Chapter 7 bankruptcy offers debtors the ability to get a fresh start free of many of the debts that were suffocating them financially. However, not everyone can avail themselves of this option. They must meet a means test in order to qualify. The means test is an income limit. Debtors who have an income below the line can file…
If you are in financial distress and considering bankruptcy, what you do in the near term can impact your chances of success. Specifically, a court should not think that you are taking advantage of the bankruptcy process. Accordingly, you should try to control your spending over the holidays when a bankruptcy filing is a possibility. When you are filing…
Many individuals prefer the Chapter 7 bankruptcy process because it gives them a true fresh start. However, a Chapter 7 bankruptcy will come at a cost. An attorney can help advise you whether Chapter 7 is the right option for you. First, not everyone can qualify for Chapter 7. The process is intended to allow households of lower incomes…
In some ways, the Chapter 7 bankruptcy process can help you keep your home. You may have fallen behind on your mortgage or have reduced ability to pay it monthly because you are struggling under the weight of your debts. Chapter 7 bankruptcy can help you start with a clean slate. Having many of your debts wiped out could…
The Bankruptcy Court relies on the information that you provide them during bankruptcy. Your filings are supposed to provide a true and accurate picture of your finances at the time you file for bankruptcy. You must fully and accurately disclose your assets on your bankruptcy filing. Bankruptcy fraud is when you knowingly file incorrect information with the court. This…
The bankruptcy process requires a lot of paperwork. Any mistake could both jeopardize your ability to successfully make it through the bankruptcy process and impose delays. You have a legal obligation to list all of your assets and your creditors on the bankruptcy filing. If you make a mistake on your bankruptcy filings, you would need to file an…
The bankruptcy process is supposed to provide you with a fresh financial start, you can break free of the debt that is ruining your life. In order to be successful in bankruptcy, you cannot afford any mistakes. You should hire an experienced bankruptcy lawyer to help you through the legal process. You have several options available to you in…
You are filing a Chapter 7 case with the hopes of getting a fresh financial start. While there may be some stress involved with the bankruptcy process, you are also anticipating a life without the debt that has suffocated you. One of the first questions that clients ask us is when they can anticipate being done with their case….
One of the common reasons that people give us for not wanting to file for bankruptcy is that they are afraid that they will lose their homes. The answer to that question depends on what type of bankruptcy they are filing and how much equity they have in their home. It is possible to lose a home in bankruptcy,…
The main type of bankruptcy for which you would need to determine eligibility is Chapter 7. In this bankruptcy, you can get discharged from many of your debts. However, there are very strict limits on those who may qualify for this type of relief. If you do not qualify for Chapter 7 bankruptcy, you must use Chapter 13 for…
