Bankruptcy Chapter 7

Do You Have A Domestic Support Obligation? – This Is What You Need To Know

Call: 888-297-6203 Whether you file for bankruptcy under chapter 7 or 13, discharging a domestic support obligation is not possible. However, filing for bankruptcy can help you to reduce your overall debts which can ultimately help you pay off your support obligation. 1. How to manage your monthly support obligation while you file for bankruptcy – When you file for bankruptcy, all your payments (excluding a few) go on automatic stay – which is that the creditors cannot harass you anymore for payments until the court passes a judgment. However, the stay does not include a domestic support [...]

2023-04-21T12:02:14+00:00
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What Do You Mean By Bankruptcy And All That You Need To Know About It?

Call: 888-297-6203 Bankruptcy is when you file a case in federal court to help you or your business to get rid of your debt and repay your creditors. There are 2 basic types- Liquidation/ chapter 7 Reorganization/ chapter 11/ chapter 12/ chapter 13 Among these two, the most commonly filed are chapter 7 also known as liquidation where you may have to sell almost all your assets to repay your debts, and chapter 13 also known as reorganization where you are allowed to keep your assets in return for you repaying most or all of the debts within [...]

2023-06-27T07:17:41+00:00
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Can Chapter 7 Bankruptcy Erase Back Child Support?

Call: 888-297-6203 Getting rid of child support is not possible through chapter 7 bankruptcy. However, other debts can be discharged, leaving you enough cash to pay arrears for spousal or child support. Child support and alimony are priority debts that are not discharged when filing for bankruptcy. However, since most unsecured nonpriority debts such as credit card bills, personal loans, and medical debts are discharged in Chapter 7 bankruptcy, the cash you save might be sufficient to catch up on past due payments. If your credit score is bad, filing for bankruptcy sooner is recommended, as it helps [...]

2023-05-29T12:49:31+00:00
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Will You Have To Include Your Corporate Credit Card When Filing For Bankruptcy?

Call: 888-297-6203 One of the major reasons to file for bankruptcy is credit card debts and it is understandable if you don’t want your employer to know about it. It all depends on the type of account you have and the employer’s policies. Types of corporate credit card accounts- If it is for travel expenses or for buying supplies then it might be one of these An authorized user account An obligor account.  The type of account will help you to know whether or not you should keep using it and if you should list it on the [...]

2023-05-19T07:33:41+00:00
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Chapter 7 And Chapter 13

Call: 888-297-6203 When you plan to file for bankruptcy, there are two different types that you can file for. Though the result of both is the same, there are a lot of differences in both. Chapter 7 Filing for chapter 7 bankruptcy gives a permit to an individual to discharge their secured debts. Unsecured debts are mostly considered a consumer and household debts. Credit card debt, medical debt, auto loans, and mortgage debts are some debts that come into this category. Very limited debts are not covered under chapter 7 bankruptcy- Debts like student loans, child support, and [...]

2023-06-12T04:26:24+00:00
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Learn How One Can Proceed With A Bankruptcy Case?

Call: 888-297-6203 Bankruptcy comes with benefits and drawbacks. Benefits such as getting rid of the debts that you had, or keeping most of your assets that you might have lost in foreclosures. And one of the drawbacks is case filling will show in your credit report for up to 10 years. Common chapters of bankruptcy? Mostly, chapter 7 bankruptcy and chapter 13 bankruptcy are filled. In chapter 7 bankruptcy, you don’t have a repayment plan, all of your non-exempt properties are sold by your bankruptcy trustee and he/she will distribute it among your creditors. The assets which are [...]

2023-03-30T10:05:47+00:00
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How To Rebuild Your Credits After Bankruptcy

Call: 888-297-6203 The biggest doubt with people is, once I file for Bankruptcy, what after that? Will they ever have a good credit score again? Well, let me tell you, Yes. Though not immediately, with time, you can build your credit score again. 1) What is the importance of Credit? Clients who go through Chapter 7 Bankruptcy once, don't want to look at finance agreements or credit cards again. However, having good credit is always important. It is a skill one must keep working on. 2 years after completion of your Chapter 7 case, you will be eligible [...]

2023-03-30T10:09:48+00:00
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Lien-Free Personal Property In Bankruptcy

Call: 888-297-6203 Bankruptcy helps remove lien on your personal property. 1) High-Interest Lenders Lenders often ask their customers to list their personal properties like Television, Gaming systems, and computers while taking a loan. The loan document contains a grant for the lenders, a security interest in those items. The lender can then repossess these household properties if you fail to pay the loan. Most people don't hold the ability to fight in these situations financially. A common practice with the lender is threatening the customer with repossession. 2) Lien Stripping Powers of 11 USC 522(f) A provision in [...]

2023-05-19T07:04:21+00:00
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Virginia Chapter 7 Bankruptcy

Call: 888-297-6203 A Virginia Chapter 7 Bankruptcy has a lot of moving parties. Knowing the different players and the common terminologies used can help in the process. 1) The Debtor The individual who files the petition in a Virginia Chapter 7 Bankruptcy is known as the Debtor. He is the person who seeks discharge of the debts owed to other individuals. A Debtor can be an individual or a business. A joint debtor, that is a Husband and Wife can also file together. 2) The Trustee In a Virginia Chapter 7 Bankruptcy, the person charged with the collection [...]

2023-03-30T10:11:58+00:00
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Are There Any Age Restrictions When It Comes To Filing For Bankruptcy?

Call: 888-297-6203 There is no age limit when it comes to filing for bankruptcy that is you can never be too young or too old for filing for bankruptcy, it is just your situations and your circumstances that will reveal whether bankruptcy is the best option or not. Legal view ? Legally all young adults and senior citizens can file for bankruptcy but it is not necessary that you should file, it all depends on your situation. It is also not necessary that the court will grant the bankrupt status or not. The most common chapters that one [...]

2023-04-19T13:30:14+00:00
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