Chapter 7 Bankruptcy

Dupage County Bankruptcy Lawyer

For an individual with a low disposable income, Chapter 7 bankruptcy may be a viable option to eliminate debt. Chapter 7 bankruptcy is designed to result in the complete discharge of all eligible, unsecured debt. This is debt that is not related to real estate or other property, such as credit cards, medical bills, parking tickets, utility bills, personal loans and related debt. Properly filed, a Chapter 7 petition will result in the prohibition of debt collection or any related activities by creditors or collection agencies.

If you are facing creditor harassment and overwhelming debt, this may be the answer you have been looking for. Dupage County bankruptcy attorney Joseph Doyle can meet with you during a free initial consultation in order to determine whether you may qualify. Chapter 7 bankruptcy is particularly beneficial for individuals who have a great deal of unsecured debt, do not own a great deal of property (particularly real estate) and who do not make a great deal of income.

Qualifying for Chapter 7 in Illinois

To qualify for Chapter 7 bankruptcy a debtor must pass the means test, which is determined based upon a specific formula that varies from state to state. The debtor’s income in comparison to the Illinois state median (average) for a family of his or her size will affect his or her eligibility to file a Chapter 7 case, as well as his or her disposable income. By taking the debtor’s income and subtracting certain “allowable expenses” (as designated by the IRS) the debtor’s disposable income can be calculated. These factors together will determine whether a debtor will pass the Chapter 7 means test.

Why a Bankruptcy Attorney?

Bankruptcy is a legal process that is complex and must be handled properly in order for a debtor to experience the true benefits it has to offer. An incorrectly or fraudulently filed case may result in the dismissal of your petition or possibly criminal charges of bankruptcy fraud in some cases.

Learn more about Chapter 7 bankruptcy and how our firm can help by consulting Dupage County bankruptcy lawyer Joseph Doyle. Contact us today!