Chicago, Illinois Bankruptcy Attorneys
Illinois Debt Relief, Foreclosure Defense, and Loan Modification Lawyers
Katz Law Office, Ltd. provides bankruptcy declaration assistance to clients throughout Chicagoland. Our bankruptcy attorneys help clients file for bankruptcy and educate clients on bankruptcy exemptions in Illinois. We will listen to your story, examine your financial data and guide you toward the best possible route to recover from financial issues. You may feel overwhelmed by the journey ahead, but we can help you break it down into actionable steps. We have successfully helped clients with a variety of circumstances regain their financial strength and keep precious property during challenging financial times.
Guiding Bankruptcy Filings in Chicago, Illinois
Each type of bankruptcy has a specific purpose. The following are the most common types of bankruptcy that we handle for individual and corporate clients:
- Chapter 7 bankruptcy is geared towards helping people start over, financially. It removes liability for eligible debts such as credit card debt, unsecured loans, and medical bills. While there are stringent eligibility requirements to file for Chapter 7 bankruptcy, our bankruptcy attorneys will be able to assess your situation and advise you on the best way to advance towards improved financial standing.
- Chapter 13 bankruptcy is an option for those who can handle a structured payment plan for a reduced total debt. This allows the debtor to repay an agreed upon portion of the debt and avoid the asset liquidation that usually accompanied a Chapter 7 filing.
Is Bankruptcy Right for You?
Each type of bankruptcy has eligibility requirements. Once we gather the appropriate data from you, we will have a better understanding of the options available. In general, bankruptcy filings require a person to meet income limits, specific debt to income ratios, and demonstrate an inability to pay the full amount of the debt. We can walk you through a means test to define your eligibility. Additionally, if you are considering filing for bankruptcy because you are facing a foreclosure on your residential or commercial property, we may have foreclosure defense alternatives such as seeking a loan modification to get your mortgage payments reduced to an amount that you can afford.
Contact our Chicago bankruptcy attorneys today for legal guidance and help with putting your financial affairs in order. We provide skilled bankruptcy assistance and encourage you to call (773) 847-8982 to schedule your free, initial consultation to discuss the matter. We have offices throughout the Chicago area including Cook County, Lake County, Kendall County, Kane County, DuPage County, and Will County. Se habla Español.