Chapter 7 Attorney Services Overview

Are you tired of missing your monthly payments and receiving constant phone calls from creditors and collection agencies? If you find yourself constantly coming up short of meeting your monthly obligations, it may be time to consider speaking with a Chapter 7 attorney about filing for Chapter 7 bankruptcy.

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy, sometimes referred to as liquidation, is a way to eliminate unsecured debt when you are in over your head with your monthly payments. A discharge can take care of money owed on credit cards, medical bills, personal unsecured loans and many other types of unsecured debt. A Chapter 7 attorney can sit down with you and explain which of your monthly obligations would be covered by this type of bankruptcy filing.

What debts are exempt from Chapter 7 Bankruptcy?

There is a category of debt classified as “non-dischargeable debts”, which include child support, student loans and most types of tax related debt. If you have a questions about whether a certain type of debt is exempt, you should consult a Chapter 7 attorney.

Secured vs. Unsecured Debt

Chapter 7 bankruptcy will not automatically discharge liens such as your mortgage. If you want to continue to own your home or car, you will need to continue making payments. It is possible, under chapter 7, to give the “security” back and discharge the remaining debt along with the rest of your unsecured debt. However, a chapter 7 bankruptcy attorney can help negotiate a reaffirmation agreement with your lien holders where you continue to make payments in exchange for keeping your property.

Why is Chapter 7 Bankruptcy called liquidation?

A bankruptcy trustee can liquidate your unprotected assets to pay part of your bills. However, due to the exemptions provided by Illinois law, most people who file for Chapter 7 Bankruptcy don’t have unprotected assets. A Chapter 7 attorney can help you determine if your assets are protected by these exemptions.

How long does the process take?

Typically, 3-4 months from the time your Chapter 7 attorney files the bankruptcy on your behalf. Your attorney can go over their chapter 7 bankruptcy services with you and explain the process in detail.

Is Chapter 7 Bankruptcy for me?

Every situation is unique. Your first step is to contact a chapter 7 attorney to determine what chapter 7 bankruptcy services they provide and how they can help you. Chang and Carlin LLP will offer you a free consultation with a chapter 7 attorney who will review your situation and give you a detailed analysis of your case. Filing for Chapter 7 bankruptcy is a difficult decision that should not be entered into lightly and is not right for all people. If our chapter 7 bankruptcy attorney feels that there is a better option, we will provide you with alternatives.

The chapter 7 attorneys at Chang & Carlin, LLP are sensitive to the difficult time you may be facing and offer many chapter 7 bankruptcy services to help. Call our office and speak to one of our experienced chapter 7 attorneys. Let us help you determine what your options are and create a road map to help you get out of debt. Our goal at Chang & Carlin, LLP is to change your financial future.