ForChapter 7 bankruptcy, applicants must pass a means test to prove they lack sufficient disposable income to repay their debts. The means test compares your average monthly income over the past six months to the median income for a household of your size in your state. If your income exceeds...
Bankruptcy filing will stay on your credit score for years, which can hinder your ability to obtain a credit card, loan, or mortgage in the future. For this reason, we always recommend consulting an experienced attorney before choosing to file for bankruptcy. The type of bankruptcy you choose ...
If you have cosigners or guarantors on your debts, your decision to file for bankruptcy will affect them. Learn how you can protect them when filing bankruptcy.
To pass means testing, a debtor must have little to no disposable income. The means test compares a debtor’s average monthly income for the six months before declaring bankruptcy to the median income of a comparable household in your state. If the debtor’s income is below that median, the...
If you file for personal bankruptcy, you generally have two options: Chapter 7 or Chapter 13. A Chapter 7 bankruptcy will sell off many of your assets to pay your creditors. In a Chapter 13 bankruptcy, you keep the assets but must repay your debts over a specified period. ...
Chapter 7 bankruptcy can erase your overwhelming debt, such as from credit cards. Here's what you need to know about Chapter 7 bankruptcy and how to file.
bankruptcy courts. When you file for bankruptcy, you formally declare your inability to pay outstanding debts. In return, you may be granted a fresh start financially. The process can temporarily stop collection activities, such as creditor calls, wage garnishments and foreclosures. However, some ...
So the answer is yes – bankruptcy will stop the garnishment.If you are considering filing for bankruptcy in the state of Florida, you will want to become familiar with the term “automatic stay.” After you file for bankruptcy, an automatic stay will immediately stop lawsuits or actions ...
The bankruptcy meeting is something of a formality that is required before a debt is discharged or reorganized. Debtors that file for bankruptcy must attend a creditors meeting in order to have their bankruptcy honored. Missing a 341 meeting can result in the dismissal of your case. If your ca...
The bankruptcy means test determines who can file for debt forgiveness through Chapter 7 bankruptcy. It takes income, expenses and family size into account.