Bankruptcy Attorney
Bankruptcy Lawyer Attorney Profiles Common Questions Bankruptcy Evaluation Office Locations

No Money Down on Chapter 13 Cases
For Qualified Wage Earners!
Chapter 7 Bankruptcy from $850

Information Center
Asset Protection
Bankruptcy Overview
Business Bankruptcy
Chapter 13
Chapter 11
Chapter 7
Creditor Harassment & Abuse
Debt Relief Options
Eliminating 2nd Mortgages
Fighting Foreclosure
Means Test
Rebuild Credit
Resources
Taxes & Bankruptcy
Bankruptcy Alternatives
Bankruptcy Exemptions
Bankruptcy Myths
Bankruptcy Process
Bankruptcy Time Line
Benefits of Bankruptcy
Chapter 7 vs. Chapter 13
Filing for Bankruptcy
Is Bankruptcy Right for Me?
Life After Bankruptcy
Why Hire a Bankruptcy Attorney
Will I Lose Anything?
Read our blog

New Bill May Make Filing for Bankruptcy More Difficult

A new bill up for a vote this week in the Senate could make it more difficult to file for bankruptcy and could give creditors more recourse in some cases.

At this time most consumers file for bankruptcy under Chapter 7 or Chapter 13. The former allows you to liquidate your assets (minus those items exempted by your state) in order to pay back your creditors while cancelling the rest of your debts. Back in 2004 alone 1.1 million people filed for this type of bankruptcy, which amounted to 72 percent of non-business bankruptcies.

Those individuals who choose Chapter 13 bankruptcy will be asked to develop a repayment plan where you are expected to pay back your debts within three to five years. As Chapter 7 bankruptcy allows you to get a "fresh start" most people try to file under this type. However, if the new bill is enacted then more people would be forced to file for Chapter 13 bankruptcy. This is meant to deter those people who are using Chapter 7 bankruptcy to eliminate debts that they could feasibly pay, but don't want to.

If you have questions about the new bankruptcy bill, contact us to receive answers from a Chicago bankruptcy lawyer

Free Bankruptcy Evaluation
Eliminate Debt & Bills
123 W. Madison Street, Suite 205; Chicago, IL 60602
Attorney Web Design
The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100