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Chicago, IL Bankruptcy lawyers (1233 attorneys, 3790 reviews)

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  • Geraci Law LLC
    55 E. Monroe St. #3400, National Headquarters, Chicago, IL
    Avvo Rating: 9.1  
    Licensed
    Peter Francis Geraci is a well-known attorney licensed to practice law in Illinois, Indiana, Wisconsin, Michigan, Florida, New York and California.  He is licensed in those state courts, and also in the United States District Courts for those stat...
  • Open for Business

    Open for Business

    Attorneys that have confirmed to Avvo that they are open during this time are marked "Open for business" on their profile. We recommend that you contact the attorney directly to determine hours and availability.
    Virtual Consultation

    Virtual Consultation

    Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.
    John Ioakimidis, Esq.
    Triangle Plaza- West Tower - Near O'Hare Airport, 8700 W. Bryn Mawr Ave., Suite 1300, Chicago, IL
    Avvo Rating: 10  
    Licensed
    I value my clients and aggressively defend their rights.  I strive to resolve issues quickly with the least amount of expense.  Usually, by the end of the case, my clients consider me not only as their lawyer, but also as their friend.  I am lice...
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    Practice area
    100% Bankruptcy and debt

    Cost
    Free Consultation
    Some lawyers offer a free consultation to help determine whether their services are right for your legal needs
    15 minutes

    License
    IL, Active since 1994

  • Joseph Wrobel, Ltd. - LOOP OFFICE
    10 Chicagoland locations, 111 West Washington Street # 1051, Chicago, IL
    Avvo Rating: 10  
    Licensed
    Don't be afraid of Bankruptcy. If you need it, it could change your life. Free Initial Consultation.
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    Practice area
    34% Bankruptcy and debt, 33% Chapter 7 bankruptcy, 33% Chapter 13 bankruptcy

    License
    IL, Active since 1973

  • Law Office of William J. Factor, Ltd.
    105 W. Madiston St., Suite 1500, Chicago, IL
    Avvo Rating: 10  
    Licensed
    I've got experience in bankruptcy (and bankruptcy litigation, and bankruptcy appeals), foreclosure defense, tax negotiation and repayment plans, citation defense and asset protection. Complicated things happen. If I can help, I will.
  • The Gunderson Law Firm
    2155 W Roscoe St, Chicago, IL
    Avvo Rating: 10  
    Licensed
    The Gunderson Law Firm
    Read more

    Practice area
    25% Bankruptcy and debt, 50% Real estate, 25% Car accident

    Cost
    Free Consultation
    Some lawyers offer a free consultation to help determine whether their services are right for your legal needs
    60 minutes

    License
    IL, Active since 2006

  • Bentz Holguin Law Firm, LLC (Main Office Location)
    100 N. Lasalle Street, Suite 1600, Chicago, IL
    Avvo Rating: 8.8  
    Licensed
    Make The Choice & Leave Your Debt Behind FREE Debt Analysis - Let our Experience Work For You!
  • Lakelaw
    3438 N Elaine Place - Suite 4, Chicago, IL
    Avvo Rating: 10  
    Licensed
    Law Offices of David P. Leibowitz, LLC focuses its practice on trustee and fiduciary matters such as assignments for the benefit of creditors. Mr. Leibowitz also serves as a  mediator and expert witness. He provides services to other bankruptcy la...
  • Sanguine Strategic Advisors LLC
    1544 W. HENDERSON STREET, CHICAGO, IL
    Avvo Rating: 10  
    Licensed
    Mr. Chern is the former Managing Partner of UpRight Law.  He has practiced exclusively in the area of consumer protection law for over 20 years. As a Managing Partner of two of the country’s premier consumer bankruptcy law firms, under Mr. Chern’s...
  • Edwin L. Feld & Associates, LLC
    1 N La Salle St Ste 1225, Chicago, IL
    Avvo Rating: 8.2  
    Licensed
    Our experience is difficult to surpass. We have helped thousands of clients obtain debt relief through a Chapter 7 bankruptcy or Chapter 13 bankruptcy. Attorney Ed Feld has been practicing exclusively in bankruptcy law since 1984. Our experience a...
  • Crane, Simon, Clar & Goodman
    135 S La Salle St Ste 3705, Chicago, IL
    Avvo Rating: 8.5  
    Licensed
    Chicago Bankruptcy Attorney John Redfield has more than 30 years of experience in bankruptcy law. He holds his Masters of Law in taxation and is a certified public accountant. As a bankruptcy trustee, he represented bankruptcy estates and fought t...
  • Factor Law
    105 W Madison St, Chicago, IL
    Avvo Rating: 9.6  
    Licensed
    Review: “Mr. Factor and his staff worked tirelessly and sacrificially to help our non-profit navigate the mires of legal proceedings of fraud against the organization and subsequently, bankruptcy. Throughout the years of represent...
  • Horwood Marcus & Berk Chartered
    500 West Madison Street, Suite 3700, Chicago, IL
    Avvo Rating: 9.8  
    Licensed
    Review: “The experience in legal matters has been the most professional. I admire the ethical approach in finding the facts and applying the facts for the best results. I highly recommend.”
  • 4418 N. Milwaukee Ave., Chicago, IL
    Avvo Rating: 10  
    Licensed
      Our Illinois based law firm is founded on the basic principle that it is the careful application of your specific circumstances to the relevant laws that allows us to determine the most practical, efficient, and ethical way of resolving your le...
  • Sugar Felsenthal Grais & Helsinger LLP
    30 North LaSalle, Suite 3000, Chicago, IL
    Avvo Rating: 10  
    Licensed
    I focus on business bankruptcy and on other ways of helping businesses in financial distress.  Restructuring and workout tools include chapter 11 business bankruptcy and assignments for the benefit of creditors.  I represent debtors (borrowers) as...
  • Law Offices of Joel A. Schechter
    53 W Jackson Blvd, Suite 1522, Chicago, IL
    Avvo Rating: 8.3  
    Licensed
    Review: “several heart attacks, agent Orange medicines, and 2 children attending college, laid off from work and 60 % loss of pension due to employer filing Bankruptcy drain your savings. Mr. Schechter put my financial world back ...
  • The Walton Law Firm
    River Point, 444 W. Lake Street, Suite 1700, Chicago, IL
    Avvo Rating: 10  
    Licensed
    As the founding member of the firm, Mr. Walton concentrates his representation primarily in the areas of real estate litigation, real estate transactions, and in state and federal civil litigation. Mr. Walton, is licensed title agent for Attorneys...
  • Bauch & Michaels LLC
    53 W Jackson Blvd Ste 1115, Chicago, IL
    Avvo Rating: 8.3  
    Licensed
    Please contact me if you're an individual or business owner with a contractual or debt-related dispute. I'm able to represent you in connection with commercial litigation, business workouts, and reorganizations. I have extensive experience represe...

