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Bankruptcy in Illinois
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Bankruptcy is an option in Illinois for someone who is not able to pay his or her debts to get a “fresh start” financially. When someone files for bankruptcy in Illinois his or her creditors are not allowed to collect debts from that person until the debts are sorted out according to an Illinois based federal court.
There are four kinds of bankruptcy and they are named according to the chapter of the federal Bankruptcy Code that describes them. Illinois attorneys apply federal statutes when handling bankruptcy cases in Illinois.
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
- Debt in Illinois Bankruptcy Cases
- Illinois Collection Lawyers
- Frequently Asked Questions About Bankruptcy in Illinois
- What Makes a Great Bankruptcy Lawyer?
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- Filing for bankruptcy will stop all collection efforts.
- Once you file for Chapter 7 bankruptcy you may not be able to withdraw your petition or have itconverted to a Chapter 13 bankruptcy.
- It is a violation of the Fair Debt Collection Act for a collector to threaten or harass or to call you at home.
- Your failure to pay for monies that is owed to another party will never lead to arrest despite what some collection agencies tell you.
- In collection cases attorneys usually decide whether or not to take a case on an hourly or contingency basis based on the size of the debt that is owed and the ability of the defendant to pay once a judgment is secured.
- Filing for bankruptcy will stop all collection efforts.
