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Anderson and Associates, P.C.

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Orland Park Bankruptcy Lawyers

Cook County debt relief lawyer

Attorneys for Chapter 7 Filings in Tinley Park, Alsip, and Palos Heights

Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is one of the most common types of bankruptcy. 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 enable you to build a new financial future. Our attorneys can help you through the bankruptcy process with our over 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 and Associates, P.C. can assist you in getting the fresh start you deserve after financial hardships.

Chapter 7 Bankruptcy in Cook County, IL

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 including:

  • Current income
  • Current living expenses
  • All property and assets
  • All debts
  • Property owned within the last two years
  • Property sold or gifted within the last two 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 these items 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 who may be pursuing you. 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 they include child support, tax debt, student loans, or court judgments.

If you need more information on Chapter 7 bankruptcy, contact us at 708-226-9904 to schedule a free consultation at your convenience. From our Orland Park office, we represent clients throughout the area including Chicago, Tinley Park, Homer Glen, Alsip, Country Club Hills, Will County, and Cook County.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

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