What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy wipes out (“discharges”) your debts. Chapter 7 is the bankruptcy provision most frequently used by individuals. It involves the complete liquidation of a debtor’s property to pay creditors and wipes out the remaining debts, giving the debtor what’s known as a “fresh start”.  The whole Chapter 7 bankruptcy process takes about three to four months, costs $299 in filing and administrative fees, and commonly requires only one trip to the courthouse.

Are You Eligible for Chapter 7?

Visit the following website to determine if you are eligible to file Chapter 7 Bankruptcy. http://www.legalconsumer.com/bankruptcy/nolo/

The bankruptcy law determines your income by looking at your household income during the six full calendar months before your bankruptcy filing. The following is brief summary of who is eligible to file Chapter & Bankruptcy in Pennsylvania:

1 # of people in Household: $3,700 per month or $44,396 annually

2 # of people in Household: $4,464 per month or $53,572 annually

3 # of people in Household: $5,626 per month or $67,516 annually

4 # of people in Household: $6,466 per month or $77,590 annually

5 # of people in Household: $7,041 per month or $84,490 annually

You may have noticed already that changing the number of persons in the household dramatically affects the median income figure.  For your information, all children, dependents and anyone that lives with you that you take care of can be included in the household number.

Chapter 7 Bankruptcy wipes out (“discharges”) your debts. Chapter 7 is the bankruptcy provision most frequently used by individuals. It involves the complete liquidation of a debtor’s property to pay creditors and wipes out the remaining debts, giving the debtor what’s known as a “fresh start”.  The whole Chapter 7 bankruptcy process takes about three to four months, costs $299 in filing and administrative fees, and commonly requires only one trip to the courthouse.

Dunne Law Offices, P.C.

1500 John F Kennedy Boulevard, Suite #200

Philadelphia, PA 19102

(215) 854-6342 (Office)

http://www.dunnelawoffice.com

http://www.dunnelawoffices.com

http://www.thephiladelphiabankruptcyattorney.com

http://www.bestphiladelphiabankruptcyattorney.com

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