chapter 7 bankruptcy

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 [...]

2023-06-19T07:00:10+00:00

Chapter 7 Bankruptcy and Liens

Lien can make bankruptcy and its procedures complicated. Lien could be defined as a right to the lender to take over the specified asset in case the debtor fails to repay his/her debt. The right of lien for the lender or a creditor is valid even for Chapter 7 bankruptcy. Hence, it cannot be released or skipped even if you file bankruptcy under Chapter 7. No lender gives money with a motive to fight out battles in court or to seek different modes for extracting his due. Every lender is an investor and he/she looks for security. The [...]

2023-06-19T07:09:36+00:00

What Happens After Filing For Chapter 7 Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy form and everyone considering bankruptcy shall be curious about what the process would follow, after filing for Chapter 7 bankruptcy. If the bankruptcy is filed through an agency or an attorney, once the bankruptcy is filed, one would usually receive a set of documents via email or via post to be filled and submitted as per the filing formalities. This form needs to be filled in accurately and in a timely manner to ensure the bankruptcy process is carried on smoothly. You can check https://recoverylawgroup.com/bankruptcy/ to avail more guidance [...]

2023-03-30T11:55:23+00:00

Chapter 11 vs Chapter 13

Call: 888-297-6203 Chapter 11 and Chapter 13 are two very similar bankruptcy chapters. The major difference between the two chapters is that Chapter 13 is exclusively for individuals while Chapter 11 is open for businesses as well as individuals. Also, there is a ceiling for unsecured and secured debt in Chapter 13 which is absent in Chapter 11. Chapter 11 can also be regarded as an expedited Chapter 13 in many situations as the process of bankruptcy under Chapter 11 is usually very swift. The reason for this higher fees, private bankruptcy trustee, faster processing, etc. Chapter 11 [...]

2023-06-26T07:16:26+00:00

Chapter 7 Bankruptcy: What Is The Tradeoff?

Call: 888-297-6203 Bankruptcy is a great tool to allow for a new beginning after a disastrous financial situation. Chapter 7 looks like a tempting prospect for many bankruptcy filers especially if they are eligible for chapter 7 and have a good number of dischargeable debts. However, it is not all merry with chapter 7 bankruptcy as well. The first aspect of it is to qualify for the means test. If one does qualify for the means test, that means he/she has irregular income and is very poor, and cannot equal the state median income. The second aspect of [...]

2023-03-31T06:11:09+00:00

Chapter 7 Bankruptcy Step-By-Step Explanation

Call: 888-297-6203 The first step to filing a chapter 7 bankruptcy is to sit back and analyze whether bankruptcy is required. In many situations, after serious analysis, it might be a good idea to file bankruptcy while in some other situations, bankruptcy can be avoided. If there are ways to avoid bankruptcy, that should be attempted as bankruptcy is a last resort and an emergency hand brake, which should be used only in utmost dire situations. Log on to https://recoverylawgroup.com/bankruptcy/ to understand if you can evade bankruptcy or not. What kind of borrowers should consider chapter 7 bankruptcy? [...]

2023-03-22T09:17:45+00:00

What Is A Bankruptcy Court?

Call: 888-297-6203 There are ninety-four (94) judicial districts and all of the judicial districts handle bankruptcy matters. Almost all districts have bankruptcy courts that handle bankruptcy cases and bankruptcy cases cannot be filed under the state court. Bankruptcy laws help debtors who no longer are able to keep up with their debts and pay the creditors. If it becomes unbearable and compromises the standard of living, the bankruptcy law helps them by the liquidation of assets of the debtors (chapter 7 bankruptcy) or by making a repayment plan (chapter 13 bankruptcy). Bankruptcy laws also provide protection to troubled [...]

2023-03-22T09:22:51+00:00

Bankruptcy Process; Chapter 13 Vs Chapter 7

Call: 888-297-6203 The bankruptcy process can be broadly classified based on the chapter you choose. We list some of the steps or procedures which you may come across while filing bankruptcy under the respective chapters below. This might not be an all-inclusive list. Bankruptcy is a very vast subject, and it needs loads of information from experts. Find all the bankruptcy-related information on https://recoverylawgroup.com/bankruptcy/. How does a Chapter 7 bankruptcy work? Chapter 7 bankruptcy is often referred to as the ‘liquidation chapter’ as it deals with the liquidation of assets to settle the debts of the lenders. The [...]

2023-03-31T07:31:28+00:00

Let Us Know About Bankruptcy

Call: 888-297-6203 What is Bankruptcy? If you are looking to reduce or eliminate certain of your debts, bankruptcy is the best option you should choose. You can also provide a timeline on your own to repay the non-dischargeable debts. Even secure debts that are a debt pledged with a real estate property or vehicle as collateral are also repaid. In title 11 of the US code, federal bankruptcy law is there. Under the constitutional grant of authority, Congress passed the bankruptcy code to "established uniform laws on the subject of bankruptcy throughout the United States". The bankruptcy court [...]

2023-06-27T05:38:11+00:00

Consumer And Non-Consumer Debts

Call: 888-297-6203 The means test is a series of calculations based on the debtor's household size and income to determine whether the debtor can file for chapter 7 bankruptcy. The test only applies to debtors who primarily have "consumer debts" as opposed to business debt. If more than half of the people have non-consumer debt or business debt then they don't have to pass the means test to apply for chapter 7 bankruptcy. What are consumer and non-consumer debts?  Section 101(8) of the Bankruptcy Code defines a consumer debt as "debt incurred by an individual primarily for a [...]

2023-03-31T07:51:01+00:00
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