What Is Considered Disposable Income for Chapter 13?

Bankruptcy

When you file for bankruptcy, no matter which option you choose, the courts look at your disposable income and compare it to your monthly debt obligations. Disposable income is that which you can use to pay down debts, and if you have too much disposable income, the court might deny your request for Chapter 7….

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What Debts Are Not Dischargeable in Bankruptcy?

Bankruptcy
bankruptcy

October 10, 2019 One common misconception among consumers is that you can discharge all debts and be 100 percent debt-free if you file for Chapter 7 bankruptcy. While you could discharge a vast majority of your debtors, the belief that you can remove 100 percent of them is untrue. There are a vast number of…

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What Is Relief from Automatic Stay?

Bankruptcy

When a relief from the automatic stay is filed, it is done by a creditor. The creditor is asking the court to remove the automatic stay protection issued in bankruptcy so that they can continue collection efforts. Typically, the creditor does so when they need to repossess a car or foreclose on a home, but…

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How Much Should You Be in Debt before Filing for Bankruptcy?

Bankruptcy

A common question on consumer minds is whether or not they have enough debt to justify filing for bankruptcy. The answer is not as simple as “X dollars” is the threshold. Instead, it comes down to your unique financial situation, the type of debts you have, and your means to pay them off (if any)….

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How Much Debt Do You Have to Have to File Bankruptcy?

Bankruptcy
chapter 7 bankruptcy

Technically, there is no minimum debt amount required to file for bankruptcy, but there are limitations on how high your debts can go. For example, if you want to file for Chapter 13 bankruptcy, your secured debts cannot exceed $1,257,850, and your unsecured debts cannot total more than $419,275. Your debt load, however, is only…

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Is It Better to File Chapter 7 or Chapter 13 Bankruptcy?

Bankruptcy

While most assume that filing Chapter 7 is the best route for bankruptcy, not all cases qualify for it and not all debtors would benefit the most from this type of bankruptcy. Consumers have two primary choices: Chapter 7 and Chapter 13. And before you assume one is better than the other, you should consult…

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What Can You Include in Chapter 7 Bankruptcy?

Bankruptcy
Chapter 13 Bankruptcy

When you file for Chapter 7 bankruptcy, you can discharge numerous debts, but not every single one. Debts including child support, federal student loans, or past due taxes are excluded from this discharge. Furthermore, some assets might require liquidation before you can proceed to the debt discharge phase. Deciding to file for Chapter 7 bankruptcy…

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What Does Chapter 11 Bankruptcy Mean for Shareholders?

Bankruptcy

Businesses filing bankruptcy affect more than just the company and its employees; it can also affect any shareholders who have invested in that business, too. Luckily, Chapter 11 is not a liquidation. Therefore, the management of that business remains in charge of its daily operations, and it can still generate profits. However, all decisions for…

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Can You File for Bankruptcy with a Felony Conviction on Your Record?

Bankruptcy
Bankruptcy Law

Being convicted of a felony affects you in numerous ways, including your career choices, government aid, and possibly your bankruptcy status. If you have been convicted of a felony, you may have limitations on what you can claim as an exemption. And depending on the crime, you may have difficulty filing for bankruptcy at all….

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