What Is Chapter 7 On Bankruptcy Laws: A Beginner’s Guide

26 June 2021

If you are in the business industry, Bankruptcy is one of the most common terms used. It is a legal process to give your financial life a fresh start, either by discarding or making arrangements to pay your debts.

In most cases, Bankruptcy also plays an influential role for the companies to end the business and liquidate the company’s assets in an orderly way.

A bankruptcy case is filed when a company is no longer able to handle the financial flow of the business and is on the brink of closing its doors. Bankruptcy offers a way out in such scenarios.

Yes, Bankruptcy stays on your credit report and makes it hard for you to apply for a loan, but sometimes it is best to apply for Bankruptcy. Let’s understand it in a much better way.

What Is Bankruptcy?

When a situation arises where an individual or a company feels like they can no longer pay up their debt, they choose to file Bankruptcy. Although there are different types of Bankruptcy, you can go with anyone that best complements your current situation.

Despite being several types, the only goal of Bankruptcy is to discharge you from debts and give a fresh financial start. When a bankruptcy is filed, a Discharge order is issued. It is an order from the Bankruptcy court that permanently prohibits any debt collectors and creditors from coming to your doorsteps.

Here are the types of Bankruptcy:

Chapter 7.
Chapter 9.
Chapter 11.
Chapter 12.
Chapter 13.
Chapter 15.

Yes, we do have this many bankruptcy laws to offer full support. Among them all, the most filed Bankruptcy is Chapter 7.

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is by far the most common filed Bankruptcy for individuals. It calls for the sale of the debtor’s nonexempt property to pay out the debt he/she has incurred. Chapter 7 bankruptcy is well suited for the dividual who do not have a fixed income source.

When a chapter 7 bankruptcy is filed, the bankruptcy court appoints a trustee to oversee the case. The main responsibility of the trustee would be to see whether the sales process is going as planned and creditors getting paid their money.

However, the selling process of the debtor’s assets has some restrictions. The trustee cannot take all of your assets. They can only sell the assets with a nonexempt tag. This ensures that you are not stripped of everything you need to live.

Some common exemptions are as follows.

House.
Auto vehicle.
Certain retirement accounts.
Property that can be considered assets and not necessary for living.

To know more about the whole bankruptcy thing, more especially about chapter 7, contact Chapter 7 Bankruptcy in GA.

How To Prepare For Chapter 7 Bankruptcy?

When preparing for chapter 7 Bankruptcy, gather all your financial records that include all your loan details, credit card statements, bank statements, and paystubs. You will need all the documents to complete your chapter 7 bankruptcy documents.

Chapter 7 bankruptcy comes with a voluntary petition to the court, scheduling all your assets, and declaration regarding the debtor’s education.

Credit Counselling

Before the chapter 7 case can be filled, every debtor must participate in a session with an approved credit counselor. This session can either be attended in person, via telephone or online.

Understanding The Means Test

Debtors are needed to pass the Mean Test. It is also a necessary document that is required at the time of the chapter 7 filing. This test calculates the potential of whether you can pay the mean.

The Mean Test compares your household income and the mean income of the state to know the current standing of your financial footings.

The Meeting To The Creditors

After Chapter 7 is filled, the court will issue a notice of “meeting of creditors”. As the name suggests, it is a meeting for the creditors to question the Bankruptcy and clear any doubts.

Conclusion

There you have it; now you know what Chapter 7 bankruptcy is all about. We have tried our best to keep every information possible in the most concise way. We hope that you get the answer you were looking for. If you want to know more about Bankruptcy, do let us know, we will be there with a suitable answer.

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Harassment Training And Why To Consider It For Your Business

