Take A Walk-Through The Means Test
30 June 2019
When you declare bankruptcy you are essentially admitting that you are unable to pay your bills now and in the immediate future. New bankruptcy rules prevent those with a certain level of income from filing chapter 7 bankruptcy. In an effort to make bankruptcy only appropriate for those that really need it, all filers should be prepared to prove income and to undergo a so-called means test if their income is above a certain level.
The Benefits of a Chapter 13 Bankruptcy Over a Chapter 7 Bankruptcy
13 March 2019
When it comes to filing personal bankruptcy, many people believe that filing a Chapter 7 is better than filing a Chapter 13. In a Chapter 7 bankruptcy, your debt that qualifies is wiped out and you don't have to pay it back. In a Chapter 13 bankruptcy, you will establish a repayment plan and you are responsible for paying off some of the debt you owe. Although it seems like an easy decision, there are times when debtors aren't able to file for Chapter 7 because monthly income levels are too high and disposable income amounts make you ineligible.
When You Can't Pay Your Mortgage: Tips For Avoiding Foreclosure
18 January 2019
When you experience a change in your financial security, you do everything you can to meet your obligations and pay your bills. However, sometimes the odds are stacked against you, and you no longer can pay your bills and your creditors. Missing payments to your mortgage lender can lead you into deeper financial trouble.
Most people want to avoid foreclosing on their home at all costs. The first step you need to take if you're experiencing trouble with your finances, especially if you are in danger of losing your house, is to contact a foreclosure attorney.
Assets In Chapter 7 Bankruptcy
18 July 2018
In chapter 7 bankruptcy, the assets of the applicant will be considered to pay back some or all of the debt owed to the creditors. Assets are classified as exempt and nonexempt. The applicant cannot keep most assets that are considered nonexempt.
Differences Between Nonexempt and Exempt Assets
Nonexempt assets will be valued and used to pay back creditors. However, there are exempt assets that will be excluded from evaluation. The applicant will be able to keep their exempt assets.