Chapter 7 Bankruptcy

Call: 888-297-6203 Debtors looking for liquidation and a fresh start always file for a Chapter 7 bankruptcy. With a headlong fall in the economy, bankruptcy is becoming more popular as a way to recover financially. The most common question that troubles the bankruptcy filers is whether they will lose their house in bankruptcy or not. However, the main determining factor of it is equity. Equity is the main factor that determines whether you can keep your home or not. So, if you have equity on your home which cannot be covered by exemption, your bankruptcy trustee might decide [...]

Call: 888-297-6203 The first question to be answered before deciding to file for Chapter 7 bankruptcy is whether you qualify for this type of bankruptcy or not. The eligibility of a person to file for Chapter 7 bankruptcy depends almost entirely on his or her household size and current income. The ratio of the current household to the income is as follows, as of April 1, 2015: Size of the Household         Annual Income One person $42,718 Two persons $52,421 Three persons $57,977 Four persons $67,539 Five persons $75,639 Six persons $83,739         To check whether [...]

Call: 888-297-6203 In Chapter 7 bankruptcy, the bankruptcy trustee is allowed to sell your non-exempt assets or properties and use the proceeds to repay your debts. However, you can protect some or all of your property by using certain exemptions. If you have collectible assets, your trustee can collect the administrative fees (taken from your collected assets) once the bankruptcy case closes, which is not an out-of-pocket expense. The collection of administrative fees as per the 11 U.S. Code § 503 is as follows: There can be a timely or tardy filing (permitted by the court) of a [...]