What are the requirements for Chapter 7 bankruptcy?

Chapter 7 bankruptcy is more complicated than chapter 13. You need either $1,010 or $10,000 in assets and debts of $194,175 or less to file this kind of bankruptcy. If you have between $1,010 and $7,020 in assets and debts totaling between $194,176 and $394,175, then you might be able to file a chapter 7 case. If your assets and debts both fall within this range, then your situation will be reviewed by a judge or a trustee before you can go through with the case. In order to determine whether you're eligible for chapter 7 bankruptcy or not will depend on your income, your assets, your debts, and your liabilities. The means test is completed to see if you can file. Don’t file a chapter 7 bankruptcy until after you’ve done the means test and you have passed it; otherwise, your chapter 7 case won’t go through, and it will be thrown out (or dismissed).

Chapter 7 Bankruptcy

Remember, the laws and rules change frequently and they are different for each jurisdiction. What they do in Idaho is different from what they do in Utah, etc. So keep in mind that you’ll want to get all the help you can. Feel free to call this chapter 7 bankruptcy lawyer for a free consultation:

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/chapter-7-bankruptcy-in-utah/ 


Comments

Post a Comment

Popular posts from this blog

What will I lose if I file for bankruptcy?

Image
This depends on several things. First, what state do you live in - the state exemptions will allow you to keep certain property. Each state’s laws are different. Second, the chapter of bankruptcy that you file. Typically, in chapter 13, you keep most (if not all of your property) because it is more of a reorganization than it is a liquidation. If you are filing a chapter 7 bankruptcy, you should really speak with a lawyer because you can lose things if you don’t do the paperwork right. Just because the law allows you to keep something under an exemption law, if you don’t put the law in your paperwork, you don’t get it. You might think that the only thing you lose when you file for bankruptcy is a bunch of money (and some of your things, if you can't keep them after the bankruptcy). But what you lose is really a lot more than that. It's very important to think about what you'll be giving up before choosing whether or not to hire a bankruptcy attorney in your area. If ...
Read more

Why should I have to pay my wife alimony when she is able to work?

Image
Alimony is a payment that one spouse will make to the other after they separate or divorce. You are not required to pay alimony if you don't want to, and if you're the one who asks for alimony, you'll have a hard time getting it. But if your spouse is able to earn money, and you aren't, you could be forced to pay the alimony.   My wife and I have been married for the past 7 years. We have 3 kids. In any other case, she would be entitled to 60% of the marital assets.   However, she is a stay-at-home mother who does not work. I am employed full-time as a manager at a local bank.   I do not make enough money to support our family on my own, so I want her to contribute as well. She is against this idea, and I don't understand why.   Is there anything that can be done?   When you get married, you make a commitment to support each other. You mutually agree on your goals and economic situation, then build a life together and solidify that agreement by creating a legal ...
Read more

How do you change the executor of a will?

Image
Changing the executor of a will is an important decision that requires the specific attention of an estate planning attorney. If you're looking to change your will and add a new executor, you should consult with an attorney for help. The first step is to decide who you want to appoint as your new executor. Your choice must be reviewed by your attorney to ensure that person is legally able to fulfill the duties of the position , including knowing what documents are needed from them and how they need to be filed. The next step is telling your current executor. This person can be informed in person, over the phone, or via a letter that includes their current contact information so they can get in touch with the proper offices if anything needs updating. You'll also need to update any health care proxies or powers of attorney. Your next step after this is to call your estate planning attorney. Parklin Law LLC 5772 West 8030 South, Unit N206 West Jordan, UT 84081 (801) 61...
Read more