Why Is Chapter 7 Bankruptcy Right For Me?
Chapter 7 bankruptcy can provide a fast discharge from debt, delay foreclosure hearings and eviction, keep your utilities connected, and prevent wage garnishment.
Although it can provide valuable advantages in the right cases, it’s not always the best choice. Consulting a lawyer can ensure that you choose the right path forward.
Are you asking yourself, “Why is Chapter 7 bankruptcy right for me?” Chicago Bankruptcy Clinic serving Aurora and Oak Brook, IL, has the answers you need.
Reasons Why Chapter 7 Might Make Sense For You
You earn below the median income in Illinois.
You earn above the median, but don't have the means to pay unsecured debts.
Prior bankruptcy filings don't affect your eligibility.
You have few assets.
You are willing to undergo credit counseling.
You are willing to attend a 341 meeting,
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With a Bankruptcy Attorney
Our law practice serving Oak Brook, Aurora, and Greater Chicago can help you decide whether filing for Chapter 7, Chapter 13, or Chapter 11 of the bankruptcy code is the best strategy for you. When creditors are constantly calling and there seems to be no hope, our bankruptcy attorney can help you use the law to your advantage.
Our practice understands that every bankruptcy case is unique, and we are prepared to give you the guidance you need to present your bankruptcy case to the court in a way that benefits you the most. Your search for a lawyer who can put bankruptcy law to work for you ends here. Send us a message or call to request your free consultation with an attorney:
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Michael Kilroy2023-09-15I referred Chicago Bankruptcy Clinic to friends and they could not be more complementary of their services. If you need help, CBC is the team to see.Heather Parris2023-08-15Bankruptcy is such a stressful time, so you want to have someone fighting for you in your corner. This company really helped my neighbor in their time of need. They will bring you great peace of mind!Ammy Jackson2022-11-16(See existing reviews for style)Lawrence Moreno2021-09-05They helped back in 2017 with my bankruptcy and it was smooth, a question came up just recently and they were more then willing to help out no questions asked!!Steve Babiarz2021-08-08He made this easy for me and calmed all my fearsJoanne Saviano2021-08-06I would strongly suggest anyone looking to file for bankruptcy to contact them for immediate debt relief
Chapter 7 vs. Chapter 13
Your Income
If you earn more than our state's median income and the means test determines that you have expendable income, the bankruptcy code may dictate that Chapter 13 bankruptcy is a legal option, but Chapter 7 is not. It pays to get a lawyer involved as early as possible to explore your legal options for escaping the scrutiny of creditors.
The Type of Debt You Carry
Certain debts, such as past-due child support payments, cannot be discharged. Our lawyer and his team serving Oak Brook, Aurora, and Greater Chicago have helped clients navigate all kinds of bankruptcy filings and can help you take the most advantageous route out of debt allowable under the law.
The Amount of Debt You Carry
Thanks to changes in the law that took place in 2022, individuals and businesses can file for Chapter 13 if their combined secured and unsecured debts are under $2,750,000 on the date of their bankruptcy filing. Our lawyer and his team serving Oak Brook and surrounding areas will help you explore your legal options and determine if this is a prudent way for you to repay your creditors. We look forward to helping you use the law to your advantage.
What Is Chapter 11?
Chapter 11 is mostly used by businesses that are making money but cannot afford their loan payments. It differs from Chapter 13 because it can apply to any amount of debt, and it can require liquidating property to repay debts. Our attorney and his team serving Oak Brook and Greater Chicago can help determine if this option serves your best interests, or if you are a better candidate for Chapter 7 or Chapter 13 bankruptcy. Your search for a firm that understands the often complicated content of the laws pertaining to bankruptcy ends at Chicago Bankruptcy Clinic.
Chicago Bankruptcy Clinic
At Chicago Bankruptcy Clinic, our bankruptcy attorneys and paralegals work closely with clients to assess their financial situation and explore debt relief options, including filing for Chapter 7 and Chapter 13 bankruptcy. Our team is proud to be affiliated with the following organizations:
- Illinois State Bar Association
- Chicago Bar Association
We offer free consultations and flexible payment plans. To learn more about foreclosure and bankruptcy, contact our office online or call (630) 349-4127 today.