Why Use Law Our Office For Your Legal Needs
When it comes to bankruptcy we have it all, from A to Z. We have experience, knowledge and resources in that we have been concentrating in bankruptcy law for almost 30 years. We have broad expertise in all chapters of the Bankruptcy Code Chapters 7, 11, 13 and the new, Subchapter V of Chapter 11 as well as deep-seated skills in sophisticated litigated bankruptcy matters in the form of: defending and prosecuting Adversary proceedings, filing and opposing Contested Motions, and taking Bankruptcy Appeals from decisions that we believe are unfair and erroneous. We have the capacity to be efficient and affordable with more straightforward bankruptcy matters, and also the capacity to be very sophisticated with more complex and unique bankruptcy matters that require creative intelligence, structured brilliance and intricate customization. At the same time we are a quirky, warm, friendly and brilliant bunch who love our work, enjoy dealing with our clients and take pride in what we do as if every case is our own and every task is a signed piece of art. Despite the debt problems life gave you, our law office had the capacity to tackle them together with you, improve your situation and despite the difficulties, make the solutions to your debt challenges an enjoyable experience for us all.
Will I Lose All Of My Property If I File Chapter 7 Bankruptcy
After filing for Chapter 7, your property will go into a bankruptcy estate held by the Chapter 7 bankruptcy trustee appointed to your case. However, the chapter 7 trustee can only liquidate your assets to the extent those assets are non-exempt.
In New York, there is a homestead exemption of $170,825 for each debtor/owner, and 100% of life insurance, retirement annuities, and pension plans, among others. The bankruptcy process can be complicated and thats why its important to seek legal advice from an attorney that understands the intricacies of bankruptcy.
Cleveland Chapter 7 Bankruptcy Attorney
The general impression of Chapter 7 bankruptcy is that its a resolution to crushing debt, enabling you to make a fresh start without the burden of overwhelming financial obligations. This is true to a certain extent, but theres much more to the legal proceedings that you need to understand before filing. The eligibility rules are strict and complicated, possibly eliminating the option of debt liquidation. Even if you do qualify, there are serious long-term consequences that you must balance with regard to your future. Plus, you need to keep in mind that these laws are designed to protect your creditors just as much as your own interests. Based upon these factors, its critical to consult with a Cleveland Chapter 7 bankruptcy lawyer about the process.
At Luftman, Heck & Associates, we understand that many unfortunate circumstances lead people to consider bankruptcy. Were here to provide the advice you need to make an informed decision about your future, and were with you every step of the way during bankruptcy proceedings. Please call to set up a consultation with a Chapter 7 bankruptcy lawyer, and read on for some background information about the process.
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Bankruptcy Chapter 7 Means Test In Florida
In Florida, under the bankruptcy law, if a person wishes to file bankruptcy chapter 7, they must meet the specific means test for Chapter 7 petitions filed in the bankruptcy courts in Florida. A debtor is exempt from the means test if his or her debts are primarily not consumer debts or if the debtor is a disabled veteran who incurred his or her debts during active duty or homeland defense activities.
A debtor automatically meets the Chapter 7 means test if his or her annual household income is below the median annual household income in Florida for an identically sized household.
If a debtors household income exceeds the median Florida household income, then the debtor must complete the means test by calculating income and expenses. The means test looks at a debtors last six months of disposable income to determine whether the debtors disposable monthly income is greater than a specific portion of their debts.
Even if a debtors disposable income is greater than a specific portion of their debts, a debtor can still obtain a Chapter 7 bankruptcy by establishing special circumstances, usually by providing evidence of additional expenses, loss of income, medical emergencies, or being called up to active military duty.
How Will Chapter 7 Bankruptcy Affect Your Credit Score
While filing for Chapter 7 will have an impact on your credit score, its the first important step in recovering your financial health. If youre considering filing for bankruptcy, it is likely that your debt has probably already had a negative impact on your credit score. Furthermore, once you file, your debt-to-income ratio will instantly improve. While bankruptcy isnt an instant fix, it certainly is a major step in the right direction.
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Seeking Legal Help From Our Dallas Law Firm
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our experienced attorneys. Well guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 584-9614 today. Were here to help.
What Is A Bankruptcy Petition
When you decide to file for bankruptcy, you must provide all of your financial information to the Court through a bankruptcy petition. A bankruptcy petition is an essential form youll need to complete early on in the bankruptcy process.
The entire packet of documentation youll need to complete is also referred to as a petition as well. Your bankruptcy begins once your petition is filed with the clerk of the bankruptcy court.
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How Do I File For Bankruptcy In Las Vegas
When you file for Chapter 7 bankruptcy, you stop creditors in their tracks. As soon as you file, creditors must stop collection attempts. That means no more garnishments, foreclosures or even pending lawsuits. You dont have to worry about harassing letters or inconvenient phone calls.
