Chapter 7 bankruptcy case

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 [...]

2019-11-26T10:49:46+00:00

What Happens To Your Inheritance During Bankruptcy?

Call: 888-297-6203 When you file for bankruptcy, your assets, income, and debts are all considered by the court for deciding the bankruptcy chapter. Any tax refund or inheritance you receive become part of your assets say lawyers of Dallas based bankruptcy law firm Recovery Law Group. If you think that after receiving your bankruptcy discharge you won’t have to be concerned about receiving an inheritance, you are wrong. If a loved one dies leaving you an inheritance within 180 days from your bankruptcy filing, this money becomes part of your bankruptcy estate. This is dealt with by the [...]

2019-11-13T10:35:01+00:00