Chapter 7 Bankruptcy Lawyer

What is Involved in Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is by far the most common form of bankruptcy, as it provides people struggling with inescapable amounts of debt the financial relief they desperately need. Chapter 7 bankruptcy, also referred to as “liquidation” bankrtupcy, completely eliminates the majority, if not all of a debtor’s current unpaid debts. Even though Chapter 7 bankruptcy erases almost all debt, most people are able to keep all of their property and assets.

After you have successfully filed for Chapter 7 bankruptcy, your debts from credit cards, medical bills, personal loans, etc. will be discharged from your credit history. Although this form of bankruptcy will eliminate a large majority of your debt, there are certain types of debt that cannot be discharged through the bankruptcy process. This type of debt, referred to as ““non-dischargeable debt”, includes:

Student Loans
Child Support
Spousal Support/Alimony
Most Taxes with Limited Exceptions
Fines for penalties or criminal offenses
Damages relating to operation of a vehicle while under the influence of drugs or alcohol
Parking tickets or toll way fines

Filing for Chapter 7 bankruptcy has other advantages besides just eliminating your legal liability to repay your unsecured debt. As soon as you have filed the bankruptcy petition, creditors and collection agencies will be prohibited from contacting you and harassing you for your debt. They also cannot take any legal action against you or try to collect any money from you whatsoever. For this reason, Chapter 7 bankruptcy is extremely advantageous, as creditor harassment is one of the worst effects of having unpaid debt. Furthermore, Chapter 7 can also halt wage garnishment, foreclosure, property repossession, and freezes on your bank account, as well as liens on your property or personal self.

Contact a Chicago Bankruptcy Attorney Today

Mounting debt and creditor harassment is the cause of overwhelming anxiety, worry, and stress for many people. If you are currently faced with more debt than you can afford to pay, we can provide you with the legal services you need to file for bankruptcy. We have years of experience and have successfully helped thousands of clients just like you successfully file for bankruptcy protection under Chapter 7.

We know you are going through a very difficult time in your life, and that the last thing you need is someone judging you and your financial situation. When you come to our office, we will treat you with the respect you deserve, and do everything possible to get your bankruptcy matters resolved quickly and efficiently. We will make the process as painless as possible, answer your questions, and guide you through this often complex legal process. More than anything else we are here to help you overcome your financial troubles so you will have a second chance to get back on your feet and rebuild your credit and financial security.

Contact Swanson & Wagman, LLC today at (312) 666-7882 for your Chapter 7 bankruptcy needs!