As soon as you file, your debts become a part of the legal proceeding. The bankruptcy proceeding becomes the only place that your creditors can talk about your debts. You have peace of mind because your bankruptcy lawyers handle the processes on your behalf.
What If My Income Is Too High For Chapter 7 Bankruptcy
Thats ok. Some people think that Chapter 7 is the only type of bankruptcy or the best type of bankruptcy. The truth is that Chapter 7 and Chapter 13 each have their own benefits and drawbacks. If your income is too high for a Chapter 7, you may need to file a Chapter 13 bankruptcy. This can have a number of advantages for you. Many times we can file a Chapter 13 bankruptcy and save you even more money than if you filed a Chapter 7! How is this possible? Chapter 13 allows us to do a number of things that we cannot do in a Chapter 7. For example, we can strip second mortgages or homeowners association dues. We can have certain debts like equitable distribution payments discharged. We can reduce car loan interest.
Contrary to what you may have heard, you may even be able to file a Chapter 13 without paying back any unsecured creditors! The only way to determine whether you will make out better in Chapter 7 or Chapter 13 is to talk to an experienced bankruptcy attorney.
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Contact A Chapter 7 Bankruptcy Lawyer Today
Chapter 7 bankruptcy may be best way to regain control of your life. ARM Lawyers can skillfully guide you through the process. Contact our law offices today to learn more about how we can help you get relief from debt. Call for your free bankruptcy consultation.We are a debt relief agency. We help people for relief under the U.S. Bankruptcy Code.
Can I Qualify For Chapter 7 If I Am Over Median Income
Yes! If you are under median income, you income-qualify for a Chapter 7, but thats not to say that youre not eligible if youre over median income. If you are over median income, we simply need to move on to the second part of the means test. This second part considers your debts and expenses such as mortgage or rent payments, car payments, etc.
Many of our clients are over median income and still qualify for Chapter 7. The only way to know for sure is to contact our Chapter 7 bankruptcy attorneys for a free bankruptcy consultation. Our experience with the means test allows us to make sure we take every possible deduction to make sure you qualify for Chapter 7 when appropriate.
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Schedule A Free Consultation With A Chapter 7 Bankruptcy Attorney
To schedule a complimentary bankruptcy consultation at Leinart Law Firm, call us in Dallas at 469-232-3328 or in Fort Worth at 817-426-3328. You can also use our convenient chat feature, fill out the contact form on our website or . Our Dallas and Fort Worth bankruptcy attorneys serve clients throughout north Texas.
Contact Macco Law Group Llp
Bankruptcy is a powerful tool that can help you, like millions of other Americans, regain your financial freedom and independence. Filing for Chapter 7 bankruptcy is your opportunity to eliminate the majority of your debts, prevent your creditors from contacting you, and allowing you to begin building good credit for the future. Macco Law Group, LLP can help you lift the burden of filing for bankruptcy. Contact us for your free, confidential consultation with a qualified attorney at Macco Law Group, LLP.
Free Case Evaluation
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What Should I Expect From A Bankruptcy Attorney
Bankruptcy, like most legal matters, is a process and the safest route is to have an attorney guide you through the process if you want to succeed.
A good bankruptcy attorney will give you peace of mind if they provide at least these four things:
- An initial consultation usually free! to get an overview of your case
- Advice on options available, including what type of bankruptcy to file
- Completed paperwork necessary for filing bankruptcy
- Representation when the case goes to court.
The bankruptcy process begins with a 30-60 minute interview between you and a lawyer. If you are married, both of you should attend so that all questions can be answered honestly and accurately. The attorney will be able to lay out your options including the potential to file bankruptcy without a spouse.
Making guesses about how much you owe and who you owe it to is not a good idea. The attorney will want some paperwork that backs up your answers on how many assets you have and how much you owe. Dont hold anything back if you want an honest and accurate assessment of your situation. The advice your attorney gives you is only as good as the information you provide.
When the attorney has enough documented evidence to evaluate your case, he should offer advice on how to proceed. A good attorney does not always recommend filing bankruptcy. Its possible your problem could be resolved through less drastic means like debt settlement or maybe even a debt management program.
Some Of The Reasons A Chapter 7 Discharge Could Be Denied Include:
- The debtor did not keep or provide adequate financial records.
- The debtor could not adequately explain the loss of assets.
- The debtor committed a bankruptcy crime
- The debtor fraudulently transferred, hid, or destroyed property that should have been liquidated.
Working with a qualified Chapter 7 bankruptcy lawyer can help you avoid making mistakes that may prove harmful to your case. Schedule a free consultation with our team today to talk about your situation and learn about your options.
