Bankruptcy Attorney DuPage County Illinois

Legal help for Lombard, Bloomingdale and Chicago-area clients seeking debt relief

The U.S. Bankruptcy Code addresses the discharge of debt as a means for individuals, businesses, estates and municipalities to deal with insolvency. The law defines different forms of bankruptcy, which all are federal court processes.

Bankruptcy for Individuals

While lack of financial training, poor financial planning and credit card spending can lead to an unmanageable debt load, for many individuals, the most common events wreaking havoc with their finances and causing them to seek protection of bankruptcy are job loss, catastrophic health problems and divorce.

Bankruptcy for Businesses

On the other hand, businesses can fall victim to mismanagement and unscrupulous accounting, although the primary causes of financial difficulties for commercial enterprises typically include one or a combination of factors, such as increased competition, inability to secure new capital, downturn in sales, loss of major contracts and tax-related problems.

Individuals and businesses coping with heavy debt loads typically attempt to find viable solutions, such as debt consolidation, settlement negotiation with creditors, budget creation and asset sales, before they resort to bankruptcy. When all other approaches fail, bankruptcy might be the only way to obtain debt relief and regain financial footing.

2005 Changes in Bankruptcy

In recent years, the bankruptcy landscape changed significantly with The Bankruptcy Reform and Consumer Protection Act of 2005 (BAPCPA). The Act made broad changes, with rules geared toward eliminating fraud and providing creditors with added protection.

Today bankruptcy procedures have more stringent requirements and force more people to reorganize their debt rather than allowing them to liquidate assets. Despite added restrictions, bankruptcy is still a viable solution for staggering debt and an avenue for hope and a better future.

At the Law Offices of Steven H. Mevorah & Associates, we represent clients in DuPage, Cook, Kane and Will counties. When you seek our legal help, you will find experienced bankruptcy lawyers, well-versed in the law, adept at evaluating troubling financial situations and determining whether seeking protection through bankruptcy is right for you.

Our Illinois law firm offers legal services tailored to the needs of individuals and businesses that might benefit from the protection offered by bankruptcy laws. To learn how the knowledge and expertise of a skilled bankruptcy attorney can benefit you, we encourage you to call our office at 630-932-9100 or Contact Us Online to schedule a no-cost consultation.

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