Chapter 7 Bankruptcy Lawyer Moline, IL
At Pioletti Pioletti & Nichols, our Chapter 7 bankruptcy lawyer Moline, IL residents rely on understands that the first step to filing for bankruptcy can often be one of the hardest. If you are interested in filing for bankruptcy and think that Chapter 7 bankruptcy could be right for you, it is important to understand what will qualify you for this type of bankruptcy and whether it is truly your best option. When you work with an attorney, you know you are getting the legal help you need to go through the process correctly and get your forms in on time. To see what else we can do for you during the Chapter 7 bankruptcy process, schedule an appointment with our office today.
Is it harder to qualify for Chapter 7 bankruptcy than it is to qualify for Chapter 13 bankruptcy?
It can be harder. When you wish to pursue Chapter 7 bankruptcy, it is possible to liquidate some of your assets and wipe a great deal of your debt clean. While this is a big trade-off, it can mean starting fresh and getting the clean financial slate you need. However, just because you wish to pursue this type of bankruptcy does not mean you will automatically get it. Instead, you must meet certain qualifications. Our Moline, Illinois Chapter 7 bankruptcy lawyer knows that there are rules regarding your income, for example. The steps for qualifying are typically as follows:
- You believe you do not make enough money to qualify for Chapter 13 bankruptcy.
- Your income will be looked at in comparison to the median income of other families that are the same size as yours in the state of Illinois.
- If your income is the same or higher, you likely would not qualify for Chapter 7 bankruptcy. If it is lower, you would likely qualify.
How much of my debt will be erased?
Most unsecured debt will be erased, including things like medical bills and credit card bills. If you owe things like child support or alimony, you can still expect to pay those in the future and you will still owe these debts in arrears.
Call Us to Learn More About Chapter 7 Bankruptcy!
If you are interested in filing for Chapter 7 bankruptcy and want to see if it is the right option for you, call us now. Our Chapter 7 bankruptcy lawyer in Moline, Illinois is here to speak with you today.