Law Office of James A. Kamide, Top Cook County lawyer, Top DuPage County lawyer, top personal injury lawyer, top workers compensation lawyer, top occupational disease lawyer, other practice areas are criminal, bankruptcy, real estate, probate, workers compensation, occupational diseases, contruction accidents, car or truck accidents, dog bites, and other cases on request Law Office of James A. Kamide, Top Cook County lawyer, Top DuPage County lawyer, top personal injury lawyer, top workers compensation lawyer, top occupational disease lawyer, other practice areas are criminal, bankruptcy, real estate, probate, workers compensation, occupational diseases, contruction accidents, car or truck accidents, dog bites, and other cases on request  

office (708) 453-5100
fax (708) 453-5248
toll-free (000) 000-0000

Bankruptcy

Chapter 7 Liquidation

  • Case filed and automatic stay goes into effect stopping all collection activity.

  • All non-exempt assets of debtor are subject to being liquidated (sold) to pay creditors.

  • Meeting of the creditors about 40-45 days after filing.

  • Discharge of debts happens about 100 days after the filing.

Chapter 13 Individual Reorganization

  • Case filed and automatic stay goes into effect and all collection activity must cease collection or risk penalties.

  • Total debts reduced and remaining debts paid to creditors over a 3 to 5 year plan. 

  • The debtor/client proposes a plan for repayment of creditors. Trustee appointed.  Debtor makes monthly payments to trustee for creditors.  Some creditors will be paid directly by debtor.  Debtor retains all assets whether exempt or not.

 

Bankruptcy Proceedings

  • Pre-petition
  • Filing of Petition
  • Meeting of Creditors
  • Discharge