We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.

Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy is often referred to as a liquidation bankruptcy whereby the debtor receives a discharge of dischargeable debts thereby enabling the Debtor to obtain a fresh start. A Chapter 7 Bankruptcy is one where the Bankruptcy Trustee looks to sell or liquidate the Debtor’s non-exempt assets to pay back a portion of or all of Debtor’s debts. SG LAW analyzes several factors to determine whether an individual may be eligible for a Chapter 7 Bankruptcy filing, including the following:

  • Nature and amount of debts – Consumer or business debts
  • Means Test Calculation – A legal formulaic analysis of household income and expenses over 6 months prior to the date of filing the Bankruptcy Case to determine if the debtor qualifies for a Chapter 7 Bankruptcy case filing.
  • The nature of the assets owned by the Debtor and the fair market value of same.
  • Analysis of Illinois Exemptions – What Debtor may be able to keep and what debtor may have to surrender to the Bankruptcy Trustee within the Bankruptcy Case.
  • A detailed study of Debtor’s financial transactions that occurred within 4 years of the Bankruptcy Case to advise clients regarding potentially adverse matters involving a preferential or fraudulent transfer.

While a Chapter 7 Bankruptcy Case may provide tremendous debt relief if done right, it is a highly complicated legal transaction that can result in adverse consequences if done incorrectly. SG LAW is highly experienced in Chapter 7 Bankruptcy Cases and can assist you in determining your options.

Alternative Solutions to Avoid Bankruptcy

  • Not all debtor creditor issues need to result in a bankruptcy. SG LAW will strive to find alternative resolutions such as working out forbearance agreements, loan modifications or settlement agreements with your creditors prior to resorting to the filing of a bankruptcy as a means to obtain relief from debt.
  • To the extent a bankruptcy is the only viable solution, SG LAW will work closely with you to analyze various factual matters so that the bankruptcy gets filed at the appropriate time and manner.
  • Do not wait until the very last minute to seek legal advise regarding debt issues. There are many strategic steps the Debtor may take towards obtaining financial freedom. Contact SG LAW right away to discuss your legal options before it is too late.