Archives for November 2022

In a Chapter 11 or 13 reorganization bankruptcy, the court will approve a repayment plan that typically provides for the partial repayment of debts owed to various creditors over a period of 2 to 5 years. At the conclusion of the repayment period, any remaining balance may be discharged. With the help of an experienced attorney, individuals and businesses can file a petition for bankruptcy with the US Bankruptcy Court. After filing for bankruptcy protection, debtors are protected from creditors … [Read more...]

Bankruptcy protection offers a legal strategy to eliminate debt for individuals who are facing financial difficulty. In a chapter 7 liquidation bankruptcy, a debtor's nonexempt assets are sold and their creditors are paid from the proceeds. Any claims that remain unpaid are discharged. Notable exemptions include but are not limited to: Illinois homestead exemption up to 15K Illinois motor vehicle exemption up to $2400 on one motor vehicle Illinois Wildcard Exemption of $4K that can … [Read more...]