Chapter 7 Bankruptcy in Illinois
What You Need to Know
Filing for Chapter 7 in Illinois is a fast, legal way to eliminate your debts and get a fresh financial start. DebtStoppers is the largest Chapter 7 filer in the state, so our Illinois bankruptcy attorneys have the experience to know the best way to apply the laws to meet your individual needs.
We’ll listen to you without judgment, answer your questions, and then help you decide the best debt relief choice for you.
Filing for Chapter 7 Bankruptcy in Illinois
Filing for Chapter 7 has been the choice of thousands of DebtStoppers clients since we began practicing in 2003. To start the process, you or your attorneys need to submit a petition and the required forms to the nearest bankruptcy court. Once you have filed a petition, the court issues a stay legally prohibiting your creditors from contacting you or taking further action to collect on your debt. It’s an amazing relief when the bill collectors stop calling.
How Much Does It Cost?
In Chicago and the rest of Illinois, you will have to pay a filing fee of $335 when you file your case. At DebtStoppers, we’ll advance you the filing fee cost, so you can get the debt relief you need today with no up-front cost.
Because every case is different, our legal fees can vary, but are among the most reasonable anywhere. Affordable payment plans are always available.
What's Required To File for Chapter 7?
Bankruptcy laws can be tricky. There are rules and restrictions on who can file and what they need to do. Before you can qualify for bankruptcy, you'll need to participate in a credit counseling briefing conducted by a qualified credit counselor. Additionally, before the court discharges your debts, you will need to enroll in a debtor education or financial management course.
The Means Test
To qualify in Chicagoland, you will have to pass what is called "the means test" to determine that you have no other way to pay off your debts. The means test will evaluate your household income and your disposable income. Most people in a financial situation dire enough for them to consider bankruptcy will not exceed the means test's income limits.
What Happens When I File for Chapter 7 Bankruptcy?
Once you have filed, a case trustee will meet with you and your lawyer to obtain information about your financial situation and property. The trustee will decide which assets you can keep and which you have to sell to pay your unsecured creditors. Although the law allows the trustee to sell non-exempt assets to pay off your unsecured debt, it is our experience that DebtStoppers clients rarely lose any possessions at all.
The rules can be complicated and confusing. Contact DebtStoppers today to schedule a free, no-obligation consultation, and one of our experienced Illinois bankruptcy lawyers can help you determine if you qualify for Chapter 7 and whether it's the best option for you.
DebtStoppers is the only Illinois firm offering you real $0 up-front Chapter 7. We even advance your $335 filing fee, so you don’t have to wait one day to get the help you need. Call or text us now at 312-913-0630.