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Category: Chapter 7 Bankruptcy

  • Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

    Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

    Call: 888-297-6203

    Uncertainty is something people are not comfortable with. Being in financial distress and not knowing what to do can be extremely distressing for people. There are several ways to get rid of debt, bankruptcy often being the last resort. However, once you have decided the option, there are many other things to consider. The various facets of bankruptcy can be quite confusing, primarily being the numerous proceedings associated with bankruptcy. A bankruptcy trustee is appointed to oversee the accounts in case of bankruptcy chapters. According to Los Angeles based bankruptcy law firm Recovery Law Group, a bankruptcy trustee is an unbiased person who handles your bankruptcy case.

    Why is a trustee required?

    When you file for bankruptcy, any property you own becomes a part of the bankruptcy estate. This is a separate entity for you and thus needs to be handled separately. To take care of it, a separate individual is appointed by the court. Different chapters of bankruptcy require different duties from the bankruptcy trustee. In the case of Chapter 7 bankruptcy, the bankruptcy trustee is involved in the liquidation of assets and distribution of the proceedings to the creditors. Various duties of a bankruptcy trustee include:

    • Collecting of non-exempt property of the bankruptcy filer
    • Liquidation of the non-exempt assets
    • Distribution of the proceeds to the creditors
    • Challenge any claims made by creditors who object to your bankruptcy filing
    • Object to discharge of debts if certain debts are non-dischargeable

    The role of the bankruptcy trustee is, thus, an extremely important one. Since many of the proceedings are complicated, it is advisable to have an attorney by your side. You can call 888-297-6023 to speak with experienced bankruptcy lawyers Los Angeles regarding your case.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

      Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

      Call: 888-297-6203

      Filing for bankruptcy is a decision that takes time. Earlier, until 2005, the bankruptcy chapter was decided by the bankruptcy judge. If they found that the debtor was unable to repay the debts, then they could file for Chapter 7 bankruptcy and get a discharge of all their debts. However, if there was scope to repay debts, they were required to file for Chapter 13 bankruptcy. With streamlining of the process, things have become much easier to understand, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. People can convert their bankruptcy chapter (Chapter 7 to Chapter 13 and vice versa) in case they do not qualify for their chosen one.

      Chapter 7 bankruptcy is preferred because individuals can get all their unsecured debts discharged without losing much of their assets. However, with the change of rules, stringent measures have been included for qualifying for Chapter 7 bankruptcy. The income made by an individual over the past six months prior to a bankruptcy filing is compared with the state mean. This income includes wages, bonus, income from farm or business, monthly retirement, alimony or child support, rental income, disability or unemployment benefits, royalties, and interest earned. Except for SSA retirement funds and tax refunds, each and every earning source is considered. The income is then compared with the state median income. If your income is similar or below the state median, then you are eligible to file for Chapter 7 bankruptcy, however, if the income exceeds the state median, a means test will be performed.

      What happens in means test?

      In this test, you are expected to list your essential expenses. These include housing, food, and other necessary expenditures. Your disposable income, i.e. the income which remains after all essential expenditures are deducted from your total income, is calculated based on this. If the disposable income is high enough to work out a repayment plan, then your Chapter 7 bankruptcy Los Angeles case is dismissed, and you are expected to file for Chapter 13 in order to get rid of your debts.

      Though it may seem too complicated, with an experienced bankruptcy lawyer by your side can make things better. Call 888-297-6023 to discuss your options regarding bankruptcy.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • Can a Discharged Chapter 7 Bankruptcy Affect Your Credit Score?

        Can a Discharged Chapter 7 Bankruptcy Affect Your Credit Score?

        Call: 888-297-6203

        Bankruptcy becomes public record and finds mention on your credit report, even after the discharge. In case of a Chapter 7 bankruptcy, since no loans are paid back, it is mentioned on your credit report for a duration of 10 years from the date of the bankruptcy filing. According to Dallas based bankruptcy law firm Recovery Law Group, when the bankruptcy filing is discharged, the credit report should be updated to show the status. This discharge status should be extended to include all accounts included in bankruptcy. The update should also be done by the lenders to show that zero balance is owed by the debtor.

        People who file for bankruptcy should request for a free credit report a couple of months after their bankruptcy discharge to ensure that the same is reflected on all accounts included in bankruptcy. Though you are no longer responsible for paying debts already discharged, yet their mention on your credit report despite being discharged adversely affects your credit ratings.

