Bankruptcy
Bankruptcy Law in Illinois
A Comprehensive Guide to Chapter 7, Chapter 13, and Chapter 11 Bankruptcy
Financial stress can feel overwhelming. Whether you're dealing with late notices, collection calls, a threatened foreclosure, or mounting medical bills, you may be wondering whether bankruptcy is the right step for your situation. If you're searching for an experienced bankruptcy lawyer in Chicago, you're already taking a proactive step toward understanding your options and regaining control of your financial future.
We are a debt relief agency licensed to do business in Illinois.
Choosing the right path in Illinois
A bankruptcy lawyer in Illinois will evaluate your income, assets, debts, and goals before recommending the best chapter.
Chapter 7
Total discharge of credit cards, medical bills and loans
- Best for
- Low-income individuals
- Key benefits
- Fast discharge, no repayment
- Typical Illinois use
- Eliminating unsecured debt
Chapter 13
Foreclosure defense and debt repayment plans
- Best for
- Individuals with steady income
- Key benefits
- Protect home, repay over time
- Typical Illinois use
- Avoiding foreclosure; keeping assets
Chapter 11
Chapter 11 bankruptcy for small business
- Best for
- Businesses or high-debt individuals
- Key benefits
- Reorganization without closing business
- Typical Illinois use
- Illinois business restructuring
Bankruptcy questionsShould I file for Chapter 7 or Chapter 13?
Your attorneys
Ben L. Schneider
One of the principal bankruptcy attorneys
He focuses on individual Chapter 7 and Chapter 13 filings as well as Small Business Chapter 7 and Small Business Chapter 11 Bankruptcy filings.
- Avvo Clients’ Choice Award 2012
Matthew (Motty) Stone
Principal estate planning, business and corporate attorney
He focuses on contract review and negotiation as well as employment issues, business litigation, intellectual property, Chapter 7 and Chapter 11 Bankruptcy.
The automatic stay: immediate protection for Illinois filers
One of the most powerful aspects of filing for bankruptcy is the automatic stay, a legal mandate from the bankruptcy code that immediately stops:
- Wage garnishments
- Collection calls
- Lawsuits
- Bank account freezes
- Foreclosures
- Repossessions
- IRS collection actions
For many Illinois consumers, the automatic stay provides something they haven't felt in a long time: relief.
Understanding bankruptcy in Illinois
Bankruptcy is governed by federal law, but Illinois-specific rules play a key role, especially regarding exemptions, protections that help you keep important property.
When you file for bankruptcy in Illinois:
- Your case is filed in a federal bankruptcy court
- Illinois exemption laws determine what property you can keep
- Your attorney navigates both federal rules and local procedures
- You gain immediate protection through the automatic stay, which stops creditor actions
How a bankruptcy lawyer in Illinois helps you
Hiring an experienced bankruptcy lawyer provides significant advantages:
Understanding Illinois-specific exemptions
Illinois has unique rules not shared by other states.
Accurate and complete filing
Missing paperwork or errors can result in delays, or dismissal of your case.
Immediate creditor protection
Your attorney makes sure the automatic stay goes into effect quickly.
Representation in all court proceedings
From the 341 meeting to possible hearings, your lawyer speaks on your behalf.
Strategic decision-making
Your attorney will help determine which chapter is best and how to maximize debt relief.
Long-term financial advice
Many Illinois bankruptcy lawyers also advise clients on rebuilding credit after discharge.
Choosing the right bankruptcy lawyer in Illinois
Filing for bankruptcy is a major decision, but you don't have to navigate it alone.
The right attorney will:
- Give you the fresh start you deserve
- Listen to your financial concerns
- Explain all your options
- Help you choose the best debt relief strategy
- Protect your rights throughout the process
We offer a free consultation to discuss your options.
Schedule a free consultation
Call to set up an appointment or simply fill out the contact form to schedule a virtual consultation or an in person consultation at any of our Chicagoland locations.
847-933-0300