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Tag Archives: Chapter 7 Bankruptcy

Illinois bankruptcy lawyerWhen deciding whether or not to file for Chapter 7 or Chapter 13 bankruptcy, often the choice boils down to the immediate finances. Chapter 7 bankruptcy usually requires a higher upfront payment, typically around $1,000 versus Chapter 13 may offer $0 deposit. Throughout the duration, Chapter 13 is more expensive, approximately $3,000, but many debtors are unable to produce the higher initial costs for the alternative, and Chapter 13 often allows the inclusion of the fees in the repayment plan. Unfortunately, for a significant portion of the population, this decision is costly with lasting effects on the credit for only short-term relief.

Debtors Below The Poverty Line Are More Susceptible to Relapse

The low initial costs of Chapter 13 bankruptcy is alluring for many individuals struggling to make ends meet. Armed with the dream of living in a home without collectors calling around the clock and having some money left over at the end of the month, many debtors turn to debt relief options. However, not all bankruptcy options are equal. Chapter 13 operates on a repayment plan, typically about five years in length. So long as payments are kept up to date, collectors are unable to harass clients. However, for the population living under the poverty line and struggling to make ends meet, about half make it through the first year, let alone five years, and the calls begin once more.

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Illinois bankruptcy lawyerOne of the most commonly asked questions for people considering bankruptcy is, "what is a bankruptcy discharge?" A bankruptcy discharge is a court order that makes previously charged debts permanently unenforceable, effectively wiping the slate clean. The debtor becomes no longer responsible for the payment. As an additional benefit, all harassing calls, letters, and other forms of communication from creditors attempting to collect the money must stop. If collection attempts continue, creditors risk being in held in contempt of court and face potential punishments.

Are All of My Bills Dischargeable?

Not all debts discharge. Some obligations remain valid even after the completion of the bankruptcy process. Eligibility for payment discharge depends on the chosen bankruptcy chapter. Typically, Chapter 13 has a broader range of dischargeable payments. The following expenses are commonly non-dischargeable:

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Illinios bankruptcy lawyerThe decision to declare bankruptcy is not easy. Admittedly, the cessation of bill collection attempts looks more appealing each time the phone rings, however, filing for bankruptcy has considerable secondary repercussions. Qualification standards and long-term effects may influence your decision when determining if Chapter 7 bankruptcy is the best solution for your situation.

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is often referred to as “liquidation bankruptcy”. It is a relatively quick process, typically completed between four and six months. Brevity appeals to a significant portion of the population, as does the discharge of unsecured debts. Discharge means credit cards, personal loans, and other unsecured debts become permanently unenforceable, never needing repayment. The downside is that you will need to sell many of your non-exempt assets; hence, the name, liquidation bankruptcy.

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DuPage County bankruptcy attorney, Chapter 7 Bankruptcy, liquidation bankruptcy, filing for bankruptcy, financial problemsEntering serious financial troubles is a subject that no one wants to discuss. Moreover, having to make the decision to file for bankruptcy can be very embarrassing and frustrating. Yet sometimes filing for bankruptcy is the best option. To file for Chapter 7 bankruptcy, there are qualifications and requirements that must be met, so that the overall process can go as smoothly as possible.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” releases most unsecured debt, including credit card debt, medical payments, and personal loans. This type of bankruptcy is the easiest, quickest, and most common, with over 63 percent of all bankruptcy cases filed under Chapter 7 in 2016.

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Illinois bankruptcy lawyersThe decision to file for bankruptcy is not one easily made, but those that know how to recognize the signs of serious financial trouble may be more prepared for the process. Those same indicators can help one determine when to proceed with the process. Learn what these signs are, discover what options may be available to you, and gain insight into how an experienced attorney can assist with the process in the following sections.

Combatting Common Bankruptcy Myths

Before one can truly determine if bankruptcy may be the appropriate path, they must first understand what bankruptcy is and what it is not. For example, many people believe that bankruptcy will result in a loss of all assets, including their home and personal vehicles. Thanks to the protection of certain excluded assets, this is not always the case. Yet, even if your home or primary vehicle is in jeopardy, it may be possible to negotiate an option that will work for you and your creditors.

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
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