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You’ll Get Stuck Paying Credit Card Charges Made Shortly Before Bankruptcy
Lawmakers recognize that some people considering filing for bankruptcy could be tempted to run up debts before filing a caseand that wouldn’t be fair to creditors. Bankruptcy law has provisions that make many of those last-minute debts potentially nondischargeable.
For instance, there are two ways a creditor could challenge a charge made shortly before filing:
- a luxury item purchased on credit, or cash advance, might be considered presumptive fraud, and
- any credit purchase made when you have no intention to repay the debt could also be fraudulent in bankruptcy.
In either case, the creditor could file an adversary proceeding in your bankruptcy case to challenge the discharge of the debt. Keep in mind that it is permissible to charge necessary items, such as food and needed clothing.
The Following Are The Chapter 7 Bankruptcy Requirements In Ohio:
1. Document your finances. First, you must gather information about your finances. That is done by collecting these documents:
- Pay stubs from the last several months
- Income statements from the past two years if you are self-employed or run yourown business
- Life insurance policies you hold
- Statements or records for public benefits you receive
- Bills and invoices you have received for your debts
2. Bankruptcy Counseling. Ohio bankruptcy law requires you to attend a credit and bankruptcy counseling course before filing for bankruptcy. You must attach a certificate of completion to your bankruptcy petition.
3. Bankruptcy Petition Forms. Next, fill out the bankruptcy petition forms provided by your local bankruptcy court. Each court may require certain forms unique to that court. Make sure you file in the correct court. Note: bankruptcy petitions require a filing fee unless your income is under 150 percent of the federal poverty line.
4. Second Counseling Course. After you file your bankruptcy petition, you must attend a second bankruptcy and credit counseling course.
5. Trustee Oversight. The court will appoint a bankruptcy trustee to oversee your bankruptcy. The trustee will hold at least one hearing, known as a meeting of creditors. The trustee will confirm the information in your bankruptcy petition. The trustee will also hear any objections from creditors about your bankruptcy.
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What Debts Are Discharged In Chapter 7 Bankruptcy
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
Some types of unsecured debts usually aren’t discharged through a Chapter 7 bankruptcy, including:
- Personal injury debts you owe due to an accident while you were intoxicated
- Unsecured debts that you intentionally left off your filing
Your creditor could also object and keep certain debts from getting discharged. For example, a credit card company could object to the debt from recent luxury goods purchases or cash advances, and the court may decide you still need to repay this portion of the credit card’s balance.
Additionally, a Chapter 7 bankruptcy may discharge the debt you owe on secured loans. Secured loans are those backed by collateral, such as your home for a mortgage, or when a creditor has a lien on your property. However, even if the debt is discharged, the creditor may still have the right to foreclose on or repossess your property.
What Debts Are Eliminated In Chapter 7 Bankruptcies
Chapter 7 is primarily used to eliminate unsecured debts that may include:
- Some second mortgages and home equity lines of credit
- Finance company and payday loans
The Chapter 7 bankruptcy process usually lasts four to six months the exact timeframe will depend on your unique situation and the various circumstances involved.
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Can I Keep My Home If I File Chapter 7 Bankruptcy
With secured debt such as a mortgage or car loan, your obligation to pay is secured by the creditors rights to the collateral. If you do not stay current on the debt, the creditor may pursue that collateral. Chapter 7 gives you some important advantages in dealing with your secured debts. In some cases you may have to reaffirm your obligation to paying a debt like a mortgage or vehicle loan. In others, you may be entitled to use state or federal bankruptcy exemptions.
Wisconsin Chapter 13 Bankruptcy Attorneys
Are you struggling under a mountain of debt but have assets you cant afford to lose? Consider filing for bankruptcy with a Chapter 13 bankruptcy attorney. Living with debt is stressful. It can feel impossible to escape with interest adding up every month. If you have a home or car that you need to keep and you make a steady, reliable income, Chapter 13 bankruptcy can help. Call a Wisconsin Chapter 13 bankruptcy attorney at Buss Law Offices today to get started.
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Financial Freedom In 90 Days
On average, a Chapter 7 bankruptcy takes approximately 90 days from the date of filing to the discharge. Within 30 to 40 days of filing the petition, a hearing is held before a United States Trustee. A Notice of Discharge is usually sent to the filer approximately 60 days after the hearing. Creditors are given notice of the hearing and may attend.
What Are Bankruptcy Exemption Laws
Texas bankruptcy exemptions are much more generous than federal exemptions. In Texas, someone who files Chapter 7 bankruptcy may be able to keep their home, vehicle, pension and up to $50,000 in personal property such as firearms, livestock and other items. However, there are strict rules as to how these exemptions work, so having an experienced Texas bankruptcy lawyer by your side is essential.
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