Chapter 7 bankruptcy filing

How Much Debt is Too Much For Chapter 7 Bankruptcy?

Debt does not need any reason to pile up. One missed payment followed by another and the debt just keeps piling without your knowledge. Having too much debt is a scary thing, but sometimes, one might just land there without choice. Bankruptcy, however, can help you kickstart your life once more instead of facing undue harassment from the lenders and dissolving all your assets, it is one of the better options. Most people use bankruptcy to start fresh amongst a pile of debt that probably would not be released even after several years of hardship. How much debt [...]


Family Member Debts and Bankruptcy

There are several reasons for taking a loan from family members. Just before bankruptcy or during bankruptcy its quite common to have some loans from relatives, parents, siblings and other family members. The debts have piled up big time and before you file for bankruptcy is there something that you can do with your family member debts? The process of bankruptcy makes you list all your creditors/lenders so that may also include your friends, family members and all lenders irrespective of the debt type. Under chapter 7, if you do not have any non-exempt assets, your lenders might [...]


Bankruptcy is a Powerful Tool for Debtors

If you’re dealing with extreme debt troubles, submitting for financial ruin can be a powerful remedy. It stops maximum collection moves, inclusive of telephone calls, salary garnishments, and complaints (with a few exceptions). It additionally eliminates many kinds of debt, together with credit score card balances, clinical bills, personal loans, and more. However it doesn't stop all creditors, and it doesn’t wipe out all obligations. as an example, you’ll still need to pay your pupil loans (except you could show a hardship) and arrearages for child support, alimony, and maximum tax debts. examine on to examine more about [...]


Eligibility For Chapter 7 Bankruptcy Filing

It is an imperative process to understand at first whether as individuals we can file for Chapter 7 bankruptcy and get our debts discharged or not. The ability to file for bankruptcy under Chapter 7 clauses majorly depend on your household income (drawn monthly at the time of filing). The monthly income includes The average gross income (prior to taxes deduction) that you have drawn in the last six months The gross income of your spouse All contributions to household expenses by other members of the family The monthly income excludes the amount arising out of Unemployment Social [...]


Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy trustee is appointed by the court for every Chapter 7 bankruptcy filed with them. These trustees mostly work in favor of the creditors. The prime responsibility is to go over all the paperwork to ensure that they have been submitted in order, to reverse any recently performed financial transactions that may be invalid in the context of bankruptcy and for liquidating viable assets in order to repay the creditors. A bankruptcy trustee is paid a fee by the court for examining all the associated paperwork. In addition to this, if the trustee is able [...]