What is Chapter 7 Bankruptcy? Do I need it?

Let our Skokie Bankruptcy Attorneys Help!

Serving Business Clients in Skokie, Chicago, Naperville, Joliet, Aurora, Wheaton, Waukegan

Chapter 7 Bankruptcy is more commonly known as “Total Liquidation” Bankruptcy and serves to completely rid you of all debts. It is important to have a good sense of how much debt you are carrying because Chapter 7 Bankruptcy will not work for everyone. Follow the simple self-test located below to see if you qualify for Chapter 7 Bankruptcy.

1.  Is your monthly income above the Illinois State Median?
  a.  For a Family of 1, $47,355
  b.  For a Family of 2, $60,049
  c.  For a Family of 3, $68,730
  d.  For a Family of 4, $81,184

2.  Do you have money left over after you pay all of your monthly bills BEFORE paying for credit cards?

Answering no to either one of these questions qualifies you to speak to a Skokie bankruptcy lawyer about filing for Chapter 7 Bankruptcy and to get your bankruptcy questions answered.  Our Skokie foreclosure attorneys can also discuss how to stop foreclosure and save your property.