What Causes People To File For Bankruptcy?
Due to the pandemic and rise in unemployment rates, especially in Illinois, many people are struggling to make ends meet. Unfortunately, very few creditors are willing to work with debtors to help repay the debt owed to them or offer reasonable, affordable payment plans. Consequently, many people turn to bankruptcy for financial relief. Chapter 7 and Chapter 13 bankruptcy […]
Your Bankruptcy 341 Meeting: What To Expect
If you have decided to file for Chapter 7 or Chapter 13 bankruptcy, you will be required to attend a meeting after your case is filed. This mandatory meeting is called a 341 meeting, or a meeting of creditors, which is required under section 341 of the U.S. Bankruptcy Code. There is no need to stress out about the meeting, […]
Bankruptcy Discharge: An Explanation From Our Chicago Bankruptcy Lawyer
What is a Bankruptcy Discharge? When you file for either Chapter 7 or Chapter 13 bankruptcy, the underlying goal is to complete your case and receive a bankruptcy discharge. Once a discharge order is entered in your case, you are no longer personally liable on any debt eligible for discharge in your case. This means, you no longer owe your […]
The Differences Between Chapter 7 And Chapter 13 Bankruptcy
When potential clients call our office, the two most common questions they ask are which type of bankruptcy they should file and what are the differences. In general, as a consumer, the United States Bankruptcy Code offers two different kinds of bankruptcies – Chapter 7 and Chapter 13. Although both are designed to give debtors a “fresh start,” […]
How To Prevent Vehicle Repossessions
The thought of having your car repossessed can be overwhelming and scary. For many people, having access to a vehicle is essential for making a living or caring for family members. Unfortunately, Illinois repossession laws do little to help consumers prevent repossession or redeem their vehicles. At DebtPros, our experienced bankruptcy lawyers in Chicago will advise […]