It’s no secret that financial struggles are a common occurrence among individuals and families. Sometimes, situations may arise where you find yourself with an overwhelming amount of debt that you can’t seem to pay back, no matter how hard you try. This is where filing for Chapter 7 bankruptcy can be a life-changing solution. In this post, we will be discussing what Chapter 7 bankruptcy is, the benefits it has, how it affects your job and how VW Law LLC can assist Illinois residents.

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a type of bankruptcy proceeding where your assets are sold or liquidated in order to pay off your existing debts. This process is typically used by individuals, although businesses can also file for Chapter 7 as well. The good news is that not all your assets will be liquidated, as there are some exemptions that will protect certain assets such as your primary residence, car, tools of trade, and personal property, among others. 

Filing for Chapter 7 bankruptcy can greatly benefit you if you have an overwhelming amount of debt that you cannot pay back with your current income. By filing for bankruptcy, you will be able to discharge most of your unsecured debts like credit cards, medical bills, and personal loans. This will not only provide you with financial relief but will also allow you to focus on rebuilding your life and finances. 

One of the most common concerns people have when considering filing for bankruptcy is whether or not it will affect their job. The good news is that filing for Chapter 7 bankruptcy should not affect your current employment status. However, keep in mind that some businesses may conduct credit checks before hiring new employees, and a bankruptcy filing can appear on your credit report for up to 10 years. 

At VW Law LLC, we understand that filing for Chapter 7 bankruptcy can be a complex and overwhelming process. That is why we offer professional and personalized legal services to help residents in Illinois who are dealing with financial struggles. Our experienced attorneys can help you understand the entire bankruptcy process, answer any questions you may have, and ensure that your rights are protected throughout the process. 

Filing for Chapter 7 bankruptcy can be the best option for individuals who are facing overwhelming debt and cannot seem to pay it back with their current income. It offers individuals the opportunity to discharge most of their unsecured debt, providing a much-needed financial relief and allowing individuals to focus on rebuilding their finances. At VW Law LLC, we are committed to helping Illinois residents navigate the bankruptcy process with ease and professionalism. If you're considering filing for Chapter 7 bankruptcy, don't hesitate to contact our experienced attorneys.