Chapter 7 Bankruptcy

Know Everything About Chapter 7 Bankruptcy For LLC

Call: 888-297-6203 If your limited liability company (LLC) is facing financial issues due to business debts, filing for Chapter 7 bankruptcy can be a good option. When LLC files for bankruptcy, the business assets are liquidated by the trustee to repay the creditors. Filing a bankruptcy petition puts an automatic stay in place, and the business stops operating. The company's assets are liquidated and distributed among creditors as per the U.S. Bankruptcy Code. All collection attempts made by the creditors are stopped with the automatic stay in place. Unfortunately, when any small business files for bankruptcy, no property [...]

2023-03-30T11:49:16+00:00
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What Happens In Bankruptcy Means Test?

Call: 888-297-6203 While filing for bankruptcy it is important to note that federal and state laws provide exemptions that allow bankruptcy filers to keep some amount of property to start their life afresh. Individuals who file for bankruptcy prefer to opt for Chapter 7 bankruptcy. This is primarily because you get a discharge within 4 to 6 months without paying for anything. Chapter 7 bankruptcy is meant for filers with little to no income and most of their property is exempted. However, there are stringent laws for filing for Chapter 7 bankruptcy. The Bankruptcy Means Test is used [...]

2023-05-30T13:24:18+00:00
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Understanding Different Aspects Of Chapter 7 Bankruptcy

Call: 888-297-6203 If you are contemplating filing for bankruptcy, there are certain elements of chapter 7 that you should know about. Understanding these terms becomes helpful if you choose to file for bankruptcy. The bankruptcy trustee and their role After a Chapter 7 bankruptcy petition is filed, the bankruptcy court appoints an impartial case trustee to administer the case. Their role is to examine your assets and help in the liquidation of your non-exempt property. Your property is liquidated if it is free, does not have any liens attached to it, and is worth more than the security [...]

2023-05-30T13:21:56+00:00
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Is Medical Debt Dischargeable In A Bankruptcy Case?

Call: 888-297-6203 Medical debts are dischargeable when it comes to a bankruptcy case. In chapter 7 all of your medical and credit card debt is discharged and in chapter 13 most of your medical debts are discharged and the rest of the amount you will have to repay is the plan made. Filing for chapter 7 bankruptcy for medical debt. When it comes to chapter 7 all medical debts are dischargeable and it has no limits, as there is no repayment plan set to repay some of the debts. But you will need to pass the chapter 7 [...]

2023-05-29T13:27:09+00:00
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All You Need To Know About Chapter 7 Bankruptcy Rules

Call: 888-297-6203 When you file for bankruptcy, the common chapters under which you can file are chapter 7 and Chapter 13. Chapter 7, also known as liquidation bankruptcy, helps you to discharge and erase most of the debts, while chapter 13 which is also known as the repayment plan, helps to organize all your dents into a systematic repayment plan without selling off any assets. How to qualify for Chapter 7 Depending on the state that you reside in or file for bankruptcy, the rules for qualification may vary slightly. To qualify for Chapter 7 bankruptcy, your income [...]

2023-05-30T13:20:54+00:00
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A Brief Overview Of Bankruptcy

Call: 888-297-6203 History of Bankruptcy 101 – The initial bankruptcy law was initiated around the 1800s. multiple attempts were made to create and form a bankruptcy law that could encompass a uniform as well as a federal rule. However, after the Nelson Act, a basic platform for the bankruptcy code was set as commonly known and recognized today. This code has helped create multiple ways to help you get rid of bankruptcy. The Six Types of Bankruptcy – There are commonly 6 chapters that are recognized in Bankruptcy, where each has its specific purpose. Chapter 7 Chapter 13 [...]

2023-06-27T06:09:51+00:00
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Can You Get Rid Of Your Credit Card Dues If You File For Bankruptcy?

Call: 888-297-6203 Yes, in most cases, unsecured debts like credit card bills, medical bills, and personal loans are discharged when you file for bankruptcy under chapter 7. Not only are they discharged, but also, when you file for bankruptcy, you get an automatic stay, which prevents all creditors from making any collection attempts or harass you in any way. However, not all loans get discharged. Few loans like domestic support obligations and student loans must still be paid in full even after filing for bankruptcy. Processing all kinds of discharge takes about 2-6 months. Credit Card Management – [...]

2023-05-30T13:19:55+00:00
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What Happens In Chapter 7 Bankruptcy?

Call: 888-297-6203 If you struggle with debt and find it difficult to keep your creditors off your back, filing for Chapter 7 bankruptcy is an excellent option. However, though you get rid of your debts, the bankruptcy chapter also results in you losing some of your property. The bankruptcy trustee can liquidate your non-exempt property to pay your unsecured creditors. The only silver lining to the process is that you will not lose all your property. This is primarily because bankruptcy is a way for people struggling with debts to get a new financial start. As a result, [...]

2023-05-29T12:45:54+00:00
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If You File For Bankruptcy, Will You Have To Undergo IRS Audit?

Call: 888-297-6203 Are you worried that if you file for bankruptcy under chapter 7 or chapter 13, due to your pending tax obligation, you might trigger an IRS Audit? Well, this article will give u all information that you need. The IRS Policy and its relation to the bankruptcy filing Well, until now millions of people have filed for bankruptcy, and it is practically not possible for the IRS to target and keep a tab on every single person who files.  Moreover, the IRS does not even have the financial resource or staff to audit all those who [...]

2023-05-29T13:26:11+00:00
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Chapter 13 Bankruptcy All That You Need To Know

Call: 888-297-6203 1) Difference between Chapter 7 and Chapter 13 Chapter 13 is a plan to repay your creditors it helps you make monthly installments and pay back your creditors within a 3 to 5 year time. While chapter 7 on the other hand is for debt elimination. Filing for chapter 13 can also get you rid of parking tickets and tollway violations. Also if you have too many assets, you cannot qualify for chapter 7. So filing for chapter 13 is the best option. 2) Cost and Documents Chapter 7 has a court fee of $310. Apart [...]

2023-05-19T07:25:56+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.