How Do Parking Tickets And Arrests Contribute To Debt?

The city of Chicago is aggressively looking for infractions on  parking meters and red light cameras. When people cannot pay  immediately, these fees and fines are doubled. People then cannot  possibly catch up. Parking tickets and red light tickets are not  dischargeable in a chapter 7 bankruptcy but are dischargeable in chapter 13. We frequently do chapter […]

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What Is A Chapter 11 Reorganization For Small Businesses?

Corporations (including Not-For-Profit Corporations), Partnerships,  and Individuals who exceed the debts limits for a Chapter 13 are  candidates for a Chapter 11. The  definition of a Small Business in a Chapter 11 is one where the debts  don’t exceed about $2.5 million (currently $2,566,050). The debt limit  excludes amounts owed to persons considered “insiders” such

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Chapter 11 Small Business Video
 

How Does Filing Bankruptcy Have Favorable Impact on Credit Score

Not  being able to pay your bills as they become due lowers your score  dramatically to the lower 500s, sometimes the 400s. If it is multiplied  with a lawsuit, a garnishment, repossession, multiple items with the  credit bureau, your score goes down dramatically. If you get rid of all  those debts, you start from scratch,

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