People who are seeking assistance with their financial hardships have options when it comes to eliminating debts. For some debtors facing large amounts of debts, Chapter 7 bankruptcy may be the right choice. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, debtors list their debts and assets and schedule exemptions to protect property.

Eligibility for a Chapter 7 is calculated through a bankruptcy means test that compares your income and expenses with the mean income for your family in your state of residency. This calculation, at times, can be complex, but the Law Office of Jonathan Petersen will help.

A Chapter 7 case begins with the Law Office of Jonathan Petersen filing for you a petition with the bankruptcy court serving the area where you live. In addition to the petition, a debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a statement of financial affairs; and (4) a schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007(b). Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case (including tax returns for prior years that had not been filed when the case began). 11 U.S.C. § 521. Individual debtors with primarily consumer debts have additional document filing requirements. They must file: a certificate of credit counseling; evidence of payment from employers received 60 days before filing; a statement of monthly net income and any anticipated increase in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts. Id. A husband and wife may file a joint petition or individual petitions. 11 U.S.C. § 302(a). Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors.

Schedule a no cost consultation with the Law Office of Jonathan Petersen to evaluate your options. Call our 24/7 bankruptcy scheduling line at (219) 240-8585 (Indiana) or (312) 698-8950 (Illinois). Our scheduling line is open every day of the year including holidays to schedule you for a no cost consultation.