chapter 7 bankruptcy

Call: 888-297-6203 Debtors looking for liquidation and a fresh start always file for a Chapter 7 bankruptcy. With a headlong fall in the economy, bankruptcy is becoming more popular as a way to recover financially. The most common question that troubles the bankruptcy filers is whether they will lose their house in bankruptcy or not. However, the main determining factor of it is equity. Equity is the main factor that determines whether you can keep your home or not. So, if you have equity on your home which cannot be covered by exemption, your bankruptcy trustee might decide [...]

Call: 888-297-6203 The first question to be answered before deciding to file for Chapter 7 bankruptcy is whether you qualify for this type of bankruptcy or not. The eligibility of a person to file for Chapter 7 bankruptcy depends almost entirely on his or her household size and current income. The ratio of the current household to the income is as follows, as of April 1, 2015: Size of the Household         Annual Income One person $42,718 Two persons $52,421 Three persons $57,977 Four persons $67,539 Five persons $75,639 Six persons $83,739         To check whether [...]

Call: 888-297-6203 In Chapter 7 bankruptcy, the bankruptcy trustee is allowed to sell your non-exempt assets or properties and use the proceeds to repay your debts. However, you can protect some or all of your property by using certain exemptions. If you have collectible assets, your trustee can collect the administrative fees (taken from your collected assets) once the bankruptcy case closes, which is not an out-of-pocket expense. The collection of administrative fees as per the 11 U.S. Code § 503 is as follows: There can be a timely or tardy filing (permitted by the court) of a [...]

Call: 888-297-6203 Unlike chapter 13 where reorganization of debts takes place and a repayment plan is involved, chapter 7 is a no-asset case. However, you can protect some of your property using exemptions provided by state or federal laws. All non-exempt property of the filer is at the disposal of a bankruptcy trustee who can liquidate them to pay your creditors. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say chapter 7 bankruptcy is the best way to get financial relief no matter how much the debt provided you can qualify for it. Who can [...]

Chapter 7 bankruptcy has no debt limit for individual bankruptcy filers. Thus, any increase in debtor decrease in income is not going to affect your Chapter 7 bankruptcy eligibility. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, you are obliged to disclose your finances as well as update them (if there have been any changes) when you file your bankruptcy papers. Chapter 7 requires this more than Chapter 13 as your income is the primary criterion that determines whether you can qualify for this bankruptcy chapter or not. In case you are filing for [...]

Call: 888-297-6203 If you are facing harassment from credit card companies due to non-payment or delay in bill payment, then bankruptcy might be a good option to get rid of the constant stress. According to Dallas based bankruptcy law firm Recovery Law Group Chapter 7 bankruptcy is the best way to get rid of your debts if you can qualify for it. Filling for Chapter 7 bankruptcy will get rid of the following debts: Private student loans Medical bills Personal loans Credit card debt Lawsuit claims and judgments However, there are specific rules regarding the discharge of certain [...]

Call: 888-297-6203 A bankruptcy filing can be a scary affair for many since they are already worried dead about the repercussions, they could face due to it. However, all of this fear is unfounded say Dallas based bankruptcy law firm https://recoverylawgroup.com/. With experienced attorneys by your side, you will be guided regarding when to file and what to expect after the filing of bankruptcy. Additionally, they will also inform you what to do and avoid before filing for bankruptcy. If you need to discuss your case with experienced bankruptcy attorneys, you can call at 888-297-6023. According to bankruptcy [...]