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Bankruptcy Process

Aurora Bankruptcy Lawyers

Understanding the Bankruptcy Process

There are three general types of bankruptcy you can file in Aurora, Illinois: Chapter 7, Chapter 11, or Chapter 13, and each of them differs in how they are filed in court.

No matter which process you under take, you can be assured that attorney Brad Covey will help you every step of the way. Bankruptcy attorney Brad Covey has over 21 years of  experience filing for bankruptcy and will answer all of your questions. His goal is to shepherd you through the process and help you escape debt and begin to build a positive credit history.

Chapter 7 Bankruptcy

Chapter 7 begins with a means test to determine if you qualify for Chapter 7 bankruptcy.  If you qualify, then a Chapter 7 will wipe out most debts and be over in just a few months. Debts like houses and cars you want to keep are reaffirmed and you continue to make payments. Read more about Chapter 7 bankruptcy in Aurora.

Chapter 13 Bankruptcy

Chapter 13 is a payments plan over between 3 to 5 years. In Chapter 13 you pay back as little as 10% of your unsecured debts.  Generally people file Chapter 13 bankruptcy if they don’t qualify for Chapter 7, have assets they would lose in Chapter 7 or are behind on mortgage payments and want to save their house. Read more about Chapter 13 in Aurora.

Chapter 11 Bankruptcy

Information about Chapter 11 can be found elsewhere on this site, but in short this filing is for businesses who can no longer meet their financial obligations.

No matter which bankruptcy filing you are considering, get the right legal help from the Illinois debt law experts at Covey Bankruptcy Law Firm, P.C.

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