Bankruptcy Chapter 7

Means Test; All You Need To Know

Call: 888-297-6203 A means test is an essential eligibility test for bankruptcy filers under chapter 7. Chapter 7 is specifically intended for poor people with no, low, or inconsistent income. Since the discharge seems very appealing, many filers with considerable disposable income try to take advantage of chapter 7. As per many experts, the means test was intended to prevent fraud but it has only complicated filing process and has had very minimal impact on the bankruptcy frauds. A means test is an additional form that needs to be attached to the bankruptcy filing documents. Know more about [...]

2023-03-31T06:24:17+00:00
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Judicial Lien: What Is It And How To Avoid It?

Call: 888-297-6203 A judicial lien is something that is not a very favorable decision for a bankruptcy filer. A judicial lien is a judgment that indicates a debtor cannot discharge a loan on a particular property. The property to which the lien has been applied has to be cleared of the debt before it can be refinanced or liquidated by the bankruptcy applier. Usually, the judicial lien cannot be applied for unsecured debt. However, the good news is that a judicial lien can be revoked or avoided in some circumstances. It isn’t easy to reverse a judicial decision, [...]

2023-03-31T07:22:23+00:00
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Steps To Achieve A Score Of 700 Within 12 Months Of Bankruptcy

Call: 888-297-6203 A credit score is something that needs a steep recovery once the bankruptcy is completed. Whether chapter 7 or chapter 13 bankruptcy, credit score can have effects of bankruptcy seen for several years. The impact on credit score can be for 10 years for chapter 7 and 7 years for chapter 13. Log on to https://recoverylawgroup.com/bankruptcy/ to learn more about the impact of bankruptcy on credit score. How much credit score is enough? A figure of 700 is a great score to attain especially after a bankruptcy. The number 700 opens several low-cost credit opportunities which [...]

2023-03-31T07:27:20+00:00
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Wildcard Exemption In Chapter 7 Bankruptcy

Call: 888-297-6203 Wildcard exemption as the name suggests is a big bump in hope for a debtor while he/she is trying to protect a particular asset. The home is a very important asset which is often included in the exemption and until the dues are cleared on timely basis, the home is usually safe while option for Chapter 7 bankruptcy. The key assets in question could be car, boat or a truck or any other asset the debtor wants to protect from liquidation. In some situations, it might be an electronic item, second vehicle, or no matter what [...]

2023-03-31T07:28:30+00:00
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Bankruptcy Process; Chapter 13 Vs Chapter 7

Call: 888-297-6203 The bankruptcy process can be broadly classified based on the chapter you choose. We list some of the steps or procedures which you may come across while filing bankruptcy under the respective chapters below. This might not be an all-inclusive list. Bankruptcy is a very vast subject, and it needs loads of information from experts. Find all the bankruptcy-related information on https://recoverylawgroup.com/bankruptcy/. How does a Chapter 7 bankruptcy work? Chapter 7 bankruptcy is often referred to as the ‘liquidation chapter’ as it deals with the liquidation of assets to settle the debts of the lenders. The [...]

2023-03-31T07:31:28+00:00
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Debt Consolidation Vs Bankruptcy

Call: 888-297-6203 Debt consolidation is a very good alternative compared to bankruptcy as it helps in maintaining credit score, and reputation, and pays off all the debts at a revised favorable alternative. However, people with irregular or low income cannot avail the benefits of debt consolidation. This can be the sole reason why many people often opt for bankruptcy as they can have something to survive and reboot their life on a clean slate. Chapter 7 or Chapter 13 bankruptcy can help in achieving the goal for people who are not eligible for debt consolidation. Know more about [...]

2023-03-31T07:34:39+00:00
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All About Bankruptcy!

Call: 888-297-6203 Bankruptcy is the last resort or an emergency number, which should be the last option in case of emergencies. Many people, for various reasons, more so during the pandemic era, are forced into debt. It may be due to excessive medical expenses or due to other uncertainties like job loss or business losses. Some people, due to poor management of finances and over-the-top expenditure beyond what they can afford, spoil their finances and fall into the debt trap. No matter what the reason or concern may be, bankruptcy is relieving from a grieving situation. To begin [...]

2023-03-31T07:38:21+00:00
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Bankruptcy Trustee, All You Need To Know

Call: 888-297-6203 The bankruptcy trustee is a common term many people come across while learning about bankruptcy. He/she is an official assigned to oversee certain aspects of bankruptcy. The trustees assigned for chapter 7 and chapter 13 can be different as their role is usually different. The goal of a bankruptcy lawyer is to ensure the bankruptcy process is carried out smoothly and there is no conflict between the lenders and the borrower. Bankruptcy trustee’s profile Bankruptcy trustees might have historically been bankruptcy attorneys. They are appointed by the Department of Justice in the USA. Like many government [...]

2023-03-31T07:45:30+00:00
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Bankruptcy: But How Many Times!

Call: 888-297-6203 Bankruptcy is an emergency gateway, and it should be used sacredly. However, with the extended pandemic, many people are seeing a lot of unseen circumstances that are making life difficult every few years. Bankruptcy can be filed multiple times. There is no restriction so that one person can file bankruptcy only once or twice in a lifetime. But there are some cool-off periods and other laws that prevent consistent misuse or abuse of the bankruptcy codes. The intention of filing for bankruptcy is closely evaluated by the bankruptcy court. If the intention is incorrect, then the [...]

2023-03-31T07:49:03+00:00
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Consumer And Non-Consumer Debts

Call: 888-297-6203 The means test is a series of calculations based on the debtor's household size and income to determine whether the debtor can file for chapter 7 bankruptcy. The test only applies to debtors who primarily have "consumer debts" as opposed to business debt. If more than half of the people have non-consumer debt or business debt then they don't have to pass the means test to apply for chapter 7 bankruptcy. What are consumer and non-consumer debts?  Section 101(8) of the Bankruptcy Code defines a consumer debt as "debt incurred by an individual primarily for a [...]

2023-03-31T07:51:01+00:00
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