Lake County Chapter 7 lawyer kmslawoffice.net

Of the two bankruptcy chapters for personal debt, Chapter 7 is the more extreme option. It can also be the more straightforward option: in short, the filer’s nonexempt assets are sold, his or her creditors are repaid, and the case is closed. If your monthly income is less than the median monthly income for a household of your size in your state, you pass the means test and qualify for Chapter 7 bankruptcy.