Legal Question in Bankruptcy in Illinois

Bankruptcy Matter

I am in danger of losing my personal loan repayment from someone who is filing bankruptcy. I assume it is a chap 11 because their business is struggling, but im not sure. Anyway despite the classification i want to know if there is any action i can take to protect my money owed and deny it's discharge? I am filing a small claims case for 7K will that stall it?


Asked on 7/18/07, 2:26 am

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Bankruptcy Matter

You can't assume it will be a chapter 11 just because it is a business. A business can also file a chapter 7. Additionally, you haven't indicated whether the person has already filed. If they have, you can't file a judgment period. Whether you can do anything to protect your claim depends on the circumstances of your loan.

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Answered on 7/23/07, 2:32 am


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