Bankruptcy

Debt Relief and a Fresh Start Through Chapter 7 Bankruptcy

Are you overwhelmed with debts? Do you need a fresh start? Would you like to arrange for the complete liquidation of your debt, clean the slate, and start over?

You may want to consider Chapter 7 bankruptcy.

Come in and meet with me, Jay A. Slutzky, Attorney at Law. I've been representing Illinois clients in personal bankruptcy filings for over thirty years.

When we meet, I'll ask you a number of questions:

  • How deeply in debt are you?
  • What types of debts do you owe?
  • How much credit card debt do you owe?
  • What is the value of your house, and what is the balance owed on the mortgage. (That is, what amount of "equity" do you have in the house?)
  • What is your family status, how many family members live with you, and how many dependent children do you have?
  • How much income did you and your spouse earn last year?

I'll walk you through the steps, from preparing and filing the papers to appearing with you at the meeting with the bankruptcy trustee.

Once we've filed your petition and notified your creditors of the filing, the phone calls and letters from creditors, and any debt collection litigation, will halt.

Chapter 7 bankruptcy, also called liquidation bankruptcy or consumer bankruptcy, is appropriate for people who don't own a lot of property. Whatever assets you do own are subject to liquidation. (Exempt property, such as retirement funds, will remain your property.) If you have little equity in your home and/or car, or if you rent or lease them, you probably won't have to give them up. Even if you do have equity in your home or car, it may be possible to keep them by negotiating reaffirmation agreements.

Many people are under the impression that a bankruptcy filing will ruin their credit forever. The fact is that within a short time after bankruptcy, you may be able to:

  • Obtain a credit card
  • Qualify for a car loan
  • Qualify for a home mortgage

It may take a year or two to rebuild your credit using secured credit cards, but you'll be surprised how quickly you may be able to get back into the credit market.

Call me to discuss whether Chapter 7 bankruptcy is the right option for you.

Jay A. Slutzky, Attorney at Law
7749 North Milwaukee Avenue
Niles, IL 60714

Phone: 847-967-7979 • Fax: 847-967-7984

Attorney Jay A. Slutzky represents clients in Chicago, Niles, Skokie, Des Plaines, Morton Grove, Park Ridge, Lincolnwood, Glenview, Wilmette, Northbrook,Cook County, DuPage County and Lake County, Illinois.