The Law Offices of Greg Prosmushkin, P.C.,Lawyer Northeast Philadelphia 215-437-3058
Thursday, October 26, 2017
Northeast Philadelphia Bankruptcy Attorney
The “liquidation” aspect of Chapter 7 means that the Bankruptcy Court is willing to write off (most) of your debts, but only if you liquidate your assets first. Not to worry, U.S. Marshals will not come knocking on your door. Chapter 7 is only a good idea for individuals who do not own significant assets, and do not have a high income. In fact, you may only file Chapter 7 if you make below your state’s average income for your family size. You should consult an attorney to determine your eligibility based on your family size and income.