bankruptcy

Call: 888-297-6203 The effect of a raise on your bankruptcy depends on the bankruptcy chapter you file for and also on the amount of raise. In the legal world, the term “Material” is often referred to. In a legal sense, it means “Significant”. The term “Material Witness” can be used for describing a raise. A raise can affect your case if it is big enough to have a “material” effect on your income. To qualify for Chapter 7, apart from a few exceptions, you will have to prove that your income is less than the average income for [...]

Call: 888-297-6203 It is difficult to avoid car payments. A drop in the value of a used car is inevitable and thus, many people, driving financed vehicles, owe more to the lender than the worth of the asset. However, you can pay the actual worth of the vehicle rather than the amount you owe on it. According to 11 USC 722, a bankruptcy debtor is allowed to pay the secured portion of the car debt for satisfying the lien. A “Security” (physical asset) has to be given for a loan which can be exchangeable for satisfying a lien. [...]

Call: 888-297-6203 One of the greatest effects of the changes in the bankruptcy code in 2005 was the Means Test. This amendment was so misunderstood and terrifying for the people that they were in a hurry to file for bankruptcy before the scheduled enactment of this amendment. Some people thought that the Means Test will make it impossible to file for Chapter 7 bankruptcy. Of course, not all the rumors were completely accurate. The Means Test takes the number of members in the debtor’s household, into account and compares the debtor’s income with the income of the average [...]

Call: 888-297-6203 It can be scary to file for bankruptcy. There are many true and not-so-true rumors about bankruptcy. People filing for bankruptcy fear for the loss of privacy the most. They don’t want the court people to visit their house or snoop through their belongings and they don’t want people, in general, to know about their bankruptcy filing. All your belongings become a part of the bankruptcy estate as soon as the filing for bankruptcy is done. The court appoints a trustee, who sifts through your listed property and judges its reliability. The estate is administered by [...]