Bankruptcy Lawyers in Chicago
At The Golding Law Offices, P.C., we assist two distinct groups through our bankruptcy practice:
Debtors: We typically represent small businesses in business-related debt and individuals who have encountered issues with investment properties. We help these investors protect their assets through strategic, short- and long-term asset protection planning.
Creditors: As a lending institution, you are entitled to reimbursement for any line of credit you extend. We work hard to ensure that your interests are protected when a business or individual owing you money files for bankruptcy.
For individuals who have few assets but find themselves bogged down with medical bills, credit card debt and deficiency balances due to auto repossession, Chapter 7 bankruptcy may be the answer. Under Chapter 7, individuals can eliminate — or discharge — most debts. A bankruptcy trustee converts all of your non-exempt property into cash and distributes it to your creditors. It takes approximately four months to receive a discharge of all eligible debts.
Most commonly used by large businesses to restructure their debt, Chapter 11 bankruptcy allows corporations and partnerships to reorganize. Under Chapter 11, the company in debt usually retains its assets and continues to operate under court supervision and for the benefit of creditors. A trustee may be appointed if necessary. A Chapter 11 plan to reorganize the debt must be approved by the creditors and the court. While Chapter 11 is often described as the most flexible bankruptcy chapter, it is often the most expensive for the debtor.
Individuals in debt filing for bankruptcy under Chapter 13 create a three- to five-year payment plan for their debt. Their payment is based on income rather than assets. Instead of making separate payments to each creditor, the overall debt is consolidated into a single payment the debtor makes to a Chapter 13 trustee. The trustee then disburses payments to each creditor according to the court-approved Chapter 13 plan.
Contact us today
The answer to your financial challenges may be closer than you think. We can help you file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Call us at 312.832.7885 or contact us online to arrange a free consultation.