If you have an excessive amount of debt and you’re struggling to keep up with the payments, it’s important to learn about your options. Should you file for Chapter 7 bankruptcy? Chapter 13? What if you have business debt? Talking to our Lisle, Illinois Chapter 7 bankruptcy lawyer can help clarify your options and allow you to find some breathing room, financially speaking.
Knowing which type of bankruptcy is a good fit for you means looking at your income, assets, and long-term goals. This may sound overwhelming, but that’s why we’re here to help. Our managing attorney, David Madden, has been in the legal industry for over two decades. He’s licensed to practice law in both Illinois and Michigan, and he’s helped countless individuals sort out their finances and file for the right type of bankruptcy for their needs. We know that bankruptcy isn’t about failure—it’s about restructuring your life when things haven’t gone as planned.
What Chapter 7 Is And Who Typically Files
Chapter 7 can offer a fresh start, but it’s not the right move for everyone. Chapter 7 bankruptcy allows qualifying individuals to discharge most unsecured debts, such as credit cards, medical bills, and personal loans. In many cases, it’s the fastest path to relief—usually wrapping up within three to six months. However, it must first be determined that your income is low enough to qualify under federal guidelines.
People who file for Chapter 7 bankruptcy often have little to no disposable income, high unsecured debt, and few significant assets. If that sounds like your situation, it might be worth exploring. Our personal bankruptcy lawyer can help walk you through the process, analyzing the numbers and going over the paperwork to see where you stand.
If you’re dealing with constant calls from creditors, late payment penalties, and zero chance of catching up, Chapter 7 may help stop the bleeding. Once you file for bankruptcy, creditors will have to pause collections, lawsuits, and wage garnishments. You’ll get that much-needed chance to breathe, so you can recollect yourself—and your finances—and start looking forward to the future again.
What You Might Keep—And What You Might Not
One of the biggest worries people have when filing bankruptcy is losing everything. But Illinois law provides exemptions that let you keep certain types of property—like your home, car (up to a certain value), clothing, and some retirement accounts. The government wants your debt to be settled, but they don’t want you to lose your home or your sole form of transportation. In fact, many Chapter 7 cases are “no-asset cases,” meaning there’s nothing to sell off.
That said, if you do have valuable property, our Chapter 7 lawyer can help you weigh whether Chapter 13 might be better suited to your needs. Chapter 7 might not make sense if you’re behind on your mortgage and want to keep your house. It also won’t wipe out student loans or recent tax debts, in most cases, so it’s important to keep that in mind when making your decision.
At our firm, we never rush this decision. Our goal is to provide trusted legal counsel and give you a full picture of what to expect, so you can make an informed choice. Bankruptcy is an important moment for individuals needing a fresh start, and it’s important to know what the process looks like beforehand. That’s why our Lisle Chapter 7 bankruptcy lawyer breaks things down into real-world terms for our clients—no pressure, just straight answers.
Let’s Talk About Your Options
Our team understands that filing for bankruptcy is a big decision. But we also know it’s one that can offer peace of mind and a chance to start over. If you’re wondering whether bankruptcy makes sense for you, let’s talk it through. Our Lisle Chapter 7 bankruptcy lawyer can sit down with you, review your financial situation, and help you weigh the pros and cons. There’s no pressure to commit—we’re here to help you figure out the best way forward.
Whether you’re considering your first move or you’ve already been hit with a court notice, talking with our consumer bankruptcy counselor early can save you stress. Reach out to Madden Law LLC to schedule your consultation.