Bankruptcy Chapter 7

What Is The Working Style Of A Chapter Seven Bankruptcy?

Call: 888-297-6203 How does Chapter 7 bankruptcy work? The most prevalent type of bankruptcy is a Chapter 7 bankruptcy. Under Chapter 7, you are not required to enter a repayment plan. The trustee will instead sell any non-exempt property to pay off your creditors. This procedure is followed in accordance with the Bankruptcy Code and is overseen by the court. The property that will be excluded, nevertheless, will depend on the laws of your state. Therefore, it is crucial to talk about your assets with your lawyer before submitting.   How Can I Get Chapter 7 Relief? You [...]

2023-06-27T04:23:36+00:00

What Does A Chapter 7 Reaffirmation Agreement Entail?

Call: 888-297-6203 A bankruptcy reaffirmation is a contract you might decide to sign with a creditor that will stop that debt from being discharged. Usually, when someone files for bankruptcy under Chapter 7, they want to have all or the majority of their obligations discharged. However, in rare circumstances, a person who files for Chapter 7 bankruptcy may choose to keep a debt. Consult with your lawyer before deciding whether to sign a reaffirmation agreement. Here are some advantages and disadvantages of signing a reaffirmation agreement, though. Advantages In most cases, when you sign a reaffirmation agreement, you [...]

2023-05-31T13:35:35+00:00

Are Your Creative Works In Danger During A Bankruptcy?

Call: 888-297-6203 You might be concerned about what will happen to your assets if you file for bankruptcy. You might not think about what will happen to your artistic creations. Intellectual property (IP) covers artistic works, which might include things like written or performed music, movies, or literary creations. Works of Art in Bankruptcy You should be aware of what can happen to your creative works if you have written music or own copyrighted artwork before declaring bankruptcy. In the event of bankruptcy, the royalties you get are included in your assets. Any income these assets generate can [...]

2023-06-27T04:29:39+00:00

How Can Chapter 7 Bankruptcy Be A Fresh Start

Call: 888-297-6203 The two most damaging misconceptions about Chapter 7 bankruptcy are that it will ruin your credit and cause you to lose your assets. Both of these myths are wholly untrue for the vast majority of clients. Although they are relatively new, credit reports are believed to have been a part of our economic system for hundreds of years. Entrepreneurs created a method in the late 1960s for gathering financial data on consumers and selling it to subscribers, the majority of whom were and are banks and lenders of various kinds. This system is used by prospective [...]

2023-06-27T04:31:59+00:00

The True Essence Of Personal Business Debts

Call: 888-297-6203 In general, corporations exist to shield company owners from responsibility. Contracts and business transactions entered into solely in the name of the corporate body do not subject the individual to personal liability. The majority of lenders, nevertheless, are aware of it and frequently need a personal guarantee in order to obtain company credit. For instance, a lot of merchants now include a guarantee like this in their credit application. As a result, when the application is approved, personal accountability is attached to the debt. Additionally, the majority of business credit cards are based on contracts that [...]

2023-06-27T04:34:19+00:00

The Means Test Regarding Income And Bankruptcy

Call: 888-297-6203 You will probably file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy if you're an individual looking for debt relief through bankruptcy. Most unsecured obligations, including credit card and medical expenses, are dischargeable in Chapter 7 bankruptcy. In contrast, Chapter 13 bankruptcy enables a debtor to restructure their obligations through a court-approved repayment plan that typically lasts between three and five years. Unsecured debts that have not been fully repaid at the end of a Chapter 13 plan are dismissed. There are many variables that might affect whether you apply for Chapter 7 or Chapter [...]

2023-03-30T09:25:21+00:00

After Bankruptcy, You Can Still Get Credit

Call: 888-297-6203 One of the worries of folks who are considering bankruptcy is that they may never be able to obtain credit again. The lenders and debt settlement firms that are attempting to demonise bankruptcy are the ones who are feeding this anxiety. Let us all keep this in mind: declaring bankruptcy won't stop you from obtaining credit in the future. One might anticipate credit to be harder to get, more costly, and of a lower quantity immediately following a file. But one can get it. Although the information about your bankruptcy filing remains on your credit record [...]

2023-03-30T09:26:41+00:00

Explaining Bankruptcy Discharge

Call: 888-297-6203 The bankruptcy discharge clears the slate. A debt is rendered permanently unenforceable by a court decision known as a bankruptcy discharge. A discharged debt no longer has any effect on the debtor personally. Discharge is final. Actually, the bankruptcy discharge imposes restrictions on some activities taken by creditors. It has an impact on obligations incurred prior to filing for bankruptcy. The automatic stay that is put into effect when a bankruptcy case is filed is replaced by the discharge injunction. The discharge injunction stops the creditor from starting or continuing any legal action against the debtor [...]

2023-05-29T12:15:06+00:00

A Short Summary Of The Process Of Bankruptcy

Call: 888-297-6203 The fundamentals of bankruptcy are straightforward: bankruptcy is the legal system's solution for debts that the debtor is unable to repay. It trumps any conflicting state laws since it is federal law. That illustrates how the Constitution's Supremacy Clause operates. It is the same from state to state, with the exception of exclusions. However, because various courts interpret the same law to the circumstances before them, it differs in practise, just like everything man-made. In the United States, bankruptcy aims to help both debtors and creditors by ensuring that debtors receive relief from unmanageable obligations and [...]

2023-03-30T09:29:20+00:00

What Happens To A Sole Proprietorship In Bankruptcy?

Call: 888-297-6203 Are you considering petitioning for chapter 7 bankruptcy, but, stressed over what will happen to your business? Will your means of living be secured? here's what you want to be aware of: Sole Proprietor When you are a sole proprietor, your business and you will be treated as one. You can release the relevant debt (individual and business) through a Chapter 7 Bankruptcy in your name. the bankruptcy exemptions enable protection for your personal and business assets. the amount will depend on the state you reside in because it varies from state to state. so, it [...]

2023-03-30T09:30:36+00:00
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