1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

Call for a FREE Phone Consultation

847-549-0000

Video Consultations Also Available

Subscribe to this list via RSS Blog posts tagged in Chapter 7 bankruptcy
Alfred Angelo Bankruptcy Disrupts Brides' Plans

In July of 2017, dressmaker Alfred Angelo filed for Chapter 7 bankruptcy after more than 75 years in the bridal dress business. The 60 Alfred Angelo shops were shuttered immediately. This came as a surprise to dress retailers and the brides who had ordered Alfred Angelo gowns through them, some of whom are now scrambling to find out if they will receive their dresses or if they will have to get new gowns at the last minute.

In most stories about businesses filing for bankruptcy, the business filed for Chapter 11, or reorganization, bankruptcy. Chapter 11 is designed to help a company rework itself into a profitable business. In contrast, Chapter 7 bankruptcy is a way for a company to liquidate its assets and fulfill its debt obligations before going out of business. The process makes the liquidation and repayment of a company's debts smoother by bringing in a bankruptcy trustee to facilitate these processes.

Brides Do Not Know if Their Dresses Will Ship

...
How Can I Protect My Assets from Being Liquidated in a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is known as liquidation bankruptcy because it involves the liquidation of the filer's non-exempt assets to make a profit, which is then used to repay the filer's creditors. Naturally, nobody wants to have his or her assets liquidated, but when an individual files for Chapter 7 bankruptcy, his or her creditors need to recoup at least some of their money.

Talk to your lawyer and your bankruptcy trustee about the liquidation process before it begins. Go over which assets are exempt from liquidation, which are not, and how you can convert certain assets so they are exempt from liquidation.

Know Which Assets are Exempt from Liquidation

...

Filing for bankruptcy can be an overwhelming decision. However, according to the Wall Street Journal, it is one more than 1.6 million Americans made in 2010 alone.

It is important to remember — despite popular opinion — that filing for bankruptcy is not innately bad. Also, it does not mean the filer was financially irresponsible. Often, an unexpected event, such as a company shutdown or injury, can leave a person with insurmountable debt.

Whether you file for chapter 7 bankruptcy, which involves the liquidation of assets, or chapter 13 bankruptcy, which involves a payment plan that restructures debt, this decision may be a step toward financial stability. However, you should be ready for the challenges that come with bankruptcy; these may include living without a credit card and following a strict budget.

...

Many people assume that debt is inherently bad. The truth, however, is that debt and credit can be tools that allow individuals to live more comfortable, fruitful lives. Loans help people buy homes and attend college, and credit can help those who find themselves in temporary financial hardship. Unfortunately, poor financial management and unexpected circumstances can cause debt to spiral out of control. When this happens, bankruptcy might be a viable option.

Filing bankruptcy is a serious choice, but it is often a smart decision. If you are considering bankruptcy, you should discuss your case with an experienced attorney. A bankruptcy lawyer can help you avoid mistakes that could compromise your interests.

Is Bankruptcy the Right Option?

...

As per Foreclosure.com, the nation's largest provider of data of homes in financial distress, reports that 31,043 Illinois homes are currently in pre-foreclosure status as 23,486 household are already actively involved in the process. In addition, 34,975 bankruptcies have also been recorded during the first quarter of 2015.

With each number representative of an individual or family engrossed in various levels of financial distress, no doubt stress levels may be running high with the need for consulting with an experienced Illinois foreclosure or bankruptcy attorney on the rise.

If you are one of the 23,486 Illinois residents in pre-foreclosure status, the need for an experienced attorney is key as questions about rectifying your situation require qualified answers.

...
Top 100 AFDA BBB IRELA Illinois State Bar Association Illinois Trial Lawyers Asscociation Manta Member NACBA North western suburban bar association Top One
Back to Top