Geneva Chapter 7 Bankruptcy Attorney

Lawyer for Filing Chapter 7 Bankruptcy in Kane County

Families in Illinois can easily become buried in insurmountable debt, no matter how careful and responsible they have been. It is a myth that only people who have made poor financial decisions will ever need to file for bankruptcy. Unforeseeable circumstances like the loss of a job or a serious illness can arise that lead to financial struggles. Chapter 7 bankruptcy, which can allow you to completely discharge most or all of your debts, can provide much-needed relief.

The decision to file for bankruptcy should be made strategically and under the guidance of an attorney. DLAW, PC recognizes the stresses and uncertainties you may be struggling with if you are considering turning to bankruptcy for debt relief. Our lawyers will assess your unique financial situation to determine whether filing for Chapter 7 bankruptcy is the right call for you.

Choosing Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often chosen by those who want a complete "fresh start." Chapter 7 bankruptcy can provide a path for people to completely discharge their existing debts. However, this type of bankruptcy could be considered the more extreme option, because it does come with a downside - when you file for Chapter 7 bankruptcy, some of your assets may be liquidated.

Asset liquidation means that some of your property will be taken and sold. The proceeds are paid to your creditors to settle as much of your debt as possible before the debts are discharged. The fear of liquidation keeps a lot of people who could ultimately benefit from Chapter 7 from even considering it. However, you could likely keep more of your property than you think.

One major advantage of Chapter 7 bankruptcy is that your future earnings will be safe from your creditors' attempts to collect. In fact, as soon as we file on your behalf, you gain protections from creditors. This can be especially helpful for those who are already having their wages garnished.

DLAW, PC strives to take the fear and uncertainty out of Chapter 7 bankruptcy. We understand that you are faced with a difficult situation, and we will do everything in our power to make it easier for you. We can also discuss filing Chapter 13 bankruptcy to determine if that would help you more.

Keeping Property During Chapter 7 Bankruptcy

The fear of losing needed personal property, like a vehicle to get to work, should not stop you from considering Chapter 7 bankruptcy. Illinois law has a handful of exemptions so that certain types of property may be kept safe from liquidation.

If you must hang on to an asset that you still owe money on, you can sign something called a "reaffirmation agreement." In this contract, you reaffirm a specific debt and promise to keep making payments on it. Most of the time, you must be current on your payments to use a reaffirmation agreement for a particular asset.

Our lawyers are skilled in using a variety of legal tactics to help you retain certain property through a Chapter 7 filing. We will strive to minimize the impact of liquidation on your life.

Call a Kane County Chapter 7 Bankruptcy Lawyer

If you are considering Chapter 7 bankruptcy as a solution to your debt, DLAW, PC is here to advise you. Our understanding lawyers will assess your situation to determine whether Chapter 7 bankruptcy is right for you, and if it is, we will be there to guide you every step of the way. Contact us at 331-222-7978 to arrange a free and confidential consultation. We serve DuPage and Kane County clients in Elgin, Aurora, Sugar Grove, Batavia, St. Charles, and Geneva.