Chicago Bankruptcy Lawyer
- Leading Lawyer recognized John H. Redfield as the leading lawyer in the areas of Individual bankruptcy, Commercial Bankruptcy, and Workout Law & Commercial Litigation. This honor is earned by less than 5% of licensed lawyers in the State.
- John H. Redfield is a former bankruptcy trustee, and an attorney with more than 40 years of experience, concentrating in bankruptcy
- We handle Chapter 7 bankruptcy, Chapter 11 bankruptcy, Chapter 13 bankruptcy, and assist with corporate dissolutions and assignments for benefit of creditors
- Your debt amount, property values, and the size of your business will determine your bankruptcy attorney retainer
- We concentrate on your individual needs, helping you to determine which variety of bankruptcy is best for your situation
- Your bankruptcy lawyer works on a case by case basis, catering to clients with simple to complex finances, and those with specific needs
Chicago Bankruptcy Lawyer
Whether you’re a homeowner, a business owner, or just someone who works hard for a living, insurmountable bills and debt can leave you wondering if you’ll ever get ahead financially. Worse, the threat of losing your home or business can cause untold stress and hardship on you and your family, especially if creditors are hounding you day and night for payment.
If you are staring in the face of crippling debt, bankruptcy offers you a chance for a fresh start. Depending on your situation, bankruptcy may offer you a way to reorganize your debt, and a chance to keep your home. Additionally, a business dissolution is an attractive alternative to filing for a Chapter 7 corporate bankruptcy.
For more than 40 years, our law firm has represented people in the Chicago, metro area who were looking for a bankruptcy attorney who could help guide them toward a more promising financial future. We understand how devastating the thought of filing for bankruptcy can be. However, bankruptcy offers a fresh start, while eliminating the stress that creditors can cause.
If you would like to speak with a professional bankruptcy lawyer, John H. Redfield is available by calling (847) 382-1220, or you may fill our online form to schedule a consultation. Because we concentrate on ordinary to complex bankruptcy cases, we are equipped to offer relief to a wide array of clients, homeowners, and business owners.
Our goal is to make the bankruptcy process as simple, painless, and affordable as possible, therefore, be confident in your choice of bankruptcy attorney by contacting our law firm today.
Find One who Knows the Other Side
In addition to representing debtors for over 30 years, John Redfield served as a bankruptcy trustee, representing the bankruptcy estates for 15 years. His knowledge of both sides of bankruptcy allows him to more effectively represent those in need of debt relief. Put this knowledge to work for you.
A Chicago Bankruptcy Lawyer Explains Your Options
One of the biggest advantages of working with a qualified Chicago bankruptcy attorney is that you get professional help when discerning which variety of bankruptcy works best for your financial situation. What follows is a brief overview of your bankruptcy options, including personal bankruptcy, corporate dissolutions, assignments for the benefit of creditors, and a Chapter 11 reorganization:
Chapter 7 Bankruptcy
When most people think of bankruptcy, Chapter 7 Bankruptcy is often what they’re envisioning, which is the most popular chapter. When the stress of personal financial problems begins to take a toll on you and your family, it’s time to discuss your options with a qualified Chapter 7 bankruptcy lawyer.
Chapter 7 bankruptcy seldom results in the liquidation or sale of your assets. In fact, most of your debts can be discharged, and you can enjoy the freedom of a fresh financial beginning. Immediately upon filing for a Chapter 7 bankruptcy, creditors will no longer be able to harass you for payment. The subsequent peace of mind sets the stage for a debt-free future where the stress of out of control debt is fully curtailed.
We treat every client with the individualized care and attention they deserve. That means, your Chapter 7 case will be handled by one, single bankruptcy lawyer throughout the entire process. You won’t be shuffled to a paralegal or a recent law school graduate, you will be represented by an attorney with more than 30 years of experience dealing with cases just like yours.
In this way, we offer true value for the money you spend to retain a bankruptcy attorney. It also means that a knowledgeable legal professional will help you determine:
- Whether Chapter 7 bankruptcy or Chapter 13 bankruptcy case is best for your situation
- If it’s possible to keep your house (It will depend on the your home’s equity amount)
- Whether you can keep your automobile (You usually can)
- Whether you pass the Means Test
Bankruptcy Attorney
Chapter 13 Bankruptcy
Many individuals and families are unsure whether a Chapter 13 bankruptcy or Chapter 7 bankruptcy is a better option. While this is something your Chicago bankruptcy lawyer can help you determine, a Chapter 13 bankruptcy is designed for individuals or married couples who need to save their home, pay taxes, or other special circumstances. Additionally, individuals who do not pass the means test may consider Chapter 13 bankruptcy.
The second you file for a Chapter 13 bankruptcy, foreclosures and all other creditor actions are halted. This affords you an opportunity to retake control of your life by lowering your payments to a manageable level.
The reorganization of your debt via a Chapter 13 bankruptcy allows you to lower monthly bills in order to retain control of your finances and real estate. It may also be possible and beneficial to “strip off” mortgages on your residence if the amount of the first mortgage clearly exceeds the fair market value of your home.
Obviously, there is a lot to consider when weighing your bankruptcy options. Your Chicago bankruptcy attorney will work with you to determine your best course of action, based upon your financial situation and your intended goals.
Chapter 11 Bankruptcy
A business or individual may consider filing for a Chapter 11 bankruptcy, and it can resolve supplier debts, tax debts, mortgage debts, or prevent the loss of your business or real property. Your Chapter 11 bankruptcy lawyer will work directly with your creditors to reorganize the debt.
These cases are complicated, and often expensive, because obtaining first-day orders and formulating a plan of reorganization is time consuming for your Chapter 11 bankruptcy lawyer. Not only must a detailed disclosure statement accompany the plan of reorganization, the business must file monthly financial operating reports with the courts during the pendency of the Chapter 11 case.
Single asset real estate cases (“SARE”) also fall within the parameters of a Chapter 11 bankruptcy. If only one real estate development generates substantially all of the gross income of the debtor, then you would be considered a single asset real estate case triggering additional rules.