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| Chapter 7 Bankruptcy Success - Is Chapter 7 Bankruptcy Available | |||
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Chapter 7 Success Lawyers Chicago - Is Chapter 7 Bankruptcy Available Is Chapter 7 Bankruptcy AvailableThere’s been a big concern that a Chapter 7 bankruptcy is not available. Is that true? Or can a person still file for a Chapter 7? A person can still file for Chapter 7. There have been a few changes in the law, but Chapter 7 is still very much alive. I suppose one of the differences is your average income. For one person now, that earner has to make less than approximately $41,000.00 a year to be able to be eligible to file for Chapter 7. If there are two people, a husband and wife, and figure goes up to $51,000.00 and if there are more, three or more, then that figure goes up to about $62,000.00 a year to be able to fit into the category of eligibility to do a Chapter 7. So, if you’re a wage earner and you’re making above the state median income, you may not be eligible to get a complete fresh start. But there is another option for you. There is always a Chapter 13 bankruptcy which is a partial or full repayment plan. And the basic bottom line is that it’s debt relief. It’s available to each and every one of us who have a regular source of income. When you’re in that situation, you need to take advantage of all of your options.
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| This website contains legal information, and not legal advice. It's content refers only to the law of the United States. | ||
| Law Offices of David M. Siegel Chicago, IL |
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| We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. | ||
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