Why Should I File for Chapter 7 Bankruptcy?

People struggling with debt may wonder if bankruptcy is the right choice and if so, which type of bankruptcy. Chapter 7 bankruptcy is a great option for people who wish to completely eliminate their unsecured debt. To speak to me, Orland Park, Illinois, bankruptcy lawyer Steve Beck, please contact my law office online today.

The Benefits of Chapter 7 Bankruptcy

Here are a few advantages of Chapter 7 bankruptcy:

  • Eliminating debt through Chapter 7 bankruptcy gives people a fresh start financially.
  • When an individual files Chapter 7 bankruptcy, he or she does not have to repay unsecured debts. This is different from Chapter 13 bankruptcy, where a three- or five-year repayment plan is established. Ordinarily, if someone qualifies to do a 7, he or she should do that rather than a 13.
  • In almost all cases, people who file for Chapter 7 bankruptcy may keep everything that they own outright.
  • The Chapter 7 bankruptcy process is a relatively quick. From the day the case is filed in court, it typically takes between 3½ and 4 months to complete.
  • As soon as you file bankruptcy, an automatic stay goes into effect that bans all forms of creditor harassment, and during the entire time, your case is open in court the stay against creditors remains in effect.

There are many other benefits to Chapter 7 bankruptcy. When you call my office for a free consultation, I will help you understand how bankruptcy can benefit you.

Contact a Will County Debt Relief Attorney

Learn about your debt relief options through Chapter 7 bankruptcy. Call me at (708) 479-1144 or contact me online.