Chapter 7 Bankruptcy

Warren Sapp, Former Tampa Bay Buccaneer Star Files for Bankruptcy

Call: 888-297-6203 The former NFL star, Warren Sapp filed for bankruptcy in Florida Federal Bankruptcy Court. As per the Chapter 7 bankruptcy application filed by his lawyers, the player owed approximately $7 million in child support, alimony and to other creditors. The assets mentioned in the application include his collection of rings, watches, and Jordan athletic shoes. However, there was no mention of his Super Bowl ring and his national championship ring as he claimed both were lost. The current income of the star is listed at around $116,000.00. This includes a final payment of $45,000 from Showtime, [...]


Can Second Mortgages be Stripped in Chapter 7 Bankruptcy?

Call: 888-297-6203 As per the latest ruling by the Eleventh Circuit Court of Appeals, second mortgages can be stripped off in a Chapter 7 bankruptcy case. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say, this means that if the amount on 1st mortgage is more than the current market value of the home, the 2nd mortgage is considered as good as unsecured and therefore can be discharged as other unsecured debts are discharged in a chapter 7 bankruptcy. Earlier, this discharging of second mortgage was possible only in case of Chapter 13 bankruptcy cases [...]


You May Take Help From Your Bank For Your Bankruptcy

Call: 888-297-6203 Tough times had fallen upon most of the United States and Florida was no exception. People were hardly filing for bankruptcy and it was not because they did not need it any longer, but it was because they could not afford the cost of filing any longer. Generally, filing a Chapter 7 bankruptcy costs around $1,500 which must be paid before the filing. Many people are struggling with their financial situations, and thus lawyers are coming up with creative ways for their clients to pay the fees. Debtors with equity in their home are rare to [...]


Ways To Deal With Your Car In Bankruptcy

Call: 888-297-6203 It is possible to save your car by filing for Chapter 7 bankruptcy but only under certain circumstances. In a Chapter 7 bankruptcy, there are only three options available to debtors in order to decide what they want to do with their personal property which is covered under a lien. Once you make up your mind under the guidance of your bankruptcy lawyer, the lawyer will file for ‘Statement of Intention’ in the bankruptcy court which will tell everyone your intentions regarding your secured collateral. The following can be your options: Surrendering Surrendering your property to [...]


Possibility of Losing The House in A 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 [...]


Difference Between Chapter 7 and Chapter 13

Call: 888-297-6203 People who can no longer pay their debts are offered help in the form of bankruptcy. They can either settle their debts by liquidating their assets or repaying the creditors through a repayment plan. The former takes place in Chapter 7 bankruptcy cases, while the latter occurs in chapter 13. Dallas based bankruptcy law firm Recovery Law Group says, the chapter of bankruptcy you file under depends on your income, assets, debts and your ultimate financial goal. Chapter 7 bankruptcy This is one of the most common chapters of bankruptcy file in the US. Individuals, married [...]


Am I Eligible to file for a Chapter 7 Bankruptcy?

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 [...]


Administrative Fees in Chapter 7 Bankruptcy

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 [...]


Can You File for Bankruptcy After Receiving Chapter 7 Discharge?

Call: 888-297-6203 You can definitely file for bankruptcy again, even after receiving a Chapter 7 discharge. However, you will have to adhere to some specific time limits. After filing a Chapter 7 bankruptcy and receiving a discharge, you will have to obey the following time limits: You will have to wait for 8 years from the date of filing of your first Chapter 7 bankruptcy before filing another Chapter 7 bankruptcy. You can apply for Chapter 13 bankruptcy immediately. You will receive a Chapter 13 discharge, only if, you will file for it 4 years after the date [...]


Wish to File for Chapter 7 Bankruptcy? Here are the Requirements for Qualifying for It

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 [...]

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