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Chapter 7 Bankruptcy: Wipe Out All Debt

Rockford, Illinois

The goal of a Chapter 7 Bankruptcy is to wipe out (discharge) all debts which are allowed to be eliminated with no repayment. This is different than a Chapter 13 bankruptcy.

We provide individuals with a new beginning and a fresh start by wiping out all dischargeable debts including credit card bills, medical bills, judgments obtained by creditors, personal loans, business type debts, and commercial and residential leases.

Non-Dischargeable Debts

Some debts cannot be wiped out in bankruptcy. These non-dischargeable debts include:

  • Maintenance, Alimony and child support obligations;
  • Most taxes owed governmental authorities
  • Government guaranteed loans
  • Fines, penalties, and criminal restitution
  • Debts incurred as a result of intentional injury to a person or property
  • Most Student loans

The Process:

Once we determine that a chapter 7 bankruptcy is right for you, you will need to provide us with some documents, such as your last two years of tax returns, recent pay stubs, copies of all of your debt statements. We need these documents in order to prepare the Chapter 7 Petition and Schedules. Once we draft and file the court documents with the Bankruptcy Court all creditors cannot take any additional action against you to recover debt. This prohibition is called a Bankruptcy Stay. The “Stay” is in effect throughout the bankruptcy process.

Approximately one month after the filing of the Bankruptcy you will appear with one of our attorneys from Eric Pratt Law Firm at a meeting with the Chapter 7 Bankruptcy Trustee assigned to your case. This meeting lasts approximately 20 minutes. The Trustee examines your Petition and asks some questions about your income and expenses. Assuming that there is no further information requested, your case will be concluded. Approximately two months following the meeting, if there are no objections from your creditors you will receive a discharge.
Contact us today to talk to us about your specific situation and decide if filing for bankruptcy is right for you.

BANKRUPTCY COUNSELING CLASS (Click here to take the bankruptcy class)

The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Eric Pratt Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.