Chapter 7 Bankruptcy Lawyers in Chicago -- West Loop
Chapter 7 bankruptcy can provide immediate and highly effective relief for many individuals who stand on the brink of financial ruin. By filing for Chapter 7, most unsecured debt will be discharged, which will put a stop to all creditor harassment. Chapter 7 is the most common type of bankruptcy filed by individuals who need a fresh start. People file Chapter 7 bankruptcy to receive a discharge, which is an order from the bankruptcy court that forgives most debts.
Technically, it is a liquidation bankruptcy, which means that assets can be taken and sold and the proceeds used to pay creditors. However, many assets can be protected so that individuals can file bankruptcy and keep all of their property.
Chapter 7 Can Help Wipe Out Credit Card Debt
At the Rodriguez Legal Group LLC, we will explain the advantages of filing a Chapter 7 by providing you with the answers and information necessary to make the best decision possible for you and your family’s financial future.
Unsecured debts can often be completely eliminated with a Chapter 7 filing. Unsecured debt includes:
- Credit card
- Medical debts
- Payday loans
- Personal loans
- Store cards
We have worked with many clients over the last 20 years, and we use that experience and perspective to develop creative solutions for our clients, providing insight into the potential effects that each choice will bring.
Is Chapter 7 The Right Choice For You?
We will begin by conducting a complete analysis of your financial situation. Generally, this entails comparing your debts and liabilities to your income and assets. In many cases, this will determine whether Chapter 7 or 13 bankruptcy is in your best interest. This first meeting with us generally takes about 1 hour.
Are You Eligible For Chapter 7?
There are certain criteria that must also be considered when choosing whether to file Chapter 7. A means test will be applied to determine if your income falls within the correct bracket so that you are eligible for Chapter 7 relief; the effect, if any, of prior bankruptcy, or if there are assets that are important for you to keep.
If bankruptcy is not in your best interest, we will explain the solutions that may work better for you. We do not just push cases through, but rather we stand by my commitment to help clients throughout Chicagoland with difficult and overwhelming financial situations.