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Stop Collections and Unfreeze Bank Accounts

Rockford, Illinois

Chapter 7 and Chapter 13 Bankruptcy will stop collections and unfreeze bank accounts.

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 Debts

Certain 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

The Chapter 7 Process:

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.

Approximately 30 days after the filing of the Bankruptcy you will appear with an attorney from Eric Pratt Law Firm at a meeting with the Chapter 7 Bankruptcy Trustee assigned to your case. This meeting lasts approximately 15 minutes. The Trustee reviews your petition and asks a few questions concerning your expenses and income. Assuming the Trustee requests no further information, your case will be closed. 60 days after the meeting, if there are no objections from your creditors you will receive a discharge of all your dischargeable debts.

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.