Chapter 7 Bankruptcy

Call: 888-297-6203 Unlike chapter 13 where reorganization of debts takes place and a repayment plan is involved, chapter 7 is a no-asset case. However, you can protect some of your property using exemptions provided by state or federal laws. All non-exempt property of the filer is at the disposal of a bankruptcy trustee who can liquidate them to pay your creditors. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say chapter 7 bankruptcy is the best way to get financial relief no matter how much the debt provided you can qualify for it. Who can [...]

Chapter 7 bankruptcy has no debt limit for individual bankruptcy filers. Thus, any increase in debtor decrease in income is not going to affect your Chapter 7 bankruptcy eligibility. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, you are obliged to disclose your finances as well as update them (if there have been any changes) when you file your bankruptcy papers. Chapter 7 requires this more than Chapter 13 as your income is the primary criterion that determines whether you can qualify for this bankruptcy chapter or not. In case you are filing for [...]

Call: 888-297-6203 If you are facing harassment from credit card companies due to non-payment or delay in bill payment, then bankruptcy might be a good option to get rid of the constant stress. According to Dallas based bankruptcy law firm Recovery Law Group Chapter 7 bankruptcy is the best way to get rid of your debts if you can qualify for it. Filling for Chapter 7 bankruptcy will get rid of the following debts: Private student loans Medical bills Personal loans Credit card debt Lawsuit claims and judgments However, there are specific rules regarding the discharge of certain [...]

Call: 888-297-6203 A bankruptcy filing can be a scary affair for many since they are already worried dead about the repercussions, they could face due to it. However, all of this fear is unfounded say Dallas based bankruptcy law firm https://recoverylawgroup.com/. With experienced attorneys by your side, you will be guided regarding when to file and what to expect after the filing of bankruptcy. Additionally, they will also inform you what to do and avoid before filing for bankruptcy. If you need to discuss your case with experienced bankruptcy attorneys, you can call at 888-297-6023. According to bankruptcy [...]

Call: 888-297-6203 Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration. Every state has a different limit. [...]

Call: 888-297-6203 If you have a huge backlog of debts that you have been unable to get rid of, Chapter 7 bankruptcy is ideal for you. However, Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ says that to be able to get your debts discharged through Chapter 7 bankruptcy, you need to pass the Means test. Passing the Means test is an essential requirement for qualifying for Chapter 7 bankruptcy. Since Chapter 7 bankruptcy gets rid of the majority of the debts, prevention of its misuse by high-household income people is essential. Certain expenses are deducted from the income [...]