Filing For Bankruptcy - Information from Our Springfield Attorney

Using Bankruptcy to Get a Fresh Financial Start

Get Legal Advice About Bankruptcy From an Experienced Lawyer

Michael J. Logan, Ltd. · Springfield, Illinois
More Than 3 Decades' Experience as a Bankruptcy Attorney
Call 866-258-6719 or E-Mail

There are many different events that may drive a person to consider filing a bankruptcy petition. Job loss or cutback is one major event that can cause serious financial trouble, as are medical bills from a family member's unexpected illness. A home foreclosure proceeding or a lawsuit to collect debts are also common events that may push a family to consider bankruptcy — an option they may not have considered before.

The contemplation of filing for bankruptcy brings with it negative feelings in most people. This is true even though bankruptcy is a perfectly legal, perfectly acceptable way for an individual or family to escape from under unmanageable debt. Given today's drastic economic situation of rising unemployment and the foreclosure crisis, bankruptcy may be the strongest tool with which a family can fight back.

Different Types of Bankruptcy for Different Situations

The process of filing for bankruptcy is relatively straightforward. There is one hearing, called a meeting of creditors, which the bankruptcy petitioner will have to attend. That meeting usually lasts less than 15 minutes, and your lawyer will go with you to the hearing.

There are two main forms of bankruptcy, and your attorney will help you choose the type of bankruptcy that is best for your specific circumstances. Chapter 7 bankruptcy, sometimes called debt liquidation bankruptcy, erases all qualifying debt. People seeking to file a Chapter 7 bankruptcy must meet a means test. Those who do not meet this test still have the option of filing for Chapter 13. Chapter 13 bankruptcy, sometimes called debt reorganization bankruptcy, is available to a wider range of people than Chapter 7. Under Chapter 13 bankruptcy, you propose a plan whereby you repay most of your secured and unsecured debt over a three- or five-year plan. After you complete the repayment period, any remaining qualifying unsecured debt will be wiped out.

Our firm also advises clients on a range of other types of bankruptcy and bankruptcy-related matters, such as:

Get Good Legal Advice Before Deciding To File a Bankruptcy Petition

Before you file a bankruptcy petition, you should make sure you understand any alternatives to bankruptcy that may exist. It is also a good idea to get advice in advance about how to rebuild your credit rating after filing a bankruptcy petition.

At the law office of Michael J. Logan, Ltd., each client receives full and complete information about the pros and cons of filing a bankruptcy petition. This enables our clients to make decisions on their own time schedule and with all necessary information at hand.

Complete a Personal Case Assessment Form for More Information

We welcome your inquiry via telephone or e-mail — you can call toll free 866-258-6719 to make an appointment with attorney Michael J. Logan.

Or, if you would prefer, complete a personal case assessment and receive a phone call or e-mail message back explaining your options for debt relief, including Chapter 7 or Chapter 13 bankruptcy.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.