The Shimotake Law Firm, LLC

Text "Help" to (312) 620-6499

  • Home
  • Meet Your Attorney
  • Practice Areas
  • FAQs
  • Blog
  • Testimonials
  • More
    • Home
    • Meet Your Attorney
    • Practice Areas
    • FAQs
    • Blog
    • Testimonials
The Shimotake Law Firm, LLC

Text "Help" to (312) 620-6499

  • Home
  • Meet Your Attorney
  • Practice Areas
  • FAQs
  • Blog
  • Testimonials

Bankruptcy FAQs

FAQ for Bankruptcy

What are my Options?

With lawsuits, garnishments, phone calls, all the symptoms of debt can be devastating!  The good news:  There are plenty of options.  The even better news: An experienced attorney can evaluate your situation and determine which options are best for you!

What about Bankruptcy? How does it Work?

Consumer bankruptcy comes in two forms: Chapter 7 and Chapter 13.


Chapter 7 is a liquidation plan that evaluates your assets to determine if there is anything that you own that can be liquidated to pay back all or a portion of your debt.  


Chapter 13 is a repayment plan that is set over the course of anywhere between three to five years.  The payment plan is based on a number of factors, one being a comparison of your income and expenses.


Both options are viable and certainly in most cases, one may be better than the other, but it takes an experienced attorney to help you understand and execute your options.

What if I don't want to do bankruptcy?

Great news, you don't have to!  Bankruptcy is a voluntary process and no one can be forced to file bankruptcy.  And there are still options to help manage or maintain debts.

I Have So Many More Questions!

That's great, we've got more to talk about!  For bankruptcy questions, bankruptcy FAQs, Chapter 7 bankruptcy and more, check out our Blog by clicking below for more information.  If you're ready to consult with Chicago's Bankruptcy Attorney, call us now for a free consultation at (312) 934-5886 . 

Find out more

Copyright © 2018 Chicago's Bankruptcy Attorney - All Rights Reserved.  DISCLAIMER: This website is Attorney Advertising and is not legal advice. Nothing on this site predicts or guarantees future results. This website includes information about legal issues and legal developments and is for informational purposes only and may not reflect the most current legal developments. The information presented is not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You can contact the SHIMOTAKE LAW FIRM, LLC for advice on how the law applies to your situation.  DO NOT send any confidential or time-sensitive information through online forms. No attorney-client relationship is formed through the simple viewing of this website. The use of the site through interactive widgets, e-mail or the use of the information from it does not form an attorney-client relationship.