Practice Areas
Bankruptcy
Get answers to your bankruptcy questions by scheduling a complimentary consultation with Mark Schottler, an experienced bankruptcy attorney in the Chicagoland area.
CALL (708) 442-5599Is Bankruptcy Right for You?
If you are considering bankruptcy, you are not alone. Connecting with a professional can help you understand the bankruptcy process and determine if it is the right path forward for your situation.
Bankruptcy is a legal process that provides individuals and businesses with relief from overwhelming debt. When handled correctly, it can offer a genuine fresh start — stopping collection calls, halting foreclosures, and discharging eligible debts.
Attorney Mark Schottler has extensive experience guiding Chicagoland clients through the bankruptcy process with clarity and compassion. He will help you understand your options and make the best decision for your financial future.
Free 30-Minute Consultation
Speak directly with Attorney Schottler about your situation. No obligation, no pressure — just honest answers about your options.
Your Options
Types of Bankruptcy
Chapter 7 Bankruptcy
Often called "liquidation bankruptcy," Chapter 7 allows individuals to discharge most unsecured debts — such as credit cards and medical bills — relatively quickly, typically within 3 to 6 months. Eligibility is determined by a means test based on your income.
Chapter 13 Bankruptcy
Chapter 13 allows individuals with regular income to develop a plan to repay all or part of their debts over 3 to 5 years. This option can help you keep your home and other assets while catching up on missed mortgage or car payments.
Chapter 11 Bankruptcy
Primarily used by businesses, Chapter 11 allows a debtor to reorganize their financial affairs while continuing to operate. In some cases, high-debt individuals who do not qualify for Chapter 13 may also use Chapter 11.
Common Questions
Frequently Asked Questions About Bankruptcy
Will bankruptcy stop creditor calls and collection actions?
Yes. When you file for bankruptcy, an automatic stay goes into effect immediately. This legally prohibits creditors from continuing collection efforts, wage garnishments, foreclosures, and most lawsuits against you.
How long does bankruptcy stay on my credit report?
A Chapter 7 bankruptcy remains on your credit report for 10 years from the filing date. A Chapter 13 bankruptcy remains for 7 years. While this does affect your credit, many people find they can begin rebuilding credit within a year or two of discharge.
Will I lose all my property if I file for bankruptcy?
Not necessarily. Illinois has exemptions that protect certain property — including a portion of your home equity, a vehicle up to a certain value, household goods, and retirement accounts. An experienced bankruptcy attorney can help you understand what you can keep.
Can bankruptcy help with tax debt?
Some tax debts can be discharged in bankruptcy, but the rules are complex. Generally, income tax debts that are at least 3 years old and meet other criteria may be dischargeable. An attorney can review your specific situation.
Free 30 Minute Consultation — Talk To An Attorney
Contact Information
Phone
(708) 442-5599
[email protected]
Office
7222 W. Cermak Rd. #701
Riverside, IL 60546