Chapter 7 Bankruptcy

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 [...]


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 [...]


Stripping Second Mortgages In A Chapter 7 Case

Call: 888-297-6203 This blog post is about getting an effect in a Chapter 7 case which is similar to lien stripping in a Chapter 13 case. In a Chapter 7 bankruptcy case, the filers get an opportunity of keeping their debts on a secured loan until they are keeping up with their payments. This, together with the Florida Constitution, allows the keeping of financed homes through bankruptcy. But, most of the people, these days, are struggling with the problem that their house is underwater and the equity does not secure their second mortgage anymore. For example: Home Value    [...]


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 [...]


Chapter 7 Bankruptcy Filing of William Gary Busey

Call: 888-297-6203 On February 7, 2012, a famous actor of Malibu, California, William Gary Busey, had filed for a Chapter 7 bankruptcy. He had cited that he had assets of less than $50,000 and liabilities for more than $500,000. Gary had claimed that he had snorted cocaine off with a straw of his dog, Chili, in 2008. Though such a history would have made an average citizen unemployable, Gary had still continued to make films. He had starred alongside Danny Glover and Mel Gibson in the original Lethal Weapon movie. His other famous titles include Piranha 3DD and [...]


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 [...]


Filing A Bankruptcy Would Probably Be Beneficial For Casey Anthony

Call: 888-297-6203 Casey Anthony was barraged by civil law suits since she was declared not-guilty in 2008 in a first-degree murder case. One of those suits was brought by a meter man, Mr. Roy Kronk, who had found the remains of Casey’s daughter. Miss Anthony’s defense team had charged Kronk with the child’s murder, and thus, Kronk sued her for defamation of character. Later, Casey had told the court that her daughter drowned in the family pool. Defamation is a defamatory and untrue statement about a plaintiff which because of the fault of a defendant is heard by [...]


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 [...]

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