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 [...]

2019-11-29T10:01:38+00:00

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

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 [...]

2019-11-12T12:50:20+00:00

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 [...]

2019-11-12T12:06:44+00:00

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, [...]

2019-11-08T07:17:55+00:00

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 [...]

2019-11-06T10:26:44+00:00

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 [...]

2019-11-06T10:10:34+00:00

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 [...]

2019-10-30T10:52:18+00:00

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 [...]

2019-10-30T10:52:57+00:00

Second Mortgage and Chapter 7 Bankruptcy

Call: 888-297-6203 Many times, people who are in the need of money, opt for a second mortgage on their home. While filing for bankruptcy under chapter 7, you included both the mortgages in your debts. If you reaffirmed the first mortgage to keep your home but didn’t reaffirm your second mortgage, when you get your bankruptcy discharge, you will be able to keep your home without worrying about 2nd mortgage. Well, according to lawyers of Dallas based bankruptcy law firm Recovery Law Group, that’s not true! This is because even though you aren’t liable for the 2nd mortgage, [...]

2019-10-24T11:33:29+00:00
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