CHAPTER 7 BANKRUPTCY SPECIAL

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Get the Fresh Start You Deserve Today!

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YOUR BANKRUPTCY CONSULTATION IS FREE.

YOU ARE NOT ALONE!  Over 1 million Americans took advantage of the quickest and

easiest way to get relief from their debt and filed for Bankruptcy last year.

*You must be employed to qualify for this special payment plan.

Bankruptcy: Chapter 7

 

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. Other assets, if any, are sold (liquidated) by the Chapter 7 Trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7.

Common exceptions to discharge include child support, income taxes less than 3 years old and property taxes, student loans (unless the debtor prevails in a difficult-to-win proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by a court for any crimes committed by the debtor. Spousal support is likewise non-dischargeable.

On October 17, 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect. The law effectively subjects most debtors who have an income, as calculated by the Bankruptcy Code, above the debtor’s state’s median income to an income based test. This test is referred to as the “means test.”

The means test provides for a finding of abuse if the debtor’s income is higher than a specified portion of their debts. If a presumption of abuse is found under the means test, it may only be rebutted in the case of “special circumstances.”

So, it is important to have an attorney from Yourist Law calculate your income under the means test to see whether Chapter 7 bankruptcy is appropriate for your situation. But remember if you do not qualify under Chapter 7 of the code, you may under Chapter 13. Our clients soon learn that you may not have to pay back any unsecured debts like credit cards dependent upon our DMI calculation.

 

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