Chicago Chapter 7 Bankruptcy Attorneys
Chapter 7 of the Bankruptcy Code, commonly referred to as a “straight” bankruptcy, helps individuals with little to no income receiver a fresh start by eliminating almost all types of debts. Chapter 7 involves the liquidation of a debtor’s non-exempt assets (exempt assets are generally out of reach from your creditors) with the proceeds distributed to the debtor’s creditors.
In a Chapter 7 case, a trustee is appointed. The trustee is charged with collecting all “property of the estate,” which is defined as all of the debtor’s legal and equitable interests in property. If you file a Chapter 7 bankruptcy case, you will be able to keep many of your assets, up to a certain limit (those are your “exempt” assets). If you have assets that are not exempt from the bankruptcy estate, you will likely have to turn those over to the trustee. It is those non-exempt assets that the trustee will use to pay the claims of your creditors.
To learn more about Chapter 7 Bankruptcy, contact Midwest Bankruptcy Attorneys today. Our team specializes in Chapter 7 bankruptcy law. Schedule a free consultation or call (312) 836-0455 today for more information.