What is Chapter 7 Bankruptcy?


Filing for chapter 7 bankruptcy can relieve an individual most of his/her debts and work on rebuilding finances anew. This kind of bankruptcy is also called liquidation or straight bankruptcy.  When an individual files for Chapter 7 bankruptcy, his assets are sold off to pay the outstanding debts. Whatever cannot be recovered is written off and the debtor is able to start all over. There were changes in 2005 on Chapter 7 relief which makes it harder to qualify for this kind of bankruptcy. The rules for filing bankruptcy vary on the kind of bankruptcy you are filing for. Getting legal assistance can help you get more information on bankruptcy and how to file for it. Eligibility You must pass the ‘means’ test to qualify for chapter 7 bankruptcy. It is also likely that the court will convert a chapter 7 bankruptcy to chapter 13. Individuals who accrued debts when...
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Hire an Attorney – Buy or Sell Your Home or Land in Ease

Buying or selling a house or a land for the first time can be a big decision. Maybe this is the largest one of your life. This is partially a legal process. Many problems may arise while buying or selling a house or a land. These complications are easy to get entangled into. However once involved, you may have to face a lot of trouble to break free.   The basic real estate transaction happens through a broker. The buyer and seller both enter into a contract with this broker. More than often this contract is a written one. When this is done, the broker acts as the middleman in the transaction and keep the communication between both the parties going. After a formal verbal agreement, both buyer and seller enter into a formal contract and at last the transaction take place. The buyer gets the house and the seller...
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A Litigation Attorney Can Save You a Lot of Trouble

If you are running a construction business, you know how complex issues can become sometimes. Ay small affair can turn into a nasty legal issue anytime. The problematic areas, which can get into troubles, are – the initial manufacture of the building, the construction process, modification of the existing property and many other construction related problems.   This section of law is very complicated and you should not try to handle this on your own. Without proper legal knowledge you could end up getting the issue even more complex than it already is. There is another reason why you should not try to do this on your own. In case the issue land in the court, you need an expert attorney to represent you. It will be a wise decision to seek legal help from the initial stage.   Consult an experienced New Jersey litigation attorney . He/she will provide...
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Hire a Probate Lawyer to Plan Your Estate

Probate is a process, which deals with the distribution of a deceased person’s wealth or estate. This is a complicated legal procedure. If the person dies with a valid will, the process becomes slightly easier. However, if there is no valid will, the court takes the responsibility of the distribution.   In case of valid will, the executor will take charge of the distribution of property. He/she will have to find out about all debt, the deceased has left behind. This is required to be paid before anything else. After this the matter of settling unpaid tax arises. When everything is settled, the executor distributes the remaining property among the heirs.   In case of an invalid will or if someone dies without one, the court selects the executor and finds out who should legally inherit the property.   This sounds easy. However, this is not the case. Most of...
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You Will Require the Assistance of a Lawyer in Your Real Estate Dealings

Real estate law is complicated. There are different types of complexities, which may arise. You need to be aware of this. Does not matter you are a buyer, or a seller of property; you need to be very cautious about the issues, which may rise from one slight mistake. Most of the times, these problems turn into legal issues and you should take each decision keeping this in mind.   In case you are the buyer of a property, you may get involved into issue related to the previous ownership. You may end up paying for property without proper documentation. This can lead to many future problems. Registration of the property can be another problem. This is a legal process and there involve some level of complexity. You need to keep all your documentation in proper order for this registration. Do not buy or sell property which has got any...
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