Chapter 7 Bankruptcy

Chapter 7 bankruptcy allows for a complete discharge of debt with a few exceptions. Certain back taxes, alimony payments, child support and student loans are not dischargeable in bankruptcy. Chapter 7 bankruptcy calls for a complete liquidation of assets as a means to partial repayment of debt however, in Illinois, you may have the opportunity to keep your home, vehicles and furniture. In most cases, filers of Chapter 7 bankruptcy can completely eliminate their debt for a fresh start and keep their assets. Chapter 7 is a great option for you if you have little or no non-exempt assets but find yourself struggling to pay your bills. If you have credit card debt, medical bills, pay day loans, etc.. then chapter 7 can discharge these debts. The wages you earn and the property you acquire after the bankruptcy are yours to keep.

Bankruptcy Facts

Chapter 13 Bankruptcy

Am I Eligible?