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.

Contents

1 What Is Bankruptcy?
2 What Is Chapter 7 Bankruptcy?
3 How To Prepare For Chapter 7 Bankruptcy?
4 Conclusion

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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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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What To Do If You Have Suffered An Injury That Is Not Your Fault?

Every year, millions of people get an injury in accidents that have been caused by others. Often, they suffer serious injuries. In some cases, they end up being permanently disabled. If this happens to you, it is important to react to the situation in the right way. Doing so will have a significant impact on how easy and how quickly you can get your life back on track. This basic checklist will help you to handle this situation in the best possible way. What To Do If You Have Suffered An Injury That Is Not Your Fault? Get yourself a lawyer If you have been injured, there is a good chance that finding a lawyer is the last thing on your mind. Your focus is on getting better. This is understandable, but you really should make hiring a personal injury lawyer a priority. Should you not do so, your chances of winning compensation are considerably reduced. It is all too easy for vital evidence to be lost or cleared away. You may also inadvertently do things that will end up weakening your case. Make sure you do not admit blame When you hire a lawyer at an early stage, they will explain to you what information you need to gather. They will also help you to avoid saying things that make it sound like you were somehow to blame for the accident and, therefore, your injuries. Keep a record of your injuries and recovery Usually, they will ask you to keep a diary of your symptoms, the drugs you are taking and your treatments. As well as keep a record of the impact the injury is having on your life and the additional expenses you have. They may also ask you to use a pain app like the ones you can download via the links on this page. Follow the medical advice you are given Following the advice your doctors give you sounds obvious. But, it can be difficult to do when you are feeling so ill. For example, taking a daily walk when you are in a lot of pain will not be easy. But, despite this, you must do the very best you can to follow the instructions you are given. Doing so will help you to heal faster and will reduce the risk of the other party being able to use the argument that you did not recover from your injuries because you did not follow medical advice. The last thing you want is to inadvertently let the person who is ultimately responsible for your injuries off the hook. Accept the help of others When we get hurt we are usually at our most vulnerable. Yet despite this, when offered help, many of us automatically say no thank you. Our pride just won’t let us accept the assistance that we really need. It is important to be aware of this tendency and to resist automatically saying no when help is offered. You need to get better as soon as possible. With the assistance of others, you will be able to do that. Read Also: 6 Important Questions to Ask a Personal Injury Lawyer Atlanta Law Experts: Know about Back Injuries Compensation

6 Reasons to Hire an Immigration Attorney (Not a Consultant)

You are having the time of your life in Los Angeles and suddenly you get a notice from the court that you have a hearing regarding your immigration attorney … Would you rather go to the court by yourself with no idea how laws work or get someone like an actual Los Angeles immigration attorney and not a consultant to help you succeed in your immigration case? But why not a consultant? Aren’t they both the same? The answer is “no” and the reasons are: 6 Reasons to Hire an Immigration Attorney (Not a Consultant): 1. Knowledge of immigration laws Immigration in a country is an important aspect and the laws and regulations change frequently especially after any new government is elected. The laws can become lenient or stricter, this depends on the political climate of the country. As laws change, experienced immigration lawyers will be able to adapt to them efficiently. 2. Responsibility is handed over When you appoint an Attorney for your immigration purposes, it is the Attorney’s responsibility to prepare all the paperwork and documentation required for court proceedings. It is important to hand over these responsibilities to an Attorney so he can make sure you are present at all court hearings and all documentation that needs to be submitted is submitted appropriately. This means that the chances of making mistakes are far reduced when compared to you doing all the paperwork. It also means that the process can be expedited in your favor. This is why you need to hold a free consultation with an immigration attorney. Many of the leading immigration attorneys have great networking skills and work with the officers in the court and the verification process to ensure that your Visa and other paperwork come quickly as compared to the normally lengthy-time period. 3. Making mistakes can cost you a fortune Mistakes made can prove to be costly, both for your immigration process and financially. With the help of an immigration attorney, it is highly unlikely that you will be making a mistake in the whole process. An attorney can help you with the paperwork and make sure your process for immigration is aligned with the current rules and regulations regarding immigration. 4. Chances of success increased An Attorney is able to increase your chances of success regardless of how strong or weak your application might be. They will not only avoid mistakes but will also make sure that you are treated with justice and your rights are not violated. If any unforeseen issue arises the Attorney will be able to take care of that in a better manner than you or the consultant. 5. Immigration cases are complicated Immigration cases can often lead to complex situations. Your application could get refused and make you apply again for immigration. Lawyers can help you in your complex cases and resolve them with the help of their expertise. Also for your reapplication process, it is necessary that you take the help of an immigration attorney if you haven’t taken yet as your chances of success are further low and an Attorney can help you avoid the mistakes that you made last time. 6. It is cheaper than you expect A high fee of Attorneys is often the reason why people do not hire an Attorney for their immigration cases. You can easily find affordable and passionate Attorneys that will take your case and give their best effort to make you successful. Consultants and Attorneys are two different professionals, be careful when you are hiring either of them next time! Read Also: Benefits of Wearing a Luxury Watch 7 Reasons To Buy A Condo Over A House

What’s Liability In A Personal Injury Case?