BANKRUPTCY IN CHICAGO

How Bankruptcy Works

Bankruptcy provides a safety net for people struggling to pay debt. Once filed, debt collectors and other creditors must stop sending harassing letters, making calls, and pursuing collection lawsuits. The bankruptcy process involves a review of the debtor’s financial situation, including income and property value, to determine whether creditors will receive some portion of what’s owed. Most bankruptcy cases end with the court issuing a debt discharge wiping out qualifying debt.

Types of Bankruptcies

Chapter 7

A Chapter 7 bankruptcy provides a fresh start by erasing credit card balances, medical bills, personal loans, and other qualifying debt. It’s quick—taking about four months to complete—and the filer doesn’t repay creditors through a repayment plan. Chapter 7 filers keep property needed to work and live, such as a modest car and household furnishings. The bankruptcy trustee sells nonessential property for the benefit of creditors.

Chapter 13

Wage earners with enough steady income to repay creditors some portion of what they owe file for Chapter 13. This chapter offers valuable benefits not available in Chapter 7, such as allowing filers to keep all of their property. Filers can also save a home from foreclosure or a car from repossession by catching up on missed payments through the repayment plan. Once complete, the debt discharge erases remaining balances on qualifying debt.

Chapter 11

Chapter 11 helps income-generating companies stay in business, as well as high-earning individuals whose debts are too high to qualify for Chapter 13. In Chapter 11, the filer and creditors create a restructured debt plan the company can afford by agreeing to new terms or reducing amounts owed. Many small businesses and individuals can take advantage of the relaxed, cost-saving Chapter 11, sub-V procedures created especially for them.

Cost of Bankruptcy

A Chapter 7 bankruptcy in Illinois tends to cost $1,500, but it might be more in large metro areas like Chicago. The average Chapter 13 case costs $3,500.

Bankruptcy Pros and Cons

  • Wiping out qualifying debt can help filers live within their means.
  • Filers start rebuilding credit immediately after receiving a bankruptcy discharge.
  • Filers can save a home from foreclosure or a car from repossession, and in some cases, wipe out an underwater residential junior mortgage or reduce secured debt to the value of the collateral.
  • A business owner can restructure debt and save a failing business or, after a business closure, wipe out personal liability for business debt.

  • A bankruptcy discharge doesn’t wipe out recently incurred tax balances, domestic support obligations, student loans, and other nondischargeable debts.

  • The bankruptcy filing will impact the filer’s credit score temporarily and will remain on a credit report for up to ten years.
  • Bankruptcy filers pay higher interest rates on most credit purchases after bankruptcy.
  • Filers will find it difficult to lease property for a year or two after bankruptcy.

For more on Bankruptcy in Illinois, and questions from Chicago, see our free legal advice page.