Experienced Aggressive bankruptcy Attorneys
Chapter
7
Bankruptcy
In a Chapter 7 Bankruptcy, all debt that can be discharged under the Bankruptcy Code will be forgiven. In this form of Bankruptcy, you will not pay any future income to your creditors. You are also allowed to keep certain assets through a Chapter 7 Bankruptcy free from the grasp of creditors. The list of exemptions are long, and the Lindemann Law Group will help you assess whether a trustee may liquidate any of your assets.
Generally speaking you will be able to exempt between $50,000 to $150,000 (depending on the circumstances) of equity in your homestead, and all your household goods, or approximately $20,000 equity of any asset and all your household goods. A car is not considered a household good, so call us to more specifically discuss this issue.
One frequent misconception that the Law Group sees with individuals filing for Chapter 7, and perpetrated by some attorneys is that a person can keep their home or car by filing a Chapter 7, even if they are behind on payments. If you plan on keeping the car or home, and you are behind on the secured debt payment for that car or home, you must bring the payment current before filing, or you will lose the car or home. If you are current on secured debt payment on car or home, then you may keep your car or home in filing a Chapter 7 Bankruptcy.
Eligibility
The main threshold issue in filing a Chapter 7 Bankruptcy is whether you make too much money. If your debts are primarily business debts, then you may be in a position where you do not have to meet the so called "Means Test." If your debts are primarily consumer debts, you may not be eligible to file to file Chapter 7 Bankruptcy if you make too much money.
At the Lindemann Law Group, attorneys are aware of all allowed deductions under the Bankruptcy Code that allow clients to meet the means test. At many Law Offices, attorneys are not aware of what can be deducted, and what can’t be deducted. You don’t want to see an attorney who is unsure of what deductions are permissible, and what deductions are not permissible.
More on Chapter Seven
In a Chapter 7 Bankruptcy, all debt that can be discharged under the Bankruptcy Code will be forgiven. In this form of Bankruptcy, you will not pay any future income to your creditors. You are also allowed to keep certain assets through a Chapter 7 Bankruptcy free from the grasp of creditors. The list of exemptions are long, and the Lindemann Law Group will help you assess whether a trustee may liquidate any of your assets.
Generally speaking you will be able to exempt between $50,000 to $150,000 (depending on the circumstances) of equity in your homestead, and all your household goods, or approximately $20,000 equity of any asset and all your household goods. A car is not considered a household good, so call us to more specifically discuss this issue.
One frequent misconception that the Law Group sees with individuals filing for Chapter 7, and perpetrated by some attorneys is that a person can keep their home or car by filing a Chapter 7, even if they are behind on payments. If you plan on keeping the car or home, and you are behind on the secured debt payment for that car or home, you must bring the payment current before filing, or you will lose the car or home. If you are current on secured debt payment on car or home, then you may keep your car or home in filing a Chapter 7 Bankruptcy.
Eligibility
The main threshold issue in filing a Chapter 7 Bankruptcy is whether you make too much money. If your debts are primarily business debts, then you may be in a position where you do not have to meet the so called "Means Test." If your debts are primarily consumer debts, you may not be eligible to file to file Chapter 7 Bankruptcy if you make too much money.
At the Lindemann Law Group, attorneys are aware of all allowed deductions under the Bankruptcy Code that allow clients to meet the means test. At many Law Offices, attorneys are not aware of what can be deducted, and what can’t be deducted. You don’t want to see an attorney who is unsure of what deductions are permissible, and what deductions are not permissible.
More on Chapter Seven