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Anderson and Associates, P.C.

Free Initial Consultation


Orland Park Bankruptcy Attorneys

Alsip IL bankruptcy lawyers

Lawyers for Chapter 7 and Chapter 13 Filings in Tinley Park and Cook County

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

Types of Consumer Bankruptcy

There are many situations that can lead to a bankruptcy decision, particularly divorce, unemployment, and the illness or death of a family member. There are two types of bankruptcy consumers 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 trustee takes control 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 exempt or are not of value to creditors.) Assets used as collateral for a secured loan must be yielded as well. At the end of the bankruptcy process, most debts are discharged.
  • Chapter 13 bankruptcy – This is also called "reorganization" bankruptcy. When you file for Chapter 13 bankruptcy, you must submit a detailed repayment plan for how you will repay your debts over the course of three to five years. When the term of the repayment plan is over, any remaining debts (with a few exceptions) are discharged.

Our firm can explain the intricacies of each bankruptcy plan and help you decide which is best for you. Following the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Chapter 7 bankruptcy may no longer be available for high-income individuals, so Chapter 13 may be your only option.

Bankruptcy Alternatives

We realize bankruptcy may not be the correct choice for everyone. Our attorneys will discuss all the debt relief options available to you, such as loan modification or foreclosure and creditor negotiations, and we will make sure you understand the big picture when making informed decisions about your financial future.

To find out more about bankruptcy and how Anderson and Associates, P.C. can help you, contact us at 708-226-9904 to schedule a free consultation. From our Orland Park office, we serve clients throughout the area including Homewood, Flossmoor, Alsip, Midlothian, Tinley Park and Oak Forest.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

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