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.
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