        The duration for which accounts remain on your account depends on the delinquency date of those accounts. Generally, the accounts are removed seven years from the original delinquency date irrespective of being included in bankruptcy. In case they were current prior to the bankruptcy filing, they will remain for seven years from the date of the bankruptcy filing.

        To get over bankruptcy, you need to start making amends. Re-establishing credit can take time, but with steady efforts, the effect of delinquent accounts and other bankruptcy notations gets reduced. After a fixed duration, the accounts included in the bankruptcy as well as your bankruptcy will be removed from your credit report. To know more about your options in case of financial distress, call 888-297-6023 to schedule an appointment with bankruptcy lawyers.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • All You Need to Know About Chapter 7 Bankruptcy

          All You Need to Know About Chapter 7 Bankruptcy

          Call: 888-297-6203

          People with limited income who have accumulated a huge amount of credit card and personal loan debt have the option of filing for bankruptcy under Chapter 7. Dallas based bankruptcy law firm Recovery Law Group lawyers elaborate that in this liquidation bankruptcy, your non-exempt property is sold off to repay your debts. In case you wish to protect your assets, Chapter 13 bankruptcy is a better option. This type of bankruptcy is known as a reorganization plan, where, in a court-approved repayment plan is used to pay off your debts over 3-5 years’ timeframe.

          What effect does Chapter 7 bankruptcy have on your life?

          Filing for bankruptcy has an adverse effect on your credit score. Bankruptcy stays on your credit report for 7 years in the case of Chapter 13 and 10 years in the case of Chapter 7. However, over time, this negative effect decreases, and your credit score improves. The various concerns people have while filing for bankruptcy include:

          • Can you lose home and your possessions on filing for Chapter 7 bankruptcy?

          The federal and state exemptions allow you to keep your property up to a fixed dollar limit. In case you have property exceeding your exemptions, the non-exempt property is sold off to pay your debts.

          • What property can be kept during a Chapter 7 bankruptcy filing?

          Exempted property limit is capped. Bankruptcy filer can choose between state and federal exemptions (if it is allowed in their state). The various federal property exemptions include –

          • Homestead: $23,675 of equity can be retained in-home, burial plots or mobile homes. You can use this entire amount to protect your home or use up to $11,850 for any other property.
          • If your home equity is less than $23,675, your home might not be sold off, though a lender may foreclose if you are behind mortgage payments. If your equity is more than $23,675; the house is sold, you receive the exempted amount and the remaining amount is used to pay off debts.
          • Motor vehicle: up to $3,775.
          • Personal property: $600 per item (books, pets, musical instruments, appliances, ) with total exemption up to $12,625.
          • Health aids: completely exempted.
          • Retirement accounts: entire savings of 401(k) or 403(b) and IRA savings up to $1,283,025.
          • Jewelry: up to $1,600.

          Married couples can double the exempted amount by filing bankruptcy together.

          • Who can qualify for Chapter 7?

          A person can file for Chapter 7 bankruptcy if their income is less than the state median for household of a similar number of members. If your income is more than the state median, you need to pass the means test. In this case, your disposable income is calculated, deducting all necessary expenses (food, household needs etc.) from your income. If this amount after multiplying by 60 is less than $7,700 then you can file for Chapter 7 bankruptcy. If this amount is between $7,700 and $12,850, then your ability to pay at least 25% of your unsecured debts is assessed. If you have enough disposable income to pay for 1/4thof your unsecured debts, you are eligible for Chapter 7 bankruptcy.

          • What happens if you fail the means test?

          People whose income is more than the state median are required to take the means test. If their disposable is above $12,850, they are not eligible for this chapter of bankruptcy and need to file for Chapter 13.

          • Is Chapter 7 better than Chapter 13?

          Chapter 7 bankruptcy is ideal for those who have limited income add want to get rid of debts. In the case of chapter 7, equity in the non-exempt property is sold off to repay your creditors. On the other hand, people who have huge amounts of debts and wish to protect their property should file for Chapter 13 bankruptcy.

          • Which debts are eliminated on filing for Chapter 7 bankruptcy?

          Secured debts such as those protected by assets like a car or home cannot be discharged in bankruptcy. Additionally, certain debts like a student loan, alimony, child support, tax debts, etc. are also not eliminated after bankruptcy. However, unsecured debts like credit card bills, personal loan, medical debt are discharged, within 4 to 6 months in the case of Chapter 7 bankruptcy.

