Bankruptcy in Chicago

Bankruptcy in Chicago - Types of Bankruptcies Handled

The Bankruptcy code has several options for those who need to get a handle on their debts or, in some cases, start over. The most common bankruptcies, all of which are handled by Forrest Ingram, include:

Chapter 11

This is commonly referred to as a “business” bankruptcy, and it serves the purpose of allowing a business to reorganize its debts and pay at least part of each debt back according to a schedule upon which the business’ creditors agree.

An attorney has to have a high degree of experience before he or she can handle a Chapter 11 bankruptcy, and Attorney Ingram is a Chicago bankruptcy attorney who has just that. Once a Chapter 11 bankruptcy is filed, the business is considered to be under bankruptcy “protection” and will see debt collection efforts stop.

Chapter 13

This is primarily a consumer bankruptcy option, and it allows a debtor to file for bankruptcy while still maintaining at least partial payments on his or her debts. The bankruptcy lawyer meets with the client and a plan is formulated that would partially satisfy the debtor’s creditors.

Following the formulation of the plan, there is a creditors’ meeting where the plan is either challenged or accepted. A skilled attorney will understand how to make sure that the plan is accepted so that the debtor can move on.

Chapter 7

A Chapter 7, or “straight” bankruptcy is a process whereby an individual or business declares that bills cannot be paid, and the debtor simply liquidates available assets and pays whatever can be paid based upon the proceeds. There are “exemption” levels for certain types of assets, however, and you should consult Chicago bankruptcy attorney Forrest Ingram to find out which of yours can be saved or protected.

Bankruptcy is not a mark of shame. Millions of bankruptcy petitions are filed in the United States each year. If you engage the skill and experience of a Chicago bankruptcy lawyer who has been practicing this type of law for years, your stress will be alleviated. Please contact Attorney Forrest Ingram today to get your life back under control.