Chicago Chapter 7

Chapter 7 bankruptcy in Chicago

A Chicago chapter 7 bankruptcy law firm, the Law Offices of Jay Fortier, PC helps countless people to file bankruptcy and get a fresh start.  The 2005 new bankruptcy laws set stricter requirements, making it more difficult for some people to qualify for Chapter 7 in Chicago.  By seeking legal guidance, you allow us to make sure filing is done correctly and overcome the challenges you encounter.

What is chapter 7?

Chapter 7 has a number of common names—liquidation bankruptcy, debt relief bankruptcy, and straight bankruptcy are a few.  In effect, chapter 7 involves selling assets to pay off creditors.

The automatic stay advantage

When you file a Chicago chapter 7 bankruptcy, an automatic stay immediately goes into effect.  An automatic stay is a court order that stops creditor collection activities, such as:

• Harassing phone calls
• Collection letters
• Lawsuit threats
• Lawsuits
• Wage garnishment
• Repossession
• Foreclosure

Our law office handles all creditor contact, and you experience immediate relief to the degree that you no longer have to deal with creditors.

Debtors who benefit most from filing chapter 7 in Chicago

In general, financial circumstances best suited for a Chicago chapter 7 bankruptcy include:

• Unsecured debt—medical bills, credit cards, parking tickets, utility bills, paycheck advance loans, and certain personal loans (not secured by collateral).
• Low income debtors—debtors must qualify under the means test, which is a test that calculates your income and compares it with the median income of same size families living in your area. 
• Not much property ownership—certain items may be exempt such as your car, home, appliances, clothes, furniture, books, photos, and professional tools required for work.

Legal help with the bankruptcy process

Our firm helps you comply with the following steps of the bankruptcy process:

• Meeting pre-filing mandatory credit counseling requirements
• Verification of residency
• Debt assessment—priority (taxes, child support, etc.); unsecured debt(credit card, medical bills, etc.); and secured debt (car, home, appliances, etc.)
• Bankruptcy petition and statement of financial affairs filing
• Bankruptcy hearing for the Creditors’ Meeting 
• Completion of mandatory financial education requirements

For more information about Chapter 7 bankruptcy in Chicago and our fees, see the our Consumer (Personal) Bankruptcy page.

Call our Chicago bankruptcy and loan modification attorney Jay Fortier at 1-773-295-1324 or contact us online today!