Bankruptcy Information
Chapter 7 Bankruptcy - Individuals and married people (debtors) may file for Chapter 7 bankruptcy if they are unable to pay debt that they owe. Under Chapter 7 bankruptcy, all unsecured debt (debt for which collateral was not required such as credit cards) may be discharged and the debtor will not longer be required to pay this debt.
If the debtor has no non-exempt assets to liquidate to pay the debt, the debtor may keep his or her property. All non-exempt assets must be turned over to the Bankruptcy Trustee who will sell the non-exempt property and use the proceeds to pay off creditors. Most Chapter 7 bankruptcies are accomplished without the requiring the debtor to turn over property.
Debtors are allowed to keep exempt property, such as a a certain amount of equity in their home and car, household goods, personal items, and other assets. If a mortgage is on the home, and the debtor wishes to keep the home, the debtor may reaffirm the debt with the lender and keep the home. The same applies to car loans if the debtor wishes to keep the car. If the debt on the home and the car are reaffirmed, these debts are not included in the bankruptcy. All other unsecured debt may still be discharged.
Child support, alimony, some taxes and student loans, and judgments arising from drunk driving and intentional torts are not dischargeable under Chapter 7 Bankruptcy.
The 2005 revisions to the Bankruptcy Code added new requirements and complexities to the bankruptcy laws. To file for Chapter 7 Bankruptcy - the debtor must qualify under a "Means Test." The Means Test determines whether the debtor is eligible to file Chapter 7 Bankruptcy by determining the total income and assets of the debtor.
The debtor must also complete consumer credit counseling and receive a verification of completion before the Chapter 7 bankruptcy may be filed.
Knowledgeable legal help is absolutely necessary to navigate the bankruptcy process successfully. Our knowledge and experience will allow you to complete the process affordably and with confidence.
Helpful link: United States Bankruptcy County, Central District of Illinois, http://www.ilcb.uscourts.gov/
Call us today for an appointment. The initial consultation is free. We are here to help.
(217) 544-2500
Rhonda K. Jenkins
Attorney at Law
Jenkins Law Office
Springfield, Illinois
217.544.2500
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Springfield, IL 62704
This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
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