Chapter 7 Bankruptcy
Law Office of Vincent C. Machroli, P.C.
High Point Plaza, 4415 West Harrison Street, Suite 213, Hillside, IL 60162
High Point Plaza, 4415 West Harrison Street, Suite 213
Hillside, IL 60162



Hillside, IL Chapter 7 Bankruptcy Attorney

oak park chapter 7 bankruptcy lawyer

Compassionate Chapter 7 Bankruptcy Lawyer in DuPage County

Are you drowning in debt? Are you tired of all the harassing phone calls from debt collectors and feel like there is no way out? Having mounting debt with seemingly no way to pay it is one of the most stressful situations for individuals and their families. Chapter 7 bankruptcy allows you to wipe out many of your debts and start fresh. Filing for bankruptcy is a major step, however, and should not be undertaken without discussing it first with experienced legal counsel.

For over 30 years, the Law Office of Vincent C. Machroli, P.C. has helped families develop creative solutions for financial problems such as mounting debt. We have helped countless clients with Chapter 7 bankruptcy in DuPage County, Cook County, and all other counties throughout the Chicagoland area. We understand that many good people experience financial difficulties, especially in our current economy.

We do not judge anyone. We take an honest and objective look at your financial picture as it stands today and develop the most practical and effective path toward financial freedom. Our office is compassionate, responsive and detail-oriented. As a small firm, we have a strong emphasis on providing highly personalized customer service.

What is Chapter 7 Bankruptcy?

Chapter 7 is the portion of the U.S. Bankruptcy Code that deals with consumers and small business owners who want to liquidate their unsecured debts. By filing Chapter 7 bankruptcy, you put an immediate stop to all collection activity. In fact, once they have been notified of your filing, creditors are no longer allowed to contact you.

Chapter 7 can eliminate most forms of unsecured debt, including:

  • Credit Card Debt
  • Certain Types of Personal Loans
  • Payday Loans
  • Medical Bills
  • Judgments and Lawsuits
  • Wage Garnishments
  • Utility Bills
  • Certain Types of IRS Debt

There are some unsecured loans that are not dischargeable in bankruptcy. Government-backed student loans are the most common example.

Is Chapter 7 Bankruptcy Right for Me?

Chapter 7 is the most common form of bankruptcy, and it has helped millions of consumers break free from overwhelming debt. That said, it is not for everyone. To qualify, you must earn under a certain amount (based on the Illinois median income). The best candidates are those who have a high amount of unsecured debt, very few assets, little (or no) income, and those who struggle each month to meet their monthly obligations. If you have a decent income and a more moderate amount of unsecured debt, an alternative solution may be more appropriate.

Will I Lose My Stuff if I File for Bankruptcy?

When you file for Chapter 7, you are allowed to exempt certain personal assets. This typically includes your home, car (two cars if filing jointly with your spouse), retirement account, personal property, tools of your trade, insurance policies, and miscellaneous assets. The exemption allowances are fairly generous, and most families who qualify to file bankruptcy in the first place have no problem keeping all of their personal belongings.

Contact Our Experienced Illinois Bankruptcy Lawyer

Chapter 7 bankruptcy can be a very useful tool for individuals and families who need a fresh financial start. At the Law Office of Vincent C. Machroli, P.C., we thoroughly examine our clients' financial circumstances to determine if filing Chapter 7 is the best option, or if an alternative debt collection defense strategy would be more appropriate. For a free initial consultation with our office contact us today at 708-449-7404.

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