Se Habla Español Chicago Chapter 7 Bankruptcy Lawyer Provides Consumer Debt Relief From Credit Card Debt and Other Financial Difficulties
Chapter 7 bankruptcy is often referred to as a "straight" bankruptcy or "liquidation." In Chapter 7, any assets not considered exempt under the law are turned over to a bankruptcy trustee (or administrator). The trustee sells the property and distributes the money equally among the unsecured creditors. In actual practice, however, very few people are required to turn over any property to the trustee. In the end, most unsecured debts are wiped out and the debtor makes a fresh start.
For secured debts (e.g., cars, home, etc.), the debtor either reaffirms the debt (continues to make payments), surrenders the property back to the creditor or redeems the property (making a lump-sum payment equivalent to the value of the merchandise).
For a FREE phone consultation to discuss your debts with an experienced Illinois Chapter 7 bankruptcy attorney, please call (312) 338-1808.
With offices in Chicago and Rolling Meadows, the bankruptcy attorney at the Law Office of O'Grady & Associates is dedicated to assisting you in resolving your financial situation. We will provide you with straight answers to your bankruptcy questions. We will analyze your situation and tell you your options, including whether you qualify for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Bankruptcy is not for everyone, but often it is the best option for some. For information about the benefits of retaining our services, please visit our firm overview page.
A Chapter 7 bankruptcy is often the first and best option for anyone being harassed by creditors and contemplating personal bankruptcy. If you need credit card debt relief or relief from other debts that you simply don’t have the income to pay back, we can help.
Immediately after filing for bankruptcy, all creditor harassment stops and peace returns to your household. Then, a Chapter 7 trustee reviews your financial situation and determines if you can keep your assets. Some people, but not all may be able to keep their home. A bankruptcy attorney can work hard to determine if you can keep some of your necessities.
A bankruptcy attorney can work hard to help you keep the things that are considered necessities.
Is Filing for Bankruptcy Wiser Than Remaining in Debt?
Many people think a bankruptcy will be a black mark on their financial record. That is true; however, it is better to have bankruptcy on your credit report than having a large amount of unpaid debt on your credit report. If you truly need to declare bankruptcy, your credit score will start to improve after you have discharged most of your debt in bankruptcy. If you don’t truly need a bankruptcy, our law firm can direct you to other options.
The bottom line is that if you have any thoughts about bankruptcy, you should meet with a personal bankruptcy lawyer soon to sort through your options.
For a free initial phone consultation to learn more about how we can help, call us at (312) 338-1808 or fill out our intake form located on our Contact Us page. We put you first.
Capable Lawyers, Dependable Service, Sensible Solutions. Let Us Handle Your Immigration, Bankruptcy, Personal Injury and Real Estate Matters.
Law Office of O'Grady & Associates
Chicago Chapter 7 Bankruptcy Attorney
Rolling Meadows Consumer Debt Relief Lawyer
Illinois Credit Card Debt Relief Law Firm