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Featured Articles
Bankruptcy Chapter 7 - The Liquidation Chapter A law that provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors is called Bankruptcy....
Defaults of the Noteworthy
Henry John Heinz
1844-1919, Condiment manufacturer, started his company in 1869 selling horseradish, pickles, sauerkraut and vinegar. In 1875 the company filed for bankruptcy due to an unexpected bumper harvest which the company could not keep up with and could not meet its payroll obligations. He immediately started a new company and introduced a new condiment, tomato ketchup to the market. This company was, and continues to be, very prosperous.
Secret #1
You don't have to fill out a long yucky packet
Our office does not use client packets. Instead, we do your entire petition during the first appointment and file electronically every week so we can get you quick relief once you pay the entire fee owed. Many of our clients have their cases filed within days following their first appointment and get the whole process over fast. Read more about our Bankruptcy process.
Secret #2
Most people keep all their property when filing Illinois bankruptcy
The bankruptcy code provides for you to keep your home, cars, furniture, appliances, employer sponsored retirement and other essentials that you need to get your fresh start. In general, fears of losing property are overblown by the credit industry. See Bankruptcy Process for Illinois Bankruptcy Exemptions for certain property.
Secret #3
There is an alternative to Illinois bankruptcy
For some of our clients we have been successful in negotiating credit balances owed when it appears bankruptcy is not the best option or if they can not file bankruptcy. To see what these options are please visit our credit reduction services section of our website to learn more.
Secret #4
There is credit after bankruptcy
We hope you will not go into bankruptcy with the intent of getting back into debt. In particular, you should refuse all offers of credit cards and just use a debit card instead. But if you want to buy a home or car after filing you will probably be pleased as there are options for you to consider. However, you should avoid any situations that will have you incurring debt that you can not afford.
Secret #5
Your banks may want you to file bankruptcy
Banks make money both ways. They earn big interest and late fees before you file bankruptcy. After you file Illinois bankruptcy they can write off the loss on their taxes. What they don't want you to do is stop paying your debts or using credit and "live off the books". Banks often force debtors into bankruptcy with a lawsuit or garnishment. They would rather write off the loss and then try to get you back into the credit culture. We hope you will choose not to use credit cards and will live on a "cash basis" after your bankruptcy.
Secret #6
You are not alone
Each person going through bankruptcy tends to feel like the "Lone Ranger." "Don't! In the Northern District of Illinois where the majority of our cases are filed, over 38,378 people file bankruptcy in a year*. Doubtless, several of your friends, coworkers and neighbors have filed, they just don't advertise it. Also, many famous individuals and big companies have gone bankrupt including Hollywood director Francis Ford Coppolla, hotel founder Conrad Hilton, retailers James "J.C." Penney and Sam Walton (before he founded what is now the largest company in the world, Wal Mart), mogul Donald Trump, the Illinois based McLeod company and Continental Airlines. There is absolutely no reason to feel guilty about filing bankruptcy, especially if you use it as an opportunity to provide future financial happiness and security for your family.
*Source US Bankruptcy Courts Statistics 12 month period ending September 30, 2006
Governor Ted Strickland Visits Lima - 3/24/2008 (WLIO NBC Lima) Governor Ted Strickland stopped in Lima today touring the Greater Ohio Ethanol Plant on Hanthorn Road. His visit was two-fold, promoting ethanol production in Ohio and to tout his “Building...
Whittling Down Debt With Words: Debt Settlement What if someone told you you could talk your way out of debt? You'd probably say, "There's absolutely no way that could be possible." But, despite your quick response, you'd be wrong to as.....
Bankruptcy Secrets