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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Understanding The Role Of Family Mediation In Legal Conflict Resolution

As much as we enjoy close and loving family relationships, sometimes, disputes find their way without warning. These disputes may include divorce and separation, succession issues, child maintenance, and custody. Handling these disputes is challenging and may need immediate action to resolve them. While some family disputes, especially those involving violence, may be resolved by court, some can be resolved by family mediation. Family mediation works on both parties’ interests and aims to restore a positive future relationship between the disputants. It is also a cheaper way of resolving family disputes and takes relatively less time. But what role does family mediation play in legal conflict resolution? Read through to understand all aspects of family mediation, including its process and benefits, as a peaceful way to solve family disputes. Understanding Mediation Role In Family Law Mediation is a dispute resolution process where the disputants cooperate with an independent third party to resolve their disputes outside court. Mediation is both a cheaper and faster way of resolving disputes among family members. Family mediation can help solve several issues. It can help resolve parenting disagreements, property settlements among divorcing couples, and succession disputes among kin. Note that mediation can occur with both parties sitting together or separately on different occasions. On disputes of significant magnitude, you can involve family lawyers to help guide the mediation process. If you don't resolve the dispute through family mediation, you may move to court. However, you must present a certificate to prove you engaged in family dispute resolution through mediation. The Purpose Of Family Mediation The purpose of family mediation is to help disputing parties reach a long-lasting agreement. The decision they arrive at should be of their liking and should be satisfactory to each party. Unlike other disputes, family disputes have a relationship and emotional attachments, though some have financial and legal implications. Resolving these disputes in court may address the financial and legal aspects alone and fail to address the emotional and relationship aspects. However, through mediation, the disputing family members can resolve all aspects of their disputes and arrive at a more desirable agreement. Family Mediation Process The family mediation process involves the following steps. 1. Initial consultation/pre-mediation: The mediator seeks more information concerning the dispute. They should also gather personal concerns, perspectives, and projected outcomes of both parties. Note that at this stage, the mediator meets the disputants separately. 2. Joint sessions: After individual parties agree to proceed with mediation, the mediator organizes a joint session. At this stage, the mediator sits together with the disputing parties in one room. 3. Issues identification: Since the mediator has background information about the dispute at hand, they, at this stage, identify critical issues of the dispute. The mediator should guide both parties in talking about their priorities, concerns, and desires. 4. Establishing options: Now that the underlying issue is well-spelled out, the mediator should guide disputants in coming up with possible solutions. The mediator should suggest expansive possibilities after brainstorming suggested solutions. 5. Final agreement: At this stage, the mediator should assist the disputants in structuring a mutual agreement. The mediator should ensure that the final agreement is fair and in line with the state´s laws. Family Mediation Benefits Family mediation has several benefits, as listed below: It Generates Mutual Agreement Through family mediation, disputants can arrive at a mutual agreement satisfactory to each party. The parties have the right and power to explore all possibilities and arrive at a more desirable decision. Family Mediation Resolves Disputes Faster Unlike court disputes, which take years to resolve issues, family mediation takes a short period. On average, the family mediation process takes between three and six months to resolve a dispute. It Preserves Relationships Since family mediation addresses the emotional and relationship aspects of a dispute, the disputants should be able to maintain their long-term relationship post-dispute. Confidentiality And Privacy Court cases are in the public domain and may expose sensitive and private aspects to the general public. However, family mediation creates a more secure and private environment where disputes are resolved without involving the general public. Cost-Effective Mediation saves a lot of money, which would otherwise be spent on court charges and other legal fees. Family Disputes Ideal For Mediation The family disputes that should be resolved through mediation are as follows: · Succession disputes · Matrimonial property issues · Children maintenance disputes · Children custody · Shareholder disputes in the family business · Civil and other inter-personal disputes Should I Involve Family Lawyers In Family Mediation? It is good to involve your family lawyer in family mediation. The lawyer will provide you with legal advice concerning the legal and financial implications of your family dispute. Besides, they should be able to guide you through the mediation process since it can be overwhelming. In addition, they can help add the final touches to the final agreement you arrive at. Unfortunately, not all family mediation processes have the desired outcome. Sometimes, parties may disagree, bringing the need for court proceedings. In this case, the court will demand a certificate showing you participated in family mediation. Your lawyer will be much more resourceful here. Conclusion Family mediation aims to bring disputed family members to an agreement. Besides settling their disputes, it also helps mend their broken relationships and heal their emotions. In doing so, it protects the interests and values of both parties, promoting family cohesion. What's more, family meditation addresses the issues of parties involved in the mediation session and those indirectly involved in the dispute. The process will ensure the interest of such parties, including children´s future well-being, is well addressed. However, when your dispute involves violence or threat of life, don´t hesitate - file a court case immediately. 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Bail Bonds: What You Should Know

