Bankruptcy

Bankruptcy Attorneys, Rockford, IL

Rockford Bankruptcy Attorneys - Rockford Bankruptcy Lawyers-Rockford, Illinois

We Are Bankruptcy Attorneys who Represent Individuals and Businesses in Bankruptcy Cases.

Each of our Illinois bankruptcy clients receives personalized attention from an experienced bankruptcy attorney with over 25 years of experience handling bankruptcy cases.  We will provide you with a free bankruptcy consultation to determine whether bankruptcy is right for you. 

Changes under the New Bankruptcy Law

Here's some Good News -- Contrary to some news articles, Credit Cards can still be discharged in Bankruptcy!

In October of 2005, the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" took effect. This new bankruptcy law has caused a great deal of concern to consumer advocates who feared that it would drastically limit the ability of consumers to get out from under overwhelming debt. Fortunately, however, it is still possible for consumers suffering from unwieldy debt loads to discharge their debts, including credit card debts in either Chapter 7 or Chapter 13 bankruptcy. The law does, however, make filing bankruptcy more complicated and thus more expensive.

Credit Card are Still Dischargable in Bankruptcy.  Call us at (815) 229-5333 for a free Bankruptcy Consultation!

More Information on the New Bankruptcy Law

Bankruptcy Exemptions

If you file Bankruptcy, you are allowed to retain certain assets which are exempt from the claims of creditors.  Bankruptcy Exemptions have recently be increased in Illinois, to allow individuals filing bankruptcy to retain additional assets.

More Information on Bankruptcy Exemptions

Means Testing

Under the new bankruptcy law, debtors whose debts are mainly consumer debts, must undergo a "means testing" analysis to determine whether they are eligible for filing a Chapter 7 bankruptcy. If the debtor's income is exceeds the median income for their size household in the state where they live, further financial analysis will be required to determine whether they qualify for Chapter 7. If they do not qualify to file under Chapter 7, they may need to propose a three to five year payment plan in a Chapter 13 bankruptcy case. Clients should consult an experienced bankruptcy attorney to evaluate their personal situation.

If a debtor's debts are mainly business related debts, the means testing is not required.

More Information on the Means Test

Get a Clean Start

Over the years of representing thousands of people in Illinois bankruptcy cases, we have learned that most people end up in dire financial straits through no fault of their own. The most common clients often accumulate huge debt include:

• Uninsured medical expenses,
• Unemployment,
• Illness, injury or disability,
• Divorce or separation, or
• Failed business enterprises.

Bankruptcy laws are designed to give financially distressed people a “clean start” in their financial life, so they don't have to continue suffering harassment by creditors and collection agencies.

If you need a bankruptcy attorney in Rockford, Roscoe, Rockton, South Beloit, Belvidere, Freeport or anywhere in northwestern Illinois, contact Schlueter Ecklund today.

We also represent our business clients who are creditors in Bankruptcy cases, and defend of preference action lawsuits filed by Bankruptcy Trustees.

How Chapter 7 Bankruptcy Works

What Happens to Your Credit After You File Bankruptcy

Read more about our business law practice.

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