Wendy R. Morgan

A Chapter 7 Bankruptcy, by definition, is a liquidation of the personal estate of the debtor(s), not including allowable state law exemptions, and a distribution to creditors, if there are any assets to distribute. Chapter 7 Bankruptcy provides you with debt elimination and a fresh start. Chapter 7 Bankruptcy is the most common form of consumer bankruptcy and is designed to provide people with a way out from under the burden of debt they can no longer pay. Filing for Chapter 7 Bankruptcy may be the quickest way to wipe out your debt. Once your case is filed, creditors must stop all collections and garnishments. When your case is completed, you will no longer be responsible for any debts discharged in the Bankruptcy.

Chapter 7 Bankruptcy can eliminate most unsecured credit card debt, unsecured personal loans, medical bills, utility bills, payday loans, wage deductions, judgments and lawsuits.

Chapter 7 Bankruptcy does not eliminate debts for child support and maintenance, most student loans, sales or payroll tax, most income taxes, municipal fines, criminal fines, intentional torts, or parking tickets.

Chapter 7 Bankruptcy allows most people to keep most or all of their assets due to federal exemptions, which allow you to keep your property. Under Illinois state law each debtor has a right to a $15,000.00 exemption in their residential real estate, and a $4,000.00 "wild card" exemption in all personal property. Bankruptcy also allows you to keep 100% of your retirement benefits, as well as providing numerous other exemptions to protect your personal property. If you are current on your mortgage and car payments and you keep your payments up to date, you may be able to keep your house and your car and reaffirm those debts. By reaffirming a debt, the debtor re-obligates himself on the loan. Another option would be to surrendering the property or your interest in the property if it is held jointly and eliminate the underlying debt.

The Law Firm of Wendy R. Morgan is a well established practice with over 30 years of extensive experience in helping people get out of debt and get the fresh start they need. Knowledgeable advice and reliable representation from our experienced attorneys has helped clients throughout the Chicago area eliminate debt and get on the path to a fresh financial future.

If you're overwhelmed by debt and looking for a fresh start, contact The Law Firm of Wendy R. Morgan and schedule an appointment with one of our experienced, compassionate and skilled attorneys to find out if Chapter 7 Bankruptcy is right for you.