Divorce can be one of the most trying times in your married life – or rather, soon-to-be-ended married life. It can be stressful and even emotional to deal with a divorce. For one thing, you need to consider spousal and child support, asset and property distribution, and all those paperwork. In this kind of challenging [...]
Bankruptcy is a legal process that helps you repay your debts under the protection of the Bankruptcy Act. The Act provides two types of bankruptcy options: Chapter 7: Also referred to as liquidation bankruptcy, when you file for this type most of the unsecured debt is discharged including credit cards and personal loans. It lasts [...]
Making the decision to declare yourself bankrupt is often a major one. While it’s always recommended that you use a chapter 7 bankruptcy lawyer or any other lawyer to guide you through the process, some people opt to go it alone. This often results in the people making plenty of mistakes. The most common mistakes [...]
Chapter 7 bankruptcy is a liquidation proceeding where the court appoints a trustee to liquidate your assets for payment to your creditors. You assets include cash, vehicles, jewelry, antique, investments in brokerage accounts, and other possessions. Chapter 7 is often the simplest and quickest form of bankruptcy and is available to married couples, individuals, partnerships, [...]
In order to get a discharge under chapter 7 bankruptcy relief, you must meet certain income requirements. Among other things, your average income from all sources in the last six months should be less than or equal to the median income as specified in the median income guidelines. The median income depends on the locality [...]
If a debtor does not have assets which are above the exempt assets allowed and has an income which is equal to or less than a median income, he will most probably be qualified for Chapter 7 Bankruptcy Relief. However, if the debtor's income is more than the allowed median income and/or his assets are [...]
