Chapter 7 bankruptcy in Chicago is a liquidation bankruptcy. Liquidation means that the Debtors non-exempt assets are used to pay creditors and the unsecured debts that they have are discharged by the bankruptcy court approximately 4 months after the filing of the case. The vast majority of Chapter 7 bankruptcies are no asset cases. Which means that after the Debtor files the case there are no assets above the exemptions that protect property for creditors to recieve a distrubution. The exemptions that a Debtor may claim are listed on this page. The reference list on the website is by no means exhaustive of all the debtors exemptions to protect property.

Filing for a bankruptcy is a serious decision, and that is why you want an experienced attorney on your side. The best part is that you can sleep at night, and move on with your future! However, if you are behind on bills or buried in debt bankruptcy with a Chicago bankruptcy lawyer is a decision that may not be able to wait. If a person waits to file credit cards and other bills increase and the risk of a garnishment increases as bills get further and further behind. As a Chicago bankruptcy attorney I have helped numerous clients get out of debt while keeping their dignity. Please call my office for a free consultation at 312-489-8182 or fill out an inquiry form.

Marc Wagman

Attorney at Law