Get the name, address and telephone number of the person contacting you about the debt, as well as the name of the original creditor. Then give us a call and tell us the exact circumstances of the contact. You may have grounds for lawsuit that will cost you only the court filing fee and expenses…. Read more »
Depending on how good your credit was before filing bankruptcy, some credit may be less available to you and/or the terms of credit may be less favorable to you. However, many people find some types of credit are available to them immediately after receiving their bankruptcy discharge and they are eligible for competitive home and… Read more »
If you meet the legal eligibility requirements, you can file once every eight years. Despite being eligible for filing for bankruptcy every eight years, it should be your intent and determination not to have file for bankruptcy again.
The main disadvantage of a Chapter 7 bankruptcy is that a record of the bankruptcy filing stays on your credit report for 10 years.
Of course. One immediate result is that once the Chapter 7 bankruptcy is filed, none of your creditors listed in the bankruptcy can conduct any collection activities against you without filing certain documentation with the bankruptcy court and asking the bankruptcy judge for permission. If your wages are being garnished, most wage garnishments are immediately… Read more »
You need to consult an attorney about your other options. One option may be to file for a Chapter 13 bankruptcy. However, since there may be other options, you should consult with an attorney to discuss all of the potential ways to deal with the situation.
The Means Test is based off your jurisdiction’s median income. If you and any other members of your household who have income make less a year than your jurisdiction’s median income for households of the same size, you will qualify to file a Chapter 7 bankruptcy.
Since the bankruptcy law changed in 2005, the determination as to whether you qualify for a Chapter 7 bankruptcy is based on your income and household size, among other factors. Congress created what is referred to as the “Means Test” to help determine whether someone is eligible to file a Chapter 7 bankruptcy by entering… Read more »
Usually, those debtors with little or no income and with little or no assets of any significant value, or those debtors on fixed income such as social security or pension benefits can file a Chapter 7 bankruptcy, depending upon the amount of the fixed income.