Chapter 7 bankruptcy, also known as “straight bankruptcy,” gives you a completely fresh start by eliminating your debt without the need to repay it.
Chapter 7 is the fastest and most affordable way to file bankruptcy. The debtor receives a discharge in approximately 90 days from the date the bankruptcy petition is filed. In order to qualify for Chapter 7, a debtor must pass a “means test.” If a debtor’s income exceeds a certain amount, the debtor may not be eligible for Chapter 7 relief but may file under Chapter 13. The “means test” income amount allowed will vary according to your household size and expenses. Usually the larger the household size, the higher the amount of income allowed. Household size can include family members and other people that you support.
To see if you qualify for chapter 7 you must take a means test. Make an appointment with Attorney Itasca to get started.