Should You File Bankruptcy or Opt for a Non-Bankruptcy Solution?

Bankruptcy Alternatives

Serving clients in Cook, DuPage, Lake, Kane, Kendall, McHenry and Will Counties from three convenient locations: Lombard – Bloomingdale – Chicago

In order for you to make a truly informed decision about whether to file for bankruptcy protection or opt for non-bankruptcy solutions, you need to fully understand the advantages and limitations of your each option.

While your specific situation will dictate many of the benefits and limitations of bankruptcy compared to non-bankruptcy alternatives (in some cases, you may not have any options), the bankruptcy attorneys at Steven H. Mevorah & Associates, P.C. want to investigate and explain your options to you.

To discuss your situation with an experienced small business bankruptcy lawyer, call (630) 932-9100 for a free, confidential consultation.

Advantages and Disadvantages of Bankruptcy and Non-Bankruptcy Solutions

Some general information about possible advantages and disadvantages of bankruptcy versus non-bankruptcy solutions include the following factors:

Tax consequences: Our bankruptcy lawyers understand that often times settling a debt for considerably less than what you owe outside of bankruptcy can have adverse tax consequences. In many situations, you will receive a 1099 form stating the difference in what you paid and what you paid was income to you, and you will be taxed accordingly. You need to be aware of the true cost of a non-bankruptcy solution in order to ensure you are making an informed decision.
Affect on credit history: In some cases, your credit history will be more adversely affected by filing bankruptcy, rather than opting for a non-bankruptcy solution. In other situations, the opposite is true, and your credit history may be better off by filing for bankruptcy protection. In either event, both options are likely to be much better than doing nothing at all.
Your assets and Illinois bankruptcy exemptions: Depending on your assets, you may be better off filing for bankruptcy or avoiding bankruptcy. Illinois permits the exemption of certain assets from being taken for the benefit of creditors in a bankruptcy. Our bankruptcy attorneys will explain the exemption laws to you and closely examine your assets, your income and your debts to help you decide on the best course of action for your particular situation.

Contact an Experienced DuPage County Bankruptcy Attorney Today

Contact an Experienced Small Business Bankruptcy Attorney Today

To discover your personal and business options for debt relief, including non-bankruptcy solutions, please schedule a free confidential consultation by calling us at (630) 932-9100 or, if you prefer, filling out our intake form and we can contact you to schedule a consultation.

Pursuant to 11 U.S.C. §528, Steven H. Mevorah & Associates, P.C. is considered a debt relief agency. We will proudly help you file for bankruptcy relief under the Bankruptcy Code if we believe it is in your best interest.

'Steven H. Mevorah & Associates did a very good job, taking care of my Bankruptcy. I couldn’t have asked for a better firm. I would recommend your firm to family or friends.'
- D. W.

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- J. V. & C. V.

'I would like to thank the entire staff, especially [the paralegal on our case]. She was a great help. I have recommended a client already.'
- T. C.

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- K. V.

'I highly recommend Steven H. Mevorah & Associates for their consistent proficiency, professionalism and outstanding knowledge in the handling of my case. They worked hard and were so organized, which enabled them to use the correct precision in making sure that nothing was omitted. Thank you to [my attorney and his paralegal] for closing my case with an outstanding outcome. I will ALWAYS be grateful, and will recommend Steven H. Mevorah to my friends.'
- A. S.

'I have used Steven H. Mevorah & Associates twice now and they did a great job in both cases. I will definitely recommend them to any family or friend in need.'
- G. M.

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'I would like to thank [my attorney] with Steven Mevorah & Associates for all my legal needs. He helped me understand options I had with my case. He answered all my questions no matter how big or small. I will definitely use Steven Mevorah & Associates with any future legal needs. Thanks again. You Rock!'
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- D. S.

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established and as any information submitted could be used by us in the event we represent an adverse party now or in the future. Legal advice cannot be given without full consideration of all relevant information relating to the visitor’s individual situation for which a full consultation is necessary. We offer free in-person consultations at each of our offices.

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