For individuals, married couples, and businesses, sometimes accumulated debt becomes overwhelming. Occurrences like layoffs, major illnesses, and divorce can put so much strain on your resources that your financial situation keeps getting worse, no matter how hard you try to keep up. Financial hardship can be the result of many different circumstances or due to an unfortunate series or combination of events.
If you are trying unsuccessfully to cope with so much debt that you feel bankruptcy may be an option, schedule a free consultation with us. We will take the time to fully understand your circumstances and evaluate options with you.
At Modestas Law, we have appeared in more than 900 Illinois bankruptcy cases in the last 15 years. Those cases include:
Based on his experience, Illinois bankruptcy attorney Saul Modestas also has been retained as an expert witness in the field of bankruptcy law and has given testimony on bankruptcy law under oath.
We handle several different types of bankruptcy, all of which are governed by the U.S. Bankruptcy Code. Our bankruptcy practice includes Chapter 7, Chapter 13, and Chapter 11 bankruptcies.
This part of bankruptcy law is sometimes referred to as the “fresh start” provision for individuals and married couples. Under a Chapter 7 process, debts are discharged, and you are no longer responsible for paying them. Chapter 7 constitutes about 70 percent of all non-business bankruptcy filings.
There are specific qualifications to be able to file under Chapter 7. The entire process usually takes three to four months, but it can take longer depending on how quickly all the specific requirements of the process are satisfied.
Find out more on our Chapter 7 Bankruptcy page.
Chapter 13 bankruptcies account for about 30 percent of all non-business filings. It may be an option for people who do not qualify for Chapter 7 because of their income or who do not want to give up their property in a Chapter 7 proceeding.
In a Chapter 13 bankruptcy, you set up a three- to five-year plan to pay off creditors. When the plan is complete, remaining debts are discharged.
Find out more on our Chapter 13 Bankruptcy page.
Chapter 11 of the federal bankruptcy law provides businesses with a process to restructure debts and business operations. Sometimes, a business can come out of a Chapter 11 proceeding as a stronger and more viable company.
Individuals for whom Chapter 7 is not appropriate or who do not qualify for Chapter 13 bankruptcy may also be able to file under Chapter 11 and reorganize their debts.
We serve Illinois clients in Chicago, Cook County, DuPage County, and Will County. To accommodate clients who are busy during weekdays, we are available to meet in the evening or on weekends.
Contact us to schedule your free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.