bankruptcy blog

Household income is one of the key factors used to evaluate whether you qualify for chapter 7 or 13. The means test allows debtors to earn up to a particular amount of income, which is based on the previous six months’ earnings, depending on household size. The income thresholds for filing a chapter 7 bankruptcy  … Read more

There has been a lot of attention and buzz about the worldwide supply constraints, which have made finding a reasonably priced automobile extremely difficult. Kelley Blue Book stated in January 2022 that the average price of a used automobile in 2021 was over $28,000, up 28 percent from a year ago and up 42 percent  … Read more

In bankruptcy, a debt discharge is the legal release of a person from most of their debts. A bankruptcy discharge is given to a person who has filed for bankruptcy and been determined to be qualified. A bankruptcy discharge discharges a person from all unsecured debts. Secured obligations, such as mortgages and vehicle loans, are  … Read more

The bankruptcy procedure might be scary to those who are unfamiliar with it. The bankruptcy process, which is commonly misunderstood as a result of poor financial management and irresponsibility, is actually intended to assist residents. The provisions of bankruptcy were created to help people who had been through extreme financial difficulty get back on their  … Read more

People seeking bankruptcy protection often have a lot of questions. One of the most common questions is  what happens to car loans in bankruptcy.  Some fear they will lose their vehicle and not be able to get to work, making a dim financial situation much more difficult. Fortunately, there are a few different approaches to  … Read more

A discharge or dismissal are the two possible outcomes of a bankruptcy case. Your debts will be termed “discharged” when you successfully complete a bankruptcy case through liquidation or a Chapter 13 repayment plan. Your bankruptcy case will be dismissed if you do not complete it. A dismissal is when your case is closed without  … Read more

There are many reasons they prefer Chapter 7 bankruptcy to Chapter 13 bankruptcy. These reasons include the fact that most debts are immediately discharged after filing, the shorter filing period, and the simplicity of the process. To qualify for Chapter 7 bankruptcy, you must pass a means test, which considers your income, expenses, household size,  … Read more

Vehicle loans are one of the most popular loan types in the country, and for good reason. To make a living, most people require reliable transportation. When people file Chapter 7 bankruptcy, one of the main concerns they have is whether or not they will be able to obtain a car loan afterwards. While you  … Read more

Debt consolidation is the process of combining several high–interest debts into one lower–interest loan. This can provide several benefits, such as reducing your monthly payments, simplifying your monthly payments, and reducing the amount of interest you pay. Debt consolidation is often done through a personal loan or a home equity loan. There are also several  … Read more

Debts are erased in bankruptcy by order of the bankruptcy court. The order of the court is called an order of discharge. The order of discharge wipes out the debtor’s legal obligation to pay the debts. It also wipes out the creditor’s legal right to collect the debt from the debtor, meaning after the case  … Read more