What is Chapter 7?
Aurora Illinois Bankruptcy Lawyers & Attorneys
David Siegel: Hello. My name is David Siegel. Thanks for joining us. Today we're going to be talking about Chapter 7 Success Debt Relief: How to Get Out of Debt, Helpful Tips to Stay Out of Debt. I want to welcome in my co-host, Jesse Barrientes. Jesse, welcome to the show.
Jesse Barrientes: Thank you, Dave.
David Siegel: Now Jesse, you've handled bankruptcies, Chapter 7 and Chapter 13 in Aurora. What are you finding now? Is there an uptake in Chapter 7 bankruptcies under the current economic conditions?
Jesse Barrientes: Absolutely. People are looking for all different kinds of ways to get out of debt. A lot of people really don't want to do that, but what you find is that people have their back against the wall, and they have no place else to turn really, and it's very stressful emotionally, psychologically, even physiologically.
David Siegel: It makes sense. We have 10 percent unemployment. We have housing which has not recovered. We have stocks that are not really recovered to the extent that they lost, so people are really hurting. The manufacturing jobs are leaving this country. I just see things getting worse in the upcoming years for bankruptcy, and for people. Do you agree?
Jesse Barrientes: I agree. There has to be some mechanism to give people relief that they need so that they can move on and kind of start over.
David Siegel: The mechanism has been there all along, and that's Chapter 7 bankruptcy under the federal bankruptcy laws which provide a fresh start in certain situations when someone is not making a lot of money, and when they do not have a lot of assets, or at least assets with equity.
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See Also:
Chapter 7
Misconceptions about Chapter 7
Life after Chapter 7 bankruptcy
Privacy is protected in bankruptcy
Household income qualifications
Converting Chapter 13 to Chapter 7
Converting Chapter 7 to Chapter 13
Chapter 13
Using Chapter 13 to save a home
Choosing Chapter 13 versus Chapter 7
Debt consolidation & late fees
Administrative fees & the bankruptcy trustee
Chapter 13 payment plan dismissal
