Chapter 7 Bankruptcy Lawyer in Chicago, Illinois
Struggling With Too Much Personal Debt in Chicago?
Need a Solution to Liquidate Your Debt and Stop Debt Collector Harassment?
Filing Chapter 7 Bankruptcy in Chicago, Illinois may be your answer if you're tired of missing your monthly payments and receiving constant harassing phone calls from creditors and collection agencies.
If you find yourself constantly coming up short of your monthly financial obligations, it may be time to consider speaking with a bankruptcy attorney in Chicago, Illinois about Chapter 7 Bankruptcy. Bankruptcy should be a last resort, but if you've been struggling to get out of debt and there's no end in sight, it may be the missing piece to help you rebuild and create a stable financial future.
With 2 convenient locations in the Chicago, Illinois area (Schaumburg, Chicago), Suburban Legal Group PC can help you with your bankruptcy filing and make sure you have representation through this difficult time.
Free Chapter 7 Bankruptcy Consultation in Chicago
We offer a Free Bankruptcy Consultation (in our office or over the phone) to help you determine if you have a viable case or not. There is NO obligation with your free consultation and we offer this without you having to commit to any fees and without spending any money. Request a Free Chapter 7 Bankruptcy Consultation Today.
Most people don't understand the law and tend to be wary of bankruptcy, but it's actually a very common and viable option if you've accumulated significant debt and don't have a stable source of income. Our bankruptcy attorneys in Chicago will explain the process and your options, and will work with you to address your concerns. Understanding how Chapter 7 Bankruptcy Laws affect you is the first step on the road to financial recovery. To get get you started, here are a few common questions about Chapter 7 Bankruptcy:
What is Chapter 7 Bankruptcy?
What is chapter 7 bankruptcy? It may just be your way out of debt!
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 lawyer in Chicago 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. Learn more about what's exempt here. If you have questions about whether a certain type of debt is exempt, you should Consult a Chapter 7 Attorney.
Secured vs. Unsecured Debt Chapter 7 Bankruptcy?
Filing for 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 lawyer 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 will 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 in Chicago can help you determine which of 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 in Chicago 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. You may make too much to be eligible for Chapter 7, in which case you may need to check to see if you're eligible for Chapter 13 Bankruptcy. Look over the differences here. Your first step is to contact an attorney to determine what Chapter 7 Bankruptcy services they provide and how they can help you.
Suburban Legal Group PC will offer you a Free Bankruptcy Consultation with a Chapter 7 attorney who will review your situation and provide a detailed analysis and explanation of your case. You'll also take the means test to determine your elegibility.
Filing Chapter 7 Bankruptcy is a difficult decision that should not be entered into lightly and is not right for everyone. We'll provide you with potential alternatives to bankruptcy and if we think that there is a better option for you, we'll let you know!
Reasonable Fees for Chapter 7 Bankruptcy Filing in Illinois
The Chapter 7 attorneys at Suburban Legal Group PC are sensitive to the difficult time you may be facing and offer many Chapter 7 Bankruptcy services to help.
Let us help you determine what your options are and create a road map to help you get out of debt. Request a Free Chapter 7 Consultation Today. Our goal at Suburban Legal Group PC is to change your financial future, and we provide a reasonable fee and convenient monthly payment plans to help you accomplish this.