It is hardly a secret that trying to run a business in the modern day is a difficult challenge that is admirable to attempt. That is part of why it is so important for us to utilize all of the tools we have available to ensure our operation runs as smoothly as possible. In regard to handling harassment cases in a workspace, having training can be a big help. If you are looking to learn more about how this works and why it might be a worthwhile investment for you, do be sure to stick around. One thing to note is that providing at least one training session is required by law in several states, as you can see here: https://hr.dmas.virginia.gov/current-employees/employee-relations/workplace-harassment/. So, if you are on the fence, it is probably a good idea to go through with it. That being said, there are more reasons besides just a requirement. What Is Harassment? I have found that many of us do not have a full concept of what constitutes harassment in a place of work. So, I will start off with that. There are several different types to keep track of, but I will split them into two categories: physical and emotional. Just keep in mind that many of them can fall under both of these umbrellas. Perhaps the most serious form is sexual harassment. This is defined as any unwanted advance or commentary that is sexual in nature. Asking for favors in return for a promotion is an example of it, though there are others as well. A lot of the time, these cases are based on gender roles, so that is key to remember. Physical harassment is approximately what it sounds like. It involves any unwanted or unsolicited touching or interactions. That could be stealing personal items as well. Some common examples are touching a person’s hair or moving items on a desk. Emotional harassment is where things get a bit more complex. It is often where sexual harassment prevention training comes into play, as a surprising amount of that comes in this form. It can be a lot harder to spot, making it more difficult to prevent and address as well. However, that does not mean that we should not put forth the same level of effort. Unfortunately, it is also more common in office spaces than the physical variety because of the difficulty in addressing it. After all, some people often think they are just joking around, or at least would like to claim that. Unfortunately, this can be taken quite wrong. With that in mind, the complexity of these issues is part of what makes them so hard to tackle. After all, if you are trying to confront people on their inappropriate behavior and they feel they have done nothing wrong, it can become an uncomfortable interaction quickly. It is still important to discuss it with them and address it so that the issue does not become more serious. Why It Matters So, if you are wondering why this is all important besides the obvious of caring about the well-being of our employees, I understand. Of course, there is concern about PR and reputation. We do not want our business to undergo a scandal. Most of the scandals that we have heard about in the past few years have been genuinely devastating to the business involved. Especially when it comes to ones that have sexual harassment in the mix – those tend to be the ones that get the most attention, too, since the beginning of the “Me Too” movement. You can read some of the details about this on this page if you are wondering. Discrimination cases also tend to get a lot of attention as well. So, it is important that we avoid having these things happen at our businesses, as it can be quite a problem. Besides that, though, it is also just important to provide a safe work environment for our employees. If we do that and make it a more welcoming space, it is also good to consciously do our best to hire inclusively. After all, any discrimination based on age, sex, or race is against the law and plain immoral. So, consider employing training regimens to help prevent harassment from occurring in your places of work. It should not just be for employees, either. Attend yourself and make sure that have any supervisors and/or managers take the courses as well. You do not have to do it all on your own, either. It is possible to seek out online options for the courses or to hire an outside instructor. In whatever way you decide to present the information, do your best to demonstrate to your workers that it is important information to know. Read Also: 9 Signs You Work For A Bad BossHow To Settle Claims In Case Of A Personal Injury Incident?3 Ways Parents Can Safeguard their Household’s Online Safety

What Is the Typical Workman’s Comp Claim Process?

