Gleason & Gleason | Chapter 7 Bankruptcy
Chapter 7 bankruptcy, sometimes called a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start"
One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.
By law all actions against a debtor must cease once the documents are filed. This includes lawsuits, wage garnishees, telephone collections, utility disconnects.
Typical debts which are discharged include credit cards, medical bills, utilities, unsecured judgments, repossessions, personal loans, payday loans.
Typical debts which are not discharged include, child support, student loans, tickets and most taxes.
Debtor's must continue making payments on secured debts they are keeping such as house and car payments.
Get out from under your overwhelming financial burden. Call one of our Chicago Bankruptcy Lawyers Today!
(312) 578-9530
Chapter 7 Bankruptcy Only 3 payments of $400.00 includes all attorney fees, court filing fees and credit report* Flat Rate Regardless of debt.
The only fee not included is a fee for a mandatory telephone or internet credit class required by the government ($35.00 to $50.00 ) payable directly to agency