Chapter 7 Bankruptcy

Our Naperville Bankruptcy Attorneys Discuss Chapter 7 Bankruptcy

Picture of the final deadline
Chapter 7 Bankruptcy is probably the most well known type, and many people know it as “total liquidation” bankruptcy.  This serves to frighten many people away from filing a bankruptcy claim, but for many of them, Chapter 7 Bankruptcy may be the best option.  When filing for Chapter 7 Bankruptcy, an individual eliminates all of his or her debts and starts fresh.  In many situations, someone filing for Chapter 7 Bankruptcy can keep his or her home and car.  However, it is important to determine exactly how much debt you have, because not all debtors are eligible to file for Chapter 7 Bankruptcy.  A Naperville bankruptcy lawyer from the Naperville Law Offices of Schneider and Stone can help you build a strong bankruptcy plan.

The following two questions can help you determine whether you can file for Chapter 7 Bankruptcy and wipe your financial slate clean:

  1. Is your family’s monthly income greater than the median for the state of Illinois?
    1. $47,355 for a family of one
    2. $60,049 for a family of two
    3. $68,730 for a family of three
    4. $81,184 for a family of four
  2. After you pay all of your monthly bills but before you pay your credit card bills, do you have any money left over?

If you answered “no” to either of these questions, you may be eligible to file for Chapter 7 Bankruptcy.  Even if you are not, you may be able to file for Chapter 13 Bankruptcy.  The experienced legal professionals at the Naperville Law Offices of Schneider and Stone can answer any questions you might have about Chapter 7 Bankruptcy or other options available to you.  We can even help you stop foreclosure on your home.  We serve clients in Naperville, Chicago, Aurora, Waukegan, Skokie, Joliet and Wheaton, and we want to do everything we can to help you.  Contact an experienced Naperville bankruptcy attorney from our firm today for a free consultation.

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