Helping Clients Find Debt Relief Through Bankruptcy
Thousands of people face overwhelming debt each year in the United States. Fortunately, the law provides an avenue for financial relief by allowing consumers and business owners to file for bankruptcy. Chapter 7 can wipe your slate clean and allow you to start over financially, whether you face medical debt, credit card debt or even personal loans from family or friends.
Filing for Chapter 7 bankruptcy is an important decision, and you should thoroughly discuss your options with an experienced bankruptcy lawyer. Attorney Shelly Kennedy can advise you of your options and help you through every step of the bankruptcy process. Call today for your free consultation. From our offices in Sandusky, she advises clients throughout the region.
Qualifying For Chapter 7
While Chapter 7 bankruptcy is the most common form of consumer bankruptcy, not everyone qualifies under the law. The Bankruptcy Abuse Prevention and Consumer Protection Act requires that filers pass a “means test” in order to be eligible for a Chapter 7 discharge. The test takes into consideration your income and expenses, and if your income is lower than the median for your state and household size, you qualify. If the formula determines you have funds to pay toward your debts, you may have to file for Chapter 13 bankruptcy, which will take longer to complete but can also be highly beneficial.
Many people make small mistakes that can prevent them from passing the means test, so it is important to have the guidance and assistance of an experienced attorney.
What Kinds Of Debt Can You Eliminate Through Chapter 7 Bankruptcy?
Perhaps the most notable benefit of Chapter 7 is that it can actually eliminate many types of debt. Some of the most common debts that are dischargeable in Chapter 7 include:
- Medical debt
- Credit card bills
- Consumer loans
- Utility bills
- Past-due rent
- Business loans
The most effective way to determine whether you can eliminate your debts through bankruptcy is to discuss your situation in depth with an experienced Chapter 7 bankruptcy lawyer as soon as you can.
Chapter 7 bankruptcy is known as “liquidation bankruptcy” because the bankruptcy trustee overseeing your case does have the right to seize and liquidate certain property in exchange for the discharge of debts. However, the right attorney will know how to help you apply exemptions to protect as much of your property as possible. In fact, many cases are “zero-asset” cases, meaning that filers lose no property at all. An attorney can evaluate your situation and advise you of any risks in your particular case.
Contact A Chapter 7 Bankruptcy Lawyer In Sandusky For Assistance
If you are having trouble keeping up with your bills and feel like there’s no way to get out of debt, you should speak to an attorney as soon as you can. At The Law Offices of Shelly L. Kennedy, Ltd., we’re dedicated to helping people just like you obtain a new start through Chapter 7 bankruptcy.