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.

6 Best Rockford Bankruptcy Attorneys

Bankruptcy Clinic

Court Place, Rockford, IL 61101

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Bankruptcy Clinic is home to Gary C. Flanders, a bankruptcy lawyer offering counsel in and around Rockford. Clients who do not have the ability to pay for the debts may declare insolvency and file for a chapter 7 bankruptcy with help from Flanders. Meanwhile, the firm can also aid clients who have the capabilities to pay for debts by creating a plan to reorganize their assets and adjust their payment plans through a chapter 13 bankruptcy. Flanders earned his law degree from the Pepperdine University School of Law in Malibu.

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Fulbright & Associates

1707 E State St, Rockford, IL 61104

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Creditor Representation
Repossession

Fulbright & Associates, P.C., provides bankruptcy law services in Rockford and the surrounding areas. Its legal team defends the creditors' rights in bankruptcy proceedings. They deal with various matters, including co-debtors, non-dischargeability litigations, reaffirmation, reclamations, and setoffs. Additionally, the firm's attorneys offer services such as drafting a credit instrument, enforcing a contract, and securitizing a credit. Fulbright & Associates, P.C., seeks to operate based on the principles of focus, collaboration, and dedication.

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Law Office of Alberto F Altamore

401 East State Street, Rockford, IL 61104

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Located in Rockford, The Law Office of Alberto F Altamore is a small firm that offers compassionate and sensitive bankruptcy support and guidance to individuals, couples, and families that have fallen on hard times. Its attorneys have years of experience preventing home foreclosures and wage garnishment for clients who can't pay their debts and need to file for Chapter 7 bankruptcy. They've also helped clients who can save their homes, cars, and other assets by repaying debts over extended periods.

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Schleisner Law Office

23 North Main Street, Janesville, WI 53545

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Schleisner Law Office is a bankruptcy law firm providing legal advice and representation to people in financial distress in Rockford. The firm offers its clients debt relief through discharge (chapter 7) or debt reorganization (chapter 13). Its legal team helps clients understand the different options they have before and after filing for bankruptcy. The firm also offers alternatives to bankruptcy such as debt consolidation. Founder Vicki Schleisner has more than 21 years of experience representing clients in consumer bankruptcy cases

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Schlueter Ecklund & Davitt

4023 Charles Street, Rockford, IL 61108

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Schlueter Ecklund & Davitt represents individuals in bankruptcy cases in Rockford. The law firm assists in discharging and reorganization of personal debt. In addition to filing for chapters 7 and 13 bankruptcies, the law practice aids in relief from foreclosures, repossessions, wage garnishments, and creditor harassment. The law practice's lawyers, David L. Davitt, David E. Mayfield, and Gary L. Eukland, are members of the Illinois State Bar Association. Schlueter Ecklund & Davitt has been in legal practice since 1974 and also handles real estate, estate planning, family law, and business law cases.

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Springer Law Firm

5301 East State Street, Rockford, IL 61107

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Debt Settlement

Springer Law Firm is a small legal practice based in Rockford, with two attorneys whose combined 40+ years of experience is mainly in the area of bankruptcy law. They serve individuals and couples, offering services such as stopping foreclosure on their clients' homes and garnishment of their wages, discharging eligible debts, and holding off lawsuits against them. The attorneys also negotiate with creditors to develop affordable repayment plans that protect their clients' assets.

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Best Bankruptcy Attorneys in Rockford

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Bankruptcy Attorneys FAQs

Bankruptcy Clinic

Fulbright & Associates

Law Office of Alberto F Altamore

Schleisner Law Office

Schlueter Ecklund & Davitt

Springer Law Firm

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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