When you must declare Chapter 7 in Peoria, the court grants relief from most types of debt that include credit card balances, medical bills, and other loans. Chapter 7 in Peoria does not remove some type of debts such as student loans and alimony. On home mortgages or vehicle loans, Chapter 7 in Peoria gives you the option of keeping the property and lets you keep making payments, or surrender the property and free yourself of the liability.
Filing for Chapter 7 in Peoria, also known as “Straight Bankruptcy”, is only allowed once every 8 years. For a Chapter 7 in Peoria, the courts must charge a $245 case filing fee, a $46 miscellaneous administrative fee, and a $15 trustee surcharge. If the debtor’s income is below what is defined in the Bankruptcy code, then these filing charges for Chapter 7 in Peoria may be waived.
In filing a Chapter 7 in Peoria, the following are needed from the debtor. First is a list of all creditors and the amount and nature of their claims. Then, when filing a Chapter 7 in Peoria, the source, amount and the frequency of the debtor’s income as well as a list of the debtor’s property are needed. Finally, a list of the debtor’s monthly living expenses is also needed when filing a Chapter 7 in Peoria.
One of the primary purposes of filing a Chapter 7 in Peoria is to discharge certain debts and to give an honest individual debtor a "fresh start." In a Chapter 7 in Peoria, however, a discharge is only available to individual debtors, not to partnerships or corporations. There are many provisions to Chapter 7 in Peoria, and it is best to rely on lawyers who are experts on the subject.
Call the firm of Rafool, Bourne and Shelby PC today for a no-obligation consultation on Chapter 7 in Peoria.