Bankruptcy
Wheaton
Wheaton Attorneys
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Chicago Office

20 N. Clark Street
Suite 2720
Chicago, Illinois 60602
Phone: 312-345-9999

Schaumburg Office

1515 E. Woodfield Road
Suite 640
Schaumburg, IL 60173
Phone: 847-995-9999

Wheaton Office

400 S. County Farm Road
Suite 320
Wheaton, Illinois 60187
Phone: 630-653-9400

Orland Park Office

15255 W. 94th Ave
Suite 201
Orland Park, IL 60462
Phone: 708-226-9904

Orland Park Bankruptcy Attorneys

With hard times effecting people across the country, many families have been faced with the decision of bankruptcy. Declaring bankruptcy can provide relief from the pressures of debt and give you a new financial start. Anderson & Associates, P.C. provides experienced counsel to clients in all bankruptcy situations. Our attorneys examine your financial assets and help you determine if it is the right choice for you. If you choose to go through with bankruptcy, we can advise and represent you during the legal process.

Different Types of Consumer Bankruptcy

There are a lot of situations that can lead to a bankruptcy decision, particularly divorce, unemployment, and illness/death of a family member. There are two different types of bankruptcy individuals can choose when going through financial difficulties: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both bankruptcies are similar, but function differently in the following ways:

  • Chapter 7 bankruptcy – This is also called "straight" or "liquidation" bankruptcy. When you file for Chapter 7 bankruptcy, a bankruptcy representative takes a hold of your assets and debts. Any assets that are non-exempt and have value must be surrendered to pay towards your debt. (In many cases, all assets are exempted or are not of value to creditors.) Assets used as collateral for a secured loan must be yielded too. At the end of the bankruptcy process, most debts are squared away.
  • Chapter 13 bankruptcy – This is also called "reorganization bankruptcy." When you file for Chapter 13 you must first seek credit counseling. Then you must submit a detailed repayment plan for how you will repay your debts over the course of a three to five year plan. When the term of the repayment plan is over, any remaining debts (with a few exceptions) are cleared.

Our firm can explain the ups and downs of each bankruptcy plan and help you decide which is best for you. According to the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Chapter 7 bankruptcy is no longer valid for high-income individuals, so Chapter 13 may be your only option. Either way, we will provide you with the best advice and help you in your bankruptcy decision.

Bankruptcy Alternatives

Bankruptcy may not be the correct choice for everyone, so our firm can help you decide on some alternatives. We discuss all debt relief options like loan modification or foreclosure and creditor negotiations. Our attorneys make sure you have the bigger picture in mind when making informed decisions for your financial future.

To find out more about bankruptcy and how Anderson & Associates, P.C. can help you, contact us to schedule a free consultation. We have three other regional offices, besides our Orland Park locations, situated throughout the Chicago area.