Legal Question in Bankruptcy in Illinois

bankruptcy

I have a friend who owes 250'000 of unsecured debt he also owes400.000 on Income property worth about 500.000 He also has a speck house he cant sell or afford He is only able to pay Interest His income wont ever let him pay on the principal Is bankruptcy or reorganization or selective bankruptcy an option?


Asked on 7/21/09, 9:04 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: bankruptcy

Yes, bankruptcy is a viable option. Assuming he wants to keep the spec home, a Chapter 13 or even a Chapter 11 would be ideal. Feel free to email me for a free consultation; [email protected]

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Answered on 7/21/09, 7:08 pm


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