When employees get injured while working, they are entitled to compensation. If an employer doesn't want to incur compensation costs, they can get insurance coverage for such cases. Workers' compensation insurance covers all the damages caused by work-related injuries. It covers medical expenses and even lost wages. If you are an employee looking to get compensation for work-related injuries, you might want to know the process. This guide discusses a typical compensation claim process for employees. Read on to learn more! How Does Workmans Comp Claim Process Work? Before getting into the workman's comp claim process steps, knowing how the process works is vital. If you get injured while working, you have limited time to report the incident and file a claim. Your workman's compensation claim will be allowed if you meet these requirements. This could see you incur all the medical expenses and other costs from your pocket. Employers are required to train an employee to report all work-related injuries on time to avoid setbacks. As an employer, you must ensure that your employees are well-informed about compensation and the need to do things on time. Besides, it is the employer's responsibility to submit a workers' compensation claim to the insurer. Before doing that, you must gather all the details about the injury. The workman's comp claim process starts when the employer gets to the insurer and presents an employee's claim. It is crucial to understand the subsequent steps, especially if you want to get compensated on time. Employees must present details about the incident and ensure everything checks out. Steps Involved In Workman's Comp Claim Process Knowing how the process works, it is time to understand the steps involved in the workman's comp claim process. These steps determine whether or not you get compensated for work-related injuries. The steps are as follows; 1. Reporting The Injury To The Employer The first step is the employee reporting a work-related injury to the employer. As mentioned earlier, employers must inform employees about the importance of reporting work-related injuries or illnesses. Employees must know that if they become injured or ill at work, the management must know immediately. An injured employee must typically provide a written notice about the injury. Most states have deadlines on when work-related injuries should be reported. In New York, for example, you must notify your employer within 30 days of the injury. In some states, employees have up to a year to report work-related injuries. 2. Getting The Necessary Paperwork From The Employer After you report a work-related injury, your employee will give you details about your rights and benefits as an injured worker. You will know about the business's workers' compensation insurance policy and the next steps you should take. Besides, the employer will tell you about the return-to-work policies after recovery. In most cases, the employer will issue you a workman's comp claim form to fill out and then return to them. The form aims to collect details about the incident, such as the nature of the injury and where and how it happened. In some cases, you may be issued with a first report of injury form that the employer submits to the state's workers' compensation board. 3. The Employer Reports The Injury And Files The Claim Form Once you have provided details in the worker's comp claim form, the employer will report and file it. Typically, the employer sends the claim form and all the necessary documents to the workman's comp insurance carrier. However, the employer's doctor sometimes provides a detailed medical report. The employer should report the incident to the worker's comp board or the state's division of workers' compensation. 4. The Insurer Approves or Denies the Claim Lastly, the insurer will approve or deny your workman's comp claim. If the claim is approved, the insurer will inform your employer to contact you with payment details. If the claim is denied, you will be asked to consider other options or reapply. Kickstart Your Workman’s Comp Claim Process No matter your work environment, there is always a risk of injuries. Therefore, businesses should get workman's compensation insurance that helps cover their employees. As an employee, if you are injured at work and are looking for compensation, the steps highlighted here will give you an idea of what to expect. Additional: Injured At Work? Claim Your Compensation! Staking Claim To Receive Suitable Compensation Pros & Cons Of Hiring A Worker’s Compensation Lawyer

5 Things To Look For In A Personal Injury Lawyer

The saying that bad situations can happen to good people is extremely accurate. And it best describes many personal injury incidents. Good people are minding their own business and behaving in the right way - but they are still hurt by the negligence of another person. It could be a car accident, defective product or bad food served at a restaurant. But the person who did nothing wrong can suffer the most serious consequences. That is why hiring a lawyer can be so helpful. These attorneys are able to sift through the facts in a case and help their client get compensation. Here are five things to look for when you are hiring a personal injury attorney. 1. Helpfulness: It goes without saying, but the best personal injury lawyer is one who is helpful from the moment you walk into their office. While lawyers are professionals who are just doing their job, they should also be caring individuals who genuinely want to help their clients. 2. Great Reputation: The internet makes it easier than ever to learn about a lawyer’s reputation. You can read reviews about the lawyer and the firm they represent. You can also ask any friends you may have in the legal profession if they have an opinion on the attorney you are about to hire. It is wise to hire a lawyer with a stellar reputation among their clients and peers. 3. Extensive Experience: These personal injury cases can be determined by the skill of your attorney. But even the best attorney would struggle if they are not familiar with the type of case they are handling. For instance, a slip and fall lawyer with ten years’ experience in handling such cases is more helpful than the best corporate lawyer who has never handled such a case. 4. Informative: Your lawyer should be able to explain every step of this process in a clear and meaningful way. Too many attorneys dismiss their clients’ requests for information, because they view it as a waste of time. Do not hire such attorneys. Choose a lawyer who not only has the expertise to win your case, but will make sure you are completely aware of every step he or she is taking. Not only will you feel more comfortable with such an attorney, but you can make informed decisions about your case. 5. Understands Medical Bills: The process of paying off medical bills and getting time off work is a major part of any personal injury case. Your lawyer should have a good understanding of how these steps work. They can help as you are trying to make sense of the many documents you must sign and turn over, while requesting appropriate compensation given the medical bills you have to pay off! The most important decision you make with respect to a personal injury case is the lawyer you will hire. It is imperative to choose correctly. These five tips will help you in finding the best personal injury attorney for your case. Read Also: Things About A Personal Injury Lawyer 6 Important Questions To Ask A Personal Injury Lawyer

What Is Chapter 7 On Bankruptcy Laws: A Beginner’s Guide

What Is Bankruptcy?

What Is Chapter 7 Bankruptcy?