Chapter 7 Bankruptcy
JC Elgin Co., LPA
Chapter 7 Bankruptcy is the process of liquidation. For many individuals, this option allows the discharge of debts without giving up any assets. Many factors can affect your eligibility and the advisability of filing under Chapter 7, and an experienced bankruptcy attorney can help you navigate the process.
Chapter 7 has a means test that evaluates a debtors income. If your income is too high, a presumption of abuse may arise and you may have to file under another chapter. Additionally, some of your assets may not be exempt, in which case another chapter or bankruptcy alternative may be the best option in your case.
Contact us today to schedule a free in office or virtual consultation to discuss your situation and develop a plan.