In this article, our Chicago chapter 7 bankruptcy lawyers explain the chapter 7 bankruptcy process. Bankruptcy is an excellent tool to allow individuals and businesses to get a clean slate and a fresh start.  However, it is often not the only option.  Depending on the number of creditors, the type of debt, and the amount of debt, working with our Elmhurst attorneys to renegotiate your debt may be preferable to bankruptcy.  Creditors are often willing to significantly reduce the amount of your debt and allow it to be paid over time, especially when they are dealing with your attorney and there is a credible threat of bankruptcy.  Our experienced Elmhurst attorneys will educate you on your options and help you choose the right course of action for you, your family, or your business.  

In this video, our Elmhurst chapter 7 attorneys go in to depth on how the bankruptcy means test can be used to determine you eligibility to file chapter 7 bankruptcy in Illinois. The mean test is able to calculate your disposable monthly income by subtracting monthly expenses from your currently monthly income for the past six months before filing. Typically, with a higher income you are less likely to be eligible for chapter 7 bankruptcy. Elmhurst attorneys at O'Flaherty law will help you determine you consumer debt versus your business debt. From their you will be advised by our knowledgeable lawyers on whether to take the means test and what questions you may have while navigating through chapter 7 bankruptcy. 

In this video, our Chicago chapter 13 bankruptcy attorneys explain the differences and advantages to each type of bankruptcy a client could file and how it is possible to keep your home and vehicles in a chapter 7 bankruptcy. All of your debts in Chapter 7 are dischargeable. If your home or car has over or above exemption amounts then the trustee can collect that to pay the creditors, but most times clients have under the exemption amount and are able to keep their belongings with the help of our advising at O'Flaherty Law. Our Chicago attorney goes on to explain how Chapter 7 usually makes the most sense for wiping out your debt. Your future income is used to pay your debt in Chapter 13 instead of liquidation. It usually takes 3-5 years to pay off this debt. Unless there are certain situations, Chapter 7 is more beneficial unless you are ineligible. Ineligibility can be due to things Such as if you have a high income, or have already filed for Chapter 7 in the past ten years, instead Chapter 13 may be right for you. Chapter 13 may be suitable for people who have a lot of equity in their home or car as well to avoid them being taken in a Chapter 7 case.