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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What You Need to Know About Medical Malpractice

There is a certain standard of care expected when a medical professional is tending to your ailments – but what happens when that standard is not met or completely strayed from, resulting in further personal injury or harm? Medical malpractice is often cited as one of the top causes of death in the United States and is also a situation that can be nuanced and require much work to garner a positive outcome for those who are victim to it. Knowing what this term entails and how it applies to your situation – as well as enlisting professional help – may make the journey easier. Many people make the mistake of going at it alone. In other words, they feel that getting to the bottom of a medical malpractice lawsuit can be a simple DIY exercise. Not quite. If you are not working with top legal experts that have extensive experience in taking million-dollar medical institutions to court, you are not going to get the compensation you are looking for. Make sure to work with the Law Offices of William F. Underwood, III, P.C. if you are looking for a trained and qualified attorney that can help you with your medical negligence case. What is medical malpractice, and have I been a victim of it? The basic definition of medical malpractice is when a medical or health care professional deviates from the professional standards of care, thus providing inadequate care for the patient. Standard of care is a legal term seen as the proper amount of care given among similarly qualified practitioners under the same or similar circumstances. Breach of this care must be proven in medical malpractice and can be seen in various forms such as: Misdiagnosis or failure to diagnose Errors in prescribing drugs Misreading of lab results Intentional harm Injuries resulting from negligence Lack of follow-up care What should you do when you suspect you may have a case? An important part of filing a medical malpractice claim is gathering evidence in order to prove the medical professional’s breach of standard care was the direct cause of your injuries. This evidence can come in the form of witness testimony, establishing the doctor-patient relationship, proof of damages caused by the injury, and proof of how the practitioner’s actions were the cause of harm. Request medical records from your provider, begin to keep notes on your health and any incidents or outcomes related to your injury and contact an established medical malpractice lawyer to help navigate things. Understanding your case and how to move forward The process of medical malpractice can be complex, so you’ll want a professional on your side. A lawyer who specializes in this can review all aspects of your case to determine if it’s actionable and take the proper steps to ensure all paperwork and evidence are readily available to file a claim within your state’s statutes of limitation. Each state handles and defines medical malpractice differently, so having someone who is well-versed in it on your side is an advantage. When the breach of standard care occurs and is documented, you can file for damages such as medical expenses, pain, and suffering, emotional distress, or loss of wages, to name a few. A lawyer will help determine the best course of action for you. According to a 2020 Journal of the American Medical Association study, approximately 2% of those suffering from medical malpractice file claims for compensation- and even fewer receive the compensation they deserve. Understanding the why and the how of medical malpractice is the first step to healing and setting things right when you’ve been wronged. Don't forget to go through our exclusive discussion on medical malpractice problems in Miami. Read Also: Frequently Asked Questions about Personal Injury Cases Tips To Choose The Best Lawyer In Your Country How Cutting Edge Technology is Helping Dubai Improve its Healthcare Services

Why Are Court Reporters Necessary?

A court reporter, also known as a court stenographer or law reporter, transcribes spoken or recorded speech into written form. Court reporters are highly trained professionals who provide a real-time voice-to-text transcription. Although courtroom recordings are always necessary, recent technological advances seemingly diminished the need for court reporters. So, why are court reporters still necessary? Real-time transcription Transcription technology is used to create voice-to-text transcriptions after the speech has been recorded. Court reporters are unique because they transcribe speech to text in real time. Most court reporters have experience in the legal profession and are professionally trained with captioning and stenographic technology. In addition, court reporters are trained to transcribe real-time speech without any errors, which is not guaranteed with the use of technology. They can also actively organize and search for information within the transcription if needed. For example, if an attorney needs to review a specific moment of the trial, the moment can be easily searched for by the court reporter. Although courts are increasingly turning to digital recording programs, real-time transcription is crucial. Text-to-speech failures As mentioned earlier, court reporters accurately transcribe voice-to-text. Anyone with text-to-speech technology on their smartphone knows that this option isn’t always reliable. Names are commonly misheard or incorrectly spelled by text-to-speech programs, and these programs often fail to recognize accents or mumbled speech. There are also many words that sound alike, so a program’s transcription is bound to be flawed if people do not speak completely clearly. Humans are much better at interpreting context to pick the right word. Court reporters are also able to feel the courtroom and the proceedings before them, while a digital recording program cannot. Court reporters are able to read the inflections, tone of voice, and body language that conveys a situation, which can be extremely important. Overlapping dialogue It’s especially difficult for text-to-speech programs to transcribe testimonies where multiple people speak at once. If recorded and transcribed by a program, confusion occurs after the fact and it’s hard to distinguish what precisely was said. Although a court reporter may experience the same difficulty, they are able to request a repeat of the conversation if needed. In many cases, attorneys choose the services of both a court stenographer and a digital recording service. Using both ensures the highest degree of accuracy by creating a smaller margin for error. Avoiding risks of settled statements When hearings occur without a real-time court reporter, trial courts often approve settled statements or detailed narrative summaries of the proceeding. Settled statements can be a costly and timely process since each side can object to each other’s version of events. When this happens, the trial court is forced to make a decision favoring one side. Ensuring the best result in your case If you’re unsure about whether your county will provide a court reporter, call the courthouse and ask. If your courthouse does not provide court reporters, consider hiring one to make sure your case is transcribed in real-time with all the correct details and avoid the costs of a settled statement. Ask your attorney for recommendations or conduct a simple Google search specific to your area, like “court reporters in West Palm Beach”. While court reporters used to be regularly present in courtrooms, they are becoming increasingly absent. It’s necessary to preserve every word as accurately as possible for the court’s record. Many counties no longer provide court reporters. As a result, some court reporters must be privately hired and paid for. Court reporters are required to be impartial, responsible, reliable, properly educated, and certified to perform their job. These strict requirements will ensure a concise, detailed, accurate, and unbiased transcription of your case. Despite recent technological advances, it remains clear that real-time court reporters are still needed. Read Also: Hiring The Services Of A Legal Eagle What You Need To Know About Legal And Compliance Jobs In Malta Go For A Better Legal Job In 2018!

