Illinois Bankruptcy FAQ

If you are in a position where you are considering bankruptcy, you probably have a lot of questions. It is important to make this decision for yourself in order to be sure that this is the right option for your particular financial situation, so it will have the greatest benefit to you now and in the future. As a skilled Dupage County bankruptcy lawyer, Joseph Doyle offers a free initial consultation to get the process started. We have also listed some frequently asked questions (FAQs) about bankruptcy in Illinois:

How do I know if I qualify for a Chapter 7 bankruptcy?

In order to file for bankruptcy under Chapter 7 of the bankruptcy code, you must pass the means test. This involves an evaluation of your income as well as a comparison of your income to your allowable expenses in order to determine your “disposable income.” Depending upon the value of your income and disposable income, you may or may not qualify for a Chapter 7 filing.

Who should file a Chapter 7 case?

Most often, individuals with low incomes and few assets will benefit from a Chapter 7 case. However, there are always exceptions to the rule and as such it is important to talk to a professional about your particular situation.

Who should file a Chapter 13 case?

Chapter 13 bankruptcy is most often beneficial to individuals with steady incomes who have assets and property they wish to protect. Chapter 13 is also often effective in stopping foreclosure.

Do I need to work with an attorney?

While it is not required for individuals to have legal representation when filing for bankruptcy, it is highly recommended. Bankruptcy is a legal process and is therefore not only complex, but it must be handled correctly in order to see the true benefits. Incorrectly filing a bankruptcy petition may result in your case being dismissed, and this will mean that you cannot file again for a set period of time.

Contact our firm today to talk to a Dupage County bankruptcy attorney.