business and personal goals. I am conveniently accessible with offices located half a block off Lake Shore Drive.

Law Offices of Alan H. Klein

5210 N. Sheridan Rd.
Chicago, IL 60640
Phone: 773-275-0073
Email Me

For 25 years, business law and estate planning attorney Alan H. Klein has been representing clients in Chicagoland area neighborhoods such as Uptown, Edgewater, Lincoln Square, Lakeview, Andersonville and Lincoln Park, and the communities of Evanston, Skokie, Lincolnwood, Wilmette, Northbrook and Glenview, Illinois.