Stockton Chapter 7 Bankruptcy Laws

What are Stockton chapter 7 bankruptcy laws?

Depending on your income will decide if you are eligible for a Chapter 7 bankruptcy. Under the new Stockton chapter 7 bankruptcy laws the first step in figuring out if you can file a Chapter 7 is by your ” current monthly income.” This is measured against the median income for the size of your household in your state. If it happens that you income is less than or equal to the median for your state, a chapter 7 bankruptcy is right for you. However, you still have to pass the “means test.” This is a requirement for Stockton chapter 7 bankruptcy laws

For a free fifteen minute consultation with our expert bankruptcy lawyer Contact a bankruptcy expert today about Stockton chapter 7 bankruptcy laws or give us a phone call (209) 266-0316

Stockton chapter 7 bankruptcy laws, credit requirements.

It does not matter if you are filing a chapter 7 or 13, you have to complete credit counseling. The agency must be United States approved. No matter if there is no way you can repay your debts you still have to do credit counseling. Stockton chapter 7 bankruptcy laws state that each person filing bankruptcy must complete this step. If you choose to no do so there is a very high chance your case will be thrown out. Stockton chapter 7 bankruptcy laws

What is Stockton chapter 7 bankruptcy laws based on?

Stockton chapter 7 bankruptcy laws are a federal court process. This was devveloped to help any persons or businesses to eliminate theri debts. Also, to repay their debts under protection of the bankruptcy courts. Under Stockton chapter 7 bankruptcy laws the debtor (you) file bankruptcy to eliminate debt.

According to Stockton chapter 7 bankruptcy laws what does a Chapter 7 entail?

Chapter 7 cases are often referred to as liquidation cases. According to Stockton chapter 7 bankruptcy laws individuals, companies and/or partnerships can file a Chapter 7 bankruptcy. Unlike a chapter 13, chapter 7 bankruptcy cases do not file for repayment plans. Stockton chapter 7 bankruptcy laws also has a bankruptcy code. The bankruptcy code allows debtors (you), to keep “exempt” properties. Although the trustee will liquidate all remaining assets. Stockton chapter 7 bankruptcy laws state that filing under a chapter 7 can result in a loss of property.

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