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Lake County Chapter 7 Bankruptcy Lawyers

Arlington Heights Chapter 7 Lawyers

Liquidation Bankruptcy Attorneys Serving Libertyville and Waukegan

If you are facing debt that seems insurmountable and are considering bankruptcy, you are probably thinking about bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. Chapter 7 bankruptcy is, by far, the most common type of bankruptcy. It is also the most straightforward of the options available under federal bankruptcy laws.

At Newland & Newland, LLP, our attorneys have more than 60 years of combined bankruptcy experience. We are equipped to help you clear your debt and to get a fresh start through Chapter 7 bankruptcy. Our team will work with you in reviewing your circumstances and answering any questions you have before beginning the bankruptcy process. We will help you gather and prepare the required paperwork and remain at your side every step of the way, from filing to the bankruptcy hearing and beyond.

The Chapter 7 Process

Chapter 7 bankruptcy is often referred to as "straight" bankruptcy or a "liquidation" bankruptcy because, during the process, some of your assets might be liquidated—or sold—to pay back your debts. The moment you file for a Chapter 7 bankruptcy, the bankruptcy will issue an automatic stay to stop creditors from hassling you and to prevent mortgage foreclosure proceedings from continuing. The stay will also affect wage garnishments and pending repossessions while your case is progressing.

You will also be assigned a bankruptcy trustee who will review your case and determine which of your assets, if any, could be sold to satisfy your debt. Most Chapter 7 situations are considered "No-Asset" cases. If your case is a No-Asset case, you will be able to keep your property and it will not be liquidated by the trustee.

Next, you will be required to participate in a creditor's meeting run by the bankruptcy trustee during which you must answer questions under oath about your finances, debts, and the filing. If you currently have secure debt like a mortgage or an auto loan and you wish to keep your home or your car, you must complete a reaffirmation agreement with the lender and make your contracted payments. When the Chapter 7 process is complete, all of your eligible debts will be discharged by the bankruptcy court. Certain debts, including child support, student loans, and employee tax obligations, cannot be discharged through bankruptcy.

Protecting Your Assets

At Newland & Newland, LLP, we know that the thought of liquidating assets to pay creditors often causes stress and anxiety for those who are thinking about bankruptcy. You may be worried that you will have nothing with which to start again. With proper representation and guidance, however, you may not need to give up all of your assets during the bankruptcy process. Exemptions are available for certain assets, and the trustee will be most interested in liquidating valuable assets that can easily be sold for cash, such as investment properties. We will work hard on your behalf to get you through your Chapter 7 bankruptcy while protecting the assets you need for your fresh start.

Call a Waukegan Bankruptcy Lawyer

If you have questions about Chapter 7 bankruptcy, contact our office to get the answers. Call 847-549-0000 for a free, confidential consultation today. We represent clients in Libertyville, Mundelein, Grayslake, North Chicago, Arlington Heights, Gurnee, Vernon Hills, Lake County, and the neighboring communities.

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