Schaumburg Chapter 7 Bankruptcy Laws
For individuals looking to file a Schaumburg Chapter 7 bankruptcy there are a few things you need to know. A Schaumburg Chapter 7 is a good option to clear your debt and get a second chance at financial strength. It doesn’t matter whether you had to file due to losing your job, health and medical issues or simply because you obtained too much personal debt, many people in Schaumburg file Bankruptcy to help them get a fresh start. And this is where Chapter 7 filings can help clear your debt and get back on track.
What is Chapter 7 Bankruptcy?
A Schaumburg Chapter 7 filing is the same for as it is in any many states. The United States Government allows people to file a case with the Federal Court to discharge debt they have accrued over a period of time. In exchange, the United States Federal Court has the legal right to seize any property you own in full and liquidate these assets in order to pay for your debt to the creditors who are owed this money.
The debtors have rights to protect individual property which is off limits to creditors, but these mandates are bound by individual state bankruptcy codes. This is why when filing in Schaumburg; bankruptcy professional lawyers are often needed to help you to understand the laws applicable to your state.
Who can file for a Schaumburg Chapter 7?
Chapter 7 Bankruptcy is not an option everybody can select. In 2010, the Federal Government enacted changes which provide specific requirements individuals in order to qualify for Chapter 7 protection. All those who do not qualify under these standards will be required to file Chapter 13, which is a debt payment program as opposed to total debt liquidation.
Anybody in Schaumburg who wants to file Chapter 7 bankruptcy is required to pass a means test which will examine your finances and payment options available on an individual or household basis. After this test is completed, your Schaumburg bankruptcy lawyer will be able to tell you whether you qualify for Chapter 7 or Chapter 13 filing. Individuals who don’t own a lot of assets are better off filing for Chapter 7 protection due to the ability to wipe your debt clean and rebuild immediately. Individuals who have very large unsecure debts also are more qualified to file for Chapter 7 protection.
A Schaumburg Chapter 7 bankruptcy is designed to remove responsibility for paying unsecured debt like major medical expenses and credit cards. Under Federal Law, creditors have the right to request that assets can be sold in order to pay them back a portion or your entire amount owed.
Filing for Chapter 7 Bankruptcy is a rather complicated process and hiring a local attorney who specializes in filing Schaumburg bankruptcy cases is a smart choice to ensure this process is handled smoothly, quickly and affordable.
Make sure you know your legal rights when filing for a Schaumburg Chapter 7 bankruptcy. Contacting the team at ledfordwu.com is a smart decision for people in Schaumburg looking to file bankruptcy.