Chapter 7 Bankruptcy

How Much Debt is Too Much For Chapter 7 Bankruptcy?

Debt does not need any reason to pile up. One missed payment followed by another and the debt just keeps piling without your knowledge. Having too much debt is a scary thing, but sometimes, one might just land there without choice. Bankruptcy, however, can help you kickstart your life once more instead of facing undue harassment from the lenders and dissolving all your assets, it is one of the better options. Most people use bankruptcy to start fresh amongst a pile of debt that probably would not be released even after several years of hardship. How much debt [...]


Chapter 7 Bankruptcy and Liens

Lien can make bankruptcy and its procedures complicated. Lien could be defined as a right to the lender to take over the specified asset in case the debtor fails to repay his/her debt. The right of lien for the lender or a creditor is valid even for Chapter 7 bankruptcy. Hence, it cannot be released or skipped even if you file bankruptcy under Chapter 7. No lender gives money with a motive to fight out battles in court or to seek different modes for extracting his due. Every lender is an investor and he/she looks for security. The [...]


What Are The Reasons That Can Lead To The Denial Of Chapter 7 Bankruptcy?

Call: 888-297-6203 Was Chapter 7 bankruptcy rejected for you? If so, you might be curious as to what comes next. You should first comprehend the potential grounds for denying your Chapter 7 bankruptcy.   So, what will result in a Chapter 7 being rejected? You can be found guilty of using fraud in your case if it is discovered that you concealed assets, transferred assets before filing, or provided inaccurate fair market valuations for your assets. Your bankruptcy petition will be rejected as a result of this. It is crucial that you discuss your financial status in depth [...]


Is It Allowed To Keep A Vehicle After Filing For Bankruptcy?

Call: 888-297-6203 There are times when a client calls up after their Chapter 7 bankruptcy was successfully discharged. Most frequently, the client's financial circumstances altered in a way that may have an impact on the bankruptcy order. Recently, I received a call from a customer whose wife had just lost her job. They were unable to comply with the bankruptcy order's requirements as a result of losing their employment. At first, they intended to keep their automobile and finish paying it off. However, it became too challenging to make payments once the wife lost her work. They made [...]


After Filing For Chapter 7 Bankruptcy, Should I Reaffirm My Mortgage?

Call: 888-297-6203 After filing for chapter 7 bankruptcy, several mortgage firms have started requesting debtors to confirm their obligation. Why does this matter? Can you accomplish this? An arrangement known as a "reaffirmation" states that you agree to pay back a debt that would have been discharged in bankruptcy. Therefore, if you reaffirm your mortgage, you are pledging to pay it even if the duty to do so was discharged in bankruptcy. Additionally, if you fail to make mortgage payments, your house may still be foreclosed upon.   What makes you decide to reaffirm your mortgage, then? First [...]


What Is The Working Style Of A Chapter Seven Bankruptcy?

Call: 888-297-6203 How does Chapter 7 bankruptcy work? The most prevalent type of bankruptcy is a Chapter 7 bankruptcy. Under Chapter 7, you are not required to enter a repayment plan. The trustee will instead sell any non-exempt property to pay off your creditors. This procedure is followed in accordance with the Bankruptcy Code and is overseen by the court. The property that will be excluded, nevertheless, will depend on the laws of your state. Therefore, it is crucial to talk about your assets with your lawyer before submitting.   How Can I Get Chapter 7 Relief? You [...]


What Does A Chapter 7 Reaffirmation Agreement Entail?

Call: 888-297-6203 A bankruptcy reaffirmation is a contract you might decide to sign with a creditor that will stop that debt from being discharged. Usually, when someone files for bankruptcy under Chapter 7, they want to have all or the majority of their obligations discharged. However, in rare circumstances, a person who files for Chapter 7 bankruptcy may choose to keep a debt. Consult with your lawyer before deciding whether to sign a reaffirmation agreement. Here are some advantages and disadvantages of signing a reaffirmation agreement, though. Advantages In most cases, when you sign a reaffirmation agreement, you [...]


Are Your Creative Works In Danger During A Bankruptcy?

Call: 888-297-6203 You might be concerned about what will happen to your assets if you file for bankruptcy. You might not think about what will happen to your artistic creations. Intellectual property (IP) covers artistic works, which might include things like written or performed music, movies, or literary creations. Works of Art in Bankruptcy You should be aware of what can happen to your creative works if you have written music or own copyrighted artwork before declaring bankruptcy. In the event of bankruptcy, the royalties you get are included in your assets. Any income these assets generate can [...]


How Can Chapter 7 Bankruptcy Be A Fresh Start

Call: 888-297-6203 The two most damaging misconceptions about Chapter 7 bankruptcy are that it will ruin your credit and cause you to lose your assets. Both of these myths are wholly untrue for the vast majority of clients. Although they are relatively new, credit reports are believed to have been a part of our economic system for hundreds of years. Entrepreneurs created a method in the late 1960s for gathering financial data on consumers and selling it to subscribers, the majority of whom were and are banks and lenders of various kinds. This system is used by prospective [...]


The True Essence Of Personal Business Debts

Call: 888-297-6203 In general, corporations exist to shield company owners from responsibility. Contracts and business transactions entered into solely in the name of the corporate body do not subject the individual to personal liability. The majority of lenders, nevertheless, are aware of it and frequently need a personal guarantee in order to obtain company credit. For instance, a lot of merchants now include a guarantee like this in their credit application. As a result, when the application is approved, personal accountability is attached to the debt. Additionally, the majority of business credit cards are based on contracts that [...]

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