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What is Chapter 7 Bankruptcy

Chapter 7 is a common form of bankruptcy, with more than 65% of all debtors using this method for filing. The filing is quick and extremely easy, with the help of a reputable law firm. Typically you can have your debts relieved within months. If there are no objections from the creditors (which many times there are not) then you can expect to see the debt disappear even quicker.

Why Chapter 7?

A trustee will be appointed and they will be the responsible party for collecting and selling all non-exempt property. The funds are then distributed to the appropriate creditors. There are no payments required from the debtor.

Once the proceedings are complete, you will receive a discharge of all dischargeable debts. If you have agreed to sign a reaffirmation agreement then you will be able to continue to pay for your vehicle or your home. The US Government Bankruptcy Code stipulates that the debtor is allowed to maintain some

Chapter 7 Basics

Once the proceedings are complete, you will receive a discharge of all dischargeable debts. If you have agreed to sign a reaffirmation agreement then you will be able to continue to pay for your vehicle or your home. The US Government Bankruptcy Code stipulates that the debtor is allowed to maintain some or all of their property.

Can I File Chapter 7 Bankruptcy?

You qualify to file chapter 7 bankruptcy as long as you have not filed within the last 8 years. Anyone can file, but there are other options that may be better suited for some. Chapter 13 might be considered if you have a regular income and would like to keep the property you own and chapter 11 is more suitable for corporations or businesses who wish to liquidate their company.

Where Do I Start?

You have to find a respectable and reputable law firm to handle your bankruptcy. By calling 312-273-1217 you will be given a free consultation and advice from an attorney working for a firm with more than 50 years experience. All of our 8 Chicagoland locations has free parking and night/weekend appointments available. Call today!

By Kerrie Neal