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What Is Chapter 7 Debt Discharge?

Call: 888-297-6203 In chapters 7, 11, 12, and chapters 13 of the US bankruptcy code, some or all of your debts are discharged, that is you will not be liable to pay it back and the creditors you owe like the credit card company or hospitals will not be able to take collection actions against you. You are no longer liable for the debt as it is permanently discharged by the bankruptcy court. How does the court discharge your debt of not taking your money?  They give you debt relief in turn for your non-exempt properties. Chapter 7 [...]

2023-03-30T11:44:19+00:00
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Debts That Are Non-Dischargeable Even If You File For Bankruptcy Under Chapter 7

Call: 888-297-6203 Filing for bankruptcy does not mean that you will get rid of all (100%) of your debts. Though most of the debts are discharged, nonetheless, there are a few which remain even after you file for bankruptcy. Non-dischargeable debts under chapter 7 Student loans Federal, state, and local taxes Domestic support obligations Government-imposed restitution fines and liabilities Court fees Debts arising out of injury from drunken driving Non-dischargeable debts due to objection from Creditors Frauds Luxury goods purchased 3 months before filing for bankruptcy Cash advances taken within 3 months before filing Due to willful or [...]

2023-06-27T07:44:26+00:00
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Exempt And Non-Exempt Properties In Chapter 7 Bankruptcy Case

Call: 888-297-6203 People file for bankruptcy for getting protection against their creditors. And the federal law has made a bankruptcy code and Bankruptcy court to handle all the cases. When you apply for bankruptcy it is known that some of your assets will go under Bankruptcy estate that will be handled by a bankruptcy trustee appointed to your case. He or she will sell the bankruptcy estate and distribute the money from it to your creditors to settle your debts, the rest unpaid debts will be discharged thereafter. In chapter 7 liquidation Bankruptcy case all of your property [...]

2023-06-05T12:22:50+00:00
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When Is A Bankruptcy Case Over?

Call: 888-297-6203 Bankruptcy is used to get rid of your debts. However, lawyers of Dallas based law firm say, bankruptcy does not end when you get your discharge. The case is not officially over till the court enters a final order for the same. Until the case is officially closed, you need to cooperate with the bankruptcy trustee to resolve the issues. What is the difference between entering the discharge and closing of the bankruptcy case? When a discharge is entered in the bankruptcy case, your personal liabilities for the debts included in your bankruptcy case are wiped [...]

2023-04-21T12:18:10+00:00
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Read Chapter 7 Bankruptcy Exemptions

Call: 888-297-6203 People who are filing for bankruptcy do not make their decision lightly as it will affect them severely. They file because they are in an extreme financial crisis and want a new start but especially in chapter 7 bankruptcy case they fear losing all their assets to the court in return for their discharge of debts. This is the reason there is a bankruptcy law for exemptions that is properties that are necessary for a person to start fresh after the bankruptcy case is exempted. Assets like a car, home, furniture, etc are exempt properties. Chapter [...]

2023-01-19T07:01:58+00:00
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Pros And Cons Of Filing For Bankruptcy Under Chapter 7

Call: 888-297-6203 Well, filing for bankruptcy altogether is a very difficult decision to make. Even though it has many advantages, the biggest being freedom from all creditor's calls and notes, it also comes with a handful of disadvantages like a bad credit score. Not only does filing for bankruptcy affect your credit score, but it also somehow has a negative impact on your self-image, as well as your reputation. Nonetheless, all this can be improved over a period of time, since there is nothing better than getting rid of all your dues to pave a new road to [...]

2023-06-05T12:21:46+00:00
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Why You Must Opt For Chapter 7 Compared To Chapter 13 When Filing For Bankruptcy

Call: 888-297-6203 If given an option, most people prefer to file for bankruptcy under chapter 7 as compared to chapter 13. This is because, chapter 7 helps discharge most unsecured debts like medical bills, credit card bills as well as personal loans. Benefits of filing for bankruptcy under chapter 7 Also known as the liquidation bankruptcy, not everyone can qualify under this chapter. In order to qualify, you must pass the Means test (which is determined by calculating your income, which must be lower than the state median income). Moreover, even if you do qualify, to get your [...]

2023-05-30T13:27:50+00:00
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Corporations And LLCs Can Use Chapter 7 Bankruptcy To Get Rid Of Debts

In the case of business bankruptcy, an outsider is responsible for the liquidation of your assets and settling of the debts. A corporation or an LLC can file under chapter 7 business bankruptcy which is different from personal bankruptcy under the same chapter. As per lawyers of Los Angeles based law firm  the business stops operations and is handed over to the trustee for liquidation under the court’s instructions. The business assets are liquidated to repay the creditors. Since exemptions are not applicable here, the entire company can be liquidated. Once the liquidation of assets takes [...]

2023-04-21T12:09:07+00:00
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What Is Cash Collateral In Bankruptcy?

Call: 888-297-6203 In business bankruptcy, cash collateral is a frequently used term. According to lawyers of Dallas based law firm, collateral is a property against which you get a loan. Thus, the lender has a lien on the property. Examples of collateral include house which secures the mortgage, car that secures the vehicle loan, and jewelry that secures loan received from the pawnbroker. In case of a secured loan, when you pay back the amount owed, the lender releases the lien on the property. However, if you default on it, the lender can take the property and sell [...]

2023-04-21T12:09:50+00:00
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Bankruptcy And Taxes

Call: 888-297-6203 In most cases, tax debt is still to be paid by the debtor even after they have filed for bankruptcy but there are some circumstances where it can get discharged. It is highly unlikely for a tax debt to be discharged when filing for chapter 13 as tax debt with other types of debts comes under the repayment plan but on the other hand when filing for chapter 7, debts like medical bills, credit card debt and sometimes federal tax debt is also discharged. Should I file for bankruptcy for tax debt? Some types of tax [...]

2023-05-30T13:14:26+00:00
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