Chapter 7 Bankruptcy — Liquidate and Start Over
A Chapter 7 bankruptcy is sometimes called a "liquidation bankruptcy." As with most important decisions, it has some pros and some cons. Joyner Law Office, located in downtown Chicago, will work with you to see if you qualify for this type of bankruptcy, and if you do qualify, if it is your best option for your situation.
A Chapter 7 bankruptcy is generally not available for:
- Small businesses — A Chapter 11 bankruptcy may be your best option depending on your circumstances, but in some cases a Chapter 7 may work.
- Individuals or families that fail the means test — The means test is a simple pass/fail proposition. Generally speaking, if your income falls below a certain level, or if your debt to income ration is high enough, you will qualify. We can help you determine if Chapter 7 is an option for you.
Joyner Law Office — Your Guide Through the Chapter 7 Process
A Chapter 7 bankruptcy has advantages and disadvantages. Veronica D. Joyner is a bankruptcy lawyer who will work with you to make sure you thoroughly understand the consequences before we take any action. It is important not to hide any assets from the proceedings, because if they are hidden, they can't be protected. Here are some considerations:
Keep an asset or liquidate it? You may keep some personal assets up to a certain value, such as a house, car and retirement funds, but others assets may part of the liquidation. Exemptions are available for a certain amount of personal property. We can help you determine what can be protected.
Are all the debts gone? Not necessarily. Some debts are not liquidated. Debts that don't qualify for liquidation include:
- Taxes owed to the IRS or state
- Parking tickets or other fines/fees owed to the government
- Past due child support and alimony
- Student loans (in most circumstances)
How does bankruptcy affect my credit? This is a complicated question that we'd be happy to discuss with you because it depends upon your situation. In most cases, credit improves after a bankruptcy even though it remains on your financial record.
Act Now to Pursue a Fresh Start After Bankruptcy
If you are feeling stressed or desperate due to overwhelming debt, wage garnishment or creditor harassment, Joyner Law Firm can help. Our firm focuses on bankruptcy law and other debt relief methods available in Illinois. Call our toll free number, 888-675-4569, or send us an e-mail to schedule an initial free consultation with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
