Transcript The majority of people who file a Chapter 13 do not have to pay back 100% of their debt. The payment is based on your income, your expenses, your household size, and your non-exempt assets.
What happens if my income goes down or I lose my job while I am in a chapter 13 case?
Transcript If you lose your job or your income goes down while you’re in a Chapter 13, it’s possible to modify the plan to reduce the payment or convert the Chapter 13 case to a Chapter 7.
How will a bankruptcy affect my credit?
Transcript A Chapter 7 bankruptcy stays on your credit for ten years, a Chapter 13 stays on your credit for seven years. Notwithstanding the fact that the bankruptcy still remains on your credit you still may qualify for an automobile loan or low money down FHA mortgage even with the bankruptcy still on your … Continue reading “How will a bankruptcy affect my credit?”
What is the Mean Test?
Transcript The Means Test is used to see if you qualify for a Chapter 7 bankruptcy. It takes into account your income, your expenses, and your household size to calculate your disposable income. If you have too much disposable income, you won’t qualify for a Chapter 7 and you’ll have to file a Chapter … Continue reading “What is the Mean Test?”
Can my chapter 7 be denied?
Transcript It is possible to have your bankruptcy denied, however, it’s easy to avoid. If you are truthful and accurate when you answer the questions on the forms and answer the questions of the bankruptcy trustee, you should have no issues.
What is a 341 Meeting of Creditors for Personal Bankruptcy?
Transcript The 341 meeting of creditors is a meeting in which the bankruptcy trustee asks you questions about your income, your assets, and issues that may have arisen after the trustee reviews your bank statements, tax returns, and your bankruptcy schedules. Due to the nature and duration of the meeting it is unlikely … Continue reading “What is a 341 Meeting of Creditors for Personal Bankruptcy?”
Get Rid of Your Financial Burdens with Assistance of a Chapter 7 Lawyer
Have you been pushed down the path of bankruptcy due to some unfortunate events? Do you want to manage everything seamlessly and go for a fresh start again? You will need a personal bankruptcy lawyer who fully understands Chapter 7 who can explain how you can do this properly. A chapter 7 lawyer can help … Continue reading “Get Rid of Your Financial Burdens with Assistance of a Chapter 7 Lawyer”
Why You Should Hire a Bankruptcy Lawyer
Unforeseen events can turn catastrophic in no time. Many times, those events destroy you financially, leaving you with almost nothing. As a business entity, you cannot just ‘walk away’. You have to declare bankruptcy, stating that you can no longer fulfill your financial obligations. That must be passed through an entire legal framework. You can … Continue reading “Why You Should Hire a Bankruptcy Lawyer”
The Best Options You Have for Working on Foreclosure Defense
Situations can occur that can make you unable to pay your mortgage. From injury and job loss to divorce and unforeseen emergencies, foreclosure can happen to good people. That does not mean you will necessarily lose your home. Ignoring the problem will not make it go away. Hiring a foreclosure defense lawyer can either slow … Continue reading “The Best Options You Have for Working on Foreclosure Defense”
Is It Feasible and Beneficial to File a Chapter 13 Bankruptcy Case?
Spiraling debts do not just pile up in your account books; they can add stress affecting everything in your life. Often, declaring bankruptcy can be your best option. You will need a chapter 13 lawyer to advise you on the process. How Does Chapter 13 Work? Theoretically, Chapter 13 of the bankruptcy code gives you … Continue reading “Is It Feasible and Beneficial to File a Chapter 13 Bankruptcy Case?”