          If you are facing financial issues and struggling to make ends meet, it is important to consult experts. You can contact experienced bankruptcy lawyers at 888-297-6023 to discuss your case and eventually file for bankruptcy. They will guide you through the procedure of filing for Chapter 7 bankruptcy, provide you qualify for it. Filing for bankruptcy under Chapter 7 costs $335 which can be paid in 4 monthly installments (after seeking permission) or the fee waived off depending on circumstances.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

            What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

            The two most common chapters under which bankruptcy is filed are Chapter 7 and Chapter 13. Chapter 7 is known as liquidation bankruptcy where non exempted assets are liquidated or sold off to pay your creditors. This chapter of bankruptcy typically results in discharge within 3 months of filing without making any further payments. While in Chapter 13 bankruptcy case, a court approved repayment plan is devised to clear your debts with the creditors. According to Dallas based bankruptcy law firm Recovery Law Group, partial payment based on your disposable income is made to creditors over a period of 3-5 years. Any remaining debts after the duration are discharged.

            Filing for bankruptcy reflects on your credit report. A Chapter 7 bankruptcy Dallas remains on your credit report for 10 years while a Chapter 13 one appears for 7 years from the filing date. This is so because, in the former case, no repayment of debt takes place while in the latter, a certain portion of the debt is paid. If you wish to know more about the details of the workings of either chapter, contact 888-297-6023 and consult with experienced bankruptcy attorneys.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • The Means Test Calculator in Chapter 7 Bankruptcy

              The Means Test Calculator in Chapter 7 Bankruptcy

              Chapter 7 or liquidation bankruptcy is preferred by most people since it enables people to get a discharge within a smaller time frame (3-6 months) compared to Chapter 13 bankruptcy (3-5 years). Moreover, with various exemptions available, people are often able to protect almost their entire equity in their assets and get away with paying little towards their debts before getting them discharged. However, the catch is that if you wish to file under Chapter 7 bankruptcy, you need to pass the means test. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the means test is used to assess your ability to pay back your debts. This considers your income, assets and your debts. If you can pay back your debts, you are not eligible for Chapter 7 bankruptcy and can opt for Chapter 13 bankruptcy.

              What happens in a means test?

              Bankruptcy ensures that you do not have to undergo excessive financial strain. At the same time, the government needs to be fair to the creditors too. Thus, if you can pay off your debts (some portion or entire amount), you can opt for Chapter 13 bankruptcy. However, in case you cannot pay any debt, Chapter 7 bankruptcy Los Angeles can help you get out of the tricky financial situation. The means test is used to assess whether you are eligible for Chapter 7 bankruptcy or not. In this case, your past six-month income (before filing for bankruptcy) is compared to the mean income of the state.

              • In case your income is less than the average income for a household of a similar number of members in your state, then you are eligible for filing Chapter 7 bankruptcy.
              • If your income is more than the state average, then it is important to determine if you have enough disposable income to repay your debts.

              If you fall in the former category, you can end up getting a discharge on your debts through Chapter 7 bankruptcy. If, however, your income is above the state median, then calculations are done whether you are eligible for Chapter 13 bankruptcy or need to seek some other option. To file for Chapter 13 bankruptcy, you need to have enough disposable income (income left after excluding expenses necessary for a living) to pay your unsecured debts. In case the disposable income is equal to or more than the state-set amount, you cannot file for Chapter 7 bankruptcy, but have the option of Chapter 13 bankruptcy where a repayment plan for a duration of 3-5 years will be drafted based on your disposable income.

              Irrespective of your financial situation and your eligibility for different bankruptcy chapters, having an experienced bankruptcy attorney can be an asset. An adept lawyer with experience in handling similar cases can reduce your losses and help you get through with the discharge. In case you are considering bankruptcy as a viable solution to your financial problems, call 888-297-6023 to speak with experienced bankruptcy lawyers.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Is Chapter 7 Bankruptcy Deleted?

                Is Chapter 7 Bankruptcy Deleted?

                Filing for bankruptcy can be quite an emotional experience for people. It is difficult to admit that you have been unable to manage your finances in a proper fashion. What is worse is that bankruptcy becomes public record and is reflected on your credit history. This makes it difficult for people to obtain new credit at reasonable rates or even get a job. However, Los Angeles based bankruptcy law firm Recovery Law Group informs that bankruptcy records are deleted ten years from filing date in case of Chapter 7 and seven years from the filing date in case of Chapter 13. This is because usually no debts are paid in case of former, while some portion of the debt is paid through the repayment plan in the latter case. It is important to note that the discharge date won’t have any effect on the deletion or inclusion of accounts in bankruptcy. For any clarity about bankruptcy, you can call 888-297-6023 and consult with experienced attorneys.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • What is Befitting for you- Chapter 7 or Chapter 13?

