What Is Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy is a legal process in which a person petitions the federal government to discharge his or her debt. The process is meant to help you to regain financial control over your life because you cannot recover from the position you are in right now. You may qualify to file this form of bankruptcy if your income is under the requirements and you have debts you cannot pay.

 

There are a few things you need to know about Chapter 7 bankruptcy. First, when you meet with your attorney at Michael S. Fabinski Law in Oakbrook Terrace, IL, we will determine if this method is best for you. The goal is to sell off any assets and use the funds to repay your creditors. If you want to save your assets, such as your home or cars, you may benefit from Chapter 13 bankruptcy. Our team will guide you in learning which option is best for your situation.