Chapter 7 Bankruptcy

Ways To Deal With Your Car In Bankruptcy

Call: 888-297-6203 It is possible to save your car by filing for Chapter 7 bankruptcy but only under certain circumstances. In a Chapter 7 bankruptcy, there are only three options available to debtors in order to decide what they want to do with their personal property which is covered under a lien. Once you make up your mind under the guidance of your bankruptcy lawyer, the lawyer will file for ‘Statement of Intention’ in the bankruptcy court which will tell everyone your intentions regarding your secured collateral. The following can be your options: Surrendering Surrendering your property to [...]

2019-11-06T10:26:44+00:00
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Possibility of Losing The House in A Chapter 7 Bankruptcy

Call: 888-297-6203 Debtors looking for liquidation and a fresh start always file for a Chapter 7 bankruptcy. With a headlong fall in the economy, bankruptcy is becoming more popular as a way to recover financially. The most common question that troubles the bankruptcy filers is whether they will lose their house in bankruptcy or not. However, the main determining factor of it is equity. Equity is the main factor that determines whether you can keep your home or not. So, if you have equity on your home which cannot be covered by exemption, your bankruptcy trustee might decide [...]

2019-11-06T10:10:34+00:00
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Difference Between Chapter 7 and Chapter 13

Call: 888-297-6203 People who can no longer pay their debts are offered help in the form of bankruptcy. They can either settle their debts by liquidating their assets or repaying the creditors through a repayment plan. The former takes place in Chapter 7 bankruptcy cases, while the latter occurs in chapter 13. Dallas based bankruptcy law firm Recovery Law Group says, the chapter of bankruptcy you file under depends on your income, assets, debts and your ultimate financial goal. Chapter 7 bankruptcy This is one of the most common chapters of bankruptcy file in the US. Individuals, married [...]

2019-10-30T11:04:41+00:00
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Am I Eligible to file for a Chapter 7 Bankruptcy?

Call: 888-297-6203 The first question to be answered before deciding to file for Chapter 7 bankruptcy is whether you qualify for this type of bankruptcy or not. The eligibility of a person to file for Chapter 7 bankruptcy depends almost entirely on his or her household size and current income. The ratio of the current household to the income is as follows, as of April 1, 2015: Size of the Household         Annual Income One person $42,718 Two persons $52,421 Three persons $57,977 Four persons $67,539 Five persons $75,639 Six persons $83,739         To check whether [...]

2019-10-30T10:52:18+00:00
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Administrative Fees in Chapter 7 Bankruptcy

Call: 888-297-6203 In Chapter 7 bankruptcy, the bankruptcy trustee is allowed to sell your non-exempt assets or properties and use the proceeds to repay your debts. However, you can protect some or all of your property by using certain exemptions. If you have collectible assets, your trustee can collect the administrative fees (taken from your collected assets) once the bankruptcy case closes, which is not an out-of-pocket expense. The collection of administrative fees as per the 11 U.S. Code § 503 is as follows: There can be a timely or tardy filing (permitted by the court) of a [...]

2019-10-30T10:52:57+00:00
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Can You File for Bankruptcy After Receiving Chapter 7 Discharge?

Call: 888-297-6203 You can definitely file for bankruptcy again, even after receiving a Chapter 7 discharge. However, you will have to adhere to some specific time limits. After filing a Chapter 7 bankruptcy and receiving a discharge, you will have to obey the following time limits: You will have to wait for 8 years from the date of filing of your first Chapter 7 bankruptcy before filing another Chapter 7 bankruptcy. You can apply for Chapter 13 bankruptcy immediately. You will receive a Chapter 13 discharge, only if, you will file for it 4 years after the date [...]

2019-10-25T08:14:24+00:00
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Wish to File for Chapter 7 Bankruptcy? Here are the Requirements for Qualifying for It

Call: 888-297-6203 Unlike chapter 13 where reorganization of debts takes place and a repayment plan is involved, chapter 7 is a no-asset case. However, you can protect some of your property using exemptions provided by state or federal laws. All non-exempt property of the filer is at the disposal of a bankruptcy trustee who can liquidate them to pay your creditors. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say chapter 7 bankruptcy is the best way to get financial relief no matter how much the debt provided you can qualify for it. Who can [...]

2019-10-22T12:55:57+00:00
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Can Changes in Income or Expenditure Affect Chapter 7 Bankruptcy?

Chapter 7 bankruptcy has no debt limit for individual bankruptcy filers. Thus, any increase in debtor decrease in income is not going to affect your Chapter 7 bankruptcy eligibility. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, you are obliged to disclose your finances as well as update them (if there have been any changes) when you file your bankruptcy papers. Chapter 7 requires this more than Chapter 13 as your income is the primary criterion that determines whether you can qualify for this bankruptcy chapter or not. In case you are filing for [...]

2019-10-18T12:26:58+00:00
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Important Facts About Chapter 7 Bankruptcy

Call: 888-297-6203 If you are facing harassment from credit card companies due to non-payment or delay in bill payment, then bankruptcy might be a good option to get rid of the constant stress. According to Dallas based bankruptcy law firm Recovery Law Group Chapter 7 bankruptcy is the best way to get rid of your debts if you can qualify for it. Filling for Chapter 7 bankruptcy will get rid of the following debts: Private student loans Medical bills Personal loans Credit card debt Lawsuit claims and judgments However, there are specific rules regarding the discharge of certain [...]

2019-10-18T08:17:14+00:00
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Know Everything About Chapter 7 Means Test

Call: 888-297-6203 Are you looking for a way to get rid of your debts and start your financial life afresh? In this case, Dallas based law firm Recovery Law Group lawyers say, bankruptcy is the best way to do this. Individual debtors have the option of choosing from chapter 7 or chapter 13. Chapter 7 gives you a faster discharge of unsecured debts, however, you need to qualify for it, as it is meant to provide a fresh start for people with little to no income. Experienced bankruptcy attorneys at 888-297-6023 can help you find out whether Chapter [...]

2019-10-18T08:13:51+00:00
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