Chapter 7 Bankruptcy - Chicago

Also known as "Fresh Start" or "Straight" bankruptcy, Chapter 7 bankruptcy allows a person to eliminate most or all of his debt while being allowed to keep whatever property he may have.

In many cases, a person may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.

Chapter 7 Eliminates:

  • — Credit Card debts
  • — Medical debts
  • — Personal loan debts
  • — Lawsuit debts
  • — Judgements - Unless fraud or criminal related
  • — Deficiency debts on repoed autos and foreclosures
  • — Some IRS Debts - many income tax debts are dischargeable.
  • — Personal Injury Debts - except driving while intoxicated and criminal injury.

Chapter 7 is the most commonly filed bankruptcy and can allow for a new start. More and more Americans find themselves struggling with debt they cannot control. Chapter 7 bankruptcy allows for their debt to be discharged and lets them get a hold of their financial situation with a fresh start.

Chapter 7 does not eliminate student loans except extreme hardship cases, debts from certain types of taxes, alimony maintenance or support payments, fines, penalties and criminal restitutions, or debts from personal injuries caused by driving while intoxicated.

Swanson & Desai LLC, Attorneys, Chicago, IL
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Swanson & Desai, LLC
Chicago Bankruptcy Attorney
p: (312) 850-3328
f: 312-666-8894
1-800-Erase-Debt (372-7333)
Chicago Office
2314 W North Ave Unit C-1W
Chicago Illinois 60647

South Chicago Office
11212 South Western Avenue, Suite 2
Chicago Illinois 60643

Chicago Loop Office
73 W Monroe Ste 216
Chicago, IL 60603
South Suburbs Office
9760 South Roberts Road, Suite 2A
Palos Hills, IL 60465

Schaumburg Office
10 N Martingale Rd, Suite 400, Office 4114
Schaumburg, IL 60173
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National Association of Consumer Bankruptcy Attorneys