Chapter 7 allows a person or corporation to eliminate most or all of your debts.
Debts eliminated in a Chapter 7 include:
- Credit Card Debt
- Payday Loans
- Legal Judgments
- Personal Loans
- Medical Bills
- Utility Bills
- Certain IRS Debt
- Wage Garnishments
Once you file a petition for bankruptcy the automatic stay will stop your creditors from taking any further action against you.
Creditors can no longer contact you, continue any law suit, enforce any wage garnishment, lien, or levy against you.
Chapter 7 offers you extraordinary relief, and must be filed properly to protect your assets.
Once you file, a trustee is assigned to your case and meets with you and your attorney. The Trustee examines your financial situation and determines which of your assets could be liquidated to pay your creditors.
Many of your assets can be exempted in a Chapter 7, and will not be subject to liquidation. When you meet with Mr. Olstein, he will help you strategically apply your exemptions to protect your assets from liquidation.
In order to qualify for Chapter 7 you must qualify by passing a means test. The means test looks at your income for the past six months and determines if you are above or below the states median income. If you are above the median, you may have enough disposable monthly income to pay your creditors and cannot qualify for a Chapter 7.
Contact Mr. Olstein today to determine if Chapter 7 is right for you. Mr. Olstein will review your options under the Bankruptcy Code and help you determine if Chapter 7 or Chapter 13 is right for you. Call us at 312-725-4132 or fill out our questionnaire and we will contact you at your convenience.