Category Archives: Bankruptcy
Can You Keep Your Car in a Chicago Bankruptcy Case?
Worried about losing your vehicle if you file for bankruptcy? It’s one of the most common questions people ask before they even sit down for a consultation, and understandably so. A car isn’t just property. It’s how people get to work, pick up kids, and keep daily life running. The good news is that… Read More »
Mortgage Arrears and Bankruptcy: What Chicago Homeowners Need to Know
Falling behind on mortgage payments is one of the most stressful financial situations a homeowner can face. Between missed payment notices, mounting late fees, and the looming threat of foreclosure, it can feel like there’s no way to catch up. But is bankruptcy actually a tool that can help you keep your home, or… Read More »
2026 Updates to Median Income Limits for Bankruptcy in Illinois
If you are thinking about filing for bankruptcy in Illinois, one of the first questions you may have is whether your income qualifies you for relief. That is where median income limits come into play. These limits are updated periodically, and the 2026 adjustments could impact your options. The median income figures are used… Read More »
What Documents You Need to File Bankruptcy in Chicago
If you are thinking about filing for bankruptcy in Chicago, one of the first questions that comes to mind is probably: what paperwork do I actually need? Gathering the right documents before you file can make the process go much more smoothly. While every situation is different, there is a core set of materials… Read More »
What Happens to Your Home in a Chicago Chapter 7 Bankruptcy?
If you own a home and you’re thinking about filing for Chapter 7 bankruptcy in Chicago, one of the first questions on your mind is probably: “Will I lose my house?” It’s a fair concern, and the answer is more reassuring than many people expect. Whether you can keep your home depends on a… Read More »
Bankruptcy Options for Small Business Owners in Chicago
Running a small business in Chicago takes grit. But even the most dedicated owners sometimes face financial pressures that feel impossible to overcome. If your business is drowning in debt, you may be wondering: is bankruptcy a realistic option for me? The answer is that it depends on your situation, but there are several… Read More »
How to Stop Collection Calls Without Filing Bankruptcy
The phone rings. Again. It’s that same number you’ve been dreading, and your stomach drops before you even answer. Collection calls have a special talent for ruining a perfectly good Tuesday. But here’s something most people don’t realize: you may be able to make them stop, and bankruptcy doesn’t have to be part of… Read More »
What is the Best Interests of Creditors Rule?
The best interests of creditors rule significantly expands the bankruptcy exemptions in Illinois. These property exemptions are already among the most debtor-friendly ones in the nation, thanks to some recent legal changes. This rule applies in all kinds of consumer bankruptcies, but primarily in Chapter 7s. These informal exemptions, along with the formal, written… Read More »
How Do I Know if I Qualify for Chapter 7 or Chapter 13?
Most people qualify for both Chapter 7 and Chapter 13. As outlined below, household income usually determines Chapter 7 qualification. Household debts typically determine if a debtor qualifies for Chapter 13. In brief, most people with excessive unsecured debts, like credit cards and medical bills, file Chapter 7. This form of consumer bankruptcy quickly… Read More »
The Facts About Chapter 13 Bankruptcy in Illinois
Most families in the Prairie State have heard all the myths about Chapter 7 bankruptcy, but they haven’t heard any of the facts about this government-sponsored debt relief program. As a result, they don’t know the relief that’s available to distressed debtors. Most families live from hand to mouth. Therefore, even a temporary income… Read More »
