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File a Chapter 7 Bankruptcy in Chicago

Bankruptcy laws facilitate citizens of Chicago – who can no longer reimburse their creditors, get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also guard concerned businesses and provide for organized distributions to business creditors through reorganization or liquidation.
Some bankruptcy cases are filed to allow a debtor to restructure and establish a new plan to repay creditors, while other cases involve liquidation of the debtor’s property. Before deciding what kind of bankruptcy to use, it is very important that you identify each option. Here is a way that explains on how to file for chapter 7 bankruptcy.
Steps to file Chapter 7 Bankruptcy in Chicago:
There exists a step by step process involved in filing a Chapter 7 Bankruptcy. You should deem by filing bankruptcy when you cannot pay your bills or when you are involved with certain crisis such as illness, accident or loss of employment making your future payment of your bills difficult unlikely. Also, if a decision is handed down against you, a bankruptcy may be used to stop the creditor from attaching your assets or wages. The following is the process:
1. Consult our bankruptcy attorney in Chicago and complete mandatory credit counseling.
2. Gather paperwork about your finances.
3. Determine how much of your property is exempt.
4. Attend mandatory pre-filing credit counseling.
5. Prepare bankruptcy forms for filing.
6. Make copies of forms and assemble them according to the Chicago court rules.
7. File a petition with the bankruptcy court in Chicago.
8. Go to the courthouse for meeting with court trustee (most likely only once. Much can be done by mail or online).
9. File motions to eliminate liens (learn more law, and more forms).
10. Receive court Discharge Order that officially wipes out your debts.

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Chapter 7 Bankruptcy Chicago and Chapter 13 Bankruptcy Chicago

Chapter 7 bankruptcy laws are considered for providing a fresh start to those who can no longer afford to carry their debts. It is a commanding tool designed for workers who have low wages or a little regular income that may wipe out all their unsecured debts (credit cards, medical bills, payday loans, etc.). This allows many filers retain their cars and household possessions. This will allow you to stop lawsuits, garnishments and repossession as soon as the case is filed.
A bankruptcy lawyer can help you determine your Chapter 7 eligibility and see if bankruptcy is right for you. Connect to our bankruptcy attorney today for a free, no-obligation consultation. Simply fill out our form to get started.
A Chapter 7 debt discharge will commonly eradicate certain types of unsecured debts like credit card debts, medical bills, and most of your personal loans.
If you decide to file Chapter 7 bankruptcy, you will first have to complete your credit counseling session and then provide all of the necessary information to your Chapter 7 bankruptcy lawyer, who will review your situation and prepare a bankruptcy petition.
Whereas the chapter 13 bankruptcy is important when you desire to save your car or a house, and cannot pay under the terms of the original contract. Others who file for chapter 13 do so because some of their property is non-exempt or their income is high enough to trigger a claim of abuse from the trustee or their creditors.
Our bankruptcy Lawyer Chicago will assist you form a nudge and assist you in working with secured creditors. Collectively, you and the attorney will extend a Chapter 13 bankruptcy plan and fill out all the necessary forms. The Chapter 13 bankruptcy plan provides all the payments and transactions that will occur next to with the duration of payments.
Chapter 13 bankruptcy laws may also help you in stopping a foreclosure, cure mortgage and auto arrears, eliminate a second or third mortgage, catch up on child support, or pay back real estate and income taxes. Some people may not be eligible to file Chapter 7 bankruptcy may still be eligible to file Chapter 13 bankruptcy and eliminate some or all of their debts. Chapter 13 bankruptcy may also allow you to keep certain assets which you may not be able to keep if filing Chapter 7 bankruptcy.

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