subject: Preparing For Bankruptcy [print this page] Preparing For Bankruptcy Preparing For Bankruptcy
Preparing to file for personal bankruptcy can, at times, seem overwhelming for the average American citizen. That is exactly what Schaumburg bankruptcy lawyers are for. They can help you sort through all of the legal jargon and hone in on what is actually relevant to your specific situation. Do not think that you are the only one because you are not alone in seeking the expert legal advice of Schaumburg bankruptcy lawyers. The population of the city of Schaumburg is about 75,000. Schaumburg, Illinois is home to the Motorola headquarters as well as one of the largest malls, Woodfield Mall, in all of America. Across the entire state of Illinois, chapter 7 bankruptcy filings have been increasingly becoming more popular over the last three years. For example, in 2007 out of approximately 40,000 total bankruptcy filings, 63% were a chapter 7 compared with 37% being a chapter 13. Then in 2008, of nearly 55,000 total bankruptcy cases, 69% decided on a chapter 7 over the 31% that opted for a chapter 13. Throughout the first three quarters of this year, almost 55,000 Illinois residents have sought federal bankruptcy protection. Still you see the same growing trend with 76% choosing chapter 7 instead of chapter 13. This data can help Schaumburg bankruptcy lawyers conclude a few things. The first logical conclusion that one can draw from this data is that the vast majority of these filers do not possess property that they are trying to protect. In most cases, these filers may be renters with little property or assets in their name because chapter 13 provides the most protection for physical assets. This also implies that these filers are not able to set up payment arrangements if provided a reasonable amount of time and flexible payment terms because chapter 13 allows three to five year timeframes for repayment while chapter 7 discharges one's debt without stipulating repayment terms.
