Bankruptcy in Illinois
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Bankruptcy Procedure
Chapter 7 and Chapter 13

Batavia, Illinois, Bankruptcy Attorney

Chapter 7 Bankruptcy Procedure


A bankruptcy is begun by filing a petition with the bankruptcy court. The commencement of a bankruptcy creates an "estate" consisting of all of your legal and equitable interests in property as of that time. A trustee is appointed to take "possession" of the property of the estate. In reality nobody actually takes your property except in extreme circumstances. We would not file a bankruptcy for you if it appeared you would lose anything.

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Chapter 7 Bankruptcy Requirements

Chapter 7, usually referred to as "straight bankruptcy" eliminates most unsecured debts and gives you a fresh start. Usuall, certain secured debts are retained, such as houses and cars, and you continue making payments as before.

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Chapter 13 Bankruptcy Procedure

If you have a job or some source of regular income, but are overwhelmed by debts you can't handle, Chapter 13 bankruptcy may be right for you. You can use Chapter 13 bankruptcy to liquidate many of your debts, set up a reasonable debt repayment plan, and get a fresh financial start.

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Chapter 13 Bankruptcy Requirements

Chapter 13 bankruptcy reorganizes your debts into an affordable monthly payment. Chapter 13 provides an attractive alternative to Chapter 7 and allows you to pay what you honestly can afford to pay. Chapter 13 is available for people with steady incomes and is particularly useful for those people who are behind on mortgage payments and want to save their home.

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