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BANKRUPTCY TEST TO INDICATE IF YOU SHOULD CONSIDER FILING BANKRUPTCY 1. You do not have any savings due to credit card debts or bank's personal loans. 2. You are only able to make minimum payments on each of your credit cards. 3. You are paying more than 12% interest on your credit cards. (If you are paying more than this percentage your debt will not come down for a very long time.)
4.
You lose sleep thinking about your debt 5. You and your partner are fighting over the debt or new charges. 6. You get calls from debt collectors or a credit card agency about your past due account. 7. You stop opening your statements each month. 8. You have no idea what you really owe. (I have clients who think they are only $20,000 in debt when in reality they are more than double that amount. ) 9. You use credit cards to buy groceries, gas, or utilities bills and don’t pay it off each month. (If so, you are only getting further and further behind.) 10. You or your spouse start having an affair to escape from reality. (If you are getting to this point , take the step to get out of debt first and I bet your marital stress will get better.) 11. Your credit card debt to income ratio is near or over 20% of your net income. 12. You have more than six major credit cards that you owe an ongoing balance on. |
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13. You start lying to your partner or family member about your spending behavior. (Treat this as a two pointer.) 14. You hide credit card statements from your spouse or you lie about what is owed on the account. (Treat this a two pointer.) 15. Your credit card statements continue to increase each month.( Add them all up and see the debt increase each month.) 16. You feel you cannot live the lifestyle you are currently enjoying without having credit cards. 17. You are near 90% of your limit on two or more credit cards or 60% on three or more cards. . 18. When you write a check out you are not sure if you have money in the bank to pay the check. 19. You start to take out cash advances on your credit card to pay other bills. (If you have to do this more than once in year you are in deep trouble.) 2 0. if you are thinking about borrowing against your 401K in order to pay your past due debt.2 1. You have had a repossession and you owe more than $5,000.00 on the repossession.22. You are planning a short sale on you home and you have a second on it for more than $5,000.00. 23. You have a wage garnishment against you. 24. You have a credit score less than 740, and your total unsecured debts is more than $20,000, this include credit card debt, medical or other unsecured debts. 25. if you lost your job and don't have enough money to pay your monthly debt. 26. If you lost your job and have no ability to pay your monthly obligations now or within the next 30 days. 27. Your house get foreclosed on or is past due. Don’t wait until you are about to lose your home. Call a bankruptcy attorney now! 28. You credit card statements indicated it going to take more than 5 years to pay off your debt at minimum payment. Debts not discharged include debts for: 1. Alimony and child support; 2. Certain taxes; 3. Debts for certain educational benefit; 4. Overpayments or loans made or guaranteed by a governmental unit; 5. Debts for willful and malicious injury by the debtor to another entity; 6. or to the property of another entity; 7. Debts for death or personal injury caused by the debtor's operation of a motor vehicle while the debtor was intoxicated from alcohol or other substances; 8. Debts for certain criminal restitution orders, 11 U.S.C. § 523(a); 9. The debtor will continue to be liable for these types of debts to the extent that they are not paid in the chapter 7 case; 10. Debts for money or property obtained by false pretenses; 11. Debts for fraud or defalcation while acting in a fiduciary capacity; 12. and debts for willful and malicious injury by the debtor to another entity or to the property of another entity will be discharged unless a creditor timely files and prevails in an action to have such debts declared non-dischargeable. Can The Bankruptcy Court Later Revoke the Chapter 7? 1. The court may revoke a chapter 7 discharge on the request of the trustee, a creditor, or the U.S. trustee if the discharge was obtained through fraud by the debtor. (my office never have had this happen, but it is possible.) 2. If the debtor acquired property that is property of the estate and knowingly and fraudulently failed to report the acquisition of such property or to surrender the property to the trustee. 3. If the debtor (without a satisfactory explanation) makes a material misstatement or fails to provide documents or other information in connection with an audit of the debtor's case. 11 U.S.C. § 727(d). Alternatives to Chapter 7 Bankruptcy Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code. A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to "catch up" past due payments through a payment plan. Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7. If the debtor's "current monthly income" is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumptively abusive. Find Chapter 7 Attorney, near San Diego. Read How Chapter 7 Bankruptcy Works My Bankruptcy law office is a short drive from San Diego CA. In San Diego Call Bankruptcy attorney Casey
Find Chapter 7 Attorney, Near San Diego. Read How Chapter 7 Bankruptcy Works Looking to file a Chapter 7 bankruptcy. Not sure if you qualify for a Chapter 7. Free bankruptcy consultation & Pre-filing Bankruptcy. San Diego , CA 619 447-6780 Chapter 7 San Diego . Bankruptcy Code provides for liquidation & discharge debtor's debts and nonexempt property. Exempt property you can keep. San Diego , Chapter 7 |
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Read How Chapter 7 works. Call a bankruptcy Attorney near you. Get a pre-bankruptcy review Started today. Chapter 7 Bankruptcy San Diego , Chapter 7 provides for liquidation of non-exempt assets & discharge of debts. Exempt assets you keep. San Diego Bankruptcy Attorney Casey |
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