In 2005, the Bankruptcy Code was significantly revised. Many consumers, and even some attorneys, are of the belief that Chapter 7 bankruptcy was restricted. Chapter 7 filings still occur every day and are still a viable option for many American families. We are trained as a debt relief agency to apply a means test to determine your eligibility under Chapter 7. For those clients who are in need of our advice, a Chapter 7 or Chapter 13 solution is there to help you with your financial struggles. At Wolff & Orenstein, LLC, we can help you with a fresh start.
Chapter 7 is sometimes called liquidation, although that nickname is very deceiving. In nearly all cases, the only assets that are seized and liquidated are nonexempt assets. Assets that are usually exempt under Chapter 7 are:
The majority of our clients usually retain all of their personal property, the marital home and retirement funds, etc. As debt relief agents, we work hard to help our clients eliminate debts, retain property and obtain a fresh start.
The end result of a Chapter 7 is that all of your unsecured debts are discharged. Unsecured debts include items such as:
You should file for a Chapter 7 bankruptcy if you:
If you need to start over, Chapter 7 may be for you.
The 2005 reform law introduced the means test, which is used to determine eligibility for Chapter 7. Your income must be below a certain level to be eligible for Chapter 7; otherwise, it is advisable to file Chapter 13. Consumers rarely fail the means test. In an initial free consultation, we will help you calculate where you stand under the means test to determine your eligibility.
Our attorneys at Wolff & Orenstein, LLC can provide you with everything you need to know about Chapter 7 bankruptcy.
We believe that filing for bankruptcy is a difficult choice to make; taking control of your financial situation is a smart choice. Do not let the creditors control you. Serving Montgomery, Frederick and Prince George’s Counties and throughout Maryland, our attorneys at Wolff & Orenstein, LLC are well known for their quality work. For a free initial consultation, contact us at 301.250.7232 or online to discuss your case.
In Memoriam It is with heavy hearts that we commemorate the life and legacy of our beloved Founding Member, Michael G. Wolff. Michael's distinguished career in the legal field was characterized by unwavering dedication and a commitment to excellence that left an indelible mark on all who had the privilege of knowing him. Over the…
Commercial Litigation & Consumer Law Firm Attorney Biography:Jeffrey M. Orenstein is a skilled commercial litigator with a particular emphasis on bankruptcy litigation. He has been appointed to serve as Bankruptcy Trustee and Examiner in complex Chapter 11 cases. For more than 25 years, he has represented bankruptcy estates, bankruptcy trustees in multiple jurisdictions, creditors and…
Biography Matthew E. Abbott is the latest attorney to join the Wolff & Orenstein, LLC team. Matthew graduated from American University Washington College of Law in 2019 after working for Wolff & Orenstein, LLC and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) as a law clerk. Prior to…