Illinois Lawyer Referrals and Legal Guidance
Chapter 7
Findgreatlawyers.com is a free service, run by Illinois lawyers, to find an attorney or obtain guidance for any Illinois legal matter, including Illinois bankruptcy cases. Please call us at (312) 346-5320 or (800) 517-1614 or fill out our contact us form and we will contact you. All inquiries are kept in strict confidence.
Liquidation Bankruptcy. Chapter 7 is available to individuals, married couples, corporations and partnerships. Under Chapter 7 bankruptcy, the debtor’s property is sold or liquidated and the proceeds are dispersed among the debtor’s creditors. In most consumer cases all the assets are exempt, and therefore there are no assets to liquidate and there is no dividend to creditors.
When you file a Chapter 7 bankruptcy in Illinois you file list with the bankruptcy court income and expenses, assets, debts and property transactions for the past two years. The filing fee is $200.00, but this fee may be waived for people who receive public assistance or live below the poverty level. A court-appointed person, the trustee, is assigned to oversee your case. About a month after filing, you are required to appear at a meeting of creditors where the trustee reviews your forms and asks any questions and the creditors can attempt to make a claim for payment. If you have any nonexempt property, you must give it (or its value in cash) to the trustee. Three to six months later, you likely will be notified by the court that all debts that qualified for discharge were discharged.
Findgreatlawyers.com focuses on finding lawyers in every part of the state of Illinois. From Chicago to Rockford, to Central Illinois, down to Southern Illinois, and every county in between. Whatever the legal area or location within the state of Illinois, we know the perfect lawyer for you.