Chapter 7 Bankruptcy - Illinois

Also known as "Fresh Start" or "Straight" bankruptcy, Chapter 7 bankruptcy allows a person to eliminate most or all of his or her debt while being allowed to keep certain property he or she may have.

In many cases, a person may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.

Chapter 7 eliminates:

• Credit Card debts
• Medical debts
• Personal loan debts
• Lawsuit debts
• Judgements - Unless fraud or criminal related
• Deficiency debts on repossessed autos and foreclosures
• Certain other exceptions may apply
• Personal Injury Debts - except driving while intoxicated and criminal injury.
• Certain other exceptions may apply.

Chapter 7 is the most commonly filed form of bankruptcy and can allow for a new start. More and more people find themselves struggling with debt they cannot control. Chapter 7 bankruptcy allows for their debt to be discharged and lets them gain control of their financial situation with a fresh start.

Chapter 7 does not eliminate student loans except undue hardship cases, debts from certain types of taxes, alimony maintenance or support payments, fines, penalties and criminal restitutions, debts incurred through fraudulent conduct, debts incurred through intentional injury to person or property or debts from personal injuries caused by driving while intoxicated.

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