Chicago Chapter 7 Bankruptcy Attorneys
A Chapter 7 bankruptcy is sometimes referred to as a straight liquidation or a “Fresh Start.” It can eliminate the majority of debt. Chapter 7 bankruptcy is a way for people to take control of their financial situation and get the FRESH START they deserve by wiping away debts.
Chapter 7 does not eliminate all types of debt. For example, if you want to keep a house or car, you must continue to make the payments. A Chapter 7 will not eliminate student loans, child support and some tax liabilities.
The Filing Process:
Usually there are no court appearances in a Chapter 7 bankruptcy. Once your case is filed, you will have to appear at a meeting with your court appointed trustee. An attorney from our office will be there with you to guide you through the meeting. The meeting is referred to as a Section 341 meeting (or a Meeting of Creditors) and is very quick and informal, taking place approximately five weeks after your case is filed. You generally will receive your Discharge Papers three months after that meeting.
Avoiding Problems When Filing Chapter 7
Every bankruptcy case is different but there are a few things that you should avoid doing under any circumstances:
- Do not make any more charges or take cash advances on any of your credit cards
- Do not make any property transfers
- Do not pay debts owed to your family or friends or choose to pay off 1 particular debt, as this is called a “preference.” The Judge could force the money to be paid to to the Trustee for the benefit of your creditors.
When you decide to file for bankruptcy, you want to make sure that you have all of your questions answered first. Filing for bankruptcy is a big decision, and our Bankruptcy Attorneys in Chicago are here to answer all of your questions.
- Should I File For Chapter 7 Bankruptcy?
- How Do I File For Chapter 7 Bankruptcy?
- What Happens Once I File For Chapter 7 Bankruptcy?
Free Consultation with a Chicago Chapter 7 Bankruptcy Law Firm
If you are interested in speaking to one of our Chicago Chapter 7 Bankruptcy attorneys regarding your financial situation, please call us for a FREE, confidential consultation at (312) 360-0500.
Contact our office today to find out if a Chapter 7 bankruptcy plan is right for you.