5 Reasons Why You Should Take A Criminal Lawsuit Seriously

Nobody wants to face any lawsuit charges against themselves. No matter how small the chargers are, it defines the course of your future. And this especially stands true if there are any criminal lawsuit charges against you. Facing a criminal lawsuit against you can affect your life in many ways. We live in a society where even if the charges are not proved, society starts seeing us in a bad light and maintains distance from the people fighting against the false charges. Yes, we have strict laws that take care of the charges after verifying their authenticity. However, that doesn’t mean you will take a criminal lawsuit lightly. Why Should You Take A Criminal Lawsuit Seriously? Criminal lawsuits can impact your life in many ways. If you ask any experienced criminal attorney, you will find that criminal cases sometimes run for several years. Even after the charges are false, if you are not active enough to prove them wrong, it can go on for decades and impact your life severely. Given below are a few reasons that show why you should take a criminal lawsuit seriously. 1. Affect Your Career: When you are dealing with a criminal lawsuit against you, your career will see a pause. Nobody wants to affiliate with an individual who has criminal charges against them. If you are found guilty of certain criminal activity, you will find it difficult to get hold of good career opportunities. Before hiring an employee, many employers run a background check. If they find out about your background, you will simply be denied the job no matter how much potential you have. 2. Affect Your Personal life: Having criminal charges filed against you will make it difficult for you to live a normal life. There will be times when your family members, relatives, and neighbors will bring that up in several conversations. This is more than enough to bring down your morale. In addition to that, criminal charges also limit child custody. If you are found with criminal charges, child custody is given to your divorced spouses, and you might not be able to meet your child. 3. Put You In A Bad Light In The Society: We live in a society where a mere criminal charge is more than enough to make others think you are a criminal. You will hardly find anyone consoling you or helping you. Everybody tries to avoid you and even maintain a safe distance. This can really affect you emotionally and mentally. People start seeing you as a low life in society and make your perpetrator for the things you haven’t done. Criminal lawsuit charges are like a black spot in your life. The sooner you deal with them, the better. 4. Mental Distress: Handling all the negative gazes of the people around you can be stressful. Stressful to the point, you start believing their gazes to be right. Even if there are false criminal charges, you will feel it is a burden. The false charges and negative gazes initiate psychological effects which impart anger, depression, fear, and sleeplessness. 5. Financial Losses: Court cases are quite expensive. There are a lot of expenses you need to invest in while handling all the lawsuits. Courtroom fees, lawyer’s fees, cost of resources, and cost of investigation are some to name a few. These charges keep on rising and compound themselves along with time. The longer your case goes, the more costly your lawsuit becomes. Hence, it is important that you implement the necessary measures to clear lawsuit charges. Bottom Line: Criminal lawsuits are the last thing you would like to have in your life. They not only affect your social life but your personal life as well. We always advise our readers to take immediate measures to hire a lawyer when a criminal lawsuit is filed against you. Delaying them will only add problems for you. The Rise of Digital Evidence in Criminal Lawsuits One emerging trend in criminal law is the increasing use of digital evidence in court cases. Today, almost every action we take leaves behind a digital footprint. Whether it’s through emails, texts, social media posts, or even location data from our smartphones. While most legal advice touches on the traditional aspects of criminal charges, few focus on how digital evidence can be a game-changer in legal battles. Why Digital Evidence Matters In many criminal lawsuits, digital evidence can be the key to proving innocence or guilt. For example, location tracking through a phone can prove someone was nowhere near the crime scene. Social media activity could support an alibi, or surveillance footage from a smart device might clear up misunderstandings. Ignoring digital traces is a mistake that could negatively affect the outcome of your case. How to Protect Yourself When facing a criminal lawsuit, it’s important to understand how your digital behavior can influence your case. First, avoid posting anything on social media that could be misinterpreted. Also, secure your personal devices to prevent unauthorized access. Hiring a tech-savvy lawyer who understands how to navigate digital evidence is crucial. Legal Consequences of Digital Missteps Be cautious! Something as simple as deleting a message or post could be considered tampering with evidence, and this could lead to additional charges. The court views digital actions in real time, so preserving all forms of digital evidence is critical for proving your case. Read Also: Civil Cases Versus Criminal Cases: What You Need To Know Tips To Choose The Best Lawyer In Your Country Few Reasons Why You Deserve To Hire A Personal Injury Lawyer

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

What Is Bankruptcy?

What Is Chapter 7 Bankruptcy?