Bankruptcy Attorney in Tinley Park

Bankruptcy is a legal process that allows individuals or businesses to eliminate or reorganize their debts, providing a path to financial freedom. There are two primary types of personal bankruptcy filings available: Chapter 7 and Chapter 13.

• Chapter 7 Bankruptcy: This is often referred to as "liquidation bankruptcy," where eligible individuals can discharge most unsecured debts, such as credit card balances and medical bills. The process typically takes a few months and involves the liquidation of non-exempt assets to pay off creditors.
• Chapter 13 Bankruptcy: Known as "reorganization bankruptcy," Chapter 13 is designed for individuals with regular income who want to keep their property. It allows you to create a manageable repayment plan to pay off your debts over three to five years. This option is ideal for those who want to save their home from foreclosure or catch up on other secured debts.

Both options provide significant relief, but choosing the right one for your situation depends on your income, assets, and financial goals. Our bankruptcy attorneys will assess your situation and guide you to the best solution.

Filing for bankruptcy can be a complicated and stressful process, but with the help of an experienced bankruptcy attorney from Urban & Burt, you can navigate the steps with confidence. Here's an overview of the typical process for filing bankruptcy in Tinley Park:

1. Initial Consultation: During your first meeting, we will review your financial situation, explain the bankruptcy process in detail, and discuss your options.
2. Gathering Documentation: Our attorneys will assist you in gathering the necessary documentation, including income statements, tax returns, and information about your debts and assets.
3. Filing the Petition: Once the documentation is prepared, we will file your bankruptcy petition with the court, along with any required forms and schedules. A bankruptcy trustee will be appointed to oversee your case.
4. Automatic Stay: Upon filing, an automatic stay is put into effect, which temporarily halts creditor collection actions, including foreclosure, repossession, and wage garnishment.
5. Meeting of Creditors: You will attend a meeting with the bankruptcy trustee and your creditors, where you will answer questions regarding your financial situation.
6. Discharge or Confirmation: After completing all necessary steps, your bankruptcy case will either result in a discharge of your debts (Chapter 7) or confirmation of your repayment plan (Chapter 13).

Having a knowledgeable attorney by your side throughout this process is crucial to ensure everything is done correctly and efficiently.