Bankruptcy Chapter 7, Kane County,IL
Chapter 7 (also known as “straight bankruptcy” or “liquidation”) is a form of bankruptcy that eliminates your legal obligations on unsecured debts. Upon completion of Chapter 7 proceedings, unsecured debts are discharged and they are released of any liability.
If you’re struggling financially as a result of possessing a significant amount of debt, it is recommended that you contact an experienced local bankruptcy attorney who can review your situation and help you determine if Chapter 7 will work for you.
Bankruptcy attorney Jay Dahl’s approach to Chapter 7 is a consultative one on one approach.
He will always deal with you personally, explain your options and highlight your expectations. He will help release your obligations to most if not all your unsecured debt. These debts are paid off (either partially or in full) by liquidating one’s non-exempt assets. The process typically takes a few months, and at the end of it you will have obtained a financial fresh start. During the proceedings, the bankruptcy court will impose a “stay” that will prevent all of your listed creditors from contacting you or your family in an attempt to recover debts. These debts may include:
- All Credit Cards
- Medical Bills
- Payday Loans
- Lease Obligations
- Personal Guarantees on Business Debt
- Personal Liability for 1st and 2nd Mortgages
- IRS and State Tax Liablities in some cases
Many Chapter 7 applicants have lost their jobs, acquired large medical expenses, or taken a serious cut in pay and are unable to afford all of their monthly bills. With this type of bankruptcy, you can have relief in as little as 90 days. This provides a quick fresh start to applicants who are in a severe financial crisis. When filing for bankruptcy many people believe that all their assets and property might be liquidated in the process. This can be avoided with the numerous exemptions that are offered by bankruptcy law, talk to me in my Geneva office today to help you protect your valuable property and possessions.
Guiding You Every Step of the Way,
Under the new bankruptcy laws that were enacted back in 2005, many people believe that it is nearly impossible to qualify for bankruptcy and relief is not within reach. The fact of the matter is that the number of bankruptcies has actually increased since then and thousands of Americans continue to file bankruptcy each year. As an experienced bankruptcy attorney, I can tell you that while there are some new requirements and hoops you might need to jump through, it is far from impossible. The main change is that Chapter 7 applicants must pass the means test in order to be eligible. I have found that it might require a little extra effort but most people still qualify.
Filing for bankruptcy can be a tough and strenuous ordeal when you’re unsure of the process. At my firm, I will always prepare all the legal paperwork for you and ensure that you meet all the legal deadlines. If you are considering bankruptcy, contact my offices for a free initial consultation. Should you decide to file, I will personally guide you step by step through the process until you have reached an outcome that involves you eliminating most or all of your debt.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.