To qualify for a Chapter 7 Bankruptcy, you must first pass the “Means Test,” which requires that your income not exceed a certain amount. This test requires that you first add up your income earned during the six previous complete months. Next, add up all of the income from all ...
Depending on which type of bankruptcy you qualify for, you may have to pay some of your debts back or you may get them discharged, which means you're removed from the legal obligation to pay them. Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 ...
Debt consolidation: If you have a decent credit score, you may qualify for a debt consolidation loan, which rolls multiple debts into a single loan with a fixed interest rate. This can simplify payments and potentially reduce interest costs. Bankruptcy: For those in severe financial distress,...
Chapter 7 bankruptcy:Also known asliquidation bankruptcy, Chapter 7 is what Harrison refers to as "straight bankruptcy." It's the most common form of consumer bankruptcy and is usually completed within three to six months. Those who file for Chapter 7 will no longer be required to pay back ...
Chapter 7 Liquidation If you file for Chapter 7 bankruptcy liquidation, the trustee in charge of your bankruptcy will review the balance in all your financial accounts after the court approves your bankruptcy. The trustee must review your account balances to make sure the court seizes all nonexemp...
In a recent opinion arising from the Chapter 11 proceedings of Arcapita Bank, Judge Alvin Hellerstein of the US District Court for the Southern District of New York affirmed a bankruptcy court decision denying safe-harbor protection to Shari’a-compliant Murabaha in...
Chapter 7 bankruptcy: Chapter 7 bankruptcy means clearing your eligible debt after liquidating your assets. It’s like pressing reset on your debt load, so it has a higher toll on your credit than Chapter 13. Filing Chapter 7 can stay on your credit report for up to 10 years from the fi...
optionsif your loan is underwater, but you might not be totally out of luck. Talk to some mortgage refinancing lenders to see what, if anything, you can do to refi your upside-down mortgage. If your original loan is an FHA loan, you might be able to qualify for anFHA streamline ...
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The main reason I filed for Chapter 13 bankruptcy in my 20s was a very aggressive collection agent. I had taken out a student loan to attend what turned out to be an unaccredited business college. The school closed without warning and I was left with several thousand dollars in loans. The...