Chapter 7 Bankruptcy is sometimes called straight or liquidation bankruptcy because it allows you to live debt-free after some or most of your assets have been liquidated. Chapter 7 Bankruptcy doesn't take long to file but without the proper legal guidance you may lose valuable assets.
If you are facing a collection lawsuit it is very important that you take action immediately. Ignoring a lawsuit can have major consequences, such as a debt that might otherwise be dischargeable. In bankruptcy debts may become non-dischargeable due to the nature of the judgment. Judgments in large amounts may limit your debt relief and bankruptcy options. You owe it to yourself to learn more about the potential consequences you face (default judgment, award of attorney fees, judgments including findings of fraud or breach of fiduciary responsibility, findings that otherwise exempt property, such as your home, is no longer exempt, etc.) and what you can do to pursue the fresh start you need.
For more than a decade, we've been helping Huntley and Franklin Park residents get rid of crippling debt by filing for bankruptcy. William S Ryan, Attorney at Law in Huntley & Franklin Park, IL will go over your financial situation and help you through this process.