Chapter 7 Bankruptcy

In this current economic climate, many people are being burdened with overwhelming debt. People are living on credit cards more than in any time in the credit card history and the rising interest rate and increasing late fees are eating away at any disposable income.

There is relief under the bankruptcy code. You can file a Chapter 7 bankruptcy, which is a straight bankruptcy. Chapter 7 is for people who fall under certain income level and provides economic relief and a fresh start in life. This will eliminate hospital bills, credit card bills, will put an end to any garnishment of your wages, put an end to those annoying creditor calls, and still allow you to still keep your home, property, and automobiles.

A common misconception of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA) is that no one can file a Chapter 7 anymore. This is simply not true. The laws made it tougher to file a Chapter 7 and put more requirements on the debtors before they can file, but you still can file a Chapter 7. A debtor must now fall at or below the state’s median income level for a certain size family, otherwise a “presumption of abuse” will arise. Even if the “presumption of abuse’ arises, you may still be eligible for a Chapter 7 upon a showing of good cause.

Also, a debtor must complete a credit counseling class before filing a bankruptcy petition and must complete a personal financial management course before receiving your bankruptcy discharge. These courses may sound tough, but in reality they can be completed in as little as an hour in the comfort of your own home, either by telephone or by internet, with little or no effort on your part.

If you are receiving creditor calls, have a garnishment, or need a fresh start to a more secure financial future, then call us today for a free, no obligation consultation and see what Johnson and Wilk can do for you!

We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.

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