James M. Chesloe, LTD
1030 South La Grange Road, Suite 11
La Grange, IL 60525
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    Over 27 Years of Experience
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Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Bankruptcy is a legal process that helps people get out from under debt they cannot pay off. Filed in federal court,Chapter 7 bankruptcy involves the liquidation or sale of non-exempt assets to pay off qualified creditor’s claims. Most claims not paid off through liquidation are discharged.

State law determines what assets a debtor can keep and which must be sold off. A court appointed trustee then sells off the remaining assets and pays off as much of the debt as possible. For individuals, most of the remaining debt is discharged but they may have difficulty obtaining credit for some time as bankruptcy does affect credit ratings.

How Does Bankruptcy Work?

Bankruptcy is filed in a United States bankruptcy court and both individuals and companies are eligible.

The filing must include a list of all assets and debts and other requested information. Because bankruptcy laws are very complex, most debtors filing for bankruptcy hire an attorney.

According to Illinois Attorney General Lisa Madigan, once you file for bankruptcy, you are protected from creditors, including:
  • most new lawsuits against the debtors may not be filed, and pending lawsuits are usually postponed;
  • creditors must stop attempting to collect on unpaid bills; and
  • collection on existing liens is usually stopped

Chapter 7 is one avenue of relief from overwhelming debt.
If you are contemplating bankruptcy and need help exploring your options, contact Attorney James M. Chesloe to learn about your legal rights, which assets you can preserve and how to most efficiently improve your financial situation.

The Law Office of James M. Chesloe serves clients in Willow Springs, Western Springs, Brookfield, La Grange, Countryside, Hickory Hills, Lyons, Westchester, Stickney, Oak Lawn, and throughout Chicagoland as well as in Cook, DuPage and Will counties.

For a free initial consultation, call 708-579-5353 or Email me today.

James M. Chesloe, LTD, represents clients throughout Illinois, including those in the cities of La Grange, Chicago, La Grange Park, Brookfield, Berwyn, Countryside, Willow Springs, Western Springs, Willowbrook, Indian Head Park, Riverside, North Riverside, Lyons, Westchester and other Western Chicago suburbs as well as the greater counties of Cook, Will and DuPage.
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