Have you run out of money? Do bill collectors call you constantly? Is the bank threatening to foreclose on your home? Excessive debt can be devastating. No matter how you arrived at your current situation, an ISBA member attorney can help you explore options like debt consolidation or bankruptcy, so you can find your way out.

Legal Resources: Bankruptcy

Bankruptcy protection presents an option for people in severe financial distress to receive relief from some or all of their debt. A court proceeding under a federal statute, called the “...


Chapter 13 enables a person to pay off all or part of his or her debts over three to five years.

In Chapter 13, the Bankruptcy Court issues an "automatic stay" to creditors, just like in a...


The 2005 Federal Bankruptcy Law changed the way in which a person is eligible to file for Chapter 7 bankruptcy. Chapter 7, the most common form of bankruptcy, refers to the ability of the filer to...


A credit rating is supposed to measure your ability to repay a debt. There are a number of ways to develop a good credit rating including:

  • Having a savings account
  • Buying...

The economic downturn has dragged a growing number of consumers into bankruptcy. Some experts predict that the bankruptcy filing rate may rise to even higher levels than before 2005, when the new...


Millions of people struggle to make ends meet each month. If debt is serious – that is, monthly bills are not being paid – filing for personal bankruptcy may be something to consider, albeit a...


Filing for bankruptcy is a serious matter and should not be undertaken without assistance from an...



Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. In 2005, bankruptcy laws changed, making the process more...


Under Illinois law, each individual who files for Chapter 7 bankruptcy is entitled to keep certain property considered "exempt."

For some types of property - such as family photos, health...


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