Top Bankruptcy Lawyer
NLO Nelson Law Office
Since 2002 Providing Legal Services in Estates, Wills, Trusts, Probate, Real Estate Closings and Debt Relief through Chapter 7 & Chapter 13 Bankruptcy for…
Fernando R. Carranza & Associates, LTD.
Cook County foreclosure attorneys at Fernando R. Carranza & Associates, LTD. Help save homes for Chicago-area residents. Unclaimed: Claim this business
Hamilton & Antonsen, Ltd.
Hamilton & Antonsen, Ltd. is a full-service firm that is cost effective and results-oriented. Our practice is concentrated on personal injury, bankruptcy, workman's compensation,…
John H Redfield & Associates
Having debts or other financial issues? Chicago Bankruptcy Lawyer John Redfield is just a call away. Speak to him now for a unique solution.…
Law Office of Doree M. Wojtkowiak
Bankruptcy Attorney in Joliet, Illinois In practice since 1989, I have helped countless clients resolve their legal concerns. My name is Doree M. Wojtkowiak…
Law Offices of Daniel J Winter
Law Offices of Daniel J Winter provides its clients with full service legal counseling for individuals and business owners in Oak Lawn, IL.
Law Offices of Stuart B. Handelman
At the Law Offices of Stuart B. Handelman we strive to provide our clients with options and help when dealing with bankruptcy. We specialize…
Law Offices of Stuart B. Handelman
The Law Offices of Stuart B. Handelman assist clients in bankruptcy issues and other serious financial situations in the following practice areas Chapter 7…
Musa Law Firm, Ltd.
- Bankruptcy (Chapter 7 & 13) - Business entity formation and maintenance (Corporations, LLCs, Partnerships) - Sales and purchases of small to medium-sized businesses…
Paul V. Gentile & Associates P.C.
If you are facing insurmountable debt, or are trapped in loans that no longer make financial sense, you may need to speak with a… Unclaimed: Claim this business
Select Legal
Select Legal is a respected bankruptcy law firm with a team of attorneys who develop personal relationships with each client, during and after the…
Stuart B. Handelman
Our Chicago bankruptcy attorneys of the Law Office of Stuart B. Handelman represent those who have a lot of unpaid debt, financial woes, and…
Zalutsky & Pinski, Ltd.
50 years ago Zalutsky & Pinksi began practicing Bankruptcy Law with the idea of helping give people a fresh start. Today, we still share…
Chicago Bankruptcy Clinic
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Basic Difference Between Bankruptcy Lawyer and Debt Settlement Attorney
While it's common that a bankruptcy attorney is also well-qualified to act as a debt settlement attorney, you should understand an important distinction between the two legal means of resolving debts.
A debt settlement attorney will represent you with your creditors to negotiate a workable payment plan, and perhaps even negotiate a reduction in the total amount you owe. However, the debt settlement attorney will work separately with each creditor. In addition, the creditors aren't obligated to sit down at the table with your debt settlement attorney.
In contrast, if you file for bankruptcy, your bankruptcy lawyer represents your interests before the bankruptcy court. The bankruptcy court does have the power to compel your creditors to participate in the proceeding. You've now centralized all claims against you into a single proceeding. Your bankruptcy lawyer will still be negotiating with your creditors, but now under the supervision of the bankruptcy court.
A challenge to filing for bankruptcy is that it can have legal implications beyond the bankruptcy proceeding itself and is a matter of public record. You may find it preferable for a debt settlement attorney to help you resolve your debt issues privately, especially if you have only one or two major creditors.
A bankruptcy attorney can help advise you whether filing for bankruptcy or working privately is the right option for you.
Sources of Bankruptcy Law
The main bankruptcy laws in the United States are federal laws. If you do file for bankruptcy, you'll be filing in a federal bankruptcy court. A bankruptcy attorney must be admitted to practice in the federal court district where you're located in order to represent you in the bankruptcy court.
In addition, each state does have its own laws that can impact your case, such as homestead exemption laws that determine how you can protect your home during the bankruptcy process.
Basic Bankruptcy Law
The Bankruptcy Code is commonly known by its various chapters, such as Chapter 7 or Chapter 13. Simply put, the chapter under which your bankruptcy lawyer will recommend you file will depend on whether you're filing as an individual or a legal entity. The chapter selection will also depend on whether you want to liquidate your assets to pay off your debts or reorganize your debts into a single payment plan.
Each chapter has its own requirements, so you might only be eligible for one type of bankruptcy. Your bankruptcy lawyer will help determine which chapters are available to you.
The goal of the bankruptcy proceeding is to offer you a fresh start once it's over. This doesn't mean you can avoid paying your debts through bankruptcy, only that your bankruptcy attorney will help you negotiate a manageable resolution.
