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Chapter 7 BANKRUPTCY ATTORNEY
Chapter 7 Bankruptcy is a complete liquidation of your debts. A fresh start. Not everyone qualifies for a Chapter 7 Bankruptcy. You must meet certain income restrictions and have not filed a previous Chapter 7 Bankruptcy within the last 8 years. All debtors filing a Chapter 7 Bankruptcy must complete a credit counseling class prior to filing their case.
Most Common Chapter 7 Bankruptcy Questions:
1. Can everyone file a chapter 7 Bankruptcy. No only individual debtors that meet certain income restrictions and family size and pass a means test of their income and debts.
2. Can I keep my house. Yes, if you reaffirmed your debt with your lender and do not have more than the required Illinois exemption in equity of $15,000.00 for each individual or $30,000.00 for a married couple.
3. Can I keep my car? Yes, if the equity in your car does not exceed $2,400 for an individual debtor or $4,800.00 for a married couple.
4. Can I keep my pension. Yes, as long as it qualifies as a valid retirement account under the bankruptcy rules.
5. Can I stop wage garnishment. Yes. Once a debtor receives a garnishment it would be wise to consult with a experienced Chapter 7 bankruptcy attorney as soon as possible to stop the garnishment of your paycheck. Call today to speak to a Chapter 7 Bankruptcy Lawyer.
6. Can I avoid judgements. Yes as long as the judgement is recent and would normally be dischargeable. Call a Wheaton Chapter 7 Bankruptcy Lawyer today.
7. Can I eliminate credit card bills? In most cases yes as long as the credit card is unsecured.
8. Can I eliminate medical bills. Yes .
9. Can I eliminate tax debt. Some tax debt can be eliminated. It is best to have a comprehensive interview with an experienced Dupage County Bankruptcy Attorney to determine which debt qualifies.
10. Can I stop creditor harassment? Absolutely, a chapter 7 filing makes it mandatory for your creditor to stop calling. Consult a Chicago Bankruptcy Lawyer.
11. Can I eliminate student loans? It depends, certain debtors may qualify to file to eliminate some or all of student loan debt. Most people will not qualify to eliminate student loan debt. Only after a careful review of your case will we bill able to determine if you have a chance to qualify. It will ultimately be up to the Judge. For a free consultation contact an experienced Lombard Bankruptcy Attorney.
Free Bankruptcy Consultation
We do not charge to meet with you and discuss your case for the initial meeting. It is free. Contact a Dupage County Bankruptcy Attorney today.
What is the Cost of My Bankruptcy ?
Every chapter 7 bankruptcy is different. It depends upon how many debts you have, how many debts our in collection, are you reaffirming any of your debts? Every case is different. Call an Illinois Bankruptcy Lawyer, for a free consultation from an experienced Illinois Bankruptcy Attorney.
What Documents will I need to file ?
Generally, the trustee will require at least 1, sometimes two years of tax records. It is best to bring the last three tax returns. You should have the last 6 months of your paystubs. The last 90 days of all bank accounts. A copy or list of your creditors.
Will I be able to get credit after my bankruptcy?
Yes. Because you are now a good credit risk to most creditors. You might have to wait 2 years to get a regular home loan from a large lender. There will be lenders willing to provide a home loan after filing, but you will probably pay a higher interest rate until to reestablish your credit. Get a free Chapter 7 Bankruptcy Analysis from a Naperville Bankruptcy Attorney.