Bankruptcy
At David Norris Law we believe that most Americans want to pay their debts. Although we know that the unexpected loss of income, personal injury or death in the family may prevent them from doing so. Be assured that our staff will exhaust all other avenues of financial recovery before suggesting Bankruptcy as a final option.
Qualifying for Bankruptcy
Before filing for bankruptcy you must first qualify pursuant to a test which considers your needs and your income. The means test will also determine which chapter you will be filing under. You will need to identify all your sources of income, your monthly living expenses, and any major financial transactions undertaken by you in the last two years. You must also list all secured and unsecured debts. All of your assets must be listed.
Chapter 7 & Chapter 13 Bankruptcy
CHAPTER 7 BANKRUPTCY - BUSINESS OR INDIVIDUAL DEBT DISCHARGE
Under the new bankruptcy law, which became fully effectual in October of 2005, an individual’s ability to obtain a discharge under chapter 7 has been restricted. If you or your business debts qualify, certain of your assets may be protected if they qualify as exempt property.
CHAPTER 13 BANKRUPTCY - CONSUMER DEBT REORGANIZATION
Many who don’t qualify for a Chapter 7 liquidation may still be able to seek relief under a Chapter 13. Many of our clients who are now facing a financial crisis wish to understand how to legally protect their assets. Although Asset protection comes with prudent planning for the unknown, there are many strategies for legally protecting most assets in an immediate manor.
For many individuals protecting assets that are not exempt under the bankruptcy code is imperative. Chapter 13 offers a debtor an alternative to a complete liquidation under chapter 7. Chapter 13 is a court ordered restructuring of a person’s debt’s payable over a 36-60 month period.
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