Bankruptcy Qualifications in Illinois
Smith Ortiz, P.C. Can Help You File Correctly
Bankruptcy can provide a fresh start and relief from staggering debt. Before you
begin the filing process, however, it is important to determine if you
qualify and select the best option for your particular circumstances.
Chapter 7 and Chapter 13 both offer immense advantages, but the qualifying
process is different for each. Our firm is here to guide you toward the
most successful outcome!
As Chicago bankruptcy attorneys, we are familiar with the many aspects
of filing and have helped countless individuals do so successfully. Whatever
your financial circumstances, the best way to move forward is to
fill out a free evaluation form so we can review your case!
Applying the Means Test to Your Finances
An individual, partnership, or corporation may qualify for relief under
Chapter 7. Federal law requires debtors to pass the means test before filing, as
this prevents people from taking advantage of bankruptcy. The means test
asks debtors two questions:
Is your income more than the median? If it is less than the median, you automatically qualify for Chapter 7.
If not, you must answer the second question.
Do you have enough disposable income to repay some debts? When your disposable income is too high, it disqualifies you from Chapter
7 and you must file for Chapter 13 instead.
Any individual is eligible for
Chapter 13 relief, as long as their unsecured debts are less than $383,175 and secured
debts are less than $1,149,525. These limits are periodically adjusted,
so it is important to be aware of the most recent revisions. A partnership
or corporation may not file Chapter 13 bankruptcy. Our knowledgeable Chicago
bankruptcy lawyer can review your financial situation and help you determine
if you qualify for Chapter 7 and which debt solution is the best option for you.
Ready to File? Call a Chicago Bankruptcy Lawyer!
At Smith Ortiz, P.C., we make it our priority to provide legal options
personally tailored to your situation. With more than 25 years of collective
experience and extensive legal, tax, and finance backgrounds, our team
of bankruptcy attorneys can provide the highest quality and most comprehensive
service possible. We want to do more than just get you out of debt - we
want to help you stay out of debt.
Contact our firm for legal solutions tailored to your financial situation.