Chapter 7 Bankruptcy
Wheaton
Wheaton Attorneys
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Chicago Office

20 N. Clark Street, Suite 2720
Chicago, Illinois 60602
Phone: 312-345-9999

Schaumburg Office

1515 E. Woodfield Road, Suite 640
Schaumburg, IL 60173
Phone: 847-995-9999

Wheaton Office

400 S. County Farm Road, Suite 320
Wheaton, Illinois 60187
Phone: 630-653-9400

Orland Park Office

15255 W. 94th Ave., Suite 201
Orland Park, IL 60462
Phone: 708-226-9904

Chicago Chapter 7 Bankruptcy Attorneys

Skilled Chapter Bankruptcy Lawyers in Chicago

When most people think of bankruptcy, they think of Chapter 7 bankruptcy. Also called “straight” bankruptcy or “liquidation” bankruptcy, this type of bankruptcy wipes out most (or all) of your debts. Chapter 7 bankruptcy provides a clean slate for your finances and allows you to start anew to build a better financial future. At Anderson & Associates, P.C., our attorneys assist clients who are in difficult financial straits through the bankruptcy process.

Our firm focuses primarily on family law, and we understand that there are many circumstances that trigger financial distress. Divorce is often a contributing factor to the financial difficulties that lead to bankruptcy. We help our clients through these difficult times and help you get the fresh start you need and deserve.

Chapter 7 Bankruptcy Basics

The first step in filing for Chapter 7 bankruptcy is determining eligibility. If you have previously filed for bankruptcy in the last six to eight years, you will not be able to file under Chapter 7. You must also pass the “means test,” which determines if your income is low enough to file under Chapter 7. If you are eligible for Chapter 7, you will then have to fill out a petition that includes all of your financial information including:

  • Current income
  • Current living expenses
  • All property and assets
  • All debts
  • Property owned within the last 2 years
  • Property sold or gifted within the last 2 years

The bankruptcy trustee assigned to your case will examine your finances and determine what, if any, of your property must be sold to pay your creditors. Most Chapter 7 filers do not have to surrender any property as your home, furniture, clothing, personal items, car and tools of your trade are exempt from liquidation.

If you have property that is used as collateral for a secured loan, however, that property will have to be surrendered, but not right away. Filing for bankruptcy puts an immediate automatic stay on the collection efforts of creditors. That means that creditors cannot call and harass you, garnish your wages, repossess your car, foreclose on your house, or take any other steps against you until the bankruptcy process is concluded. Once your bankruptcy is concluded, all eligible debts are discharged. Some debts cannot be discharged including, child support, tax debt, student loans, and court judgments.

For more information on the Chapter 7 bankruptcy process, contact us to schedule a free consultation. We work with clients throughout the Chicagoland area from our downtown Chicago office and three additional regional offices.