Immediate Benefits of Chapter 7 Bankruptcy Chapter 7 bankruptcy can offer numerous benefits, but these must be considered while also looking at possible disadvantages and whether you may qualify in the first place. When you come to Pearson Butler for bankruptcy guidance, all of these matters will ...
Chapter 7 bankruptcy is only decided upon when the court sees that people cannot earn enough money to pay back their debts. The court decides through a Means Test wherein a Chapter 7 applicant declares their income in court so that it can assess it against the state average. The court will...
A Meeting with Creditors and Trustee Follows Chapter 7 Bankruptcy Filing
When dealing with bankruptcy, it is important to know your options. Lassner Law will educate you so you can make an informed decision, and provide legal advice and representation for Chapter 7, Chapter 13 and other bankrupcy filings. Lassner Law is loc
In the US, there are two kinds of bankruptcy, chapter 7 andchapter 13. The correct version is based on a comparison of your monthly income against the median income value provided by your state. The number of dependents, income level and basic expenses are used in this calculation. If you...
Second mortgage on home could be “stripped off” in Chapter 7 bankruptcy In a Chapter 7 bankruptcy proceeding, it is possible for a debtor to be relieved of most of his or her debts, making a fresh financial start. One drawback, however, is that this relief may come a...
Will I lose my house if I file bankruptcy, chapter 7? Byanon48423— On Oct 12, 2009 My house payment is behind, for is month's payment, my car payments are behind two months, my power bill and telephone bills are behind. If I take bankruptcy, will I lose the house, will I lose...
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If a person files under Chapter 13 of the Bankruptcy Code, the bankruptcy trustee’s duties are nearly the same as her duties under Chapter 7, except she may also be in charge of the reorganization plans as well. In those cases, she may appear and speak in court about the reorganization...
In a Chapter 7 bankruptcy, a court-appointed trustee will sell off most of the person's assets (some assets are exempt) and use the proceeds to pay off their creditors, typically at pennies on the dollar, if even that much. After that happens, most of their remaining debts will bedischa...