                  What is Befitting for you- Chapter 7 or Chapter 13?

                  Each to his own’ rightly suits about the two bankruptcy laws. While both are good, which is apt for the client depends upon his situation – The type of debt, their financial situation and the resources with the debtor. A professional practitioner in bankruptcy can help the client in deciding which is best for their situation. For detail information about chapter 7 & 13, visit Recovery Law Group.

                  Chapter 7

                   Chapter 7 bankruptcy law requires eligibility of the applicant. The applicant needs to prove his eligibility. For proving the eligibility for chapter 7, five factors are assessed.

                  1. Budget

                  The equation between the income and the expenses shows the saving quotient. Do the debtor’s expenses run higher than his savings? More importantly, is his income in the past 6 months below the median income of the State? If the monthly income is less, with no steady means to pay loans, then the applicant is eligible for chapter 7.

                  1. Assets

                  Assets can be luxurious and non-luxurious. The client can own luxurious assets and still would want to declare bankruptcy. There are some assets that the State lists under exempted, which the client can keep. The non-exempted assets like the luxurious ones whose value surpasses the limit determined by the court are put on sale to clear off the debts. Assets are evaluated to estimate the financial situation of the applicant.

                  1. Credit report

                  The credit report will show the type of debts the client has. While some debts are dischargeable, debts like a student loan, tax debt, child support loans are non-dischargeable. Such debts cannot be addressed under chapter 7 but can be addressed under chapter 13.

                  1. Transaction

                  The court investigates the latest bills and transactions of the client. If he has sold or purchased things above a limit, the court can disqualify his eligibility for chapter 7. As per court if the client is indulging in an expensive lifestyle, then he is careless of his situation and hence is not a genuine applicant for chapter 7 bankruptcy.

                  1. Timing

                  Timing is a crucial factor in deciding the eligibility of the client. Timing before filing the tax return, timing before a due bonus, may affect the eligibility. Receiving more than 25 pay-checks within the last 6 months can disqualify the applicant. The client can receive 2 paychecks per month, and while he files for chapter 7, he may land with 26 pay-checks, and get disqualified.

                  Chapter 13

                  Chapter 13 Bankruptcy Dallas is for those who have a steady income and can dispose of small amount of income every month to clear off the debt. A payment course is planned for 3 or 5 years depending upon situations. The debtor must pay till 3 years as per the repayment plan after which his loans are dischargeable. By employing chapter 13 the debtor is not only able to save his assets but partly discharged from a big loan.

                  The bottom line is the debtor must consult with an experienced bankruptcy advocate about his financial situation before arriving at a decision. Depending upon the financial situation the advocate can suggest the best course of action. It is not a generalized decision but a personalized one. The debtor can seek suggestions/advice by calling on-888-297-6203.


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • Status of Pets in Chapter 7 Bankruptcy

                    Status of Pets in Chapter 7 Bankruptcy

                    People in Los Angeles love to keep pets like horses and dogs. When they need to file bankruptcy, the fear of losing them in the procedure is quite high. Most of them shy off from applying for chapter 7 bankruptcy since they do not want to lose their pets. They love their pets and treat them like family members. However, the court needs to investigate many things before allowing pets to be exempted. Applicants looking for some valuable advice to keep their pets must visit- Recovery Law Group.

                    How can an applicant exempt their pets in a bankruptcy case?
                    When a person applies for chapter 7 their entire property is evaluated, which also includes high maintenance pets like horses and dogs. The aim to evaluate the entire assets is to generate a decent amount to pay the creditors. If the pets can fetch good money the court will not shy from putting it in the non-exempted column. Chapter 7 allows the applicant to keep certain assets that will not be sold out. The assets that are exempted may differ from State to Federal system.

                    Are pets exempted?
                    Some states may allow the applicant to keep the pets. So, if the applicant belongs to those States, he can keep the pets. While other states may offer a wildcard exemption. A wildcard exemption is a gift card by the court that allows the applicant to keep any of their personal objects that may not value more than a certain figure. If the pets’ value falls within that figure the applicant can keep them. The applicant must study the State and Federal rules for exemption in Chapter 7 before applying for bankruptcy. This will give them a clear picture.

                    Can the court exempt pets?
                    The trustees appointed by the court can exempt the pets without employing wildcard. The trustee if finds, the pets cannot generate much value, it can exempt them. An ageing horse or dog that may not bring much monetary value can be exempted by the trustee. However, a good breed dog or horse that will generate good worth will not be exempted.

