Bankruptcy Attorney

Regain Your Financial Freedom

Too much debt burdens people today throughout the United States. As banks continue to practice predatory lending, that burden on everyone only increases.

The law, however, provides you with a tool to eliminate debt. That tool is bankruptcy.

An Attorney for Bankruptcy Cases that You Can Trust

The average household in the United States carries over $100,000 in debt. Between mortgages, medical bills, credit cards, and loans, debts can overwhelm even the most fiscally responsible among us. When your financial situation becomes too much to bear, filing for bankruptcy can provide you with a fresh start.

Types of Bankruptcy

When a business or individual accrues debts that they cannot repay, they may file for one of the various types of bankruptcy. Each of the different types or Chapters of bankruptcy offers a different kind of relief. Chapters 7, 11, and 13 are the most common types of bankruptcy, but they aren’t the only options.

Chapter 7 bankruptcy can provide quick relief for businesses and individuals with limited or no assets. Unsecured debts, those not tied to collateral of some kind, can be disposed of by filing for Chapter 7. The “necessities of modern life,” including a vehicle and a portion of home equity, can also be retained. However, all non-exempt assets, such as cash and investments, family heirlooms, and second vehicles or homes, must be liquidated.

Chapter 11 provides businesses with the ability to reorganize and become profitable once again. With Chapter 11, a business creates a debt repayment plan under the supervision of a bankruptcy court, but continues to operate during their bankruptcy. In rare instances, Chapter 11 may also be used by individuals.

Chapter 13 bankruptcy can be a solution for individuals or businesses who are ineligible for Chapter 7 because of their high levels of income. It involves creating a repayment plan that often stretches three to five years. When filing for Chapter 13, you retain all of your assets, including those which would be considered non-exempt under Chapter 7.

Decades Of Experience

Koch & Associates is one of the best bankruptcy law firms in Cicero, Illinois and throughout the Chicagoland area. As bankruptcy lawyers, we understand how stressful the bankruptcy process can be and want to help ease your burden. We have more than five decades of experience in and around Chicago, Illinois as attorneys for bankruptcy and can provide you with the relief you need.

We carefully review every client’s case to determine the best course of action for their specific situation. And if bankruptcy isn’t the right plan, we’ll let you know. We’re also some of the best foreclosure defence attorneys Chicago has to offer. As a result, we can advise you on a number of strategies to get out from under your financial hardships.

Bankruptcy might seem like a drastic decision, but it’s often the best way to get you back on your feet. Our law offices will be with you every step of the way to answer questions, provide advice, and represent your best interests. Before long, you’ll be looking for trust lawyers near Cicero, and your bankruptcy will be nothing but a distant memory.

Start Your Journey toward Financial Freedom

To learn more about what we can do for you, contact us today to schedule an initial consultation. You can reach us by phone at 708-656-9900 or send us a message with a brief summary of your issue. We’ve dedicated our lives to helping people in your situation. Reach out today so we can help you, too.

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