chapter 7 bankruptcy lawyers

Is It Possible To File For Bankruptcy Twice?

Call: 888-297-6203 If there is a proper time between two filings, a person can file for bankruptcy twice. They also need to see if the first case was discharged. A normal waiting period of 2 years is applied but it gets longer depending on the type of bankruptcy you filed first and the one you are planning to file now. The waiting period to file for a second time is affected by factors such as the result of the first bankruptcy (whether it was discharged or dismissed), the type of bankruptcy that was filed the first time, the [...]

2023-11-30T07:05:23+00:00
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All That You Must Know About Bankruptcy Basics

Call: 888-297-6203 The Bankruptcy Code, enacted in 1978 and codified as Title 11 of the United States Code, is the uniform federal law that is empowered to govern all bankruptcy cases. This code has been amended several times. The Bankruptcy Rules govern all the procedures of the Bankruptcy process and are the same for all. In each judicial district of the country, there is a separate bankruptcy court. A state consists of one or more districts. And each bankruptcy court has its own clerk's office. The United States Bankruptcy Judge is the official decision-making power in the court. [...]

2023-06-27T05:59:18+00:00
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Let Us Know More Details About Bankruptcy

Call: 888-297-6203 Bankruptcy is a process wherein individuals, small businesses, and corporations are saved from their debts. Through a process of reorganization and restructuring, a certain portion of the debt is discharged and the rest is repaid at a lower rate. 1) Discharge Though most debts in bankruptcy can be discharged, certain debts are not dischargeable like taxes, penalties, child support, fines, student loans, and alimony payments. Discharging a debt helps the debtor to be protected from the harassment of the creditors. If a particular debt by a secured creditor is secured by a particular loan, they can [...]

2023-03-30T11:35:50+00:00
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All You Need To Know When Filing For Bankruptcy Under Chapter 13 – The Frequently Asked Questions

Call: 888-297-6203 If you are falling behind on your payments majorly, bankruptcy is the best bet. Here you can catch up on your arrears and manage your debts in a structured manner. Given below are the commonly asked questions before foiling forb bankruptcy under chapter 13 – What is the procedure to file for chapter 13 bankruptcy? The first and foremost step while filing for bankruptcy is the credit counseling meeting. This must be taken within 180 days prior to filing for bankruptcy. Once you have the certificate, you can apply for bankruptcy, pay the fees and submit [...]

2023-04-21T12:17:27+00:00
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Why Should One File For Chapter 13 Instead Of Chapter 7?

Call: 888-297-6203 Sometimes repaying debt over time in a planned way is more beneficial than selling off your Assets and repaying debt. This comparison will help you understand better. Chapter 13 is more beneficial if you are under the following circumstances: 1) You don't qualify for Chapter 7 You have to undergo and pass means test to qualify for Chapter 7. Not everyone can. If a Debtor's income is high and exceeds the state's median income, and they have disposable income to repay debt, they might not qualify. 2) Debt repayment is your primary goal In a chapter [...]

2023-05-19T06:30:38+00:00
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Who All Are Eligible To File For Chapter 13 Bankruptcy?

Call: 888-297-6203 When you file for419 bankruptcy, it is important that you meet the criterion and requirements required to file under the chapter. When you file for bankruptcy under chapter 13, you do not have to surrender any property, instead, you will have to pay your existing debts under a repayment plan of 3-5 years. The criterion for filing under chapter 13 You are an individual and not a business entity. Only individuals are permitted to file for bankruptcy under chapter 13. You are not restricted to file due to your previous bankruptcy. If you have already filed [...]

2023-06-05T12:26:57+00:00
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Pros And Cons Of Filing For Bankruptcy Under Chapter 7

Call: 888-297-6203 Well, filing for bankruptcy altogether is a very difficult decision to make. Even though it has many advantages, the biggest being freedom from all creditor's calls and notes, it also comes with a handful of disadvantages like a bad credit score. Not only does filing for bankruptcy affect your credit score, but it also somehow has a negative impact on your self-image, as well as your reputation. Nonetheless, all this can be improved over a period of time, since there is nothing better than getting rid of all your dues to pave a new road to [...]

2023-06-05T12:21:46+00:00
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Corporations And LLCs Can Use Chapter 7 Bankruptcy To Get Rid Of Debts

In the case of business bankruptcy, an outsider is responsible for the liquidation of your assets and settling of the debts. A corporation or an LLC can file under chapter 7 business bankruptcy which is different from personal bankruptcy under the same chapter. As per lawyers of Los Angeles based law firm  the business stops operations and is handed over to the trustee for liquidation under the court’s instructions. The business assets are liquidated to repay the creditors. Since exemptions are not applicable here, the entire company can be liquidated. Once the liquidation of assets takes [...]

2023-04-21T12:09:07+00:00
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Can Lawsuit Judgments Be Cleared By A Bankruptcy Filing?

Call: 888-297-6203 People struggling with debts often take refuge by filing for bankruptcy. While bankruptcy offers a chance to get rid of many types of debts, some debts may not be discharged even after getting a bankruptcy discharge. Lawsuit judgment may or may not be discharged depending on certain factors. Non-payment of dues often results in creditors filing a breach of contract in the court. Most of the unsecured debts like credit cards, medical bills, or personal loans might get discharged in bankruptcy. However, not responding to a creditor’s lawsuit can result in a default judgment against you. [...]

2023-05-30T13:11:54+00:00
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All You Need To Know About Chapter 7 Bankruptcy Rules

Call: 888-297-6203 When you file for bankruptcy, the common chapters under which you can file are chapter 7 and Chapter 13. Chapter 7, also known as liquidation bankruptcy, helps you to discharge and erase most of the debts, while chapter 13 which is also known as the repayment plan, helps to organize all your dents into a systematic repayment plan without selling off any assets. How to qualify for Chapter 7 Depending on the state that you reside in or file for bankruptcy, the rules for qualification may vary slightly. To qualify for Chapter 7 bankruptcy, your income [...]

2023-05-30T13:20:54+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.