Chapter 7 Bankruptcy

What If Your Ex Gets a Tax Bill Once You File for Bankruptcy?

Call: 888-297-6203 Suppose, you and your partner own a house together, and you both are on the first and the second mortgage home equity loan. After you split-up, your partner (now your ex) transfers his or her share of the house to you through a settlement agreement. You can’t refinance the house in your name only, as it doesn’t have any equity, and so your lender doesn’t take off your ex’s name from the mortgage. Now, you have lost the house in foreclosure after applying for bankruptcy. The second mortgage holder forgives your debt as you’re now protected [...]

2019-10-14T13:07:08+00:00
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New Statistical Change in Median Income figures and Means Test for Bankruptcy

Call: 888-297-6203 The median income for families and individuals of the 50 states of the United States, including the District of Columbia, had undergone new statistical changes, which was published by the United States Census Bureau. The new changes in the median income made by the Census Bureau were applicable from November 2014. Do refer to the new numbers before filing for bankruptcy. Is state median income important in bankruptcy? The statistics of median income, for different family sizes, vary from state to state. If you’re planning to file for Chapter 7 bankruptcy, you may be required to [...]

2019-10-14T12:40:29+00:00
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Filing for Chapter 7 Bankruptcy? Your Timeline is Very Important

Call: 888-297-6203 A bankruptcy filing can be a scary affair for many since they are already worried dead about the repercussions, they could face due to it. However, all of this fear is unfounded say Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. With experienced attorneys by your side, you will be guided regarding when to file and what to expect after the filing of bankruptcy. Additionally, they will also inform you what to do and avoid before filing for bankruptcy. If you need to discuss your case with experienced bankruptcy attorneys, you can call at 888-297-6023. According to bankruptcy [...]

2019-10-11T10:58:41+00:00
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Does Social Security Income Play a Part in the Chapter 7 Means Test?

Call: 888-297-6203 Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration. Every state has a different limit. [...]

2019-10-07T13:58:03+00:00
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Which Deductions are Allowed in Means Test for Chapter 7 Bankruptcy?

Call: 888-297-6203 If you have a huge backlog of debts that you have been unable to get rid of, Chapter 7 bankruptcy is ideal for you. However, Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ says that to be able to get your debts discharged through Chapter 7 bankruptcy, you need to pass the Means test. Passing the Means test is an essential requirement for qualifying for Chapter 7 bankruptcy. Since Chapter 7 bankruptcy gets rid of the majority of the debts, prevention of its misuse by high-household income people is essential. Certain expenses are deducted from the income [...]

2019-10-07T13:47:02+00:00
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Homeowner’s Equity in Chapter 7

Call: 888-297-6203 Filing for bankruptcy is a tough decision for people. This is like admitting that they have been unable to manage their finances in a responsible way. However, once you have run out of options to get rid of your debts, filing for bankruptcy might be ideal. Individual debtors can choose from Chapter 7 or Chapter 13 bankruptcy, though most prefer the former over latter. It is important to remember that while getting rid of debts, you might end up losing some of your assets when you file for Chapter 7 bankruptcy. As per lawyers of Los [...]

2019-09-12T10:57:12+00:00
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Is Chapter 7 Bankruptcy Your Best Bet to Get Rid of Debts?

Call: 888-297-6203 Money comes, money goes. The saying best describes the monetary situation of most people. There is no dearth of individuals who are struggling to make ends meet. You will hardly find someone who has not faced money problems in their life. If you are currently going through a bad financial phase and have accumulated a large amount of debt, then, bankruptcy might be a way out. However, there are various chapters of bankruptcy and it might be a bit too much for a layman to understand which chapter will work best for them. According to Dallas [...]

2019-09-10T13:23:43+00:00
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Why Do People File for Chapter 7 Bankruptcy?

Call: 888-297-6203 Owing someone something is one of the worst things. Nobody likes to be reminded of this fact. Being in debt is all this and more since the creditors are always at your door asking for their dues. For people who have amassed a large debt, a bankruptcy filing is probably the best way out. Individual debtors have the option of filing under Chapter 7 or Chapter 13 bankruptcy; however, Chapter 7 is probably the preferred choice for almost all debtors. According to Dallas based bankruptcy law firm Recovery Law Group, the top reasons why people choose [...]

2019-09-10T13:23:32+00:00
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Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

Call: 888-297-6203 Managing finances is a tricky affair. People often find it difficult to keep their finances above board. However, there can come a time, when you might have to consider bankruptcy as an option. Individuals can opt for Chapter 7 or Chapter 13 bankruptcy; however, the former is preferred. According to Los Angeles based bankruptcy law firm Recovery Law Group, the situations where Chapter 7 bankruptcy is the best way out include: Majority of your debts are due to excessive use of credit cards. Heavy reliance on credit cards can lead to an excessive amount of loans [...]

2019-09-10T11:53:18+00:00
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Can All Debts Be Discharged in Chapter 7 Bankruptcy?

Call: 888-297-6203 Among the various chapters of bankruptcy, people prefer to file under Chapter 7. This is because you can eliminate almost all the unsecured debt to lead a debt-free life. However, before you become overjoyed with the idea of getting rid of all your debts, it is important to know that not all debts are discharged, even in Chapter 7 Bankruptcy. Dallas based bankruptcy law firm Recovery Law Group informs you about the different debts which are not discharged in a Chapter 7 bankruptcy: Child support and alimony Student loan debt Debts due to penalties for driving [...]

2019-09-10T11:53:07+00:00
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