Overwhelmed With Debt?

Chicago Chapter 7 Bankruptcy Attorney

Are your bills becoming too much to handle?  Do you find yourself ignoring overdue bills and calls from debt collectors? 

With a Chapter 7 bankruptcy you can get a fresh financial start. If many of these questions sound familiar, a Chapter 7 bankruptcy will give effective debt relief.  At The Law Offices of Steven Grace, we are dedicated to helping you learn about your bankruptcy options and to clear your debt as smoothly as possible. 

Please submit your information on the form to the right to set up a free initial consultation.

Discharging Your Debts With Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy is sometimes called a “straight bankruptcy” or “traditional consumer bankruptcy”.  It lets you discharge (permanently cancel) certain types of debt.  It usually clears all unsecured debts such as medical or credit card debt. 

Do I Have to Give Up My Property?

In most cases, no.  In Illinois, bankruptcy exemption law gives you the right to leave your property out of the bankruptcy. 

For example, an individual in Illinois gets $4,000 for any property.  We understand the details of these laws and can preserve as much as possible.

If in Chapter 7 you can’t exempt enough property we will discuss whether a Chapter 13 Reorganization is a better choice. The consequences and factors of this decision will be explained in detail.

Do I Qualify for Chapter 7 Bankruptcy?

In 2005 a new bankruptcy law was passed and many people thought it would disqualify people from Chapter 7.  The court now applies a means test, which looks at household size and income.  Based on these factors, a formula is applied which determines if you qualify for Chapter 7 bankruptcy.

The main reason most people cannot afford to pay their bills, is because their income is too low.  Thus, insolvent, bankrupt by definition.  The majority of these people fall into this category and qualify for Chapter 7. 

To find out if you qualify for Chapter 7 bankruptcy set up a consultation on the form to the right.