Bankruptcy Overview

Filing for Bankruptcy

As our economic downturn enters what appears to be a prolonged phase of continued stagnation, the possibility of bankruptcy has become a reality for many. In 2009, the United States saw close to one and a half million bankruptcy filings.  That number is expected to grow by over 10 percent in 2010. Our region in Northern Illinois has certainly not been immune to this dilemma. In that same year we saw roughly 50,000 bankruptcy filings which represents a huge number of individuals facing serious economic challenges.

Many of these filings are from individuals or families who have held their own financially for many years. This means that understanding the process, the options and the long-term consequences of bankruptcy is likely to be confusing and foreign to most. One thing to consider is that filing for bankruptcy is not a "one size fits all" option. Every individual and every family has their own unique situation which is why it's so important to consult with a bankruptcy lawyer to better understand how bankruptcy might fit your needs.

Bankruptcy:  A Fresh Financial Start

At The Fox Valley Legal Group, there are many actions we can take to resolve a person's financial problems. Here are some examples of what we can do to help:

• Determine if filing bankruptcy is the right option and fit for your circumstances and goals.
• Help you understand the process and its many steps so you feel comfortable. We take the time to fully explain the entire process and give you the support you need to ensure you do not feel confused or alone.
• Analyze your needs and resources to establish which type of filing would be best for you.
• Provide the help and support you will need to organize all the necessary information such as substantiating income or verifying debts for the courts (bankruptcy requires tremendous amounts of paperwork and documentation as well as filings).
• Help you eliminate as much debt as possible through Chapter 7 or work out the most affordable and fair repayment plan possible with your creditors through Chapter 13.
• Fight on your behalf to make sure that any pressing legal issue or litigation matter is satisfactorily resolved.

Bankruptcy filings can provide tremendous relief to many individuals who are facing financial difficulty. It's important to know whether or not bankruptcy is the right step - Find out by contacting us for a free initial consultation.