If you are facing significant debt, you may be considering bankruptcy. Although bankruptcy is a viable option for many people, the decision to file for chapter 7 bankruptcy is not one that should be taken lightly. It is important to consider your situation in light of bankruptcy options and understand how filing for bankruptcy will impact your life going forward.
At Charles T. Newland, our bankruptcy lawyers have answers to all of your bankruptcy questions. We will listen to your concerns, assess your situation, and educate you on bankruptcy and other legal options for getting out of debt. If you choose to file for bankruptcy, we will guide you through the entire process by helping you complete the paperwork, communicate with your creditors, and represent you at all court proceedings.
If you are looking for a bankruptcy lawyer in Cook County, Lake County or Northwest Suburban area, contact Charles T. Newland & Associates at 847.797.9300 to schedule a free consultation and get answers to all of your bankruptcy questions.
What Is Chapter 7 Bankruptcy?
A chapter 7 bankruptcy will result in the elimination of most (if not all) of your unsecured debt, including credit card debt, vehicle debt, and medical bills. Additionally, because there are certain exemptions under state law, you will likely not lose your personal possessions and you may even be able to keep your home.
There are limitations on the number of assets and income that an individual can have in order to file a 7 bankruptcy, however. If you do not meet these asset and income requirement, a chapter 13 bankruptcy may be a more appropriate option.
Who May File Chapter 7 Bankruptcy?
In order to be eligible to file for chapter 7 bankruptcy, you must pass the “means test.” In other words, your income and assets must fall below a certain amount. Additionally, you cannot file chapter 7 bankruptcy if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to your failure to appear in the court or comply with court orders.
The bankruptcy lawyers at Charles T. Newland & Associates can help you determine whether you qualify to file chapter 7 bankruptcy and, if so, will guide you through the process so that you can emerge with a fresh financial start.
How Much Does Bankruptcy Cost?
If you are considering filing for bankruptcy, you may be wondering how much it will cost. While that question varies based on the fee arrangement a client has with his or her attorney, many bankruptcy law firms offer a flat fee rate for chapter 7 bankruptcy. There are also court costs associated with filing for chapter 7 bankruptcy. During your initial consultation, our bankruptcy lawyers will take the time to answer all of your bankruptcy questions, including any questions that you have about how much it costs to file bankruptcy.
Contact Us for a Free Consultation
If you would like additional information about filing for bankruptcy, contact us 847.797.9300 to schedule a free consultation with a bankruptcy attorney.