Bankruptcy Attorney
Bankruptcy Lawyer Attorney Profiles Common Questions Bankruptcy Evaluation Office Locations

No Money Down on Chapter 13 Cases
For Qualified Wage Earners!
Chapter 7 Bankruptcy from $850

Phone and Video Consultations
Available Today!

Information Center
Asset Protection
Bankruptcy Overview
Business Bankruptcy
Chapter 13
Chapter 11
Chapter 7
Creditor Harassment & Abuse
Debt Relief Options
Eliminating 2nd Mortgages
Fighting Foreclosure
Means Test
Rebuild Credit
Taxes & Bankruptcy
Bankruptcy Alternatives
Bankruptcy Exemptions
Bankruptcy Myths
Bankruptcy Process
Bankruptcy Time Line
Benefits of Bankruptcy
Chapter 7 vs. Chapter 13
Filing for Bankruptcy
Is Bankruptcy Right for Me?
Life After Bankruptcy
Why Hire a Bankruptcy Attorney
Will I Lose Anything?
Read our blog

Developer Files for Chapter 7 due to Belly Up Projects

As the housing economy across the country is struggling to regain its former grandeur, developers left and right have been filing for bankruptcy.

One such developer in Wichita was forced to file for Chapter 7 bankruptcy this week after several of his projects went belly up. In the papers filed at the Wichita bankruptcy court, he claimed liabilities of $500,000 to $1 million with assets of $500,000 to $1 million. Under this type of bankruptcy, the filer must show the court that he will liquidate his assets in order to pay off debts.

In most cases, Chapter 7 bankruptcy cases that are tied to business endeavors will force the business to shut its doors forever. The liquidation of assets will be handled by a court-appointed trustee that collects any profits and gives them to a list of creditors. Once the secured creditors have received their share of the profits, the rest of the debts, usually unsecured debts, will be dropped completely.

Going through Chapter 7 in Illinois? Get legal help now by contacting Bizar & Doyle, LLC to enlist the guidance and services of one of our Chicago bankruptcy lawyers.

Free Bankruptcy Evaluation
Eliminate Debt & Bills
123 W. Madison Street, Suite 205; Chicago, IL 60602
Attorney Web Design
The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100