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Chapter 7 bankruptcy

Are you struggling to meet minimum monthly payments still falling further behind? We understand how stressful trying to manage the burden can be. Harassing creditor calls, the risk of losing your home and wage garnishment can turn your life upside down. Avoid foreclosure and put a stop to the stress and uncertainty. Contact a Chicago Bankruptcy Lawyer at Benjamin Brand Law for a free consultation. We can help you determine if bankruptcy is right for you and if you are eligible for Chapter 7 bankruptcy in Chicago.

what is chapter 7 bankruptcy?

Known as the “fresh start” bankruptcy, Chapter 7 provides relief from credit card debt, medical bills, routine civil judgments, other unsecured debt and personal loans. It requires that you give up non-exempt property that exceeds certain limits. The court-appointed trustee sells the property, and the proceeds settle the debt with your creditors. Here we’ve answered some of the most common questions about bankruptcy.

Can I Qualify for Chapter 7 in Chicago?

If your income is below the state’s median income for your household size, you likely qualify for Chapter 7. However, if you have a higher income, you must pass the Illinois means test to be eligible. The means test determines whether you can pay back your debts through a Chapter 13 repayment plan or if you meet the requirements for Chapter 7.

To find out if you are eligible, you need to calculate your current monthly income, such as wages, any business income, rental properties, dividends, pensions and retirement plans. You must also provide a list of all expenses, such as those you are legally required to pay and as well as those that are necessary for your health and welfare.

avoid foreclosure with chapter 7 bankruptcy. Chicago bankruptcy lawyer Kevin Benjamin

We can help you determine which income and property are exempt and help you establish whether or not you qualify for Chapter 7. Please keep in mind that just because you CAN file for Chapter 7 doesn’t mean you should. If it’s not in your best interests to do so, we can help you find an alternative that enables you to get out from underneath your debt and rebuild your credit.

What are the Benefits of Chapter 7 Bankruptcy?







Contact a Chicago Bankruptcy Lawyer Near Me

Filing for Chicago bankruptcy is a complex legal process. When done correctly, it can help you clean up your credit and start over financially.

Have tried working with your mortgage lender, auto loan company and credit card companies, but they won’t budge? Contact us today or call 312.853.3100 and schedule a free no-obligation consultation.

We can help you get past the obstacles and take your life back.

The attorneys at Benjamin Brand LLP can help you file bankruptcy and wipe out debt while protecting your assets.

Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 312.853.3100 for more information about our areas of expertise and to find out if bankruptcy is the best option for you.

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