Chapter 7 Bankruptcy
We know how stressful it can feel to be overwhelmed by debt and not see a way out. But rest assured that we can help. For those looking for a financial reset, Chapter 7 bankruptcy may be the solution for you. At Madden Law LLC, we know bankruptcy. We bring over 20 years of experience helping individuals and families through bankruptcy filings. With offices in Lisle, downtown Chicago, Orland Park, and Rolling Meadows and options for in-person or remote consultations, we offer highly accessible financial assistance for those struggling with debt repayment. If you're ready to consider a fresh financial start, reach out today to speak with our trusted bankruptcy attorney.
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Chapter 7 Bankruptcy Offers A Fresh Start
Chapter 7 bankruptcy is a legal process that allows individuals to eliminate most of their unsecured debt. It’s often the best option for people who don’t have the income to repay creditors over time. Also called “liquidation bankruptcy,” it works by selling off non-exempt assets to pay back creditors. However, many filers find that they’re able to keep most or all of their property due to exemptions under federal or state law.
This form of consumer bankruptcy is typically used to discharge credit card balances, medical bills, utility debts, and personal loans. Note that some types of debt—like student loans and owed back taxes—are not able to be discharged. Once a case is filed, an automatic stay goes into effect, stopping wage garnishments, collection calls, and legal actions from creditors. The entire process usually takes three to six months from start to finish, offering a fast form of relief for those struggling with debt.
To qualify for bankruptcy, individuals must pass a means test based on their income, expenses, and household size. Those who pass can move forward with filing and preparing necessary financial documents. A trustee is assigned to the case to review paperwork, oversee asset liquidation if necessary, and distribute proceeds to creditors. At the end of the process, the remaining eligible debt is discharged, allowing the filer to rebuild consumer credit over time.
For many clients, Chapter 7 bankruptcy is the most direct path to long-term financial reorganization, especially when income is limited and debt has become unmanageable.
We Provide Trusted Bankruptcy Services
Over the years, we’ve helped countless clients regain control of their financial futures through consumer bankruptcy filings, including both Chapter 7 and Chapter 13 cases. In addition to personal filings, our firm also supports clients seeking debt restructuring strategies for their business.
Our firm offers straightforward, judgment-free guidance backed by decades of legal experience. With a strong presence in the legal community and a lasting commitment to cost-effective results, our clients know that we’re here for them every step of the way. Every case is treated with care, and clients are given a clear plan from day one. This level of service, combined with our deep knowledge of bankruptcy laws, has earned us a reputation for reliability and integrity throughout the local community.
We Can Help You Regain Control
If you’re feeling overwhelmed by debt and ready to move forward, bankruptcy may be your best path toward a stronger financial future. Our team at Madden Law LLC is here to help you review your options and create a clear plan that aligns with your financial goals. Reach out today to schedule a consultation and let’s talk about how we can help you.