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Eligibility and Reaffirmation for Chapter 7

Michael Agruss

Written and Reviewed by Michael Agruss

  • Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
  • Over 20 years of experience in Personal Injury.
  • Over 8000+ consumer rights cases settled.
  • Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.

If you are struggling financially and considering filing for Chapter 7 bankruptcy, here are some more guidelines and considerations about the bankruptcy process:     – Eligibility – You will be eligible for Chapter 7 if you have not filed for Chapter 7 in the past eight years and your income is below a certain limit; your income-limit depends on both your household size and Illinois law. If your income is above the limit, you may still be eligible to file with the assistance of an attorney.     – Wage garnishment – If your wages are being garnished at the time of your filing, your “automatic stay” – effective immediately – will temporarily block all wage-garnishment and collection efforts.     – Reaffirmation – Creditors typically require you to “reaffirm” certain debts to keep certain property you pay for, such as your home or vehicle. While a reaffirmation agreement can allow you to keep making payments on a debt that will survive your discharge, it can also have serious consequences and is a decision which should be made with your attorney after you fully understand and evaluate your options.     – Post-filing – Chapter 7 bankruptcy will appear on your credit report for up to ten years and may affect your ability to purchase a car or house or obtain credit, though some individuals are able to repair their credit within just a few years and this can vary by case.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you are not alone. Contact an experienced bankruptcy attorney today for a free consultation.

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