                    Pet care
                    Pets care can be an expensive affair. The applicant needs to fill many forms before filing Chapter 7 Bankruptcy case. The forms have details of the clients’ income, expenses, assets, debts, and the latest financial transactions. Schedule J is the form that shows details of the applicant’s expenses. If the trustee observes that the client is spending far too much on pet care, they can advise the court to dismiss the case. The trustee may feel that the money spent on pet care could have been otherwise used to pay the creditors.

                    Day-day living expenses
                    The applicant’s day-day living expenses are scrutinized in detail by the trustees. In no way, the applicant can enjoy a luxurious life and be a suitable candidate for Chapter 7 bankruptcy Los Angeles. The court needs to examine whether the case is not a fraud one. Hence, if the applicant’s daily expenses are minimal, despite expensive pet care, the trustee can grant an exemption on pets. Cutting their own cost by using an inexpensive car, abandoning middle-class luxury lifestyle can convince the trustee and allow immunity to pet like horses and dogs.
                    Apparently, the court’s major objective is to allow the applicant to enjoy a decent life with their loved ones after the bankruptcy case. For more details on retaining the pets please call on- 888-297-6203.


                      *Are you more than 60 days past due on your mortgage?

                      *Do you own a home?

                      Are you currently working?

                      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                    • Who is Not Eligible to File for Chapter 7 Bankruptcy?

                      Who is Not Eligible to File for Chapter 7 Bankruptcy?

                      A bad financial situation can affect anybody anytime. Bankruptcy is one of the most viable solutions to get out of huge financial debts. A person or company can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 or liquidation bankruptcy is generally preferred as it takes comparatively less time and gets rid of unsecured debts. However, qualifying for Chapter 7 is one of the primary requirements to get a discharge. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, an individual filing for consumer bankruptcy needs to pass the means test, which requires you to have income less than an average household with a similar number of members. Disabled veterans or debtors whose debts arise mainly due to a business operation are exempted from the means test. There are other criteria to consider regarding eligibility for Chapter 7 bankruptcy. These include:

                      Your income

                      If your monthly income (average of the last six months) is less than the state median income, then you are eligible for Chapter 7 bankruptcy. If your income is more than the average income, you need to pass the means test. The bankruptcy trustee checks your disposable income to find out if you can repay your debts. Disposable income is calculated by deducting certain essential monthly expenses and required debt payments (secured and priority debts) from your total income. This disposable income is used to pay unsecured nonpriority debts such as credit card bills, personal loans, medical bills, etc. over a period of your repayment plan. Documents submitted while filing for bankruptcy include Schedule I where your income is mentioned and Schedule J which lists your expenses. These are used to calculate your disposable income. If there is enough disposable income, you can opt for Chapter 13 bankruptcy instead of Chapter 7.

                      Any previous bankruptcy discharges

                      There is a time limit to filing for bankruptcy and getting a discharge in Chapter 7 bankruptcy case. A Chapter 7 bankruptcy case discharge within 8 years or Chapter 13 bankruptcy case discharge within the previous 6 years you cannot get a discharge in Chapter 7. Additionally, if a previous Chapter 7 or Chapter 13 case was dismissed by the court in the past 6 months due to:

                      • your violation of a court order;
                      • your filing was an abuse of bankruptcy system;
                      • you asked for dismissal when a creditor sought relief from the automatic

                      Defrauding creditors

                      Your case might also be dismissed if you tried to cheat your creditors. Concealing assets so that you do not have to pay your creditors or transferring them to family or friends in order to prevent the non-exempt property from being liquidated, is considered fraud by the court. The court might dismiss your bankruptcy case if the trustee finds evidence of:

                      • a huge amount of debts for luxury items within a stipulated time frame of bankruptcy filing;
                      • selling of assets to relatives or friends at less than fair market rate;
                      • hiding money or property from your business partner;
                      • lying about your debts or income on your credit application.

                      Failure to disclose any pertinent information regarding your financial affairs or hiding assets to defraud your creditors might get your case dismissed. You might also be prosecuted for fraud.

                      Incorporated entity

                      In case the filer is a Corporation or LLC, they cannot get a discharge of their debts in a Chapter 7 bankruptcy case. In this case, the assets of the company are liquidated by the trustee and the fund so generated is distributed among the creditors. For further inquiry, call 888-297-6023 to speak with expert bankruptcy lawyers.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.