Filing for Chapter 7 Bankruptcy?
Receive Guidance from Our Idaho Falls Bankruptcy Lawyer: Call (208) 278-1196
For many individuals, debt is common. One minute you are in control of
your finances, and the next you are stuck trying to figure out where to
turn for debt relief. If you are dealing with what appears to be insurmountable
debt, it is important for you to understand that you have options, and
starting over financially is a possibility.
Seeking debt relief options such as Chapter 7 bankruptcy?
Schedule your free consultation
by calling (208) 278-1196
What is Chapter 7 bankruptcy?
When an individual is in debt, Chapter 7 bankruptcy allows for relief by
liquidating eligible assets and paying back creditors in one large sum.
Chapter 7 bankruptcy can help individuals rid themselves of most debt;
however, some debts – such as student loans or alimony – that
will remain after filing.
In order to qualify for Chapter 7 bankruptcy, individuals must complete
Credit counseling – The filing individual must partake in counseling in order to understand
ways to better manage their credit.
Pass the means test – This is used to determine whether or not an individual is being truthful
about their inability to pay their debt. The means test measures the individual's
income and compares it to the median income in Idaho, as well as factors
such as monthly expenses.
Fill out necessary petition – The filing individual must correctly and accurately fill out all paperwork,
as well as provide a list of all creditors, income information, a list
of debtor's property, and a list of monthly expenses.
Why choose the law office of Steven L. Wetzel, P.A.?
29 years of legal experience, our Idaho Falls bankruptcy attorney is capable of providing you with
the strategic legal counsel you need during this time. When you feel there
are no options and your debt is insurmountable, we can give you the confidence
you need to seek a fresh financial start. Don't settle for life with
debt when you have options.
Contact the law office of Steven L. Wetzel, P.A. today and we can discuss your situation, explain your options, and help
you understand what assets can be saved in a Chapter 7 bankruptcy.
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