A chapter 7 bankruptcy, also known as a “clean slate” or “fresh start” bankruptcy can successfully discharge a majority of your personal debts without the need to repay it. If a majority of your debts are unsecured, such as credit card, personal loans, payday loans, or medical debt, a chapter 7 bankruptcy may be appropriate for your financial needs.
To file the petition, the debtor must list his/her income, debts, and assets, complete two online credit counseling sessions, and attend a meeting with the bankruptcy Trustee at the local courthouse. If a debtor has significant assets, such as home equity, expensive cars, or motorcycles, he/she may be required to sell those during the bankruptcy. We focus on utilizing the Bankruptcy Code to protect our clients’ possessions.
Give our office a call at (630) 857-3788 to discuss your personal financial picture and we will be able to provide you with the best plan of attack against your debt.