McCormick Braun Friman Bankruptcy Law

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Bankruptcy Law

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

Chapter 7 Bankruptcy

“Chapter 7” is that section of the U.S. Bankruptcy Code that deals with asset liquidation. This option enables you to eliminate most of your debts but may require you to forfeit some for your assets for distribution to creditors.

Once a debt is discharged, a debtor is forever relieved of the obligation to pay the debt. Some debts cannot be discharged. A few examples include certain taxes, alimony, child support, student loans, and debts incurred as a result of defrauding or misleading a creditor.

If you earn more than the median income for your state, you need to pass a Means Test in order to qualify for Chapter 7 bankruptcy. The Means Test is a complicated analysis that generally requires the expertise of an experienced bankruptcy attorney. The attorneys at McCormick Braun Friman, LLC can help you complete the Means Test and, if you qualify, file a petition for protection under Chapter 7 of the U.S. Bankruptcy Code.

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