Bankruptcy Liquidation Lawyer Serving Illinois
If you are interesting in obtaining a clean start through Chapter 7 bankruptcy, your income level will need to be evaluated by a bankruptcy means test. The mathematical formula is designed to evaluate your current monthly income level against households of comparable size in Illinois. If your monthly income level is less than or equal to the median income level in Illinois, you will qualify for Chapter 7 debt relief.
For more than 30 years, bankruptcy attorney Charles Covey has offered skilled advocacy and legal counsel to clients faced with financial hardships. He has devoted his entire practice to helping clients just like you. When you select our law firm, you will work directly with attorney Covey. He is committed to helping you overcome unmanageable levels of debt through working with you to file Chapter 7 or Chapter 13 bankruptcy.
During an initial consultation, attorney Covey will evaluate your financial situation to make sure your information is accurately submitted for the bankruptcy means test. He will help you navigate through the legal process, while addressing any misconceptions or concerns you might have about filing for bankruptcy.
Contact our law firm today to schedule a free initial consultation with a highly experienced bankruptcy lawyer in Peoria, Illinois. 309-674-8125.
Obtaining Debt Relief Through Chapter 7 Bankruptcy
Chapter 7 bankruptcy has proven to be invaluable for individuals and families overwhelmed with unmanageable levels of debt. If you qualify for Chapter 7 debt relief, you will be able to gain a fresh start through wiping away any credit card debts, medical bills and other unsecured debts.
In order to eliminate debts through Chapter 7 bankruptcy, you will need to pass at least one of two parts of the bankruptcy means test. The mathematical formula will evaluate your average monthly gross income over the past six months. The complex formula will include child support payments, financial assistance or extra money you have gained from temporary work to make ends meet. The bankruptcy means test, however, will not take into consideration any Social Security income.
If your monthly income level is less than or equal to the median income level in Illinois, you will qualify for Chapter 7 debt relief. The bankruptcy means test is the primary factor used to determine if you qualify for debt liquidation. However, you may still qualify, even if your income is above the median income level in Illinois. At Charles E. Covey, Attorney at Law , we will evaluate your financial situation to determine any mitigating factors that may help you qualify for Chapter 7 debt relief. Our legal team will work closely with you to determine if Chapter 7 or Chapter 13 bankruptcy is right for you.
Offering Chapter 13 Debt Relief Solutions
If you do not qualify for a clean start through Chapter 7 bankruptcy, attorney Covey will help you pursue alternative debt relief measures. Individuals with a steady income level who have unmanageable levels of debt often benefit from Chapter 13 bankruptcy . Chapter 13 debt relief is particularly beneficial for individuals with a significant amount of assets and property they wish to keep, such as a small business or home.
Contact our law firm today for a free initial consultation with an experienced bankruptcy means test attorney in Peoria, Illinois. We can protect your rights and help you take steps toward a financial fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.