Understanding Recent Chapter 7 Laws

If you are considering filing for Chapter 7 bankruptcy then you need to familiarize yourself with the most recent laws concerning this type of bankruptcy. The most recent changes were made in 2005 and apply to several different facets of your bankruptcy petition.

Anyone who is interested in filing for Chapter 7 bankruptcy must take free online bankruptcy counseling, after which an exam will be given. If you pass the exam then you will receive a certificate of verification which will be one of the most important documents that you will need to petition successfully.

While beforehand individuals in any income bracket could file for Chapter 7 bankruptcy, the laws hanged so that each state now has a particular median income threshold that it recognizes. If your income is above that threshold then you are simply not eligible.

Finally, your total income limit is decided upon the total number of qualified individuals who live in your home. This means that the more people you reside with you will increase the total income limit you can claim.

Have questions about Chapter 7?  Take the time to contact our legal team to set up a consultation with a Chicago bankruptcy attorney.