chapter 7 bankruptcy

What Documents Are Required for Creditor’s Meeting?

Call: 888-297-6203 Once you file for bankruptcy (whether Chapter 7 or chapter 13) a creditor’s meeting takes place. During the meeting, also known as 341 hearing, bankruptcy trustee examines you under oath regarding your bankruptcy papers. You are required to bring essential documents related to your bankruptcy petition and schedules. During the 341 meeting, the trustee is responsible for verifying your identity as well as the information provided by you in the bankruptcy papers. Thus, you are required to bring documents that prove your identity as well as the financial information provided by you in the bankruptcy petition. [...]

2021-12-22T05:34:24+00:00
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What are the rules for chapter 13 bankruptcy?

Call: 888-297-6203 Overhauling of bankruptcy laws in 2005 brought the means test in focus. However, if you are filing for bankruptcy under chapter 13, the means test plays no role as it is used to filter people for chapter 7 eligibility. Chapter 13 bankruptcy also involves certain eligibility criteria like the income test to determine the duration of your chapter 13 repayment plan. Chapter 7 bankruptcy means test A means test is used to find out whether you have enough income to repay some of your unsecured debts through a chapter 13 repayment plan. According to bankruptcy lawyers [...]

2021-12-16T06:16:54+00:00
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Homestead Exemption in Chapter 7 Bankruptcy

Call: 888-297-6203 If you wish to protect your home when you file for bankruptcy, you need the state’s homestead exemption to protect your equity in the home. If the homestead exemption covers the equity on your home and you are not behind on your mortgage payments, you can protect your home. However, if either of these requirements is not met, then according to Los Angeles based law firm (https://www.recoverylawgroup.com/bankruptcy/) lawyers, you might end up losing your home. Homestead exemption working in chapter 7 bankruptcy Any property that cannot be protected by exemptions is deemed non-exempt property and is [...]

2023-04-11T09:50:14+00:00
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How To Hire A Consumer Bankruptcy Attorney In Enterprise, Alabama?

Call: 888-297-6203 If constant quarrels with your partner have become the norm for you then there is something wrong with your life. If you are finding it difficult to fall asleep at night and constantly worry about unpaid debts which may lead to your house or vehicle being repossessed, then you need to find a specialist. A law firm in Enterprise, Alabama that specializes in handling consumer bankruptcy cases might be your best chance to get rid of your debts. In case you are worried about where to start from, we can help you with that. Research is [...]

2023-04-11T09:16:09+00:00
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All You Need to Know About Filing For Bankruptcy Under Chapter 7

When you file for chapter 7 bankruptcy, you need to follow a set of procedures before you get your discharge. To file for bankruptcy under chapter 7, you need to list out all your debts, assets, financial transactions along with filling the petition, schedules, and forms required as per the norms. Once you have completed all the formalities and the paperwork, a bankruptcy trustee will be appointed to head your case. After completing all the paperwork, the next step would be to attend the 341 Meeting or the Meeting of Creditor's post which you will receive the discharge. [...]

2023-01-16T12:16:08+00:00
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Document Checklist for Chapter 7 Bankruptcy

If you have decided to file for a Chapter 7 bankruptcy, here is a checklist to help you organize all the documents you will require at that time. According to Dallas based law firm,  you need to disclose all financial details when you file for bankruptcy. The checklist of documents provided below is a comprehensive list of documents you require at every stage of Chapter 7 bankruptcy. Documents required to complete Chapter 7 forms A lot of information is required when you file for bankruptcy.  A Chapter 7 petition is approximately 50 pages in length. Some of the [...]

2023-06-15T06:45:26+00:00
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Should You Reaffirm Your House And Car In Chapter 7 Bankruptcy?

Call: 888-297-6203 When you are struggling with debts, you have the option for debt reaffirmation, debt consolidation, surrendering of property or bankruptcy. Dallas based bankruptcy law firm Recovery Law Group says that when you reaffirm any debt, you reach an agreement with the creditor who holds secured lien on collateral previously purchased by you. this way you reaffirm the debt you owe to the creditor. When you file for Chapter 7 bankruptcy, you can either surrender the property (car or home), redeem the collateral (refinance it with another finance company) or reaffirm the collateral (sign an agreement with [...]

2023-05-05T05:50:21+00:00
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Can I File For Chapter 7 Despite Having An Annual Income Of $1,000,000?

Call: 888-297-6203 It is possible for a debtor to file for a Chapter 7 bankruptcy despite an annual income of a million dollars, but they will have to pass all sorts of criteria mentioned in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed by Congress in 2005. The most common eligibility is to pass the Means Test. Under 11 USC § 707(b), the Means Test requires a debtor to prove that their gross income is less than the average income meant for their family size in their state. Most people ignore the first part of this [...]

2023-05-05T05:34:53+00:00
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Chapter 7 Bankruptcy Used by Former Adult Film Actress to Get Rid of Debts

Call: 888-297-6203 Bankruptcy can hit anyone, anytime and there are numerous examples of even the high and mighty falling into bad times leading to a bankruptcy filing by them. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group brought to attention the case of Patricia Kluge, an adult film star who got one of the largest divorce settlements when she divorced her husband of nine years. The annual interest rate on the settlement was calculated to be $1.6 million per week! However, in the past 22 years, the 1-billion-dollar settlement was blown away, leaving the actress [...]

2023-04-28T12:07:39+00:00
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Citizens of Florida Can Retain Many Cars in a Chapter 7 Bankruptcy

Call: 888-297-6203 Many citizens of Florida, who are thinking about filing for bankruptcy, believe that they are allowed to keep only one of their cars in bankruptcy because the statutes of Florida have an exemption of up to $1,000 for only one motor vehicle. There is also a wildcard exemption of $1,000 and also a house or an additional wildcard exemption of $4,000, available in Florida. The debtor can use these exemptions for retaining a vehicle also. So, in case the debtors own vehicles worth less than $4,000, they can keep all of them with themselves. Remember that [...]

2023-04-28T12:00:40+00:00
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