Chapter 7 bankruptcy is the simplest and fastest way to discharge debts resulting from financial setbacks such as job loss, illness or divorce. Before you dip into retirement savings or take any other actions you might regret, talk to our lawyers about your bankruptcy options.
At Manassa, Stassen & Vaclavek, P.C., our lawyers work closely with our clients to help them get the fresh financial start they need. Call us at
815-384-2238 for a free initial consultation. With offices in Barrington, Crystal Lake, St. Charles, Oakbrook Terrace and Deerfield, we serve clients throughout the Chicago metropolitan area of Illinois.
Chapter 7 Bankruptcy: The Simplest Form Of Debt Relief
Chapter 7 bankruptcy will allow you to discharge most debts and get a fresh financial start in about three to five months. Chapter 7 bankruptcy will:
- Put an immediate stop to creditor harassment
- Stop a home foreclosure, garnishment or auto repossession
- Protect many of your assets such as your retirement savings, a car up to a certain value and up to $15,000 in home equity ($30,000 if you are married and file taxes jointly)
- Discharge 100 percent of credit card bills, hospital bills and other unsecured debts
Not everyone is eligible for Chapter 7 bankruptcy. If your earnings are too high to qualify for Chapter 7 bankruptcy, you can still obtain debt relief by filing for Chapter 13 bankruptcy. Chapter 13 bankruptcy is also a better option if you have assets that aren’t protected in a Chapter 7 bankruptcy filing such as a vacation home or more than $30,000 in equity in your homestead.
Divorce and bankruptcy: If you are going through a divorce, you should consult with an attorney whether it would be better to file for bankruptcy before or after your divorce, and whether you and your spouse should jointly file bankruptcy.
Is Chapter 7 Bankruptcy Right For You?
To discuss your situation and options with our Barrington bankruptcy attorneys, call 815-384-2238, 847-282-4051 or 630-412-1178 or
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.