Chapter 7 Bankruptcy

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. [...]


Does the Bankruptcy Court have the right to take Earned Income Credit?

Filing for bankruptcy puts everything you own in your bankruptcy estate. This includes your property as well as tax refunds. In case you have an Earned Income Credit (EIC), the refund can be significant and might be lost in the bankruptcy process. According to Dallas based law firm, the bankruptcy trustee might take your EIC depending on the bankruptcy chapter you filed and bankruptcy exemptions you chose. What is EIC? Tax is cut from the paycheck every month. Sometimes the tax is more than what you owe, and you get a tax refund. It is essentially a repayment [...]


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 [...]


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 [...]

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