Paying bail bonds are not as simple as it seems. Knowing and having the right understanding of how these work, how it is determined, what the payment methods are, and other important issues are very important for anybody who is facing an arrest or who has an arrested loved one. There are several questions asked online to shed light and find out what bail bonds are all about which you may also have, click here to find out the answers. What is Bail? It is a term to describe the release of a person arrested for a criminal offense before the end of the criminal case. It can involve - but not every time - the defendant paying money to a court; this is not a punishment. It ensures the court that the defendant returns to the court now and then while the case is ongoing. It ensures the court that the defendant does not fail to go to court without having to keep him in custody all the time. Bails are significant in both ends – the arrested and the authorities. It ensures that people, no matter if they have a case at court, are free and, also, it avoids having to jam-pack jails with offenders, while have not been convicted yet. With it, offenders can be released almost in any stage of the criminal justice process, either immediately after arrest or while the case is ongoing and the court has not issued a sentence yet. This means that if someone gets arrested, three possible scenarios can come to place: he is arrested and released without charge; he is arrested, charged, and released on bail; or he is arrested, charged and is held in custody until the verdict of the case comes out. Schedule of Bails This is a list of the amount of money applied to individual crimes and can be paid in terms of bails. State laws determine the amount appropriated for a crime, and they decide whether the arrested individual be released without posting any bond at all or if the individual is allowed to post any or not; or if allowed to post bail, should it be posted (and individual is released with it) after booking or should they wait for a hearing. If the state laws allow for immediate release after the appropriate amount is paid, the defendant can post this immediately and release will follow. But if the state law requires a hearing, the defendant will not be able to pay immediately after booking and be released, instead, he will have to wait for the hearing to ensure before anything else. Hearings During a hearing, the court would determine the amount applicably. However, courts do not always allow this; they can also deny it according to applicable state laws. If allowed, the amount will be determined using the following factors as a basis: Flight Risk Level: Sometimes defendants would escape the system especially when they are facing possible major sentences such as death or life imprisonment. These defendants are most likely to flee and escape the penalties. Degree of Connections to the Community: An individual who has a strong connection to the community where he belongs would be less likely to flee. For example, a defendant who has a business in his locality or whose entire family is in that locality, he will have a lesser likelihood of fleeing compared to individuals who have nothing to lose in that locality. Obligations in the Family: Sometimes the court will consider and require lesser bail to defendants who are responsible for the well-being of his family or who have other dependents. Assets and Incomes: When a defendant has a lot of money and/or assets, he may likely not be considered for a low amount. If the defendant is employed, the court may consider that the defendant may likely lose the employment. Court and Criminal Histories of Defendants: Especially individuals who have had histories involving failures to appear in court will most likely have to face higher bonds compared to those who are first-timers in court. Also, the court would look into the number of times a person may have been granted bail and have violated conditions related to the given considerations or who have failed to appear in court. The court will most likely impose higher bond amounts to these individuals as compared to someone without such history. The gravity of the Crime: More serious crimes require higher bonds and lesser serious crimes require lower bond amounts. Public Safety: If the release of an accused individual would pose a risk to the safety of others and/or the community, the courts would most likely refuse to allow bail. Examples for these are cases of treason, rebellion, terrorism, or conspiracy - a defendant charged with these crimes would most likely not be allowed to post bail. The Types of Bail Bonds Most of the time bail bonds are associated with money. The notion is that when one is arrested and he has the money, he can get out of jail immediately. However, it is more complicated than that. There are several questions asked online to shed light and know what bail bonds are all about which you may also have. Different states may have different types of bails, some may apply to another and in others, it may not. The different types may include cash bonds, signature bonds, property bonds, surety bonds, and others. Read Also: Under What Circumstances Can You Bring a Claim Against an Employer? Do I Need a Lawyer for a Car Accident that wasn't My Fault?

