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Chapter 7 Bankruptcy Attorney

Chapter 7 bankruptcy, known as the “clean slate” bankruptcy, is generally for persons who don’t own a lot of assets, and are “under median” income earners. “Generally” is the operative word here, as many people who think they might not qualify, actually do. This is because there are many exemptions to protect certain assets – for example, you can protect up to $15,000.00 of your home’s value using a “Homestead” exemption ($30,000.00 if you are filing jointly with a spouse), $2,400.00 of the equity in your vehicle, and everyone gets a $4,000.00 “wildcard” exemption, which can be used on anything. Qualified retirement funds are 100% exempt. There is also a “Means test” which will be applied to your income – so while you may earn significantly more than median, if you are paying child support or alimony, or have minor children, or pay large medical, continuing medical bills, as just a few examples, you may also qualify.

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