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CHAPTER 7 BANKRUPTCY
CHAPTER 11 BANKRUPTCY
CHAPTER 12 BANKRUPTCY
CHAPTER 13 BANKRUPTCY
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STOP HOME FORECLOSURE - Contact Us
STOP CREDITOR HARASSMENT - Contact Us
ELIMINATE CREDIT CARD DEBTS & MEDICAL BILLS - Contact Us
HOW TO PREPARE
STOP WAGE GARNISHMENTS - Contact Us
STOP INCOME TAX/IRS PROBLEMS - Contact Us
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RESTORING CREDIT AFTER BANKRUPTCY
Crystal Lake Bankruptcy

BANKRUPTCY OVERVIEW

Bankruptcy is Federal Law that provides relief from debts. There are four chapters of the United States Bankruptcy Code applicable to an individual. The specific chapter pursuant to which a Bankruptcy is filed is dependent upon the specific needs of the individual Debtor. The four chapters are as follows:

Chapter 7 Bankruptcy, otherwise known as Liquidation - Generally, a Chapter 7 Bankruptcy Liquidation provides the Debtor relief from payment of his or her obligations. These obligations include credit cards, medical bills, utility bills, auto loans, and mortgage loans. However, a Debtor that desires to keep a home or vehicle may, in many circumstances, enter into a reaffirmation agreement (agree to continue payment of the debt) subsequent to the Bankruptcy filing and may then retain the related home or automobile. >>>LEARN MORE

Chapter 13 Bankruptcy, otherwise known as Adjustment of Debts of an Individual with Regular Income - A Chapter 13 Bankruptcy is a payment plan. Pursuant to such plan, a Debtor must contribute all of his or her net income in excess of a reasonable budget to the Plan. These contributions will be paid to the Creditors in a specific statutory order. The payment plan will be for a period of 60 months or until all Creditors who have properly filed claims have been paid in full.  A Chapter 13 Bankruptcy is generally used to save a home from foreclosure, to save an automobile from repossession, or when Debtors do not otherwise qualify for a Chapter 7 Bankruptcy Liquidation. >>>LEARN MORE

Chapter 11 Bankruptcy, otherwise known as Reorganization - Chapter 11 bankruptcy is often used by businesses having financial difficulty and needing relief to continue operating. This type of Bankruptcy allows the Debtor to reorganize and continue in business. Although this Chapter is available to individuals, most Debtors are not engaged in business or a type of business that requires reorganization. Accordingly, this Chapter is rarely used for individual Debtors. >>>LEARN MORE

Chapter 12 Bankruptcy, otherwise known as Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income - This is similar to a Chapter 13 Bankruptcy and only applicable to family farmers and fishermen. Accordingly, it is of no use for most Debtors. >>>LEARN MORE

IMPORTANT NOTICE REQUIRED BY FEDERAL LAW

We are a debt relief agency pursuant to Federal Law §528 of Title 11 of the US Code. We provide legal assistance and help people file for Bankruptcy relief under the Bankruptcy Code.

SHOULD I FILE CHAPTER 7 BANKRUPTCY OR CHAPTER 13 BANKRUPTCY? - Contact Us

When deciding to file Bankruptcy, most people chose Chapter 7 Bankruptcy because it eliminates debts.  There are no payment plans or future obligations unless the individual chooses.  However, an individual must qualify to file a Chapter 7 Bankruptcy through means testing. The Bankruptcy "means test" determines whether your income is low enough for you to file Chapter 7 Bankruptcy. The formula is designed to prevent high income Debtors from filing for Chapter 7 Bankruptcy. High income Debtors who fail the means test may use Chapter 13 Bankruptcy to repay a portion of their debts.  You don’t have to be penniless to qualify for Chapter 7 Bankruptcy.  Most individuals are able to qualify  and receive a Chapter 7 Bankruptcy discharge.

Chapter 13 Bankruptcy has its advantages as well.  Debtors with higher incomes that need relief may not be eligible for Chapter 7 Bankruptcy but can get the relief they need through a Chapter 13 Bankruptcy.  These individuals are provided an orderly payment plan, relief from Creditor harassment and  may only pay a fraction of their debts. 

Certain debts are not dischargable in a Chapter 7 Bankruptcy but are in a Chapter 13 Bankruptcy.  For example, a Chapter 13 Bankruptcy Debtor may only have to pay a small portion of a property settlement or judgment from a divorce but would not be allowed any relief in a Chapter 7 Bankruptcy. 

