Multnomah County Chapter 7 Bankruptcy Lawyers
What is a Chapter 7 Bankruptcy?
Chapter 7 bankruptcy – also known as a dissolution bankruptcy – is the simplest and most common form of consumer bankruptcy. In a typical Chapter 7 bankruptcy, you (the debtor) can keep most, if not all, of your possessions, including a house and a car. Normally, you receive a discharge of all qualifying debt within 90-120 days of the date the Chapter 7 case is filed.
Eligibility to file a Chapter 7 bankruptcy is based on your average monthly income and expenses. If your income is less than or equal to the average income for your state, then you will be eligible to file a Chapter 7 bankruptcy. If your income is higher than the average, then a “means test” calculation is performed to determine whether you are eligible for relief under Chapter 7. In many cases, even if your income exceeds the average by a good deal, you may still qualify for a Chapter 7 bankruptcy.
The means test calculation takes into account your income and IRS-allowable expenses to determine whether you can file under Chapter 7 even though your income exceeds the median level. This calculation uses IRS standards but also allows for some, if not all, of your own actual expenses.
The bankruptcy attorneys at Owens / Pinzelik, P.C. have special tools to help determine whether you qualify for Chapter 7 bankruptcy relief. Let our professionals help you today by calling 503.224.3100 or contact us online.
Our initial bankruptcy consultations are FREE. Call now to schedule your free no obligation consultation and find out if our bankruptcy attorneys can help you and your family.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy code. These materials have been prepared and are provided for informational purposes only and are not intended as legal advice.