Hitting The Reset Button With Chapter 7 Bankruptcy
For many, bankruptcy can feel like a last resort. We know that you are worried, but bankruptcy can be a powerful tool for good, and we are here to help you use it to better your financial life.
At NextStep Bankruptcy Law, we are here to tell you that this is not the end of the road; this is the financial reprieve you need to get your life back on track. We have extensive experience in bankruptcy law and focus exclusively on helping Chicagoland residents recover from financial debt. Let us be your helping hand.
What Is Chapter 7 Bankruptcy?
Consumer bankruptcy falls into one of two categories: Chapter 7 or Chapter 13. The “chapter” refers to the set of laws that govern the type of bankruptcy and helps differentiate the rules by which the courts manage your case. The vast majority of consumer bankruptcy filings fall under Chapter 7.
Chapter 7 bankruptcy typically means:
- You can walk away from most, if not all, of your unsecured debt, including credit card debt, medical debt and more.
- You can generally keep your assets, like your house, car and personal belongings up to a limit.
- Your credit score will change but can recover with consistent financially responsible actions such as on-time payments and new, well-managed credit.
Unlike Chapter 13 filings, where you restructure your debt and are still responsible for regular payments, Chapter 7 bankruptcy gives you a clean slate. We can help you make the most of this opportunity.