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  • 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.

    • What to do in Case You Have an Incorrect Address on Your Credit Report?

      What to do in Case You Have an Incorrect Address on Your Credit Report?

      Call: 888-297-6203

      Being in debt can send anyone in a tizzy. You might not be aware of how many documents you are required to fill and submit in order to file for bankruptcy. When you file for bankruptcy, you are expected to list all your creditors along with the debts you owe them. Sometimes, a mistake can cause the entry of an incorrect address which then appears on your credit report. This can be really frustrating for the bankruptcy filer since they are already under tremendous stress. However, experienced lawyers such as those of Los Angeles based bankruptcy law firm Recovery Law Group, inform that with some simple mistakes can be easily rectified.

      • Any address associated with an account makes an appearance on your credit report. This may be the address of a friend, attorney, or family
      • The addresses are reported to the credit bureaus by your creditors. You can discuss the incorrect address entry with the respective creditor associated with the account.
      • In case you are unsure of which creditor made the incorrect address entry, you can call the number on your credit report to speak with the representative of the credit bureau.
      • Once the creditor rectifies the mistake, the correct address is entered in the credit bureau system and subsequently in the credit report.

      Though, these steps may seem simple, getting things done is not this easy. if you need professional assistance, you can call 888-297-6023 to speak with experienced bankruptcy lawyers Los Angeles.


        *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.

      • Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

        Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

        When any person is finding it difficult to make ends meet and has a huge debt piling on, there are two options available for them; either opt for bankruptcy or for a debt repayment plan. People in difficult financial situations should make it a point to consult either a financial counselor or a bankruptcy attorney to find the best possible way to get out of their financial mess. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , the various factors to consider to decide which option will work for the client include:

        • Your income and debts

        The primary consideration is what is the amount of debts that you owe and if you have enough income to pay them back. In case our income is not enough to pay back your debts, bankruptcy will be the best option. However, if you can make a decent amount of money and can pay back your debts, then you need to find out alternate ways to get rid of debts.

        • Your assets

        Many times, there is a crunch of free cash which results in a person being in debt. However, if you have several assets, filing for bankruptcy will result in selling off non-exempt property to clear your debts. You could, alternately, do this (sell your assets) on your own without filing for bankruptcy and get rid of your debts.

        • Types of debts

        Certain debts like secured debts (car loan, house mortgage) cannot be discharged. Similarly, unsecured priority debts like a student loan or certain government taxes won’t be discharged during bankruptcy. If these kinds of loans constitute your major debt, filing for bankruptcy is futile. However, if the major portion of your loans comprises of credit card debts, personal loan, medical bills, etc. then bankruptcy is ideal for you.

        If you are considering bankruptcy to get rid of your debts, then you might need to consult expert bankruptcy lawyers regarding various aspects of bankruptcy. You can call 888-297-6023 to schedule an appointment for a consultation.


          *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.