Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
800-491-7493
Offices in Four Convenient Locations

Chapter 7 Archives

What are Chapter 7 bankruptcy exemptions in Illinois?

Illinois residents have likely heard of the concept of filing for bankruptcy. They probably are aware that the process is meant to help people who cannot fully pay their debts, and that they may have to sell some of their assets in order to make partial payments. While this may be true in certain instances, it should be noted that Illinois, as is the case with most states, exempts certain property from being subject to sale in certain types of bankruptcies.

Illinois residents use Chapter 7 to pursue debt relief

Millions of Americans are struggling with debt. For some, the problem is with a mortgage, and as a result, foreclosure may be on the horizon. For others, credit card debt has piled up for some reason, whether it is due to an unexpected loss of a job or an unforeseen medical issue. No matter how an Illinois resident has run into financial problems, it is important to realize that there may be legal options to help address these issues.

Can Illinoisans file for bankruptcy more than once?

No one knows what tomorrow will bring. One day the stock market is up; the next day it is down. One day a business is booming; a little while later the business has to close its doors. One day a person is healthy; another day they have a stroke requiring a lengthy stay in the hospital. These unpredictable reversals are just some of the reasons why Illinoisans file for bankruptcy.

What does a trustee do during a Chapter 7 bankruptcy?

When Illinoisans file for Chapter 7 bankruptcy, they have taken their first step towards financial freedom. Along that journey through the bankruptcy process, they will encounter several characters playing specific roles. One of those characters is a bankruptcy trustee. So, what does a trustee do?

Is the definition of 'undue hardship' about to change?

It is widely stated and generally believed that student loan debt cannot be discharged as part of the bankruptcy process. As we have said on a number of occasions, and in one post in particular, erasing student loan debt in bankruptcy can be a challenge, but it is not impossible.

What if you're a creditor and a business files Chapter 7?

Regular readers of this blog know we approach the issue of bankruptcy from the consumer perspective. That is, if you are an Illinois resident in financial difficulty and you need help to regain your footing, speaking with an experienced bankruptcy attorney is always recommended. If nothing else, obtaining a free initial consultation provides you a chance to get accurate information about your rights and options.

You can file for bankruptcy more than once, within limits

Illinois, like all states, has provisions allowing individuals to file for bankruptcy. The laws recognize that life doesn't always work out the way we expect it to. Financial problems can crop up for any number of reasons and individuals and companies need a legal way to seek relief so that they can get back on a positive track.

Is going through bankruptcy safe for retirees?

Baby boomers are entering their retirement years in ever-growing numbers. The Pew Research Center notes that the millennial generation, the group made up of 18 to 34 year olds, is now the largest demographic in the U.S. workforce. We suspect that a demographic breakdown of the population in Illinois would show the same thing.

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 630-960-4755

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755