Chapter 7 is the type of case that provides debt relief to people who are overburdened by debt. It is referred to as a “straight” bankruptcy. You receive an Order of Discharge of Debt at the end of the Chapter 7 case, which means you no longer owe the debts and you get a “fresh start” for your financial future.
A Chapter 7 case is usually filed if you have “no assets” or assets that are exempt under the U.S. Bankruptcy Code. If you have unprotected assets you may have to file a Chapter 13 case.
Let our attorney reassure you that they will not file a Chapter 7 case where you will lose any property that you want to keep. I will give your situation an in-depth review to ensure that you will keep your property.
If you have real estate and the payment is up to date, and you want to keep the property, we will review all mortgage payment documents and help you determine the market value of the property. We want to be sure the property will be protected and you can keep it!
Since 1995, our office has represented thousands of people in consumer bankruptcy cases and related matters in DuPage, Cook, Kane, Will, Lake, and Grundy counties.
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Vehicles are generally not a problem in a Chapter 7 case. If you are making payments and your vehicle is insured, you can keep the vehicle. If you do NOT want to keep your vehicle, you can surrender it and you will no longer be liable for any money owed on the vehicle.
The other type of debts that qualify for “discharge” are credit cards, payday loans, personal loans, lines of credit, debts from repossessed vehicles, debts to former landlords, and debts owed for uninsured auto accidents.
If your driver’s license is suspended because you had an accident and you were not insured, you may be able to discharge that debt and get your license reinstated.
In some cases, you can discharge tax debts and overpayments of government benefits. If debts cannot be discharged in a Chapter 7 case, you may be able to repay them in a Chapter 13 case and pay less that is owed on the debt.