Understanding Chapter 7 Bankruptcy in Illinois: A Fresh Start for Your Finances Navigating overwhelming debt can feel like being caught in a financial storm, especially here in Illinois. Chapter 7 bankruptcy, often called "liquidation bankruptcy," offers a powerful legal tool for individuals and married couples to discharge most unsecured debts and achieve a fresh financial start. This article will demystify Chapter 7 in Illinois, providing practical advice, outlining the process, and highlighting crucial considerations to help you make informed decisions. What is Chapter 7 Bankruptcy and Who is Eligible? Chapter 7 bankruptcy is designed to wipe out most unsecured debts, such as credit card balances, medical bills, and personal loans. In return, a bankruptcy trustee may liquidate certain non-exempt assets to pay creditors, though most Chapter 7 cases for individuals are "no-asset" cases, meaning debtors keep all their property. Eligibility for Chapter 7 is pr...