Apr 18, 2014

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Why Retain a Chapter 7 Bankruptcy Lawyer in Chicago?

You have just received word that you have lost your job. This creates more stress than most people could ever imagine. What can you possibly do to get rid of the debt you have and eliminate this stress? This is the time to retain a Chapter 7 bankruptcy lawyer in Chicago to assist with this financial issue.

What is a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a legal status that will pay the creditor for the amount of debt owed by the debtor, when successfully completed with the court. When an individual has a high amount of debt that must be paid and no funds to pay the debt, this process should be considered.

This is the fastest method to use when hoping to be successful in filing for bankruptcy. This is proven by the fact over 65% of bankruptcies filed are of this type.  This may be mainly due to the ease of filing and completion when financial assistance is legally required.

How to File for a Chapter 7 Bankruptcy

There are a number of forms that must be completed by the person filing bankruptcy of this nature. Listed below are the forms that must be completed:

1.  The salary of the person filing for this bankruptcy. It is ideal to include an old pay stub or a W-2 for verification of this amount.

2.  The amounts owed to creditors must be submitted and each amount should be listed separately. It is also important to list the amount of debt owed to each creditor.

3.  Monthly expenses are required to be submitted for consideration of the Chapter 7 bankruptcy.

By retaining the aid of an attorney to file these documents with the court and review your responses, this will allow for the possibility of greater success. A Chapter 7 bankruptcy attorney in Chicago will be well informed of the laws regarding this topic and capable of completing the filing process.

Finally, there are a number of benefits to consider filing for bankruptcy and one of the greatest is simply having peace of mind. The fast relief from debt you can’t pay will provide instant peace.

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