Filing Bankruptcy in Chicago
According to the Chicago personal bankruptcy law, bankruptcy is a legal proceeding in which a person gets a fresh financial start, if he declares that he cannot pay his bills. This is a right provided to the citizens of the United States, under the federal law.
Once you file bankruptcy under the Chicago personal bankruptcy law, it immediately puts a stop on all your creditors from demanding their due from you, until your debts are sorted out according to the Chicago personal bankruptcy law.
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Under the Chicago personal bankruptcy law, bankruptcy makes it possible for you to:
- Eliminate the legal obligation to pay all your debts or “discharge” them. Bankruptcy therefore gives you a clean slate to begin afresh.
- Prevent foreclosure on your house or mobile home and lets you pay missed payments. However, it doesn’t bypass mortgages and other liens on your property without payment.
- Stop repossession of your car or other property, or force the creditor to return property after it has been repossessed.
- Stop wage garnishment or the method by which debt is collected from a certain portion of the debtor’s salary and then paid to the creditor.
- Stop all other forms of debt collection harassment.
- Challenge the claims of those creditors under the Chicago personal bankruptcy law, committed fraud or are trying to collect more than you really owe them.
However, bankruptcy, as your Chicago personal bankruptcy lawyer will advise you, cannot cure all your financial ills. It has its limitations too. While you can force a secured creditor to take payments over a prolonged period as part of the Chicago personal bankruptcy process and bankruptcy can do away with your having to pay any extra money if your property is seized, it certainly doesn’t mean that you keep the collateral unless you continue to pay the debt.
The Chicago personal bankruptcy law also states that there are certain types of discharge debts such as child support, alimony, divorce-related debts, student loans, court restitution orders, criminal fines, and some taxes.
If a friend or relative has co-signed a loan under Chicago personal bankruptcy law, it is your duty to protect him on your debts or he will also have to shell out part or the entire loan. Your Chicago personal bankruptcy lawyer or attorney will be able to guide you through the maze of difficult and complex laws. The services are also available to residents of the neighboring areas of Chicago such as Aurora, Chicago, Joliet, Melrose Park, Rockford, Schaumburg, Springfield, Tinley Park, Swansea, and Waukegan.
Illinois Bankruptcy Law Information:
Questions About Bankruptcy in Chicago?
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