Chapter 7

At the law offices of Robert  J. Adams & Associates Inc., skilled attorneys are here for you during this stressful time. For over four decades, they have been educating and guiding individuals and families through Chapter 7  bankruptcy. They proudly serve Chicago and the greater Cook County area,  as well as DuPage County and Lake County, Illinois.

Bankruptcy is a federal law created to give honest debtors a fresh start, rather than being constantly saddled with debt and hounded by creditors. In a  Chapter 7 discharge, also known as straight bankruptcy, you can eliminate certain unsecured debts, such as credit card balances, medical bills, payday loans, car title loans, and traffic tickets. In certain cases, it is even possible to discharge back taxes.

Once your debts are discharged, you will not have to repay those creditors and they cannot pursue further action against you. The attorneys at  Robert J. Adams & Associates Inc. will help you get rid of as much debt as possible to give you financial breathing room for the first time in a long time.

Each experienced attorney will guide you through several important considerations in Chapter 7 bankruptcy, including:

  • The law requires that you list and categorize all of your debts and also list all of your assets. You will also provide proof of income for the last 60 days and copies of federal income tax returns for the last four years unless you’re not required to do so. Finally, you must obtain the required credit counseling from an approved agency.
  • You must pass the “means test” to file for Chapter 7 bankruptcy. If your income is too high or it is determined that you can reasonably pay your debts, you may not qualify for Chapter 7 but you can still file for Chapter 13 relief.
  • You do not have to forfeit all your property to discharge debts. Through the Illinois bankruptcy exemptions, most clients can keep their home, a family car, retirement savings,  and personal possessions.
  • The main debt that is not forgiven under Chapter 7 is student loans in addition to recent IRS debts. Also,  parking tickets, red light camera tickets, and tollway debts are not forgiven under Chapter 7 but can be dischargeable under Chapter 13.

Please see the bankruptcy blog for answers to common worries or scenarios. As dedicated Chapter 7 attorneys, Robert J. Adams & Associates, Inc. has offices in Lake County and Chicago, Illinois, ready to help provide you with guidance and greater peace of mind.

Get the information and legal answers you are seeking by calling today.

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