{"id":4065,"date":"2019-11-04T21:54:13","date_gmt":"2019-11-04T21:54:13","guid":{"rendered":"https:\/\/www.cutlerbankruptcy.com\/?page_id=4065"},"modified":"2022-11-16T10:01:28","modified_gmt":"2022-11-16T10:01:28","slug":"chapter-7-faqs","status":"publish","type":"page","link":"https:\/\/cutlerbankruptcy.com\/chapter-7-faqs\/","title":{"rendered":"Chapter 7 FAQs"},"content":{"rendered":"
Cutler & Associates, Ltd. is a trusted expert in chapter 7 bankruptcy law, representing clients throughout the Chicagoland area<\/a>. Our bankruptcy attorneys boast more than 30 years’ worth of collective experience and can ensure you receive the best possible results. Because filing bankruptcy is such a complex process, you should rely on a lawyer with expertise in the type of bankruptcy that is most applicable to your circumstances. Do not let the process, implications, or legalese intimidate you. Partner with a firm that has spent nearly three decades in the field. We will guide you through the proceedings, helping you understand any details that may present concerns or apprehension. Below are answers to some of the questions we frequently receive about Chapter 7 bankruptcy at our offices.<\/p>\n Chapter 7 bankruptcy<\/a> is a component of the United States Bankruptcy Code that allows debtors the opportunity for a fresh start. It is sometimes called a “liquidation” or “straight” bankruptcy. Debtors who opt for this form of relief must forfeit any nonexempt property to a trustee, who then sells the assets to collect funds that will be used as partial repayments to creditors. But because the majority of debtors who choose to file chapter 7 bankruptcy do not have a wealth of nonexempt property<\/a>, most retain some or all of their property. The debtor must obey court orders and rules to receive a chapter 7 discharge.<\/p>\n The bankruptcy attorneys at Cutler & Associates, Ltd. will help you understand the requirements for filing chapter 7 bankruptcy<\/a> in Illinois. You first must pass the “means test,” which is predicated on the Internal Revenue Service’s income statistics for your area. To pass the means test, your income must be below the median level or you must submit your income and expenses for governmental review. Our team can help you get your finances in order to begin the process of receiving a chapter 7 discharge.<\/p>\n A chapter 7 discharge is a court-ordered release of dischargeable debts. Once a debtor receives his or her chapter 7 discharge, creditors are no longer allowed to attempt to collect payment in most instances. However, creditors may still seek payment for debts that chapter 7 does not discharge, including:<\/p>\n Chapter 7 bankruptcy is an option available to any person who lives in, owns property in, or does business in the U.S. unless he or she was a party to another bankruptcy case that a court dismissed on certain grounds during the previous 180 days. However, it is not advisable to file chapter 7 bankruptcy in Chicagoland if an individual is not eligible for a discharge. The bankruptcy lawyers at Cutler & Associates, Ltd. will help you determine eligibility. Notably, persons who are ineligible for chapter 7 discharge include:<\/p>\n There are several factors to consider when determining the right time to file chapter 7 bankruptcy in Chicago, IL or the surrounding area. Cutler & Associates, Ltd. will help you understand when is best so that you can protect most or all of your assets. It is unwise to file chapter 7 bankruptcy if:<\/p>\n As trusted and reliable bankruptcy attorneys in Chicagoland, Cutler & Associates Ltd. will provide advice and legal counsel throughout the bankruptcy process. Among the functions we typically perform in each case are:<\/p>\n If you are overcome with stress related to ever-increasing debt, contact the compassionate team of bankruptcy attorneys at Cutler & Associates, Ltd. We will guide you through filing chapter 7 bankruptcy and ultimately deliver the best possible results for your circumstances. In the process, we will help you retain most or all of your property and decrease the disturbance that bankruptcy can cause. Contact us<\/a> today for a free bankruptcy evaluation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Chapter 7 Bankruptcy in Chicagoland Cutler & Associates, Ltd. is a trusted expert in chapter 7 bankruptcy law, representing clients throughout the Chicagoland area. Our bankruptcy attorneys boast more than 30 years’ worth of collective experience and can ensure you receive the best possible results. Because filing bankruptcy is such a complex process, you should […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/pages\/4065"}],"collection":[{"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/comments?post=4065"}],"version-history":[{"count":4,"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/pages\/4065\/revisions"}],"predecessor-version":[{"id":5575,"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/pages\/4065\/revisions\/5575"}],"wp:attachment":[{"href":"https:\/\/cutlerbankruptcy.com\/wp-json\/wp\/v2\/media?parent=4065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is chapter 7 bankruptcy?<\/strong><\/h3>\n
What are the prerequisites for filing chapter 7 bankruptcy?<\/strong><\/h3>\n
What is a chapter 7 discharge?<\/strong><\/h3>\n
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Who is eligible for a chapter 7 discharge?<\/strong><\/h3>\n
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When is the best time to file chapter 7 bankruptcy?<\/strong><\/h3>\n
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How can Cutler & Associates, Ltd. help?<\/strong><\/h3>\n
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Contact Cutler & Associates, Ltd. Today<\/strong><\/h3>\n