You probably heard the term “liability” while reading about a personal injury case. However, do you know how it works? Or, why should you consider using it while handling a personal injury claim? Well, if your answer is no, don’t worry. In this article, we’re going to discuss a little on the subject of personal injury and proffer a bit of additional information, too. But, if we miss out on something, don’t forget to tell us about it in the comment section below. We’ll answer you as soon as possible. What Is A Personal Injury Case? A personal injury incident can include trauma, accident, mental strain, and illness caused due to someone else’s action. However, you can only go for the claim if you’ve been physically or psychologically affected due to the externally-caused problem. Also, before you can submit your issue, you’ll need to understand the type of damage you’ve sustained. Or else, you might end up submitting the wrong claim altogether. So, in this case, it will be ideal for you to opt for a Long Island Personal Injury Lawyer. Thanks to their experience and expertise, they’ll know precisely what you have to do in your personal injury claim submission. Besides, the attorney will also offer their help in solving all of your paperwork accordingly. They can also represent you in court. So, it’s better to hire someone who can assist you in every possible aspect. Personal Injury And Liability - What’s The Catch? From a general viewpoint, almost every person is responsible for whatever action they have taken. Apart from that, the law also assumes that each individual has the responsibility to act properly so that someone else doesn’t get injured. However, if someone fails to follow the aforementioned duty, and an injury occurs, they’ll be held liable for the incident. The definition of liability can also include - An individual has a certain duty to follow to keep everyone else safe and secure.However, they’ve somehow failed to perform the same properly.And, due to that reason, another person has sustained a potentially life-ending injury.The person who didn’t do their duty correctly will be liable for the consequences. Remember, you can only hold someone else liable if you’ve been injured due to their action. If they didn’t lose anything or didn’t suffer any damage, they won’t be liable for anything. Hence, before you make such a claim against someone, you should always ensure that you’ve kept the proof in the right place. If you cannot provide the same, you won’t be able to acquire even a single penny from the defendant. Even an attorney can’t help you in this aspect. Fault, Negligence, And Liability When talking about liability, you’ll probably find two more words associated with the same - fault and negligence. Here’s what they mean. So, “fault” is all about something else making a mistake knowingly to cause harm to you. An example of this will be an individual slashing someone else with a knife. In this aspect, they knew that the action would hurt the other person. Yet, they still did it. On the other hand, the act of “negligence” isn’t as direct as that of “fault.” It can be either an act done deliberately or an accidental omission of something. In any case, if you want to make a personal injury claim, you’ll need to prove the fault or negligence of another person. Or else, it might not work out as you wanted. Types Of Liability When it comes to liability in a personal injury case, it can be divided into two options. Here’s what you need to know about it. 1. Strict Liability A negligent party can be held strictly liable for a case if they can prove that the negligence was done deliberately. In this case, you can omit the aspect of proving their intent altogether. For example, a strict liability claim can apply in a product injury case. If the item was a little defective in one way or another and caused an injury, the seller and manufacturer will be held liable for the damages. Apart from this, some other cases of strict liability can include injuries involving - dog bites, wild animals, and other dangerous activities. 2. Vicarious Liability In most personal injury felonies, the individual who has acted negligently will be considered as liable for the damages. But, in some cases, a party will be vicariously liable for damages as well. Let us share an example to offer a little more clarity on this aspect. Say, you’re working in an office as an employee and have started a fire in the building due to some reason. However, if someone was injured due to the same, they’ll sue your employee as you, as an employee, are their responsibility to look after. And, if your boss has to pay for the claim, they’ll be called vicariously liable for the incident. FAQs - Frequently Asked Questions In this section, we’re going to talk about some stuff related to our topic that we didn’t discuss before. Let’s keep reading to know more about it. 1. How Is Liability For An Injury Determined? The amount of the responsible person’s liability is going to be determined by comparing the status of their carelessness. The percentage of the same will tell us the amount of money they are going to pay to compensate for the damage. 2. How Do You Establish A Liability? To prove that someone is liable for an injury, you’ll need to provide information about their legal duty and how they’ve failed it. Apart from this, you’ll also need to offer a little bit more information about the extent of physical harm. The better the proof, the higher your chance of winning the lawsuit will be. Wrapping It All Up! So, that’ll be all for this article. We hope you’ve understood the true meaning behind liability and how you can claim it. However, if you still have something else to ask, don’t be shy. Use the comment section and let us know what you’re thinking. We’ll be glad to help you out. Additionals: What Personal Injury Law in California InvolvesTop 10 Colorado Springs Personal Injury AttorneysWhat Are The Effective Ways To Communicate With A Personal Injury LawyerFiling A Personal Injury Lawsuit In South Carolina: Here Are 7 Things You Should Know

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

What Is Bankruptcy?

What Is Chapter 7 Bankruptcy?