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Chapter 7 and Chapter 13 Bankruptcies in Illinois

Posted on in Bankruptcy

The two main types of bankruptcies for individuals are called Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 is used by those who can prove that they have no way to repay their debts, and it is known as liquidation. For those who can repay their debts, or who cannot prove that they have no way to repay their debts, there is Chapter 13 bankruptcy. Chapter 13 is also known as repayment; debtors will make arrangements with their creditors to repay what they owe.

In Illinois, the first step in bankruptcy is credit counseling. This must take place within six months of filing for bankruptcy; if the court has not approved the filers delayed counseling, their case can be thrown out.

The state has three district bankruptcy courts: northern, central, and southern. It is essential that bankruptcy paperwork is filed with the correct court. You will need proof of your income and statements from your current creditors. An experienced Lake County bankruptcy lawyer can help you file your bankruptcy paperwork and avoid costly mistakes.

There are fees associated with filing for bankruptcy; contact an attorney to ensure that you are receiving the current information, paperwork, and fee and filing information. The experienced Lake County bankruptcy attorneys at Newland & Newland, LLP offer free initial consultations and have offices around Chicagoland.

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