While there are all types of bankruptcy options, a chapter 7 bankruptcy is often used with business owners and even some individuals. This type of bankruptcy is known as a straight bankruptcy or liquidation. While this type of bankruptcy can be filed without the aid of an attorney, it is advisable to have a lawyer assist you through the process so you can rest assured your bankruptcy will be filed correctly.
What Happens in a Chapter 7 Bankruptcy?
When filing for a chapter 7 bankruptcy, you can expect most of your property will be liquidated to pay your debts. This means all property, other than exempt property, will be sold. You will be assigned a trustee who will reside over your bankruptcy. The trustee has the power to eliminate or discharge your debts, but you will be required to allow for the sale of your property in return.
The entire process for this type of bankruptcy normally takes around 4-6 months. As a part of your bankruptcy filing, you will be expected to go through credit counseling so you can learn practices you can put into place to avoid financial issues in the future. Your attorney can help you to find an approved credit counselor and also give you information on understanding the chapter 7 bankruptcy laws.
To assist your attorney in filing your Chapter 7 Bankruptcy in Naperville, you will need to provide information on your debts, income, monthly expenses, and on the property you own. Most states will allow you to keep your home, car, furniture and other necessities. Your attorney will be able to advise you on what you can expect from the process and what property you will have to surrender.
If you are in need of information on Chapter 7 Bankruptcy in Naperville contact the Trepeck Law Group today. They will meet with you and go over your financial situation, to make sure chapter 7 filing is the choice bankruptcy for your needs. These attorneys will help you through every step of the process, making sure your rights are protected. If you are interested in learning more, visit their website or give them a call today.