Bankruptcy Lawyer in Lake County

Lake County's Bankruptcy Lawyers

Helping You With Chapter 7 and 11 Bankruptcies

Our firm can represent an individual person or a business client in bankruptcy proceedings. We can also represent a creditor seeking to have the debtor's remaining assets distributed among the creditors.

Bankruptcy proceedings can involve either a discharge of debt (Chapter 7) or a restructuring of debt (called Chapter 11).

Call Soffietti, Johnson, Teegan, Argueta & Bawcum, LTD at 1-888-351-2429 or contact us online. Our Lake County team of attorneys can help.

Individual (Consumer) Debt Relief: Chapter 7

In Chapter 7 bankruptcy, you are asking the federal bankruptcy court to wipe out (discharge) the debts you owe. A part of that process is the liquidation of certain assets that exceed statutory limits in value. In order to be eligible for Chapter 7, the U.S. government insists upon a "means test", credit counseling and debtor education. Chapter 7 is different than Chapter 13, which is a restructuring of debt.

Under the "means test", if your current monthly income is less than the median income for the state of Illinois, you can file for bankruptcy under Chapter 7. Our decades of experience helping people just like you through the bankruptcy process from beginning to end will help put your mind at ease and your finances on the road to recovery.

Business Debt Relief: Chapter 11

Chapter 11 permits reorganization of debt for businesses, whether a corporation, sole proprietorship or partnership. Chapter 11 is reorganization, not liquidation. Depending on the size of your business and the complexity of the bankruptcy, you may emerge from bankruptcy within a few months or within several years.

If you are a business owner who needs to help with bankruptcy, call our lawyers at 1-888-351-2429 or contact us online. Our over 50 years of experience can help you to take full advantage of the benefits Chapter 11 has to offer.

Bankruptcy and e-filing

Almost every state in the U.S. now uses e-filing for bankruptcy. This is officially called the federal judiciary's Case Management/Electronic Case Files (CM/ECF) and it has revolutionized the way federal courts manage their cases and documents.

But just because e-filing has made filing of bankruptcy easier, it does not mean that you can simply declare bankruptcy online by yourself. A misstep can mean denial, and you cannot e-file until you have federal approval to do so.

Contact Us Today

In Illinois' Lake County, Soffietti, Johnson, Teegan, Argueta & Bawcum, LTD is the go-to law firm for bankruptcy. Call 1-888-351-2429 to discuss your case or contact us online. We have an office in Fox Lake and our Waukegan office is located across from the courthouse.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.