Tips for Winning Your DUI Car Accident Case

Drunk driving is one of the leading causes of car accidents, especially in Dallas, Texas, where 46% of drivers are highly likely to be involved in an accident, as reported by Allstate Insurance Co. According to the National Highway Traffic Safety Administration (NHTSA), as many as 10,000 people die as a result of intoxicated drivers. Surviving victims often suffer from severe and debilitating injuries. When this happens, victims can receive compensation. Here is how they can get the best compensation following a DWI accident. Tips for Winning Your DUI Car Accident Case: Call the Police: Immediately after the accident, call the police if you can. When the police are on the scene, you can have the assurance that the incident is recorded. This record is crucial when you need to file an insurance claim or prepare a lawsuit against a drunk driver. Failing to contact the police can weaken your case and only put the negligent driver back behind the wheel again. You also need to understand that this might be something, where a Traffic Lawyer Kansas City can prove to be a real asset. By working with the law enforcement agencies, collecting information about the incident, and doing other things, the best traffic lawyers build a favorable case in your favor. Collect All Necessary Information: When you can, gather all the information you can get, such as the driver’s name and contact details, the license plate of the vehicle, date and time of the accident, and persons involved. It will also help your case if you can talk with potential eyewitnesses and get records of dashcam footage. If you find it challenging to converse with the drunk driver, don’t forget to collect all this information from the police. Don’t forget to get the name of the responding police officers, so it is easy to make follow-ups regarding the case. Never leave the location of the incident until you get all the data you need. Get Medical Help: No matter how small your injury is, get emergency medical help, as this will also serve as your evidence of harm should you need to file a claim. It is crucial to get a thorough physical exam as sometimes injuries are not obvious during the first few hours of the accident. Don’t forget to get the name of the attending doctor, so it is easy to get statements later on. Be Cautious of Early Settlement Offers: In most cases, DWI victims often receive a call from the insurance company representing the driver in an effort to settle with you. They do this so they can pay you off and stop you from getting more money from them. Never ever settle without the medical report. Always consider present and future expenses when negotiating a settlement. As much as possible, do not agree to an initial settlement. Keep Records of Your Treatments: Most DWI victims do not know that they can get compensation for all their medical expenses. If you want the insurance company to compensate you adequately, keep all records of your treatments, medications, and procedures. Prepare for a Lawsuit: While you are working on having adequate compensation for your injuries, you must also seriously consider your legal rights. Often, insurance companies will pressure you to settle right away. Contact Dallas DWI attorneys to help you explore your legal options. When looking for an attorney to represent you, always ask these questions: The attorney’s experience with DWI cases The date of their last trial and the verdict It is important to get someone who can represent you well and who will not buckle against the pressure of a defense lawyer. Make sure to ask about whether the lawyer works based on contingency fees, especially if you are cash-strapped at the moment. Final Thoughts: Suffering from debilitating injuries is life-changing. Often, victims choose to go into a trial, not because of the compensation they can get but because they don’t want to let the drunk driver roam free and cause accidents in the future. Read Also: Road Mishaps That Requires A Lawyer!!! Do I Need A Lawyer For A Car Accident That Wasn’t My Fault? What To Do When You’re Involved In A Car Accident In Albany What Is Driver CPC Certification And Who Is Required To Obtain It? Here’s What You Do After Being Involved In An Accident At Work

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

What Is Bankruptcy?

What Is Chapter 7 Bankruptcy?