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Questions that we often hear at our Chicago area bankruptcy law offices of Ledford & Wu express our potential clients' legitimate concerns. Contact us to discuss issues on your mind such as the following as you contemplate Chapter 7 bankruptcy as a viable debt relief option in your case:
- What if you want to repay some of your creditors although you cannot pay them all? Can you omit some debts from your Chapter 7 bankruptcy filing? You must declare all income, assets and debts when you file Chapter 7 bankruptcy. All debts that can be discharged will be discharged as part of the conclusion of your Chapter 7 bankruptcy filing. However, nothing would prevent you from repaying any of your debts that you wish to repay once the discharge is finalized.
- Do you have too many assets or income that is too high to qualify for Chapter 7 bankruptcy? Only a thorough analysis of your assets and available exemptions along with completion of the required means test will answer this question, but we urge you to complete this analysis and the means test only with the help and advice of an experienced bankruptcy attorney. Schedule a consultation at Ledford & Wu to get the help and counsel that you need as you discover whether you qualify for Chapter 7 bankruptcy.
- Is some other debt relief solution more appropriate in your case? Rest assured that our bankruptcy lawyers at Ledford & Wu will advise you honestly if we believe that a home loan modification, debt settlement or some other viable option will be in your best interests, as opposed to Chapter 7 bankruptcy.
- Do you and your spouse have to file bankruptcy Chapter 7 jointly? No, but it may be in your mutual best interests to do so, even if you are planning a divorce. Talk to an attorney at Ledford & Wu.
- Do you have to include your house and car in your Chapter 7 bankruptcy filing? You must include all assets in your bankruptcy filing, but this does not mean you will lose your house and car. Talk to a lawyer for more information about your case. The vast majority of people who file for Chapter 7 bankruptcy protection are able to keep their homes and cars.
- What happens with co-signed debts in a Chapter 7 bankruptcy? Co-signers may be held responsible for debts discharged in Chapter 7 while your personal liability will be eliminated.
As you seek answers to your questions regarding Chapter 7 bankruptcy, keep in mind that only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Ledford & Wu.
Get Answers to Your Questions About Chapter 7 Bankruptcy. Contact an Experienced Chicago Bankruptcy Lawyer
Our Illinois bankruptcy attorneys welcome your inquiry about Chapter 7 or Chapter 13 bankruptcy. Contact us today to schedule a free consultation.
*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
