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Chapter 7 Bankruptcy Lawyers in Wheaton, IL

Attorneys for Chapter 7 Bankruptcy in Glen Ellyn, Naperville, and DuPage County

glendale heights chapter 7 bankruptcy lawyer

When businesses or individual fall into debt, they may find themselves owing a significant amount of money that would take them years to pay. If an individual, business, or sole proprietorship is in debt, that business entity or individual may file for Chapter 7 bankruptcy. When Chapter 7 bankruptcy is in effect, the debtor's nonexempt property will be sold and the proceeds will be given to the debtor's creditors.

If you or your business is in debt, consult the bankruptcy lawyers at Anderson and Associates, P.C. Our committed and experienced attorneys will help you assess what financial options are best for you or your company.

Eligibility for Chapter 7 Bankruptcy

Any individual, corporation, partnership, or sole proprietorship can apply for Chapter 7 bankruptcy if the debtor(s) meets the following criteria:

  • If an individual is filing for bankruptcy, he or she must have completed approved credit counseling within 180 days before the date of filing.
  • The debtor cannot apply for Chapter 7 bankruptcy if a previous petition for bankruptcy was dismissed because the debtor did not appear in court or follow orders that were issued by the court.
  • A debtor cannot file for Chapter 7 bankruptcy if he or she dismissed a previous bankruptcy petition after creditors went to court to recover assets that they hold liens upon.

What Does Chapter 7 Bankruptcy Provide?

Filing for Chapter 7 bankruptcy ends most debt collection actions against the individual in debt and the individual's property. Chapter 7 bankruptcy also gives debtors the opportunity to not be held liable for discharged debts. However, businesses and partnerships are not granted release from their debts. It is essential to note that there are several reasons why an individual in debt may be denied discharge from his or her debts. These reasons include:

  • The debtor not maintaining or showing proper financial records.
  • The debtor failing to adhere to court orders.
  • The debtor failing to adequately explain the loss of assets or property.
  • The debtor committing a crime related to bankruptcy.
  • The debtor not completing a financial or debt management course that is approved by the court.
  • The debtor fraudulently moving or hiding assets or property that is to become the property of the estate.

Quality Chapter 7 Bankruptcy Lawyers Serving Naperville IL

At Anderson and Associates, P.C., we are dedicated to providing individuals and businesses relief from debt. For over 30 years, we have helped businesses and individuals achieve their goal of a debt-free life. Do not be tied to your debt any longer. To schedule a consultation, call us at 630-653-9400 or contact us online. We serve clients in Wheaton, Winfield, Glen Ellyn, Naperville, and throughout Illinois.

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