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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 today.

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 the following:

  • 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.?

With 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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