Other debts are not dischargable for less than the full amount due but a Chapter 13 Bankruptcy can provide an affordable payment plan to eliminate such debts.  These debts include child support, maintenance/alimony and taxes. 

Call Steven J. Brody & Associates, Ltd. today and schedule a  free initial consultation to determine which Chapter is right for you  – 815-479-8800. Crystal Lake Bankruptcy - Contact Us

Steven J. Brody & Associates, Ltd. services the following communities with Bankruptcy and Foreclosure Defense:

McHenry County - Algonquin,, Bull Valley, Cary, Crystal Lake Bankruptcy, Fox Lake, Fox River Grove, Greenwood, Harvard, Hebron, Holiday Hills, Huntley, Island Lake, Johnsburg, Lake in the Hills, Lakemoor, Lakewood, Marengo, McCullom, McHenry, Oakwood Hills, Port Barrington, Prairie Grove, Richmond, Ringwood, Spring Grove, Trout Valley, Union, Wonder Lake, Woodstock

Lake County -  Antioch, Aptakisic, Bannockburn, Beach Park, Beach Station, Briergate, Channel Lake, Chittenden, Cuba, Deer Park, Deerfield, Deerpath, Del Mar Woods, Diamond Lake, Druce Lake, Dunes Park, Eddy, Fairfield, Forest Lake, Fossland, Fox Lake, Fox Lake Hills, Fremont Center, Gages Lake, Gilmer, Grandwood Park, Grayslake, Green Oaks, Gurnee, Hainesville, Half Day, Hawthorn Woods, Hickory Corners, Highland Park, Highmoor, Highwood, Horatio Gardens, Idlewild, Indian Creek, Ingleside, Ingleside Shore, Island Lake, Ivanhoe, Kennedy, Kildeer, Kings Island, Klondike, Knollwood, Lake Barrington, Lake Bluff, Lake Catherine, Lake Corner, Lake Forest, Lake Villa, Lake Zurich, Leithton, Libertyville, Lincolnshire, Lindenhurst, Long Grove, Long Lake, Loon Lake, Lotus Woods, Melody, Mettawa, Millburn, Monaville, Mundelein, Mylith Park, North Barrington, North Chicago, Old Mill Creek, Park City, Prairie View, Quentin Corners, Ravinia, Riverwoods, Rollins, Rondout, Rosecrans, Round Lake, Round Lake Beach, Round Lake Heights, Round Lake Park, Russell, Skokie Junction, Skokie Manor, Spaulding Corners, Sylvan Lake, Third Lake, Tower Lake, Venetian Village, Vernon Hills, Volo, Wadsworth, Wauconda, Waukegan, Wedges Corner, West Lake Forest, Wildwood, Williams Park, Wilson, Winthrop Harbor, Winthrop Harbor Station, Woodridge, Zion

Kane County - Allens Corners, Almora, Aurora, Bald Mound, Barrington Center, Batavia, Big Rock, Bowes, Burlington, Campton Hills, Carpentersville, Coleman, Dunham Castle, East Dundee, Elburn, Elgin, Exposition View, Five Island Park, Fox River Estates, Geneva, Gilberts, Hampshire, Kaneville, Lily Lake, Maple Park, Marywood, McQueen, Meredith, Middlebury, Montgomery, Mooseheart, North Aurora, North Plato, Nottingham Woods, Novak Park, Pingree Grove, Plato Center, Prestbury, Rainbow Hills, Richardson, Saint Charles, Scraper-Moecherville, Sleepy Hollow, South Elgin, South Park, Starks, Sugar Grove, Troxel, Udina, Valley View, Virgil, Wasco, West Dundee, Woodland Hills, Youngsdale

DuPage County - Addison, Bensenville, Bloomingdale, Burr Ridge, Carol Stream, Churchville, Clarendon Hills, Cloverdale, Darien, Downers Grove, Elmhurst, Eola, Flowerfield, Frontenac, Geneva Road, Glen Ellyn, Glen Oak, Glendale Heights, Gretna, Hanover Park, Highland Hills, Hinsdale, Ingalton, Itasca, Jewell Road, Keeneyville, Lace, Lakewood, Lisle, Lombard, Medinah, Munger, Naperville, North Glen Ellyn, Oak Brook, Oakbrook Terrace, Ontarioville, Palisades, Prince Crossing, Roselle, Schick, South Addison, Swift, Utopia, Valley View, Villa Park, Warrenhurst, Warrenville, Wayne, Wayne Center, West Chicago, Westmont, Wheaton, Willowbrook, Winfield, Wood Dale, Woodridge, York Center, Yorkfield

Crystal Lake Bankruptcy