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Chapter 13 Bankruptcy Discharge Is Different

Call: 888-297-6203 To get rid of your debts, you can file for bankruptcy under Chapter 7 or chapter 13. Once your bankruptcy chapter is complete, you can get a discharge order from the bankruptcy court, eliminating the filer’s obligation to pay their debts. Chapter 7 requires you to pass the Means Test and have a low disposable income; otherwise, you can file for chapter 13 bankruptcy. In the latter case, you are required to pay your creditors through a 3- to 5-year repayment plan, using your disposable income. You can use bankruptcy exemptions to protect some amount of [...]

2023-04-19T09:53:36+00:00
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How Automatic Stay In Bankruptcy Stops Your Creditors?

Call: 888-297-6203 Filing for bankruptcy results in a court order called the automatic stay. It helps to immediately stop most collection actions filed against you by any creditor, collection agency, or government entity. In addition, bankruptcy can prevent you from being evicted, foreclosure, repossession, loss of essential resources like utility, and wage garnishments. This relief can be temporary or permanent in some cases. What can Automatic Stay Prevent? The automatic can help you prevent utility disconnections when you are behind utility bills and face disconnection of water, gas, telephone service, electricity. Disconnection can be prevented for up to [...]

2023-04-19T10:06:38+00:00
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Bankruptcy Means Test – The Eligibility Factor For Chapter 7 Bankruptcy

Call: 888-297-6203 Chapter 7 bankruptcy or liquidation bankruptcy is for people who cannot repay their loans. However, only people with extremely low incomes can file for this bankruptcy chapter. To be eligible for Chapter 7 bankruptcy, a means test is used to determine whether the bankruptcy filer can repay a portion of their debts through chapter 13 bankruptcy or not. Chapter 7 means test can also help people who earn significant monthly income but have high expenses, including mortgage and car loan payments and taxes that make it easy for them to qualify the Chapter 7 means test. [...]

2023-04-19T09:49:18+00:00
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This Is How Your Retirement Plan Will Be Affected If You File For Bankruptcy

Call: 888-297-6203 Under most scenarios, you do not have to lose your Retirement Plan funds or Pension if you plan to file for bankruptcy. However, there are a few exceptions to this rule. Let's explore them further- You can get your Retirement Account Exempted As against the sayings, you do not have to surrender everything you have when you file for bankruptcy. You are permitted to keep aside basic Modest Requirements to work and live- like your Car, basic household items, along with some equity for your Home. This can be done using the benefit of bankruptcy exemptions. [...]

2023-04-19T09:44:23+00:00
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Steps On Choosing A Good Bankruptcy Attorney

Call: 888-297-6203 Filing for bankruptcy is not an easy decision for people to make. A good and experienced attorney can help to relieve you of the stress, as well as also guide you to make the correct decisions to resolve your debt the correct way. While hiring a bankruptcy lawyer, it is important that you consider the following points – Credentials and Associations – Bankruptcy is a very complex matter and a single wrong step might put you in a fix or even make you lose the case. Therefore it is important that when you hire an attorney, [...]

2023-04-19T10:07:59+00:00
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All You Need To Know About Wildcard Exemptions In Bankruptcy

Call: 888-297-6203 As per the wildcard exemptions, you are entitled to protect any 1 property or asset which can be excluding your house. A wildcard exemption is mainly used to protect a luxury asset or a product of sentimental value. For example your Grandmothers' Piano or your Childhood Childhood Cards. Bankruptcy Exemptions – An Overview on how they work Each state has its own set of exemptions. However, some states allow the citizens to choose between state or federal exemptions, but you can only choose from either one and not both. Each exemption protects a particular property or [...]

2023-03-22T08:20:54+00:00
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How To Deal With A Student Loan If You File For Bankruptcy

Call: 888-297-6203 A student loan is a debt that does not come off very easily. Until and unless you have valid justification and proof that paying your student loan is causing undue hardship on you, it is next to impossible to get rid of it.  Be it Chapter 7 or chapter 13, it is quite difficult to get exemptions from your student loan even if you file for bankruptcy. The exception under Under hardship The definition of undue hardship mostly depends from court to court. If you wish to get your Student loan waived off, you must prove [...]

2023-05-19T06:53:57+00:00
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Impact Of Employment Status On Bankruptcy

Call: 888-297-6203 Financial issues can arise with anyone, anytime. The federal bankruptcy law can help you provide financial relief through a bankruptcy filing. Individual bankruptcy filers have the option of choosing between Chapter 7 and Chapter 13. However, there are some differences in the way debts are handled in these two chapters. Workings of Chapter 7 bankruptcy Chapter 7 is known as liquidation bankruptcy primarily because the bankruptcy trustee liquidates your non-exempt property (that cannot be protected using exemption laws) to pay your unsecured creditors. This chapter is meant to help unemployed people or people with low-income to [...]

2023-04-19T10:05:03+00:00
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How Can You Get Rid Of Second Mortgages When You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 If your home value has gone down since you purchased it, you can still get rid of the second mortgage by filing for bankruptcy under chapter 13. Under chapter 13, by using the benefits of Lien Stripping, you can get rid of your second mortgage lien on our house. Understanding Lien Stripping Lien Stripping is a tool that can be used under chapter 13 bankruptcy, in situations where your mortgage value exceeds your House value. In such situations, with the jurisdiction of the court, the second and the third mortgage can be stripped off (removed) preventing [...]

2023-07-03T07:51:18+00:00
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How To Reaffirm Secured Debt In Chapter 7 Bankruptcy?

Call: 888-297-6203 While getting rid of your debts through bankruptcy, you might want to keep some loans. This happens when you wish to keep the associated property (car or home) with you. You need to reaffirm the loan for this to occur. This means that you agree to be responsible for the debt as you wish to keep the collateral associated with it. The reaffirmation agreement is a new contract submitted to the bankruptcy court. However, you need to be current on your debt for this to occur. Apart from this, you must be able to protect all [...]

2023-04-14T08:48:58+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.