When debts rise and you are constantly getting calls and letters from your creditors, you may not know how to get help. The creditors you are dealing with often threaten you in different ways. They may try to garnish your wages or even take you to court. This can cause a stressful situation to be even worse. To help with your financial situation, you may want to consider meeting with a Chapter 7 Attorney in Cicero IL. With the help of an attorney, you can overcome your debts.
Chapter 7 bankruptcy is the easiest and fastest way to overcome your debt. It is available to individuals and married couples. Some businesses and corporations may also be able to file. In this type of bankruptcy, any of your non-essential property must be liquidated so your debts can be paid off. In the vast majority of those filing as a consumer, there is no non-essential property.
To file for chapter 7, you will need to go through the Means Test. This test was established in 2005. It basically takes the last six months of your income and compares it to the national median income. If your income does not exceed this amount, you are considered worthy of filing.
The Chapter 7 Attorney in Cicero IL will work with a trustee that is placed over your case. The trustee is responsible for making sure any eligible property is liquidated. The trustee has the power to absolve you of your debts. The entire bankruptcy can normally be settled in six months or less.
If you are dealing with tons of debt, you may want to consider meeting with an attorney and learning about your rights. This will allow your attorney to help you know whether or not this type of bankruptcy is right for your needs.
To learn further information on chapter 7, visit us. They will be glad to work with you and assist you in going through the process so you can make the best decisions for your financial needs. Call them today and schedule an appointment so you can get started on overcoming your debt,
