Chapter 7 Bankruptcy


Bankruptcy1Chapter 7 Bankruptcy seeks to wipe out (discharge) all debts which are allowed to be liquidated with no repayment to the creditors (which is different than a Chapter 13 bankruptcy).The goal is to provide individuals with a new beginning by wiping out all dischargeable debts including credit card bills, medical bills, personal loans, judgments obtained by creditors, business related debts, and commercial and residential leases.Non-Dischargeable DebtsCertain debts cannot be wiped out in chapter 7 bankruptcy. They are classified as non-dischargeable debts and include:Alimony, maintenance, and child support obligations Student loans (except in extreme hardship cases) Fines, penalties, and criminal restitution. Debts incurred as a result of intentional injury to a person or property Taxes owed governmental authorities Government guaranteed loans Once we determine that a chapter 7 bankruptcy is the right solution, you will provide us with certain documents (i.e. last two years of tax returns, recent pay stubs, copies of all your debt statements) so that we can prepare the Chapter 7 petition.

Once we prepare and file the documents with the Bankruptcy Court all creditors are prohibited from taking additional action to recover the debt. This prohibition is called a Bankruptcy Stay. The Stay remains in effect throughout the bankruptcy process.


Chapter 13 Bankruptcy


Bankruptcy2Chapter 13 is a bankruptcy designed for individual debtors who have some regular flow of income and are seeking an adjustment of their debt. Chapter 13 bankruptcy is used primarily for people with mortgage, maintenance, automobile, or tax debt who wish to keep their assets, yet need the time to stretch out their financial obligations over a maximum of five years.

Chapter 13 bankruptcy is a powerful tool to help individuals manage financial distress. When filing for this form of bankruptcy, you have several options to consider, and our Chapter 13 attorney can help you make the best decision regarding your case. When you meet with an attorney, you will be given professional legal advice and guidance so that you know how best to approach filing for bankruptcy.

]Since the process can be quite complex, varying with your financial status, including assets, liabilities, income and expenses, it is best to consult with our Chapter 13 attorney to ensure that you have appropriate legal representation throughout the process. You need to be well informed about how the legal proceedings will unfold.

Schedule an Appointment

law-appoitmentClick to Schedule an Appointment. Select a date / time for us to discuss how I can help you in this time of need.

To better prepare for the consultation please bring any and all documents or pictures you may have relating to your case.
I look forward to helping you.
Ken Devaney, Attorney



We are here for you. Contact us today online or by telephone at 847-905-9437 to arrange a consultation with an experienced Ken Devaney Law bankruptcy lawyer.