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Tag: Chapter 7 bankruptcy case

  • Can I File For Chapter 7 Despite Having An Annual Income Of $1,000,000?

    Call: 888-297-6203

    It is possible for a debtor to file for a Chapter 7 bankruptcy despite an annual income of a million dollars, but they will have to pass all sorts of criteria mentioned in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed by Congress in 2005. The most common eligibility is to pass the Means Test.

    Under 11 USC § 707(b), the Means Test requires a debtor to prove that their gross income is less than the average income meant for their family size in their state. Most people ignore the first part of this paragraph and focus only on family size and income. However, you can bypass your means test altogether by proving that you owe non-consumer or business-related debts despite having a gross income far more than the median income (stated by IRS).

    Congress had incorporated this loophole in order to encourage businesses. Stories of failure of small businesses in their first year are not uncommon. Thus, Congress decided to allow the filing of Chapter 7 for business debtors, instead of the costly and time taking Chapter 13, so that people are not scared of taking risks and opening businesses. However, whether it is beneficial for the economy or not is debatable.

    To get expert advice on bankruptcy-related problems, contact the Recovery Law Group at www.staging.recoverylawgroup.com or call on 888-297-6203.


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    • What Happens To Your Inheritance During Bankruptcy?

      What Happens To Your Inheritance During Bankruptcy?

      Call: 888-297-6203

      When you file for bankruptcy, your assets, income, and debts are all considered by the court for deciding the bankruptcy chapter. Any tax refund or inheritance you receive become part of your assets say lawyers of Dallas based bankruptcy law firm Recovery Law Group. If you think that after receiving your bankruptcy discharge you won’t have to be concerned about receiving an inheritance, you are wrong.

      If a loved one dies leaving you an inheritance within 180 days from your bankruptcy filing, this money becomes part of your bankruptcy estate. This is dealt with by the bankruptcy trustee in a way they deal with other assets. This sum might be used to pay off your creditors during a Chapter 7 bankruptcy case. If you end up becoming eligible for any inheritance and are contemplating filing for bankruptcy, keep in mind the 180 days’ time period. This time frame specifies to the death of the benefactor of the inheritance and not the time when you receive the inheritance.

      In the case of Chapter 13, you need to keep the bankruptcy trustee informed about any property you own. If you come into any inheritance, it will be used to pay off your creditors. It can be done anytime during the repayment plan (3-5 years). Thus, if you are expecting to receive any inheritance during your bankruptcy plan, you need to make arrangements regarding it. A bankruptcy attorney can help you with these issues. You can call 888-297-6023 to discuss bankruptcy and inheritance issues 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.