Bankruptcy Law
Financial struggles can be overwhelming, leaving individuals and businesses facing mounting debt and financial uncertainty. If you are considering bankruptcy as a solution to your financial difficulties, the Illinois Balanced and Restorative Justice Project (IBARJI) is here to help. Our legal team provides expert bankruptcy law services to help individuals, families, and businesses navigate the complex legal process while working toward a fresh financial start.
At IBARJI, we approach bankruptcy cases with compassion and a restorative justice mindset, ensuring that our clients receive fair, just, and balanced legal solutions. Whether you need assistance with Chapter 7, Chapter 13, or business bankruptcy, we provide the guidance and representation you need.
Understanding Bankruptcy Law in Illinois
Bankruptcy law is a legal process that allows individuals or businesses to eliminate or restructure debt under federal protection. It provides relief from creditors, lawsuits, foreclosures, wage garnishments, and collection efforts. The main types of bankruptcy available in Illinois include:
✅ Chapter 7 Bankruptcy – Liquidation bankruptcy that eliminates most unsecured debts.
✅ Chapter 13 Bankruptcy – A debt repayment plan that allows individuals to reorganize and pay off debt over time.
✅ Chapter 11 Bankruptcy – Business bankruptcy that enables companies to restructure debts while continuing operations.
The choice of bankruptcy type depends on your financial situation, income, assets, and long-term goals. Our legal team evaluates your case and helps determine the best path forward.
Our Bankruptcy Law Services
At IBARJI, we provide comprehensive bankruptcy legal services, helping clients through every stage of the bankruptcy process. Our goal is to provide financial relief, protect assets, and help individuals and businesses rebuild financially.
1. Free Consultation and Case Evaluation
Before filing for bankruptcy, it’s important to understand your options. Our legal team offers free consultations to:
✅ Assess your financial situation – Reviewing debts, income, and assets.
✅ Explain bankruptcy eligibility – Determining whether you qualify for Chapter 7, Chapter 13, or another option.
✅ Discuss alternatives to bankruptcy – Exploring debt settlement and restructuring.
✅ Provide legal guidance – Helping you make an informed decision.
We ensure that bankruptcy is the right solution for you before moving forward.
2. Chapter 7 Bankruptcy – Debt Liquidation
Chapter 7 bankruptcy allows individuals to eliminate most unsecured debts, including:
- Credit card debt
- Medical bills
- Personal loans
- Utility bills
- Certain legal judgments
Eligibility for Chapter 7:
To qualify, you must pass the means test, which compares your income to the Illinois median income. If your income is too high, you may need to file for Chapter 13 bankruptcy instead.
Process of Chapter 7:
✅ File a petition with the court – Officially requesting bankruptcy relief.
✅ Automatic stay – Creditors must stop collection efforts immediately.
✅ Trustee liquidation process – Certain non-exempt assets may be sold to pay debts.
✅ Debt discharge – Most debts are eliminated, giving you a fresh financial start.
At IBARJI, we help clients maximize exemptions, protecting as many assets as possible while eliminating burdensome debts.
3. Chapter 13 Bankruptcy – Debt Repayment Plan
Chapter 13 bankruptcy is ideal for individuals with a steady income who want to keep their assets while restructuring debt into an affordable 3-5 year repayment plan.
Benefits of Chapter 13:
✅ Avoid foreclosure – Protect your home from repossession.
✅ Stop car repossession – Restructure auto loans for manageable payments.
✅ Consolidate debts – Pay debts through a single monthly payment.
✅ Reduce or eliminate certain debts – Including second mortgages in some cases.
How Chapter 13 Works:
1️⃣ Create a repayment plan – We work with you to develop a court-approved plan based on your income.
2️⃣ Make structured payments – Monthly payments go to a court-appointed trustee.
3️⃣ Receive a debt discharge – At the end of the plan, remaining eligible debts are forgiven.
At IBARJI, we guide clients through every step of the Chapter 13 process, ensuring compliance with court requirements.
4. Chapter 11 Bankruptcy – Business Debt Relief
Chapter 11 bankruptcy is designed for businesses and high-net-worth individuals seeking to reorganize debts while continuing operations. It allows companies to:
✅ Restructure debt – Negotiate new terms with creditors.
✅ Maintain business operations – Keep employees and contracts active.
✅ Improve cash flow – Adjust payment schedules for financial stability.
✅ Prevent asset liquidation – Avoid losing valuable business assets.
We assist small businesses and corporations in developing customized reorganization plans that allow them to regain financial control.
5. Stopping Foreclosure, Repossession, and Wage Garnishments
Bankruptcy provides immediate relief through an automatic stay, which:
✅ Halts foreclosure – Preventing your lender from seizing your home.
✅ Stops repossessions – Protecting your vehicle from being taken.
✅ Ends wage garnishments – Allowing you to keep more of your paycheck.
✅ Blocks creditor harassment – Stopping harassing calls and collection letters.
At IBARJI, we use bankruptcy law to protect your assets and financial future.
6. Credit Rebuilding After Bankruptcy
While bankruptcy impacts your credit, recovery is possible. We provide guidance on:
✅ Rebuilding credit scores – Steps to improve credit after bankruptcy.
✅ Applying for secured credit cards – Using low-risk credit tools.
✅ Budgeting and financial planning – Avoiding future financial pitfalls.
✅ Debt counseling – Creating sustainable financial habits.
With the right strategy, you can restore your creditworthiness within a few years.
7. Bankruptcy Alternatives
For some individuals, bankruptcy may not be the best option. We explore alternatives, including:
✅ Debt Settlement – Negotiating reduced lump-sum payments.
✅ Debt Consolidation – Combining multiple debts into a single loan.
✅ Loan Modifications – Adjusting payment terms on mortgages or car loans.
✅ Negotiating Payment Plans – Working with creditors to extend repayment terms.
We assess all available options to determine the best solution for your situation.
Why Choose IBARJI for Bankruptcy Law?
At IBARJI, we understand that financial struggles can be overwhelming. Our compassionate and experienced legal team is dedicated to helping clients find the best possible solutions to regain financial stability.
✅ Experienced Bankruptcy Attorneys – Decades of experience handling Illinois bankruptcy cases.
✅ Restorative Justice Approach – Promoting fair and balanced financial resolutions.
✅ Personalized Legal Strategies – Tailored plans for individuals and businesses.
✅ Affordable Legal Fees – Flexible payment plans available.
✅ Free Initial Consultation – No-cost case evaluations.
We are committed to helping you achieve financial relief and a fresh start.
Contact IBARJI for Bankruptcy Law Assistance
If you are struggling with debt, foreclosure, or creditor harassment, IBARJI is here to help. Our bankruptcy law services provide legal protection, financial relief, and long-term solutions.
📞 Call Us Today: +1 412-581-6739
📧 Email Us: info@ibarji.org
Let us help you take control of your finances and rebuild your future. Contact us today for a free consultation!