how to find a good bankruptcy chapter 7 attorney in illinois

You should contact an experienced Illinois bankruptcy attorney who can answer more specific questions about whether Chapter 7 is right for your financial situation. Leibowitz likens it to filing your taxes; while you can do it yourself, an accountant knows all the deductions you are eligible for and that you might miss.

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What is exempt from Chapter 7 bankruptcy in Illinois?

Prior to meeting with your chapter 7 personal bankruptcy attorney, get all your paperwork, assets, debts, loans, financial statements and other necessary documents in order. Once all the necessary paperwork has been gathered, meet with an a Chicago bankruptcy attorney to guide and advise you as to what best suits your particular situation.

How do I file bankruptcy in Illinois?

Lead Counsel independently verifies Chapter 7 Bankruptcy attorneys in Addison and checks their standing with Illinois bar associations. Our Verification Process and Criteria Ample Experience Attorneys must meet stringent qualifications and prove they practice in the area of …

What is a Chapter 7 bankruptcy proceeding?

Compare the best Chapter 7 Bankruptcy lawyers near Decatur, IL today. Use our free directory to instantly connect with verified Chapter 7 Bankruptcy attorneys.

What should I do Before I file for bankruptcy?

Lead Counsel independently verifies Chapter 7 Bankruptcy attorneys in Rockford and checks their standing with Illinois bar associations. Our Verification Process and Criteria Ample Experience Attorneys must meet stringent qualifications and prove they practice in the area of …

How much does it cost to file Chapter 7 in Illinois?

At the moment, the Chapter 7 bankruptcy filing fee is $338. If it's not a hardship, plan on paying this amount when submitting your documents to the court. If you're unable to pay the fee, whether that's in full at one time, or at all, you can still file for bankruptcy protection.Oct 9, 2021

What is the income limit for Chapter 7 in Illinois?

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

How much do DebtStoppers charge bankruptcy?

DebtStoppers is one of the only law firms in the country that will file your Chapter 7 bankruptcy case for $0-down. While other law firms may offer payment plans for their legal fees, we take it a step further.

How much does it cost for bankruptcy in Illinois?

Filing for bankruptcy in Illinois costs $299 for a Chapter 7, or liquidation, bankruptcy, and $274 for a Chapter 13, or reorganization, bankruptcy. However, federal law does provide that the Chapter 7 filing fee may be waived if your household meets certain income limits prescribed by the federal government.

Is Chapter 7 or 13 worse?

Chapter 7 bankruptcy is faster and cheaper than Chapter 13 bankruptcy, but it's not the best option for everyone. Bankruptcy is one of the fastest and most effective ways to find debt relief. Most consumers who follow this path will file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.

What is the means test for Chapter 7?

The bankruptcy means test determines whether you're eligible for Chapter 7 bankruptcy. The bankruptcy means test determines who can file for debt erasure through Chapter 7 bankruptcy. It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts.

What is the difference between Chapter 7 and Chapter 13?

The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.

Who is DebtStoppers?

DebtStoppers is one of our country's largest bankruptcy law firms. We've helped countless families stop foreclosure, garnishment and repossession, eliminate debt and hold on to their homes, vehicles and valued possessions.

What is Chapter 13 bankruptcy in Illinois?

In a Chapter 13 bankruptcy, you attempt to repay your creditors instead of wiping out your debts without paying. You propose a repayment plan to make payments to creditors over 3-5 years. If your current monthly income is less than the state median income for the same household size, the plan will be for 3 years.

What are the pros and cons of Chapter 7?

Pros and Cons of Chapter 7 BankruptcyPro: Less Expansive Than Chapter 13.Pro: Speed of Chapter 7 Discharge.Pro: Potentially Keep Property.Pro: Stop Debt Collection Lawsuits.Pro: No More Deficiencies.Con: Income Requirements.Con: Potentially Losing Property.Con: Negative Credit Impact.More items...•Feb 25, 2020

Can you file bankruptcy without a lawyer in Illinois?

In a Chapter 13 bankruptcy, you must pay your creditors in full if you can. If that is not possible, you must pay all of your disposable income for 3-5 years. ... It is important to speak with a lawyer if possible before filing for Chapter 13 bankruptcy because creating a repayment plan is a tough thing to do.Feb 5, 2021

How much does a bankruptcy lawyer cost in IL?

Bankruptcy attorneys in Illinois cost between $900 – $1,200 The price of a personal bankruptcy attorney in Illinois is around $1,050.00 (Low: $900.00. High: $1,200.00). This information is provided by multiple service providers and open marketplaces.

What happens when you file Chapter 7?

When you file for Chapter 7 liquidation, the petition operates as an automatic stay, which generally prevents creditors from pursuing debt collection actions against you unless the bankruptcy judge approves it first.

How long does it take to file Chapter 7?

In order to be eligible for a Chapter 7 case, you must receive credit counseling from an approved agency within 180 days prior to filing. When you file, you are required to provide the court with a certificate from the agency describing the services you received along with a copy ...

What property can you claim in bankruptcy?

Each individual who files a bankruptcy is entitled to keep any property that qualifies for an exemption under either federal or Illinois law. For some types of property, such as family pictures, necessary wearing apparel, worker compensation benefits, qualified retirement plans, IRAs, and life insurance, the value and amount of property an individual can claim as exempt is unlimited. In other cases, however, the equity an individual can claim as exempt is limited by a fixed dollar amount. Common examples of such exemptions include: 1 Your personal residence (equity of $15,000, or $30,000 for spouses filing jointly); 2 Compensation for personal injury claims ($15,000); 3 Motor vehicle (equity of $2,400 for each individual owner); 4 Tools or books used in your occupation ($1,500).

What are the two types of bankruptcy?

For individuals, there are two main types of bankruptcies that can be filed: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 cases are also referred to as "liquidation" cases, while Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals may also be eligible for a Chapter 11 bankruptcy, ...

How long does bankruptcy stay on your credit report?

A bankruptcy can remain on your credit report for up to 10 years, but many people are able to raise their credit score to a relatively good level within a few years after bankruptcy.

Can you keep your property after bankruptcy?

Each individual who files a bankruptcy is entitled to keep any property that qualifies for an exemption under either federal or Illinois law. For some types of property, such as family pictures, necessary wearing apparel, worker compensation benefits, qualified retirement plans, IRAs, and life insurance, the value and amount ...

What is an automatic stay?

The automatic stay goes into effect immediately upon filing the petition; no court hearing or approval by a judge is necessary. When the case is filed, the United States trustee for your judicial district appoints a trustee to review your financial affairs and administer your case.

Why Should I File for Chapter 7?

The main benefit of Chapter 7 bankruptcy is that it can wipe out most, if not all, of your unsecured debts. Once you complete the bankruptcy process, the court grants you a “discharge.” This means your creditors can no longer take legal action to collect the discharged debt.

How Much Does It Cost?

Chapter 7 is traditionally thought to be relatively quick and inexpensive, but bankruptcy attorney David P. Leibowitz says, “it varies considerably. It depends whether you have a simple case or complex case, and you don’t really know that until you look into it carefully.”