Chicagoland Bankruptcy Lawyersadvise you on your options as well as ensuring all requirements are fulfilled during a bankruptcy.
Elkhatib Law LLC 213 N. LaSalle Suite 2144 Chicago, IL 60601 By Appointment: 15255 S. 94th Avenue, Suite 500, Orland Park, IL 60462 Regency Towers – 1415 West 22nd Street, Tower Floor, Oak Brook, IL 60523 312-324-0944 ElkhatibLaw.com
The Odeh Law Group 11350 South Harlem Ave. Worth, IL 60482 773-609-4108 OdehLawGroup.com
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
Chapter 7: Basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available.
Chapter 9: Municipal bankruptcy; a federal mechanism for the resolution of municipal debts.
Chapter 11: Rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganization which typically allows companies to continue to function while they follow debt repayment plans.
Chapter 12: Rehabilitation for family farmers and fishermen.
Chapter 13: Rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy.
Chapter 15: Ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.