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FAQ

Chapter 7

Chapter 7 bankruptcy in Illinois gives you the opportunity to get rid of most of your debt, while preventing your house from foreclosure and your vehicle from repossession.

Chapter 7 gets rid of most debt:

  • credit cards
  • mortgages
  • car loans
  • medical bills

In most cases, you can keep property with Chapter 7

Still, you should consult a skilled bankruptcy attorney prior to filing Chapter 7 bankruptcy, to make sure that you receive correct information on which property you will be able to keep.

Eliminate mortgage debt with Chapter 7

If you recently lost a home to foreclosure, or if you want to rid yourself of your home loan debt, Chapter 7 can take you out of that hole.

No more car loan debt with Chapter 7

When you file for Chapter 7 bankruptcy, you can rid yourself of your car loan debt. If you don't plan on keeping your car, upon filing for chapter 7, you can simply stop making your car loan payments.

Filing for Chapter 7 bankruptcy in Illinois easy. The whole process usually only takes about 120 days, but you must take credit counseling classes before, and after your Chapter 7 case is filed.

It's important to note that Chapter 7 does not get rid of student loans, child support and alimony.

If you're thinking about filing for Chapter 7 bankruptcy in Illinois, don't hesitate to contact Chicago bankruptcy attorney Arkady Reifman today.