If you are under a significant amount of debt that you are unlikely to be able to pay back, Chapter 7 bankruptcy gives you the opportunity to overcome the obstacles posed by debt from credit cards, medical expenses, and more. At The Golding Law Offices, P.C., our team of Chicago bankruptcy lawyers are prepared to help you take back control over your life and your finances. We have over 50 years of combined experience in helping families like yours regain their footing. Our team understands how challenging these situations can be, and we work tenaciously to ensure that we are helping to put you in a position to support yourself and your family. Contacting a chapter 7 bankruptcy lawyer is the first step in the bankruptcy process.
Chapter 7 bankruptcy is generally ideal for those individuals who are facing significant amounts of debt with minimal income with which to pay it off. By utilizing this chapter of bankruptcy, you are able to put an end to most, if not all, of your unsecured debt. In exchange, any assets you have that are not exempted by the law will be sold, with the proceeds distributed among your creditors.
This course of action will help you by putting an end to:
To determine if you are eligible for this option, you must first pass the "means test," which calculates your average income for the past six months and compares it to the median income for families of the same size in your state. If you are at or below this median, you may proceed with filing for Chapter 7 bankruptcy. If you are not, there is a more complex set of calculations which may still allow you to claim eligibility. Our team can help you to determine whether or not this may be right for you.
At The Golding Law Offices, P.C., our Chicago bankruptcy attorneys understand how frustrating it can be to live in this situation, but it does not have to be forever. Call us today to speak with a chapter 7 bankruptcy lawyer in Chicago, IL.