Bankruptcy

Bankruptcy

We represent debtors and creditors in personal and business bankruptcy proceedings throughout Northern Illinois. The federal bankruptcy laws are complex, and protecting your interests during the bankruptcy process requires a thorough understanding of the rules and procedures involved. At Barrick, Switzer, Long, Balsley & Van Evera, LLP, we can help you understand your options, and we can help you make informed decisions about filing for bankruptcy or preserving your claims.

Knowing When It Is Time to File for Bankruptcy

For both individuals and businesses, there are numerous considerations that go into making the decision to file for bankruptcy. From carefully assessing your financial condition to understanding the potential long-term implications of deciding to file, there is no shortage of issues to keep in mind. Our attorneys can guide you through these issues, and can help you weigh the various options you may have available.

If bankruptcy is your best option, we can assist you in filing under:

• Chapter 7 – Filing for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code involves liquidating all of your “non-exempt” personal or business assets in order to pay your creditors as much as possible. Since a Chapter 7 bankruptcy results in the discharge of most (but not all) debts, there are relatively tight restrictions on when an individual or business is eligible to file.
• Chapter 11 – Chapter 11 is typically used for business bankruptcies (other than bankruptcies filed by sole proprietors) in which liquidation is not the best option. Under Chapter 11, a company can “reorganize” its debts while it seeks to remain in business.
• Chapter 13 – Filing for bankruptcy under Chapter 13 is an option for individuals and sole proprietors which involves reorganizing your debts under what is typically a three to five-year payment plan. If you are still earning enough income to pay your debts over time, Chapter 13 may be an option that can help you avoid liquidation.
• Other Provisions of the U.S. Bankruptcy Code – Depending on your financial circumstances and, if you own a company, the nature of your business, there may be other options available as well. When you hire us to represent you in bankruptcy, we will advise you of the relevant options so that you can pursue the type of bankruptcy that makes the most sense under your unique personal or business circumstances.

Protecting Creditors’ Rights in Bankruptcy

In addition to representing debtors in filing for bankruptcy, we also regularly represent creditors in preserving their claims during the bankruptcy process. While, with certain exceptions, a bankruptcy filing results in an automatic stay of creditors’ collection efforts, there are a number of ways that we may be able to help you enforce your claim.

Learn More – Speak with a Bankruptcy Lawyer at Barrick, Switzer, Long, Balsley & Van Evera, LLP

If you would like more information about filing for bankruptcy or protecting creditors’ rights during the bankruptcy process, we encourage you to contact us for a confidential consultation. To schedule an appointment with one of our experienced bankruptcy lawyers in Rockford, IL, please call (815) 962-6611 or contact us online today.