Chicago Bankruptcy Lawyers & Attorneys

The purpose of Chapter 7 bankruptcy is to provide debtors with a new, fresh start. That means discharging most, if not all, of the unsecured debt, including credit cards, medical bills, personal loans, and others. In addition, Chapter 7 allows debtors to keep some of the property that is secured by debt, including cars, motorcycles, and homes, provided the debtor continues to make timely payments. However, there is something else that Chapter 7 bankruptcy provides, and that is a peace of mind. It affords the debtor another chance to plan and implement a successful financial future without having the stress of unpaid bills, collectors’ phone calls, and threatening letters. In order for the bankruptcy to provide debtors with such peace of mind, it is necessary for all of the creditors to get notice of the bankruptcy proceeding. Even though your attorney can pull up your credit report to find almost all of your creditors, it is important for you to find creditors that might not show up on your credit report. These might be medical bills, personal loans, or other loans that wouldn’t ordinarily show up on credit report. This way the creditor is notified regarding the bankruptcy proceeding and of the debt being discharged. This ensures that the creditor will leave you in peace after bankruptcy and will not attempt to collect.