Chapter 7 Bankruptcy

Facing debts you can’t manage? Looking for a fresh start financially? Is debt consolidation not working for you?

Debt can be scary, but we're here to relieve your budget problems.Chapter 7 may be the answer to your financial troubles

Filing a Chapter 7 bankruptcy with an experienced and qualified bankruptcy attorney can help you to finally, legally, tackle your debt problem. Our attorneys can help you get out from under credit card bills, medical bills, certain tax obligations, and many other debts. Chapter 7 can help with more immediate issues as well. You can use it to stop a foreclosure sale, stop garnishments, and most importantly, stop the harassing phone calls.

What is a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a “liquidation” bankruptcy. A better term for it is a “Fresh Start.” The goal of a Chapter 7 bankruptcy is to help debtors legally discharge the debts they cannot pay. The discharge means that there is no legal obligation to pay back those debts. This gives a financial fresh start to those hit by a job loss, divorce, or another emergency. Unlike a Chapter 13 bankruptcy, a Chapter 7 does not require a debtor to make payments to the creditors. Instead, a non-exempt property is taken to pay off the debts. However, in most cases, all the property of a debtor is exempt from being taken.

The goal of a Chapter 7 bankruptcy is to help debtors legally discharge the debts they cannot pay.

Who Qualifies For a Chapter 7 Bankruptcy?

Many people who think they do not qualify for a Chapter 7 bankruptcy are surprised to find out that they do. First, there is no minimum amount of debt that an individual needs to have to file bankruptcy. While there may be alternative ways to handle smaller debts, there is no specific amount that has to be owed. What does determine the qualifications for filing bankruptcy is the Means Test. This is a test of the debtor’s income level to determine if they qualify. The income is compared to the median income for the family size in the area. If a debtor meets this means test, then they are eligible to file a Chapter 7 bankruptcy.

st. charles Review all your options with qualified bankruptcy lawyers

Review all your options with qualified bankruptcy lawyers

When looking at filing a Chapter 7 bankruptcy, you should always seek the counsel of an experienced and qualified bankruptcy attorney. There are many consequences to filing a chapter 7 bankruptcy that must be carefully reviewed. Will you lose any property? Will some of your debts not be discharged? Is there a less expensive and better alternative to bankruptcy? Our attorneys will sit down with you and review all of these questions to make sure filing a bankruptcy is a right answer to your financial troubles.

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