How To File For Chapter 7 Bankruptcy Without A Lawyer – Although creditors may pass laws that create additional requirements for a bankruptcy discharge, most people still qualify for Chapter 7 bankruptcy, which means paying off all of your debt. The first test is whether you and/or your family’s income is above the median income based on the last six (6) months of gross income. Media income for Ohio residents is as follows:
If your income or household income is below these numbers, you may qualify for Chapter 7 bankruptcy and the new Means Test does not apply. Even if you or your family’s income is above the above income numbers, you may still qualify for Chapter 7 bankruptcy if you pass the new Means Test.
How To File For Chapter 7 Bankruptcy Without A Lawyer
At our office, we understand the requirements of the means test and will walk you through the process to determine your eligibility. If you qualify, we will prepare and file all the necessary documents to help you permanently discharge certain debts and represent you at meetings and hearings during the process. As soon as you file, you will receive an automatic stay, which means that the court grants our creditors a conciliatory order that automatically stops all claims, liens, repossessions, wage garnishment and collection activity against you. We’ll carefully explain what debts can and cannot be discharged in bankruptcy, and what assets you can keep, so you get the benefits you need and expect.
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When you hire us to help you file for bankruptcy, we will make an honest assessment of your situation, including whether bankruptcy is the best option for you. We will keep you fully informed of all developments as well as the different paths you can take and your likelihood of achieving your goals.
Filing for personal bankruptcy can be more complicated than you might expect. If you miss the deadline or submit the wrong document, you may lose many of the protections you are entitled to. Below is a list of the “schedules” that the bankruptcy court requires you to complete before declaring bankruptcy:
Summary of Schedules Statistical Summary of Certain Obligations and Related Information (28 U.S.C. § 159) Schedule A – Real Property Schedule B – Personal Property Schedule C – Exempt Property Schedule D – Secured Holding Creditors – Creditors G – Executory Contracts and Unexpired Leases Schedule H – Code Debtors Table I – Current Income of Individual Debtor(s) Table J – Current Expenses of Individual Debtor(s)
If these are not filled out correctly, the court may send them back multiple times or reject your bankruptcy petition. You need an attorney who can make sure it’s done right the first time. Our goal at Derryberry Law Firm is to guide you through the bankruptcy process and make it as easy as possible for you and your family. We want you to get the fresh start you deserve. If your debts have become unmanageable or you are facing foreclosure on your home, you may want to consider filing for bankruptcy. While bankruptcy may be the only option for some people, it also has serious consequences that must be considered before making any decision. For example, depending on the type of bankruptcy, a bankruptcy will stay on your credit report for seven or 10 years. This can make it difficult to get a credit card, car loan or mortgage in the future. It can also mean higher insurance rates and may even affect your ability to get a job or rent an apartment. This article explains how bankruptcy works and offers some alternatives to bankruptcy.
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Bankruptcy is generally considered a last resort for people who are in debt and have no way to pay their debts. There are alternatives worth exploring before filing for bankruptcy. They are less expensive than bankruptcy and can do less damage to your credit record.
For example, find out if your creditors are willing to negotiate. Some creditors will agree to accept reduced payments over a longer period of time, rather than wait for the bankruptcy to be resolved and risk getting nothing.
In the case of a home mortgage, call your loan servicer to find out what options may be available to you. Some lenders offer forbearance (deferring payments for a period of time), repayment plans (such as making smaller payments spread out over a longer period of time), or loan modification programs (such as lowering your interest rate for the remainder of the loan). .
Even the Internal Revenue Service is often willing to negotiate. If you owe taxes, you may be eligible for a concessional offer in which the IRS agrees to accept a lower amount. The IRS also offers payment plans that allow eligible taxpayers to pay off their debts over time.
Chapter 7 Bankruptcy Attorney Tifton
If you have decided to file for bankruptcy, your first step should usually be to consult with an attorney. The Administrative Office of the US Courts notes on its website that while it is possible to file without filing at all, “seeking the advice of a dedicated attorney is strongly recommended because of the long-term financial and legal consequences of bankruptcy.” (Bankruptcy is governed by federal law and cases are heard by federal bankruptcy courts, although some rules differ from state to state.)
Before filing, you will be required to attend a counseling session with a credit counseling organization approved by the Department of Justice’s US Trustee Program. A counselor should assess your personal financial situation, describe your bankruptcy alternatives, and help you develop a budget plan. Advice is free if you can’t afford it; otherwise, it will cost about $50, according to the Federal Trade Commission.
If you still want to proceed, your attorney can advise you on which type of bankruptcy is best for your situation.
For individuals, as opposed to businesses, there are two common forms of bankruptcy: Chapter 7 and Chapter 13. Here’s a brief description of how each type works:
Bankruptcy Statistics Up To 2022
Chapter 7. This type of bankruptcy essentially liquidates your assets to pay your creditors. Some assets (usually including equity in your home and car, personal effects, clothing, tools you need for your job, pensions, Social Security, and any other public benefits) are exempt, meaning you get to keep them.
However, your remaining, non-exempt assets will be sold by a bankruptcy court-appointed trustee, and the proceeds will then be distributed to your creditors. Non-exempt assets can include real estate (other than your primary residence), recreational vehicles, boats, a second car or truck, collectibles or other valuables, bank accounts, and investment accounts.
At the end of the process, most of your debts will be cleared and you will no longer have to pay them. However, certain debts, such as student loans, child support, and taxes, cannot be discharged. Chapter 7 is generally chosen by low-income and low-income individuals. Your eligibility for it is also subject to a means test as explained below.
In this type of bankruptcy, you are allowed to keep your assets, but you must agree to pay your debts within a certain period of three to five years. The trustee collects your payments and distributes them to creditors. Chapter 13 bankruptcy is usually chosen by people who want to keep their non-exempt assets intact or buy time against foreclosure or foreclosure.
The Chapter 7 Discharge
Whether to file for Chapter 7 or Chapter 13 is not your decision alone. Courts also apply a means test to determine whether you qualify for Chapter 7. The means test first compares your average income over the previous six months to the average income of a family of your size in your state; if you earn less than the median, you should qualify for Chapter 7.
Even if your income is above the median, you may qualify after deducting certain allowable expenses. But if the calculation shows that you’ll have enough disposable income left over to start paying off your debts — rather than simply wiping the slate clean — the court may decide that Chapter 13 is your only option. You will be required to complete this Form 122A-2 to determine your eligibility.
When you file for bankruptcy, you will be asked to provide the court with a list of all the money you owe. Your debts fall into two categories:
A bankruptcy court considers a secured debt a higher priority because failure to pay it could allow the creditor to claim the property serving as collateral.
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After all the important information is submitted to the court, the court appoints a trustee whose job it is to make sure that your secured debt is paid within a certain period of time. At that point, the court issues an automatic stay order that prevents creditors from seizing assets through foreclosure or foreclosure.
When the bankruptcy court issues a discharge order, you are relieved of your obligation to repay the listed debts. This means that creditors no longer have legal claims against the debt, so they cannot engage in any collection activity or collect any debt.
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