When faced with a large amount of debt that a family or individual may feel cannot be reasonably paid back, there are several debt relief options available that may be able to eliminate or reduce that debt or repayment amount owed, or may offer structuring those payments into a simpler, more affordably form.
Depending on your individual financial situation and nature of the debt, Chapter 7 and Chapter 13 bankruptcies are two such forms of debt relief that may be able to help you reduce or entirely wipe out your debt. By closely examining the various options available for your particular situation, you may be able to find a viable solution for debt relief.
When seeking to file Chapter 7 bankruptcy as a means to discharge all or some of your unsecured debts, you will have to take the Means Test. The Means Test is used to determine eligibility for Chapter 7 by determining whether your income meets or exceeds the average income for your state. If your income is below the median average, automatic approved for a Chapter 7 bankruptcy is likely if you choose to proceed with your bankruptcy filing. If your income is above the median average, additional financial inquiries will be made to determine your eligibility. If you are not approved for a Chapter 7, a Chapter 13 bankruptcy debt consolidation filing may better suit your situation.
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If you or your family are faced with debts that you feel are beyond your ability to repay, or you are faced with large debts due to an unexpected emergency, medical expenses, or job loss, you may need to consider filing for a bankruptcy debt relief option.
Illinois Bankruptcy Attorney Daniel S. Khwaja can assist you by analyzing your financial situation. Atty Khwaja will review your options including eligibility for a Chapter 7 Bankruptcy, explain exemptions, and give you a clear, qualified view of available options to help determine the best choice towards your desired outcome. With help you may be able to have your debts eliminated or reduced with a Chapter 7 filing.