Chicagoland 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. There are still some debts that it does not eliminate such as student loans. And if you want to keep a house or vehicle, you must continue to make your payments. 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.

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 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 off one of your credit cards as this is called a “preference” and can make it more difficult for you to get a discharge.

Contact Us

At the Law Offices of Stuart B. Handelman, P.C., our Chicagoland bankruptcy attorneys are committed to making this process as easy and manageable as possible for you. Contact us today at 312-360-0500 to discuss your options.