Is a Chapter 7 Bankruptcy Right for Me?

If you have limited assets … if unsecured debt in the form of high credit card balances or medical bills is the major source of your financial troubles … if you have the ability to immediately make good on any past due amounts you owe on a home or car that you want to keep — then Chapter 7 bankruptcy may be the best solution for you.

At the Law Office of Ronald D. Cummings, we can help you make an informed choice about filing under Chapter 7. For a free consultation — call or contact our firm today.

Am I Eligible?

To be eligible for debt relief under Chapter 7, you must pass the “means test” required by the bankruptcy reforms of October 2005. Essentially, if your household’s income for the past six months is below the median for same-sized households in Illinois, you qualify. If it’s above that median but your “disposable income” over the next five years will be less than $6000 dollars, you qualify as well.

Chapter 7 Bankruptcy Timeline

If you are eligible and have decided that Chapter 7 is your best option, we will prepare the petition and file it electronically from our office. Once the petition has been filed with the court, bankruptcy’s automatic stay goes into effect. This stops creditor harassment and prevents wage garnishment, repossession and foreclosure actions from continuing until the bankruptcy case has been resolved.

Four to six weeks after the petition is filed, you will be required to meet with the court-appointed bankruptcy trustee. Also known as a “341” or creditors’ meeting — this is an informal meeting during which the trustee will review your case to determine if any assets should be liquidated. Although they are invited and are given the chance to voice objections, rarely do creditors show up for this meeting. You, your attorney and the bankruptcy trustee are usually the only people there.

About three to four months after the petition is filed, you can expect the discharge of qualifying debts and your bankruptcy case to conclude.

Free Bankruptcy Consultations ~ (815) 729-9212

Our firm provides debt relief and bankruptcy-related legal services throughout Will County and the surrounding areas of northeast Illinois. To speak with an experienced lawyer about filing for debt relief under Chapter 7 of the U.S. Bankruptcy Code— call us for a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.