New Chapter 7 Bankruptcy Rules [mortgageprotectiontips.blogspot.com]
Question by LFE: bankruptcy rules? I am looking to declare bankruptcy, I have a lot of unpaid medical bills, credit card bills, single, do not have a lot of money (income), not a home owner, own my car, I am wondering what the process is and how long it takes and will I be eligible? Thank you. I own my car (it's nearly 10 years old) and haven't used my credit cards for nearly a year... the only 'new' debt I have is payday loans (which are about 9 months old), and medical bills. I own my car (it's nearly 10 years old) and haven't used my credit cards for nearly a year... the only 'new' debt I have is payday loans (which are about 9 months old), and medical bills. Best answer for bankruptcy rules?:
Answer by Amanda F
also lawyers will set up a free conference with you most of the time to see if you are eligible then you pay to file if you are.
Answer by luisamapacha
You first need to meet with a bankruptcy adviser to figure out what you can and can't declare. If you recently purchased your car, you could lose it. Also, if you've made a lot of recent credit card purchases, they won't be eligible. Medical bills sometimes can't be declared either. Remember that they recently tightened bankrupcty laws and your credit will be ruined for the next 7 - 10 years. This means you won't be able to buy a house, you'll have no credit cards (which are required for everyday things like online purchases, car rentals and more) and you may even have trouble renting an apartment.
Answer by skunkpayne
Hey young lady, i filed for bankruptcy 4 years ago.I had a triple bypass on my heart, couldn`t work no more. It took about six months . I owned my house. i had to file ''homestead'' papers on it. I think you would be eligible for bankruptcy. I guess anyone that can`t pay there bills can do it.Go see a bankruptcy lawyer,he will tell you what to do. Hey good luck to you.
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mortgageprotectiontips.blogspot.com Chapter 13 Bankruptcy Rules
A good Fort Worth bankruptcy attorney knows and understands about how new federal bankruptcy laws passed back in 2005 has changed filing for bankruptcy. While you and your Fort Worth bankruptcy attorney can do everything you could in a bankruptcy case before 2005, it has become at least slightly more difficult to file for personal bankruptcy, though not impossible. However, you will need a Fort Worth bankruptcy attorney since they may have difficulty with your case so you can wonder how much harder you would find filing for bankruptcy on your own.
One of the main areas of bankruptcy law that has changed is in filing for chapter 7 personal bankruptcy. Also called liquidation and straight bankruptcy, chapter 7 personal bankruptcy sees a trustee appointed by the bankruptcy court helping you liquidate your nonexempt personal property to help pay back your creditors.
You will not lose all of your property with this type of bankruptcy and, in fact, it is quite rare for anyone filing bankruptcy to lose their car and house.You are allowed to use either federal bankruptcy exemptions or state bankruptcy exemptions to save your personal property from liquidation. This personal property is exempt and the property that actually gets liquidated is called nonexempt property. This is why the idea that you lose all of your personal property when filing for bankruptcy is simply a myth.
Chapter 7 personal bankruptcy is the quickest form of bankruptcy. Generally, you receive a discharge within months. However, a chapter 7 personal bankruptcy stays on your credit report for 10 years.
The 2005 federal bankruptcy laws made it more difficult to file for chapter 7.
Now you must take a means test to determine how much disposable income you have. If your average monthly income exceeds that of the average monthly income for the state in which you are filing, then you are ineligible for chapter 7 personal bankruptcy. Your average monthly income must be lower or the same as the average monthly income for the state in which you are filing. Suggest New Chapter 7 Bankruptcy Rules Articles
