Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How bad is it to file bankruptcy twice?

<p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.</p><p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.</p>

Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

5 Best Naperville Bankruptcy Attorneys

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Thinking Outside the Box Law, Inc.

40 Shuman Boulevard, Naperville, IL 60563

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Debt Settlement
Bankruptcy
Tax Services

Thinking Outside the Box Law, Inc. is a Naperville-based company that offers tax and bankruptcy law services to businesses and individuals. The bankruptcy attorneys from this business offer debt-relief options that can save homes from foreclosures, resolve financial issues during divorce, remove federal or state taxes, and eliminate personal debts. In addition to bankruptcy law, its professionals handle small business financial planning and tax preparation services. Thinking Outside the Box Law was established in 2008.

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Chicago Bankruptcy Attorney

105 South Roselle Road, Schaumburg, IL 60193

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Credit Card Debt

Chicago Bankruptcy Attorney is a law firm in Naperville that helps clients obtain debt relief and alternative solutions. It assists clients in filing for chapter 7 or chapter 13 bankruptcy petitions. The bankruptcy attorneys at this firm also help them explore other options to discharge debts, end wage garnishments, and stop creditor harassment and foreclosure. These potential alternatives include debt negotiation, debt consolidation, and debt settlement. The firm also handles emergency filings and collection defense.

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Diaz Anselmo & Associates, P.A.

1771 West Diehl Road, Suite 120, Naperville, IL 60563

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Diaz Anselmo & Associates, P.A., is a minority-owned law firm representing clients in different areas of the United States, including Naperville, Oak Brook, and Fort Lauderdale. Its bankruptcy lawyers represent creditors, servicers, and investors in bankruptcy cases. The law firm provides foreclosure support, foreclosure litigation, and bankruptcy litigation services. Its litigation department also handles bankruptcy and foreclosure appeals along with general civil litigation. Moreover, Diaz Anselmo & Associates, P.A., focuses mainly on creditor rights, bankruptcy, foreclosures, and real estate transactions.

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Suburban Legal Group PC

1305 Remington Road, Schaumburg, IL 60173

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Suburban Legal Group PC is a bankruptcy law firm serving Naperville and other areas throughout Illinois. It provides legal representation to clients facing overwhelming debt by helping them file for bankruptcy. The firm's lawyers are well-versed in chapters 7 and 13 of the Bankruptcy Code, assessing each client's case to determine which option matches their needs. They help clients qualify for straight bankruptcy through the means test, and if ineligible, they guide clients in filing for a wage earner's plan.

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The Law Offices of James M. Kelly

600 North North Court, Palatine, IL 60067

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

The Law Offices of James M. Kelly offers legal representation to individuals and families struggling with debt in the Naperville area. Founded in 1995, this bankruptcy law firm is committed to tailoring legal solutions that address a client's needs. Its founding attorney, James M. Kelly, strives to explore all debt relief options for his clients. He has experience in chapters 7 and 13 of the Bankruptcy Code, helping clients solve their financial problems and giving them a fresh start.

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Best Bankruptcy Attorneys in Naperville

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Bankruptcy Attorneys FAQs

Thinking Outside the Box Law, Inc.

Chicago Bankruptcy Attorney

Diaz Anselmo & Associates, P.A.

Suburban Legal Group PC

The Law Offices of James M. Kelly

Frequently Asked Questions

Q: Can anyone file bankruptcy?

Q: How bad is it to file bankruptcy twice?

Q: Can they take my car in Chapter 7 bankruptcy?

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