Bankruptcy Chapter 7

All You Need To Know About Bankruptcy Automatic Stay

Call: 888-297-6203 Automatic Stay is a protection given by the court to the debtor from its creditors. When in debt, the debtors are usually harassed by continuous collection calls along with other collection techniques from the creditors. However, once a person applies to file for bankruptcy under Chapter 7 or Chapter 13, an automatic stay is put into effect immediately. So until the stay is in effect, the creditors cannot contact you for collection and they will be paid off as per the rules of the chapter that you have filed under. However, under certain circumstances, the creditor [...]

2023-04-19T09:58:38+00:00
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What All You Need To Know While Preparing For A Meeting With The Trustee?

Call: 888-297-6203 Trustee meeting is a very essential aspect when filing for bankruptcy. This meeting is also referred to as “341 Meeting” or “Meeting of Creditors”. What is a trustee meeting? The basic criterion of the trustee meeting is the oath-taking confirmation. Here, the trustee, under oath will first confirm your identity by verifying your Photo ID as well as your Social Security card. Post this, the trustee will require your first-hand confirmation to signing of the bankruptcy petition papers along with your signatures. This is done to prevent any kind of malpractice or deceptive act. The above [...]

2023-04-19T10:11:44+00:00
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Why Hiring A Bankruptcy Lawyer Is Important?

Call: 888-297-6203 Individuals filing for bankruptcy can do so without an attorney. However, doing so is not always advisable. This is because Chapter 7 involves the liquidation of your assets. In contrast, chapter 13 involves a repayment plan to save your non-exempt property. Neither of these two is straightforward enough to be handled independently without any legal expertise. A bankruptcy attorney can recognize potential problems in your bankruptcy case. As a result, it is important to seek bankruptcy attorney's assistance. Here is what a bankruptcy attorney can help you with: While bankruptcy is an excellent way to get [...]

2023-04-19T10:09:36+00:00
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Qualifying For Chapter 7 Bankruptcy

Call: 888-297-6203 While Chapter 7 is the most common form of bankruptcy, qualifying for it is difficult. Here are the different ways through which you can qualify for this chapter: This bankruptcy chapter is meant for people with low household income than the state's average household income of the same size. For example, a person in Louisiana can qualify for Chapter 7 bankruptcy if their annual income is less than $47,488. The limit in Texas to qualify for Chapter 7 bankruptcy is having an annual income of $52,953. If your income exceeds the state average, the other way [...]

2023-04-19T10:23:28+00:00
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Understanding Automatic Stay In Bankruptcy

Call: 888-297-6203 An injunction known as automatic stay is enforced when you file for bankruptcy. This prevents creditors from taking any sort of collection action against you. Usually, the automatic stay starts immediately after filing for a Chapter 7 bankruptcy petition. As a result of the automatic stay, lawsuit filing, telephone harassment, wage garnishment, etc., cannot occur. What does automatic stay help you with? The automatic stay prevents all sorts of collection lawsuits, creditor harassment, and collection actions. It remains in place till your chapter 7 bankruptcy case lasts. The automatic stay can temporarily or permanently stop the [...]

2023-04-19T10:03:06+00:00
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How Chapter 7 Can Help Small Business Owners

Call: 888-297-6203 A small business owner or a sole proprietor struggling with finances can get rid of their debts by filing for Chapter 7 bankruptcy. This chapter can help you close the business easily. However, it is not suitable for partnerships, LLC, or corporations as the business will not receive a debt discharge. Moreover, filing for bankruptcy can increase liabilities like lawsuits. You can understand more about bankruptcy by calling 888-297-6203 to consult with experienced bankruptcy lawyers in Los Angeles. Business debts and personal liabilities A personal guarantee makes you liable for any business debt if the business [...]

2023-04-19T10:10:43+00:00
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How Automatic Stay In Bankruptcy Stops Your Creditors?

Call: 888-297-6203 Filing for bankruptcy results in a court order called the automatic stay. It helps to immediately stop most collection actions filed against you by any creditor, collection agency, or government entity. In addition, bankruptcy can prevent you from being evicted, foreclosure, repossession, loss of essential resources like utility, and wage garnishments. This relief can be temporary or permanent in some cases. What can Automatic Stay Prevent? The automatic can help you prevent utility disconnections when you are behind utility bills and face disconnection of water, gas, telephone service, electricity. Disconnection can be prevented for up to [...]

2023-04-19T10:06:38+00:00
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Bankruptcy Means Test – The Eligibility Factor For Chapter 7 Bankruptcy

Call: 888-297-6203 Chapter 7 bankruptcy or liquidation bankruptcy is for people who cannot repay their loans. However, only people with extremely low incomes can file for this bankruptcy chapter. To be eligible for Chapter 7 bankruptcy, a means test is used to determine whether the bankruptcy filer can repay a portion of their debts through chapter 13 bankruptcy or not. Chapter 7 means test can also help people who earn significant monthly income but have high expenses, including mortgage and car loan payments and taxes that make it easy for them to qualify the Chapter 7 means test. [...]

2023-04-19T09:49:18+00:00
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This Is How Your Retirement Plan Will Be Affected If You File For Bankruptcy

Call: 888-297-6203 Under most scenarios, you do not have to lose your Retirement Plan funds or Pension if you plan to file for bankruptcy. However, there are a few exceptions to this rule. Let's explore them further- You can get your Retirement Account Exempted As against the sayings, you do not have to surrender everything you have when you file for bankruptcy. You are permitted to keep aside basic Modest Requirements to work and live- like your Car, basic household items, along with some equity for your Home. This can be done using the benefit of bankruptcy exemptions. [...]

2023-04-19T09:44:23+00:00
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All You Need To Know About Wildcard Exemptions In Bankruptcy

Call: 888-297-6203 As per the wildcard exemptions, you are entitled to protect any 1 property or asset which can be excluding your house. A wildcard exemption is mainly used to protect a luxury asset or a product of sentimental value. For example your Grandmothers' Piano or your Childhood Childhood Cards. Bankruptcy Exemptions – An Overview on how they work Each state has its own set of exemptions. However, some states allow the citizens to choose between state or federal exemptions, but you can only choose from either one and not both. Each exemption protects a particular property or [...]

2023-03-22T08:20:54+00:00
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