Chapter 7 Bankruptcy Filing Requirements

Do You Qualify For Chapter 7?

Chapter 7 bankruptcy is often referred to as a debt liquidation program. It is expressly designed to help people who have no realistic hope of repairing their financial situation. People who qualify for Chapter 7 and complete the process can expect to have their unsecured debts (including credit card debts, medical bills and personal loans) completely discharged 90 to 120 days after filing. The majority of people filing Chapter 7 can keep most or all of their property.

Chapter 7 Bankruptcy Attorney In Chicago, Illinois

North & Sedgwick Law provides effective representation in Chapter 7 bankruptcy cases. Attorney Paul Camarena works hard to help his clients obtain maximum debt relief while enabling them to keep their property. Efficient and detail-oriented, Mr. Camarena will work to achieve the final discharge of your debts as quickly as possible.

Qualifying For Chapter 7 Bankruptcy

In order to qualify for a Chapter 7:

  • You must not have filed a Chapter 7 within the last eight years.
  • You must not have had a Chapter 7 petition dismissed within the last 180 days.
  • Your annual income cannot exceed the limits for Chapter 7. For cases filed in Illinois after May 1, 2013, the limits for households of various sizes are:
    • One person — $47,485
    • Two persons — $59,861
    • Three persons — $68,721
    • Four persons — $80,776
  • You must present a complete and truthful accounting of your debts and assets to the bankruptcy trustee.
  • You must complete a credit counseling course prior to the final discharge.
  • You must attend a brief hearing before the bankruptcy trustee and answer a few questions under oath.

If you don't meet the means test for Chapter 7, Mr. Camarena can ask the court to grant an exception. Alternatively, you may qualify for a Chapter 13 or Chapter 11 bankruptcy for individuals. Paul Camarena can review your situation and discuss your debt relief options.

Free Consultation With A Lawyer

To learn more about Chapter 7 bankruptcy filing requirements and how the firm can help you, contact North & Sedgwick Law.

El abogado habla español.

†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.