If your income is too high, you unfortunately can’t qualify for Chapter 7. But you do have another option: Chapter 13 bankruptcy. This option takes longer to resolve your debts because it requires a long-term
To be eligible to file for Chapter 7 bankruptcy, debtors whose current monthly income exceeds their state's median income must pass a means test. The Bankruptcy Code requires the court to apply this test to determine whether the Chapter 7 filing is abusive. Basically, this inquiry reviews the ...
Decide on the type of bankruptcy that's right for you Depending on your business's legal structure and assets, you may be eligible to file for either aChapter 7,Chapter 11orChapter 13bankruptcy. Here is a basic overview of each type: ...
Chapter 13 Bankruptcy: Unlike Chapter 7, Chapter 13 bankruptcy involves the creation of a repayment plan to repay a portion of the debts over a three to five-year period. It is designed for individuals with a regular income who can afford to make monthly payments towards their debts, albeit...
bankruptcy discharge is a court order telling your creditors to stop bothering you. It allows you to start over financially, with a clean slate. If you have ever filed for Chapter 7 bankruptcy, the court has issued you a bankruptcy discharge. When you file for bankruptcy, you don’t ...
Once your debts are wiped out, you can take steps to restore your credit, such as making all your payments on time. The bottom line is, until you file bankruptcy, your bad credit is likely to get worse. After bankruptcy, you can rebuild your credit. Atlanta Lawyers · Rebuild Your Credi...
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code Please watch our video on what to expect during your first consultation with bankruptcy lawyer Chris Benson: Chapter 7, Entitled Liquidation, contemplates an orderly, court-supervised procedure by which...
Eventually, many are forced to file bankruptcy anyway. And this is never a bad thing. A Fresh Start The U.S. Bankruptcy Code was designed to provide individuals with a fresh start for their financial situation. Filing Chapter 7 means a discharge or wiping out of debts you do not want...
. Typically, someone who doesn't have a great deal of income left at the end of each month and only nominal assets would choose to file forChapter 7 bankruptcy. Someone who earns a significant income or who wants to protect valuable property may prefer to file forChapter 13 bankruptcy....
Jack Snowdin