Chapter 7
DuPage County Chapter 7 Bankruptcy Attorneys
Chapter 7 bankruptcy is known as a “liquidation” bankruptcy. When a person owes a certain amount of debt that they can no longer pay, filing a Chapter 7 discharges some of those debts. After debts are discharged, a person has a fresh start, meaning they will not be held responsible to pay back certain debts.
In a Chapter 7 bankruptcy debtors may keep their exempt property, which often includes their house & automobiles. This sort of property is considered to be “exempt”. Non-exempt property is property that must be sold or liquidated in order to pay unsecured debts.
At Beck & Houlihan, P.C. our bankruptcy attorneys can help to evaluate your financial situation. We work with our clients to discuss their options, financial goals and offer practical solutions in order for them to achieve them. Our law firm can help you resolve your legal issues in a cost-efficient manner. Contact us to discuss your bankruptcy concerns and to see if Chapter 7 is right for you.
What Can and Cannot Be Discharged in Chapter 7 Bankruptcy
Some debts can be discharged in a Chapter 7 bankruptcy; and some cannot. Debts that cannot be discharged in bankruptcy most often include:
- Child Support
- Alimony/Spousal Maintenance
- Student Loans
- Federal Income Taxes
- Employer Withholding Taxes
Filing for Chapter 7 bankruptcy does not automatically make you eligible for discharge. The bankruptcy courts could find reasons to deny your bankruptcy discharge based on fraudulent activities, hiding assets, making false statements, or disobeying the bankruptcy court.
At Beck & Houlihan, P.C. we can help you take the appropriate legal steps to ensure you are not denied your rights to Chapter 7 discharge of liability. Whatever your financial situation may be, we can help you.
Contact Us in Wheaton
To learn more about your bankruptcy rights, contact Beck & Houlihan, P.C. in DuPage County. We offer sound legal advice to help our clients make informed legal decisions. Schedule an appointment to speak with our attorneys today. Call (630) 933-9220 or email us.
