Illinois Chapter 7 Bankruptcy Lawyer
The new federal bankruptcy laws of 2005 changed the rules regarding who is eligible to file for Chapter 7 bankruptcy. Under pressure from credit card companies and consumer lending institutions, individuals and families must now apply their income and debt to calculation known as the bankruptcy means test. The test is used to determine whether your income is too high, in relation to your debt, to allow you to eliminate your debt through Chapter 7.
The financial data entered into the calculation is often subjective and requires knowledge of what the local bankruptcy judge will allow you to consider debt and income. Simply entering earnings that are not available because they are tied to investment accounts, for instance, might not be required to be entered as income. Your attorney might be able to argue, too, that a personal loan taken out from a private party should be considered a bona fide debt that should be counted toward your eligibility.
Other criteria for Chapter 7 eligibility include whether you have filed in the past. If you have filed Chapter 7 in the past, you must generally wait eight years since the debt discharge before you are eligible for filing again. If you previously filed Chapter 13, you must have completed your supervised restructure plan before you are eligible to file for Chapter 7.
The general waiting period to be eligible for Chapter 7 is eight years from your previous Chapter 7 debt discharge. To be eligible for Chapter 13, you must generally wait four years from your previous Chapter 7 debt discharge. Special circumstances can apply.
Not all debt can be eliminated under Chapter 7 bankruptcy. Do not make assumptions about whether you are eligible to qualify. Talk to the Law Offices of Chad M. Hayward, P.C., to discuss the particular circumstances of your debt problem. Attorney Chad Hayward has helped thousands of individuals and families seek a fresh start by eliminating their debt through Chapter 7. Mr. Hayward offers a free consultation to discuss your debt situation and apply your financial circumstances to the bankruptcy means test. He will explain your options and show you how bankruptcy can be the fresh start you and your family need and deserve.
Free Consultation · Se Habla Español · Credit Cards · Payment Plans May Be Available
If you are ready for a fresh start, we are ready to help. Illinois bankruptcy attorney Chad Hayward represents clients in the Chicago metro region and communities throughout Illinois.
Visit these pages for additional information:
- How much will bankruptcy cost?
- How long will the bankruptcy process take?
- What types of debt can be discharged?
Reach us to schedule an appointment at any one of our local community offices by calling 312-546-4689 or toll free 888-804-8641.
Chicago
Aurora
Joliet
Schaumburg
Palos Heights
Northbrook
Oakbrook
St. Charles
You can also contact us by e-mail with a brief description of your legal problem. We look forward to helping your family get the fresh start from debt you need and deserve.
