Chapter 7 Bankruptcy

If you are struggling with debt and researching your options, you may have heard about the benefits of Chapter 7 bankruptcy. This type of consumer bankruptcy provides debt relief from credit card debt and other financial difficulties, and puts an end to creditor harassment.

With offices in Chicago and Rolling Meadows, the bankruptcy attorney at O’Grady Law Office, P.C., is dedicated to assisting you in resolving your financial situation.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is often referred to as a “straight” bankruptcy or “liquidation” bankruptcy. 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).

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.

An Experienced Attorney by Your Side

Attorney Julianne O’Grady can work hard to help you keep the things that are considered necessities. 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.

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.

Contact a Bankruptcy Lawyer Serving Chicago and Rolling Meadows

For a free initial phone consultation to learn more about how we can help, call us at (312) 338-1808 or contact us online. We put you first.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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