Kane County Bankruptcy FAQ

Bankruptcy Lawyer in Kane County

In tough economic times, bankruptcy is option that could resolve your problems. If you are feeling financial strain, you may be considering filing for bankruptcy protection. Before deciding to pursue this option, you may have questions and concerns. Our law firm, the Law Office of Joseph P. Doyle, has extensive experience in bankruptcy and other debt relief options. With experience in both Chapter 7 and Chapter 13 bankruptcy, we provide legal representation to those in financial trouble in Kane County and we are prepared to assist you immediately.

What is Bankruptcy?

Bankruptcy is a process that enables both individuals and married couples who are suffering from financial distress and owing more money than they can afford to pay an opportunity to get a fresh financial start. Bankruptcy involves either creating a repayment plan over 3 - 5 years in Chapter 13, or completely eliminating most unsecured consumer debt by discharging it in Chapter 7.

What types of bankruptcy should I file?

There are two types of bankruptcy our firm could assist you with: Chapter 13 or Chapter 7. A Chapter 13 bankruptcy involves creating a repayment plan and Chapter 7 discharges the debts that qualify. Which form of bankruptcy will work best for you will depend upon your specific financial circumstances. The Law Office of Joseph P. Doyle can help you determine the right choice for you.

Who is eligible to file for bankruptcy?

Eligibility is determined by the "means test" which evaluates your income and liabilities against a state median. If you don't qualify for Chapter 7, you can file Chapter 13. Most people in serious financial trouble will qualify for Chapter 7, and will lose nothing - other than debt.

Do I have to have a specific amount of debt in order to file?

No, there is no specific amount of debt that is required to file for bankruptcy. However, if your situation is only temporary, you may want to consider an alternative, such as negotiating new terms or getting our help to work with your lenders and seek forbearance or improved terms so that the payments are more affordable, such as a loan modification.

If bankruptcy is something that you are considering, contact us today to find out if it is the right option for you.