Chapter 7 bankruptcy is also referred to as a “clean slate” bankruptcy. This is because the majority of all unsecured debts are completely eliminated once the bankruptcy is complete. Some of the debts that are wiped out include medical bills, personal loans, judgments, liens, and credit card debt. When it comes to filing for Chapter 7 Bankruptcy, Chicago debtors can benefit from working with a bankruptcy attorney.
The advantages of Chapter 7 Bankruptcy Include:
* The removal of cosigner liability
* Ending wage assignments and wage garnishments
* Removal of judgment liens from assets
* Repairing credit
* Ending collection agency and creditor harassment
* Eliminating unsecured debt
* & More
Chapter 7 bankruptcy can assist a debtor in repairing and rebuilding credit while eliminating almost all unsecured debt. In order to take advantage of the many benefits offered by Chapter 7 bankruptcy, the first step is to determine whether or not one is eligible. This is done through the completion of a means test, which determines whether or not there is sufficient disposable income to enable the debtor to repay their debts. If the income limits are sufficient, the consumer can file for protection under the Federal Bankruptcy Code through a Chapter 7 bankruptcy. By utilizing the services of a Chapter 7 Bankruptcy Chicago attorney, an individual can take the necessary steps towards becoming debt free.
Scheduling a consultation with an attorney is the first step in receiving bankruptcy help. By contacting a legal professional, it’s possible to get the comprehensive legal services needed for a successful bankruptcy case. You can visit Chicago Debt Solutions and their Facebook page for more information.