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Illinois Insolvency Attorneys
Chicago Bankruptcy Lawyers

Insolvency and bankruptcy are often used interchangeably but they are two very different things. Insolvency is defined as the inability to pay debts as they come due or when one’s assets are worth less than his or her liabilities. One of the most common solutions for a person to resolve their insolvency is to file for bankruptcy. 

While one can be insolvent without filing for bankruptcy,once you have filed bankruptcy, you are considered to be insolvent. In fact, under the United States Bankruptcy Code, you are considered insolvent for the 90 days immediately prior to filing for bankruptcy. In general, there are two forms of personal bankruptcy – Chapter 7 liquidation, in which your debts are forgiven, and Chapter 13 reorganization, in which your debts are restructured so that payments can be made. High net worth individuals and business have an additional option available to them under a Chapter 11 reorganization.

Consult an experienced bankruptcy attorney to determine your options. Act Now.  

(866)525-3529 Chicago, Cook County, Lake County ∙ Contact Us

The differences between insolvency and bankruptcy can be confusing and the options available to resolve your insolvency problems can be overwhelming. By consulting with an experienced and respected Illinois bankruptcy law firm, you can better navigate and assess your options and alternatives.

At Loop Bankruptcy, a service of Lakelaw, our Chicago bankruptcy lawyers have the experience and credentials necessary to help you determine whether you are insolvent and if so, whether bankruptcy is a good option for you.  If you decide that bankruptcy is the best option to resolve your debts, we can assess your financial condition to determine which type of bankruptcy will benefit you the most. 

Contact Us now for a Free Consultation to determine if bankruptcy in an option for you.

(866)525-3529 Chicago, Cook County, Lake County