Chapter 7

What is Chapter 7 Bankruptcy?

Bankruptcy Lawyer Serving Chicago

Bankruptcy laws were developed to help people who find themselves in a difficult situation due to overwhelming debt they cannot pay. A Chapter 7 bankruptcy allows you to have your debts discharged and begin to rebuild your financial health. However, you must qualify for this type of a bankruptcy by passing a “means test”. This basically means that you must meet certain criteria to be able to file this type of bankruptcy. Since 2005, the requirements to qualify for a Chapter 7 bankruptcy have become more stringent, requiring that you show the court whether you have the means to repay your debt or not.

Benefits of Chapter 7

One of the many advantages of filing for bankruptcy is that all creditor calls and collection action will cease immediately. Even though your bankruptcy may take several months to be finalized, the harassing calls and other collection activity will stop once your bankruptcy is filed. When your Chapter 7 bankruptcy is finished, you will receive a Discharge from the bankruptcy court. Once you receive your Discharge, you will no longer owe the discharged debt. 

The types of debts which you can include in a Chapter 7 bankruptcy include credit card bills, car repossession deficiencies, personal loans, medical bills, and utility bills. There are certain types of debts that are exempt from bankruptcy laws and cannot be discharged. These types of debts include but are not limited to:

  • Most tax debts to the IRS or the State 
  • Child support payments 
  • Alimony or spousal support payments 
  • Most student loans 

As you can see, hiring the right Chicago bankruptcy lawyer is the most important thing you can do during the bankruptcy process. If you or your family find yourselves in a situation where you can no longer keep up with your debts and are considering a bankruptcy filing, it is imperative you contact a bankruptcy attorney located in the Chicago area. As experienced bankruptcy lawyers, we will advise you and guide to the best course of action and help you understand the costs of filing for Chapter 7. Let Law Offices of David Freydin help you decide whether Chapter 7 bankruptcy is the correct option for you.

Get Dedicated Guidance from Law Offices of David Freydin

Finding yourself in crushing financial trouble may seem hopeless; however there is hope and legal options for you. The Bankruptcy laws were set up to assist someone in just your position. With the help of our highly skilled lawyers, you will have the opportunity to file for bankruptcy and will make a new financial start. However, you do need to qualify for this type of a bankruptcy by passing a “means test”.

If you do not qualify to file for Chapter 7 bankruptcy, Chapter 13 may be what is needed. This test determines whether you have the “means” financially to pay off your debt or not. This test was established to prevent individuals with high incomes from being able to discharge their debt if they could actually afford to pay. Chapter 7 also requires that you receive pre-bankruptcy financial counseling within the 6 months prior to the filing. Because this means test will determine if you qualify for this type of bankruptcy, it is vital you meet with a bankruptcy attorney from Law Offices of David Freydin prior to taking the test. Filing any documents incorrectly may cause you to not qualify or delay your bankruptcy needlessly.

Contact a Chicago bankruptcy attorney from Law Offices of David Freydin if you are considering filing Chapter 7 bankruptcy and need skilled legal counsel.

Our Client Testimonials

    "Wonderful to Work With & Very Accessible"
    The guys are wonderful people to work with and they are very accessible and always willing to answer any questions you may have no matter how stupid you think they may be. I will definitely recommend they and use them again if needed in the future.
    Chapter 7 Client
    Chicago, IL
    "A Very Hands on Attorney - Patient & Attentive"
    I found Mr. Glanzer to be a very hands on attorney. Anytime I had any questions or concerns I felt very comfortable calling him and he was very patient with answering all my questions.
    Chapter 7 Client
    Chicago, IL
    "He Always Returned Our Calls and Emails"
    Deciding to file bankruptcy was not an easy decision. Mr. Glanzer spent a great deal of time with me and my husband discussing the various options available to us. He answered all of our questions and always returned our calls and emails. Thanks to him, my husband and I now have our fresh start. We are so grateful for his compassion and time. I highly recommend him.
    Deborah, Chapter 7 Client
    Chicago, IL
    "He Took the Time to Explain Everything"
    I so appreciated Mr. Glanzer's patience in helping me through a challenging time. He took the time to explain everything to me very thoroughly to be sure I fully understood. I'm very grateful to have found him and would highly recommend him.
    Chapter 7 Client
    Chicago, IL
    "Forget All the Others, this Firm is the Real Deal!"
    Charles is an excellent attorney. All of our questions were answered and no question was looked at as dumb. They give all their clients their full attention and you don't see that with too many lawyers. Though we have finished our case with them, they still took the time to answer questions that I had afterward. I would recommend them to anyone who is looking for a bankruptcy attorney.
    V and M Natour - Chapter 7 Clients
    Chicago, IL

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Why Choose Us?

  • We offer a FREE case evaluation to all prospective clients
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