Chapter 7 Bankruptcy Questions and Concerns

Do you have questions about bankruptcy and whether it is the right decision for you? I am Orland Park, Illinois, bankruptcy attorney Steve Beck, and I have significant experience helping individuals seek debt relief through Chapter 7 bankruptcy. Call my law office at (708) 479-1144. Also, read the information below to find answers to common questions about bankruptcy.

Frequently Asked Questions About Bankruptcy

  • What is Chapter 7 bankruptcy? Also known as debt liquidation or straight bankruptcy, Chapter 7 bankruptcy is a type of bankruptcy that eliminates unsecured debt.
  • Do I qualify for Chapter 7 bankruptcy? Eligibility for Chapter 7 bankruptcy is determined in part through a bankruptcy means test, which considers an individual's income over the past six months. If your income is too high, you may not qualify. Other factors include the amount of equity you may have in a home, and whether you have filed for Chapter 7 within the past eight years.
  • Will Chapter 7 bankruptcy stop creditor harassment? When an individual files Chapter 7 bankruptcy, an automatic stay goes into effect, which stops all forms of creditor harassment, including phone calls, letters, and other actions.
  • Can I be fired for filing bankruptcy? Usually not. It is against the law for an employer to fire an employee solely because he or she has filed bankruptcy.
  • Will my credit be ruined if I file bankruptcy? When an individual is in extreme debt, his or her credit is often already impaired. When debts are eliminated through bankruptcy, an individual makes a fresh start and is usually able to rebuild his or her credit pretty well within two or three years.
  • How much does it cost to file Chapter 7 bankruptcy? I handle most bankruptcy cases for $800, plus court costs of $335 and budget counseling fees of $20, for a total cost of $1,155.

Contact a Orland Park, Illinois, Bankruptcy Lawyer

For answers to your specific questions about bankruptcy, contact my law office in Orland Park by calling (708) 479-1144.