Chicago Chapter 7 Bankruptcy Attorney
Eliminate Debt with Chapter 7 Bankruptcy
If you are overwhelmed with debt, facing constant calls from creditors, and feeling unsure of where to turn for relief, a Chicago bankruptcy attorney may be able to help. At Trifonova Law, P.C. we represent debtors across Illinois in Chapter 7 bankruptcy proceedings. With Chapter 7 bankruptcy, you may be able to eliminate your debt once and for all, getting a much-needed fresh start. This is truly a second chance, but you must file properly and in a timely manner to experience the full benefits and protection Chapter 7 bankruptcy has to offer.
Get helpful insight about Chapter 7 bankruptcy that is applicable to your unique financial situation by calling our dedicated Chicago bankruptcy attorney at (877) 544-3394.
Chapter 7 Bankruptcy Basics
Chapter 7 bankruptcy involves the liquidation of nonexempt assets to pay creditors. After this, all eligible debt will be discharged. That means that the debtor will have no further responsibility to pay that debanytimeme in the future. To qualify, however, a debtor must meet specific financial requirements that apply to his or her income and expenses. A Chicago Chapter 7 bankruptcy lawyer can help you determine whether you qualify under Chapter 7 or if a Chapter 13 reorganization is a better option based on your financial situation.
We have compiled some helpful information regarding Chapter 7 bankruptcy filings in Chicago, Illinois:
- Once you file your Chapter 7 bankruptcy petition, an automatic stay will be placed on all debt collection efforts. All creditors must cease collection efforts of all kinds.
- A Chapter 7 bankruptcy filing will place an automatic stay on foreclosure.
- Chapter 7 bankruptcy will affect virtually all debt, excluding recent taxes, child support, spousal support, and student loans.
- You may be able to keep most or all of your property under a Chapter 7 filing, as Illinois law provides for certain exemptions applicable to personal property.
- Chapter 7 bankruptcy may take approximately 3 to 6 months from filing the petition to the discharge of debt.
- Chapter 7 bankruptcy will remain on your credit report for up to 10 years.
Contact Trifonova Law, P.C. today at (877) 544-3394!