Chapter 7 bankruptcy is sometimes called "straight" or "liquidation" bankruptcy. It cancels your debts, but you might have to let the bankruptcy court liquidate (sell) some of your property for the benefit of your creditors.
At Lynch Law LLC, our Naperville, IL bankruptcy attorneys have decades of combined experience guiding people through this form of bankruptcy. Our Chapter 7 bankruptcy lawyers are compassionate yet aggressive in the efforts to resolve your case favorably.
What You Need to Know about Chapter 7You won't be able to use Chapter 7 bankruptcy if you already received a bankruptcy discharge in the last eight years (depending which type of bankruptcy you filed) or if you could feasibly complete a Chapter 13 repayment plan based on your income and expenses.
Chapter 7 bankruptcy can:
- Stop wage garnishment, home foreclosure, and repossession of your car and other property.
- Stop all action against you by creditors. Bill collectors or collection attorneys can no longer call you and harass you. They cannot take any action against you, enforce a judgment, or collect any part of any debt that you might owe unless they have specific permission from the bankruptcy court.
- Our attorneys can help you determine if Chapter 7 bankruptcy is right for you. If we believe it is the right debt relief solution for your situation, we'll help you through the process of filing and completing your bankruptcy.
At the end of the bankruptcy process, all your debts will be discharged except:
- Child support
- Most tax debts
- Student loans
- Debts that the court has declared non-dischargeable (for example, debts from fraud)
At Lynch Law, LLC., we want to help you get a fresh start. Our Chapter 7 bankruptcy attorneys in Naperville will educate you on how Chapter 7 bankruptcy addresses the two types of consumer debts: unsecured debts and secured debts.
Unsecured debts include:
- Credit card bills
- The portion of an auto loan that exceeds the value of the vehicle
- Certain older tax liabilities
- Unsatisfied judgments
- Student loans
- Child support obligations
- Recent taxes
- Damages in a drunk driving accident case
We will explain to you which of these debts can be discharged through bankruptcy and address those that are not.
Secured debts include bills such as home mortgages and car payments. While the secured creditor is entitled to foreclose on the collateral once it receives the court's permission to proceed, you still have options. Chapter 7 bankruptcy can give you the time that you need to negotiate new arrangements with your debtors, allowing you to retain your property.
Our debt relief attorneys are passionate about helping people with personal bankruptcy matters throughout DuPage County and beyond.
We offer personal attention to each client. That means we will take the time to explain every step of the Chapter 7 bankruptcy process to you. You will be closely involved in every decision that is made along the way. We will not let you get lost in this legal procedure.
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