A Bankruptcy and Debt Relief Lawyer and Attorney Andy Miofsky

2249 Pontoon Road, Granite City Illinois 62040

An Illinois Bankruptcy Lawyer and Attorney 618-931-1313 Offering Chapter 7 and Chapter 13 Bankruptcy Attorney information in Madison, St Clair & Southern Illinois counties

Chapter 7 Bankruptcy
This is the most common form of bankruptcy and it is used to quickly and simply discharge eligible debts.  Debtors get to keep a certain amount of assets that fall within their exemption levels, while the non-exempt portion of assets are liquidated or sold and the money is used to pay creditors. 

Certain debts that are secured with some form of collateral may be reaffirmed with the consent of the creditor, or the property may be surrendered to the creditor.  Reaffirmed debts must be approved by the Court and then survive the bankruptcy and are not discharged.  Surrendered assets are sold by the creditor to reduce the total debt, with the remaining portion of the debt is discharged. 

Now, this page is way too short to explain everything about chapter 7, so the best way to learn about chapter 7  is to contact an experienced bankruptcy lawyer for specific information about your situation. 
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