Illinois Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Attorneys serving DuPage, Kane, Kendall and Will Counties

Chapter 7 bankruptcy, also known as “straight bankruptcy” or “liquidation,” is the most common type of consumer bankruptcy. Through Chapter 7 bankruptcy, your unsecured debts are discharged. Contrary to common misunderstanding, you do not lose everything when you file for Chapter 7 bankruptcy. In fact, most Chapter 7 bankruptcies are “no asset,” which means you do not lose any property to repay creditors. At Springer Brown, we will not file a consumer Chapter 7 bankruptcy if our client stands to lose any property.

Hiring a Bankruptcy Attorney

The first step to filing for Chapter 7 bankruptcy is to hire an experienced attorney to represent your interests. The attorneys at Springer Brown have been practicing bankruptcy law for many years and have assisted clients of all kinds. Our attorneys will meet with you to discuss your financial situation and help you determine if Chapter 7 bankruptcy is right for you. If you are not eligible for Chapter 7 bankruptcy, Chapter 13 bankruptcy, or reorganization, may be a viable option.

Understanding Chapter 7 Bankruptcy Procedure

If you choose to go forward with Chapter 7 bankruptcy, our firm will file a petition on your behalf in bankruptcy court. The court will then appoint a trustee to oversee your case. Once your petition is filed, an automatic stay goes into effect, and all debt-collection activity must stop. Before your debts are discharged, you will have to complete a financial management course and attend a 341 meeting, also known as the “first meeting of creditors.” This meeting, which is rarely attended by creditors, is fairly routine. Approximately two to three months later, the court will discharge your debts.

Filing for Chapter 7 bankruptcy is the best way to wipe the slate clean on your past financial difficulties. At Springer Brown, our goal is to help you start over financially so you can have a more secure fiscal future. Call us today to schedule a free initial consultation and discuss you circumstances.