Bankruptcy Lawyersadvise you on your options as well as ensuring all requirements are fulfilled during a bankruptcy.
Bankruptcy Lawyers in Chicago and the surrounding Chicagoland Area.
Peter Francis Geraci & Geraci Law LLC 4401 W 63rd St Chicago, IL (888) 456-1953
The Cortese Law Offices, PC 22 W Washington St #1500 Chicago, IL (312) 269-9475
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.
ChicagolandLawyers.com - Chicagoland Lawyers in Chicago and surrounding Chicagoland.