The Chapter 7 Means Test is a qualifying test that a debtor must pass to be eligible to file a Chapter 7 bankruptcy. Most Chapter 7 debtors pass and are eligible for Chapter 7 relief. Note that there is a similar test for Chapter 13 bankruptcy. Also note that debtors...
Generally speaking, the automatic stay stops foreclosures, repossessions, lawsuits, wage garnishments, and tax levies. It does not stop criminal proceedings or legal actions against you for support (such as child support). Automatic stay: Under bankruptcy law,...
The bankruptcy automatic stay is one of the first protections offered to those who file for bankruptcy. The automatic stay takes effect as soon as the initial paperwork in a bankruptcy case has been filed. It is automatic which means that no other documents have to...
Yes. Businesses can also file for Chapter 7 bankruptcy relief. A corporation does not receive a discharge but the business can shut down, turn over its records to a bankruptcy trustee and not have to deal with creditors, pending lawsuits, or collection actions. Sort...
When you file bankruptcy, a notice is sent out to all creditors, including your car lenders and mortgage companies, whether your are current or delinquent. Post-petition, you will likely not receive any statements as they normally transfer your account to their...
At the end of a Chapter 7 bankruptcy an individual can receive his or her discharge. A Chapter 7 bankruptcy completes in about 3-4 months. The discharge means that all debts that are considered dischargeable are eliminated or forgiven as of the date of the bankruptcy...
https://www.youtube.com/watch?v=MGw3TU80bD0 Filing for bankruptcy relief has some consequences. Bankruptcy will remain on your credit report for 7 to 10 years depending on the type of bankruptcy. The time period starts from the date of filing not the date of...
The trustee you select is the key decision to assure your trust will serve your beneficiaries well. California law imposes a variety of duties and responsibilities on your trustee. For instance, a trustee is supposed to serve a 120 day notice on trust beneficiaries...
The Chapter 7 bankruptcy process starts with the initial call to our office. We can either set at appointment at our office or do an initial phone review. Sometimes we are able to meet you at a location closer to your residence or work. At the initial review, Contra...
In general the answer is “no”. Once you file bankruptcy, credit card companies will know you filed whether you list them or not. Most credit card companies will close your existing accounts, even if you have a zero balance at the time of the bankruptcy...
