Consumer Bankruptcy
CHAPTER 7
In a Chapter 7 discharge, also known as straight bankruptcy, you can eliminate certain unsecured debts, such as credit card balances, medical bills, payday loans, car title loans, and traffic tickets. In certain cases, it is even possible to discharge back taxes.
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CHAPTER 11
The definition of a Small Business in a Chapter 11 is one where the debts don’t exceed about $2.5 million (currently $2,566,050). A Small Business Chapter 11 Bankruptcy may be the best course of action for your Chicago business.
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CHAPTER 13
If you can’t make ends meet and your debts are mounting, you are probably getting harassing phone calls from bill collectors. You may be in danger of losing your home or your car or having your wages garnished. Chapter 13 bankruptcy may be able to protect you from creditors in exchange for a monthly payment plan.
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CHAPTER 20
First of all, there is no Chapter 20 in the Bankruptcy Code. The term “Chapter 20” is a shorthand term where the individual or married couple has filed a Chapter 7 and shortly thereafter filed a Chapter 13.
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Business Bankruptcy
2020 has been a particularly difficult year for many businesses throughout the United States due to the coronavirus pandemic. According to Yelp.com’s Local Economic Impact Report, over 97,966 businesses have permanently shut down during the COVID-19 pandemic. If your business has been affected by COVID-19 closedowns, or you have incurred personal debt due to other burdens to keep your struggling business afloat, filing for bankruptcy may help you find the financial relief that you need.
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Why Choose Bankruptcy?
ELIMINATE YOUR DEBT
The first step to finding relief is to get rid of the mountain of debt you have been carrying around. Bankruptcy can provide you with a clean slate to start from.
BRING UP YOUR CREDIT SCORE
After you have gotten out from under your debt, you can begin the process of rebuilding your credit score and position yourself for greater opportunities in life.
START A NEW CHAPTER
You don’t have to remain buried under debt forever. There are bankruptcy options available that may be able to you that may give you a new start with your finances.