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Chapter 7 Archives

Chapter 7 debt limit -- is that a thing?

When thinking about pursuing bankruptcy, it is perfectly normal to have questions about it. Obviously, one wants to make sure it is the right thing to do before going down that road. One question Illinois residents may have about Chapter 7 bankruptcy in particular is if there is a debt limit -- meaning, is it possible to have too much debt, which would result in one's petition being denied?

The ins and outs of Chapter 7 or 13 bankruptcy

When really struggling financially, it is common to look into all of one's debt relief options. Bankruptcy, whether Chapter 7 or Chapter 13, are certainly good options for Illinois residents -- under the right circumstances. This week, this column will address some of the ins and outs of filing for bankruptcy.

Debt collectors still seeking payment after Chapter 7 discharge

Every year, numerous individuals in Illinois and across the county turn to bankruptcy to achieve financial relief. Chapter 7 filings, in particular, are for those who lack the income necessary to make any type of payment to their creditors. When a Chapter 7 filing is approved, all qualifying debt is automatically discharged -- meaning the filer no longer is responsible for it. Unfortunately, months or years after the fact, many individuals find themselves once again dealing with creditors trying to collect on these past debts.

Why choose a Chapter 7?

Illinois residents who are considering bankruptcy may be confused about the different bankruptcy types and their benefits. This week, this column will address some of the benefits of choosing a Chapter 7 bankruptcy over a Chapter 13 bankruptcy -- if one qualifies to do so. Chapter 7 filings are not available to everyone.

Chapter 7 may help those in debt and lacking income

The financial reality for millions of American -- including many living in Illinois -- is pretty bleak. According to a recent news report, roughly 39 percent of the population lacks sufficient income and savings to cover any sort of emergency or large unexpected expense. For such individuals, Chapter 7 bankruptcy may be able to help.

Need to file for bankruptcy again after a Chapter 7 approval?

You did it, you filed for bankruptcy. After your Chapter 7 filing was approved and your debt discharged, you worked hard to improve your financial situation, but despite your best efforts, you have found yourself facing similar economic struggles again. This is a situation in which many Illinois residents have found themselves. What can you do?

Chapter 7 bankruptcy: To file or not to file?

Illinois residents who are really in tough financial spots may not know exactly what to do to help their situations. No one really wants to file for Chapter 7 bankruptcy, but sometimes when the money just is not there it is the best option. How can filing for bankruptcy be of help? What are the drawbacks to it?

Detailing the homestead exemption

One of the first questions that those who are contemplating filing for Chapter 7 bankruptcy in DuPage County may have is whether or not they will lose their homes. For most people, their homes are their most valuable assets. Thus, their concerns over whether or not that asset might be liquidated to repay creditors as part of a Chapter 7 case may be well-founded. However, allowances are made for people filing for bankruptcy to protect their interests in certain assets. Perhaps the most well-known is the homestead exemption. 

Chapter 7 filing, not payday loans, may be the answer

If you do not have enough money to cover your bills between paychecks, payday loans may seem rather intriguing. Who would not want quick cash right when it is most needed? At the end of the day, however, Illinois residents who choose payday loans may find themselves worse off in the long run. For some, a Chapter 7 filing really may be the better way to go.

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