Chapter 7 Bankruptcy Lawyer -- Gurnee, IL & Chandler, AZ.

Serving Tempe, Mesa & Maricopa County, AZ.
Serving Round Lake, Grayslake & Lake County IL.

The goal of a Chapter 7 Bankruptcy is to wipe out (discharge) all debts which are allowed to be eliminated with no repayment. This is different from a Chapter 13 bankruptcy.

The Law Offices of Laura D. Frye Ltd. in Gurnee, IL. provides individuals with a new beginning and a fresh start by wiping out all dischargeable debts including credit card bills, medical bills, judgments obtained by creditors, personal loans, business type debts, and commercial and residential leases.

Non-Dischargeable Debts -- Chapter 7 Attorney

Some debts cannot be wiped out in bankruptcy. These non-dischargeable debts include:

  • Maintenance, Alimony and child support obligations
  • Most taxes owed governmental authorities
  • Government guaranteed loans
  • Fines, penalties, and criminal restitution
  • Debts incurred as a result of intentional injury to a person or property
  • Most Student loans

The Chapter 7 Bankruptcy Law Process

Once we determine that a chapter 7 bankruptcy is right for you, you will need to provide us with some documents, such as your last 2 years of tax returns, recent pay stubs, copies of all of your debt statements. We need these documents in order to prepare the Chapter 7 Petition and Schedules. Once we draft and file the court documents with the Bankruptcy Court all creditors cannot take any additional action against you to recover debt. This prohibition is called a Bankruptcy Stay. The “Stay” is in effect throughout the bankruptcy process.

Approximately 1 month after the filing of the Bankruptcy you will appear at a meeting with the Chapter 7 Bankruptcy Trustee assigned to your case. This meeting lasts approximately about 30 minutes. The Trustee examines your Petition and asks some questions about your income and expenses. Assuming that there is no further information requested, your case will be concluded. Approximately 2 months following the meeting, if there are no objections from your creditors you will receive a discharge.

Chapter 7 Can Permanently Eliminate Debts

The court appoints a trustee who may create a liquidation plan to gather assets and sell items to pay your debts. For the average person, much of the assets they own are exempt, which means it is often the case that no assets will need to be sold and liquidated. Laura D. Frye will explain how your assets fit within the bankruptcy exemptions.

Chapter 7 Personal Bankruptcy Can:

  • Prevent car repossession
  • Give you a fresh start by discharging most consumer debt
  • Stop creditor harassment
  • Prevent wage garnishment

Contact The Law Offices of Laura D. Frye to talk to us about your specific situation and decide if filing for bankruptcy is right for you.


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