The typical Chapter 7 case takes four to six months from the date of filing to its discharge. There are occasions in which it can take longer to close out a Chapter 7 case, this will depend on the full disclosure of the person filing the case and whether there are assets to liquidate.
How Much Does A Chapter 7 Bankruptcy Cost?
Costs of Chapter 7 bankruptcy is usually a flat fee. In the Northern District of Illinois the costs typically range from about $2,000 to $5,000 depending on the nature of the case. In 2023 the Court cost is $338.00. There are also courses you would need to take and the attorney fees as part of the quoted number above. On a rare occasion, a case may be done on an hourly fee. These cases would have an initial retainer amount, then would be billed throughout the case with court approval.
What Happens To Co-Signers In A Chapter 7 Bankruptcy?
Co-signers have no protection from the other’s bankruptcy. The will become liable on the debt by themselves. In other words, Creditors will be able to pursue the co-signer for the full balance.
How Will A Chapter 7 Bankruptcy Affect My Credit Score?
Credit reporting is a complex rubric of calculations and rules. As such, there is no simple answer to how filing a bankruptcy would effect a score. It varies from person to person. For some, the discharge relieves so much debt that the scores go up very quickly. For others, the score prior to filing was great, so the bankruptcy lowers the score. As time goes by, as long as the person who files stay current on existing bills and does not over extend their credit, the score will improve.
Can I File For Chapter 7 Bankruptcy More Than Once?
Chapter 7 bankruptcy can be filed more than once. In fact, there is no limitation on the number of times you file. However, there are limitations and rules. If your prior chapter 7 case ended with a discharge, then you must wait 8 years before filing again.
For more information on Filing A Chapter 7 Bankruptcy In Illinois, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (847) 440-5998 today.