Riverside Bankruptcy Lawyers
The United States Constitution allows individuals and businesses to file for bankruptcy with the help of Riverside Bankruptcy Lawyers. As a legal proceeding, it gives you a fresh start on the financial mess that you find yourself in. Aside from the relief it offers in terms of wiping off your slate clean of debts, it also gives your ears and the phone freedom from the constant calls of creditors who are out to collect the money you owe them, but your riverside bankruptcy lawyers will negotiate with them.
But filing for bankruptcy is not a simple process. Riverside bankruptcy lawyers can help you go through the entire hassle and help you understand the implications this will have on your financial and legal standing.
Chapters of the Bankruptcy Code Under Which Riverside Bankruptcy Lawyers May File
If you wish to seek relief from your debts, riverside bankruptcy lawyers may file a petition under the different chapters of the Bankruptcy Code of the United States. Under which chapter they may file your petition for insolvency will depend greatly on your circumstances. Chapter 7 Bankruptcy is what is commonly used by riverside bankruptcy lawyers for individuals and families. When bankruptcy is filed under this chapter, the non-exempt properties of the debtor is collected by a trustee who will then dispose of it and distribute the proceeds to each creditor. These are usually “no-asset” cases, however, as state laws allow debtors to keep some essential property so contact us, your riverside bankruptcy lawyers.
Chapters 11, 12 and 13 Bankruptcies are reorganization bankruptcies that allow debtors to keep to keep their properties and use future earnings to pay off the debts. Riverside bankruptcy lawyers would usually recommend filing for bankruptcy under these chapters if you have a company, business or other assets that you want to keep or protect.
Reasons When You Cannot File a Chapter 7 Bankruptcy with the Help of Riverside Bankruptcy Lawyers
While a Chapter 7 Bankruptcy is an easy three to six-month process of wiping away past debts, there are times when not even the most brilliant riverside bankruptcy lawyers can use it to help you. Under the new bankruptcy rules, you can only file under Chapter 7 if your current income– your average income in the past six months before the date of filing of your bankruptcy petition–is below or equal to the median income for a family of your size. The figures will vary in every state.
However, if your income is above the median, then you need to pass a means test to determine if you will be eligible for a Chapter 7 Bankruptcy. This is a relatively new amendment to US bankruptcy law that seeks to limit the use of Chapter 7 Bankruptcy to those who truly do not have the capacity to pay off their existing debts and riverside bankruptcy lawyers can help you.
You cannot also file under Chapter 7 if you previously received a bankruptcy discharge under the same chapter in the last eight years or a discharge under Chapter 13 in the last six years. If for any reason your previous bankruptcy petition was dismissed in the last 180 days, you cannot also file a petition under Chapter 7. Defrauding your creditors will also disqualify you from filing a Chapter 7 Bankruptcy petition but you can still consult your riverside bankruptcy lawyers.
Bankruptcy Means Test Explained By Riverside Bankruptcy Lawyers
riverside bankruptcy lawyers can help you if you want to file for a Chapter 7 Bankruptcy but your income in the last six months is higher than the median income of families of your status in your state, then you need to pass the Bankruptcy Means Test to determine eligibility. The Means Test is only administered to those who have consumer debts, not business loans. It’s fairly simple to do. You subtract certain specific monthly expenses from what you are currently earning and determine if the disposable income you have left will be enough to repay some of your existing debts. As has been mentioned before, incomes vary by state. If your disposable income reaches a certain amount fixed by your state, then you cannot file for a Chapter 7 Bankruptcy. Your riverside bankruptcy lawyers and online calculators can help you do all the mathematical calculations for the Means Test. If you pass the Means Test, then you can file under Chapter 7.
Filing for Chapter 13 Bankruptcy with the Help of Riverside Bankruptcy Lawyers
When you have analyzed your debt and found that you have enough to pay off your creditors, then you can ask the help of riverside bankruptcy lawyers to file a petition for insolvency under Chapter 13. Moreover, this is also the option that will be recommended by your lawyers if you have assets, business or property that you want to protect. After exhaustive consultations with your lawyers, they will help you fill out bankruptcy forms and help you draft a feasible repayment plan.
With the help of your riverside bankruptcy lawyers, Within two weeks after you have filed your petition, then you will meet with a courthouse trustee who will review your plan. Creditors may also be present in this hearing to ask questions as well as renegotiate some aspects of your plan. After this hearing, you and your riverside bankruptcy lawyers will attend a court hearing where a judge will confirm your repayment plan.
Choosing Reputable Riverside Bankruptcy Lawyers
Your riverside bankruptcy lawyers are your partners in this challenging moment of your life. Make sure that you choose those who are reputable and honest. Get recommendations from friends and colleagues and always get fee specifics and services written in black and white. Understandably, filing for bankruptcy may leave you stressed but keep your head on your shoulders so you won’t get taken in for a ride by riverside bankruptcy lawyers who are only after your last dough.
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