Do you know that over 9 Million Chapter 7 bankruptcies have been filed since October of 2005.

Did you also know that most cases of bankruptcy aren’t caused by reckless spending but by financial hardship  Financial hardships range from large medical bills and credit card debt due to loss of employment for one member of a family or for an individual.   

Chapter 7 bankruptcy is a three month process in which you can eliminate all of your unsecured debt and in most cases still keep your car and your home.  In other words your creditors can never again seek to collect debts that you discharged through your bankruptcy.  That’s right a clean slate without a penny of unsecured debt. Further, if you are like many and behind on payments a Chapter 7 bankruptcy will actually improve your credit much faster than not filing at all.  

If you happen to be in foreclosure a Chapter 7 bankruptcy also puts an “Automatic Stay” on your home, so while you are in bankruptcy the mortgage company cannot foreclose against you.

Since the enactment of the Bankruptcy Abuse and Consumer Protection Act of 2005 (“BAPCA”), bankruptcy debtors are now required to pass a “means test” in order to qualify for Chapter 7 bankruptcy.  Each state now has its own means test which is based on your states median income and expenses.  

If you are struggling with debt give the Romanello Law Firm a call for a free consultation to determine if you qualify for a Chapter 7 bankruptcy.  Attorney Joseph Romanello will sit down with you one on one to make sure you can qualify for a Chapter 7 bankruptcy so you can immediately remove your debt and begin to repair your credit.