Bankruptcy Frequently Asked Questions

Answers from a Kane County Bankruptcy Attorney

Do you have questions or concerns regarding bankruptcy and your eligibility to file a bankruptcy petition? If so, it is important that you know that you are not alone and at Springer Brown, LLC, we stand ready to ensure that our clients receive the best possible resolution to their financial situation. We have nearly 35 years of combined experience assisting our clients, and we may be able to help you as well.

Below, we have compiled some of the most commonly asked questions regarding bankruptcy and we encourage you to read through them. If you are still seeking answers or have a specific question you would like answered, contact Springer Brown, LLC and speak with a bankruptcy lawyer today!

What Is Chapter 7 bankruptcy?

In Chapter 7 bankruptcy, all non-exempt assets and property may be sold or liquidated to help repay debts. This particular chapter of bankruptcy applies to people who are in serious financial troubles, but have limited income. You need to qualify for Chapter 7 through a bankruptcy means test, which a Springer Brown, LLC attorney can explain to you.

What Is Chapter 13 bankruptcy?

Chapter 13 bankruptcy allows debtors to consolidate their debts through a court-approved payment plan. To determine if consolidation is the right course of legal action to take for you, contact Springer Brown, LLC today and speak with an attorney.

Will I Need to Go to Court?

With any legal paperwork that you file, the likelihood of going to court is possible; however, most bankruptcy complications are settled without having to step foot into a courtroom. Having an experienced attorney representing you often results in no regular court appearance except for a meeting with the Trustee.

Do I Need to List All My Debts in a Bankruptcy Petition?

It is important that you list all of your debts as of the date your case is file on your bankruptcy petition.

What Is a Discharge of Debt?

After your bankruptcy has been completed, all unsecured debts should be discharged (with a few exceptions such as student loans) and you will no longer be responsible for repaying the remaining balance. A discharge is usually permanent unless a lender disputes discharge.

What Is an Automatic Stay?

The moment you file for bankruptcy, an automatic stay will be in effect. This stay will stop all foreclosure attempts, halt all creditor harassment and collections and can even reverse repossessions and wage garnishments.

Can I Protect My Home?

Yes! If you are facing foreclosure, or you are worried that foreclosure may be imminent, filing for bankruptcy can actually save your home. When you file, all foreclosure processes must cease and you can usually remain in your home, until the issue of your continued property ownership is resolved in your bankruptcy case.

Contact Springer Brown, LLC Today!

With offices located throughout the Chicagoland area, we are perfectly situated to assist consumer debtors in our community. For more than three decades, our law firm has been the preferred choice for representation in Kane County, Cook County, DuPage County, Lake County, McHenry County, Will County, and other surrounding areas. No matter your location, we are ready to get to work for you.

To learn how working with a bankruptcy lawyer can help you, contact Springer Brown, LLC today and schedule a free case evaluation with our talented team!