Tax Help: What Happens When You File Chapter 7 Bankruptcy?

If you’re in a lot of debt but don’t have adequate income to pay it off, then filing for Chapter 7 bankruptcy may be the best option for you. Chapter 7 bankruptcy involves liquidating your assets in order to pay back your creditors. Remaining debts may be discharged, leaving you almost completely debt-free.

This video provides a detailed explanation of what to expect from Chapter 7 bankruptcy, including who is eligible, how Chapter 7 bankruptcy works, what property is exempt, and how your property is liquidated.

To learn more about Chapter 7 bankruptcy and whether or not it’s right for you, contact Cutler & Associates, Ltd. We specialize in working with Chicago-area clients to eliminate their debt through Chapter 7 or Chapter 13 bankruptcy.