Chapter 7 Bankruptcy
Wheaton Attorneys
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Chicago Office

20 N. Clark Street
Suite 2720
Chicago, Illinois 60602
Phone: 312-345-9999

Schaumburg Office

1515 E. Woodfield Road
Suite 640
Schaumburg, IL 60173
Phone: 847-995-9999

Wheaton Office

400 S. County Farm Road
Suite 320
Wheaton, Illinois 60187
Phone: 630-653-9400

Orland Park Office

15255 W. 94th Ave
Suite 201
Orland Park, IL 60462
Phone: 708-226-9904

Orland Park Chapter 7 Bankruptcy Lawyers

Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is one of the most common types of bankruptcy our clients pursue. This type of bankruptcy wipes out most, or all, of your debts with one declaration. Chapter 7 bankruptcy can give you a clean slate and enables you to build a new financial future. Our attorneys can help you through the bankruptcy process with our 30 years of experience in the legal field.

With our firm's focus on family law, we understand how bankruptcy can affect a family. Divorce can be a common problem associated with bankruptcy, and vice versa, so we can help you through these difficult times. Anderson & Associates, P.C. can assist you in getting the fresh start you deserve after financial hardships.

Chapter 7 Bankruptcy Fundamentals

Before filing for Chapter 7 bankruptcy, you must determine if you are eligible. If you have previously filed in the last six to eight years, you will not be able to file for Chapter 7 bankruptcy. You must also pass a "means test" that determines if your income is low enough to file. If you are eligible for Chapter 7 bankruptcy, then you will have to fill out a petition that includes financial information like:

  • Current income
  • Current living expenses
  • All property and assets
  • All debts
  • Property owned within the last 2 years
  • Property sold or gifted within the last 2 years

A bankruptcy trustee will be assigned to your case to look through and determine if your property must be sold to pay your creditors. Most people who declare Chapter 7 bankruptcy do not have to surrender personal property, such as their house, furniture, clothes, personal items, cars, or work tools as they are exempt.

Property that was used as collateral for a secured loan will have to be surrendered during bankruptcy, though it may not have to be done immediately. Bankruptcy filing puts an automatic hold on the collection efforts of creditors you are involved with. This means that they cannot call and harass you, take your wages, repossess your vehicle, foreclose on your property, or take any other steps until the bankruptcy is complete. Once a Chapter 7 bankruptcy filing is finished, all eligible debts are discharged, unless it includes child support, tax debt, student loans, or court judgments.

If you need more information on Chapter 7 bankruptcy, contact us to schedule a free consultation at your convenience. We work with clients in Chicago and surrounding suburban areas, including Cook County, Will County, DuPage County, and Lake County.