Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Attorney Serving Southern Illinois
This relief allows debtors to get a fresh start. Most debts are discharged, and the client can rebuild their credit. Also, Chapter 7 allows an automatic stay. This Court order prohibits most collection activities and Court proceedings. The debtor is provided immediate relief. Some debts are not discharged in Chapter 7. Student loans, child support, and some income tax obligations are examples of non-dischargeable debts. In exchange for discharge and automatic stay, the debtor may only keep exempt property. Most Chapter 7 debtors do not lose any property. Exempt property includes:
There are many exemption rights, which can be discussed at the client’s request.
After discharge, the debtor is free to have virtually unlimited property and debt. The client can have his or her fresh start and have a successful life after Bankruptcy. Chapter 7 is the quickest and cheapest Bankruptcy option. A personal consultation
will be necessary to explain which chapter is best. Chapter 7 may only be filed once every eight years.
