Bankruptcy in the U.S. is designed to give debtors methods of working through their financial obligations in a way that offers more leniency and payment options when repaying accumulated debt. Whether you file for reorganization or liquidation types of bankruptcy, you’ll be given a set of options that will help solve your debt case. However
If you file for Chapter 13 bankruptcy and reach an approved petition and repayment plan, it’s guaranteed that you must use all of your disposable monthly income to meet your monthly debt repayment requirements. Before you file your petition, however, there are approved ways to lower your monthly requirements by lowering the amount categorized as
If you’re considering filing for bankruptcy, you’ve probably started to do some research of your own and learning about your options. If you think you may qualify for Chapter 13 bankruptcy, you might have already discovered that a long road of meeting financial and legal obligations set by the U.S. Bankruptcy Courts, your bankruptcy trustee, and
Your disposable income plays a large part in determining your path when it comes to filing for bankruptcy as an individual. This income is taken into consideration with your debts and the value of your assets and properties. The result decides whether you qualify for Chapter 7 or Chapter 13 bankruptcy. If your results don’t
Making prudent use of the financial help that filing for Chapter 7 bankruptcy can provide is one of the smartest things you can do if you’re overwhelmed by accumulated debts and financial obligations. Chapter 7 was designed to help people recover from crippling debt and get back on their feet financially. The U.S. Bankruptcy Courts
If you plan to file for Chapter 7 bankruptcy, having a bankruptcy lawyer is essential. In some cases, a person may have assets that he or she would not be able to retain either because the value of the assets are too high or there are no applicable bankruptcy exemptions to protect the assets. Before
Most individuals considering filing for bankruptcy have two main options: filing for Chapter 7 bankruptcy or filing for Chapter 13 bankruptcy. In the case of Chapter 7, a filer has qualified for this type of bankruptcy after passing the Means Test, determining that their debts and financial obligations outweigh their disposable income and estate value.
If you’re struggling financially, your debts and obligations may seem looming and unmanageable, but for many, the idea of bankruptcy is even more alarming. At Behm Law Group, Ltd., we find that many of our clients have had no reason to become familiar with the process of bankruptcy in the past and have unwarranted fears
Those who are considering filing for bankruptcy most likely have more than one debt to tackle among their financial obligations. In fact, virtually every bankruptcy filer faces several debts accumulated over years. From mortgages to credit card debt, filers often have a wide range of debts to repay. If these filers pass the Minnesota Means
Filing for bankruptcy throws one’s debts into question in front of a Bankruptcy Court, one’s attorney, and one’s creditors. If one has passed the Means Test and is qualified to move forward with Chapter 7 bankruptcy, the dischargeability of one’s debts is generally not in dispute. Throughout the process of bankruptcy, however, questions and concerns
