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.
A Debt Relief Lawyer Offers Several Great Options For Getting Out Of Debt
28 February 2017
Getting into debt can take time and can suddenly creep up on you; and at some point, you might feel like you hit rock bottom. You might be in such bad financial shape that you cannot even make minimum payments on all your debts. Are you in this position right now, and are you tired of all the collection calls you keep receiving? If so, visiting with a debt relief lawyer like Clinger Richard S is probably a good thing to do.
Deeply In Debt? 4 Mistakes To Avoid When Filing For Bankruptcy
12 July 2016
If you're in debt, and you see no way out, you may need to file for bankruptcy. One of the benefits of filing for bankruptcy is that it provides you with the fresh start that you'll need to get back on your feet financially. Before filing for bankruptcy, however, you need to know that there some mistakes that can damage your case. Here are four mistakes you should avoid when filing for bankruptcy.
Three Red Flags That May Complicate Your Bankruptcy Application
14 June 2016
If you want your Chapter 7 bankruptcy application to proceed efficiently and fast, you need to avoid anything that will raise red flags on the trustee's radar. The trustee has tremendous powers; they can even object to your discharge if they think the circumstances warrant it. Here are some of the red flags that may jeopardize your bankruptcy application:
Discrepancy Between Reported Income And Supporting Documents
The trustee has to know your income to determine if you pass the means test.