{"id":7467,"date":"2022-11-18T09:07:33","date_gmt":"2022-11-18T09:07:33","guid":{"rendered":"https:\/\/farmerwright.com\/?page_id=7467"},"modified":"2024-01-12T15:36:04","modified_gmt":"2024-01-12T15:36:04","slug":"who-cant-file-chapter-7-bankruptcy","status":"publish","type":"page","link":"https:\/\/farmerwright.com\/chapter-7-bankruptcy\/who-cant-file-chapter-7-bankruptcy\/","title":{"rendered":"Chapter 7 Bankruptcy\u2014Who Can’t File?"},"content":{"rendered":"\t\t
The only option to demonstrate your inability to pay the debt is to have the judge convert your petition to Chapter 13 bankruptcy if your median income is too high or your responsibilities are too few.<\/p>\n\n
When you apply for bankruptcy, you must include a list of all your assets and debts. The bankruptcy trustee subtracts exempt assets to determine if you own anything that could be used to settle a debt. For example, if you owe $10,000 on a car worth $30,000, the court trustee may order you to sell the vehicle and use the $20,000 equity to pay off your debts.<\/p>\n\n
If you filed for Chapter 7 bankruptcy before, the law requires you to wait eight years before filing a new one. The law mandates a six-year waiting period for those who have already filed for Chapter 13 bankruptcy.<\/p>\n\n
The bankruptcy court may decide to throw out your case if you attempted to cheat your debt collector or misrepresented assets so you could keep them rather than have to sell them to pay your debt.<\/p>\n
Particular actions are reported to the trustee and the court. If you participated in any of them within the last year, the court might decide to dismiss your bankruptcy case.<\/p>\n
The trustee will likely conduct a thorough investigation into the following actions:<\/p>\n\n
Additionally, by signing your bankruptcy filings, you must certify any information included are under penalty of perjury. The court may dismiss your case or refer it for fraud prosecution if they discover you willfully omitted to declare property, withheld crucial information regarding your financial circumstances, or used a fake Social Security number to hide your identity as a prior filer.<\/p>\n\n
A look-back period has been implemented for asset transfers. The bankruptcy trustee may reject your petition if they believe that a recent asset transfer was an attempt at fraud. Title transfers are easy to trace, like when you give your child a car.<\/p>\n\n
Non-dischargeable debt will not result in the denial of your bankruptcy petition. You won’t be able to declare bankruptcy to cover all of your debts, though. Two examples of the 19 different types of debt that cannot be discharged include debt from student loans and obligations incurred during a marriage, such as alimony and child support.<\/p>\n\n
There are a few ways for unsecured debt holders to get paid. The most frequent method is to file a lawsuit, which enables unsecured creditors to confiscate assets or deduct wages. Consumers who cannot be garnished, such as those whose income comes from Social Security or those without titled assets, are considered judgment-proof. So even if a lawsuit were to be brought, a creditor would not be able to collect the loan. In this circumstance, filing for bankruptcy would not be as advantageous.<\/p>\n\n
Low debt ceilings make bankruptcy less advantageous due to the cost. A bankruptcy petition and legal representation could cost $2,000 or more. Unsecured debt in Chapter 7 is not subject to the estimated $360,475 cap imposed under Chapter 13.<\/p>\n\n
When you file for bankruptcy, there is a deadline for filing paperwork and completing specific tasks. If the required papers are not submitted by the due date, there may be a dismissal.<\/p>\n\n
The bankruptcy filing process includes a component for education. You must complete a certified bankruptcy course at the start of the process and before the discharge to be qualified for debt relief and bankruptcy relief. If you fail to complete this course, your petition for approval may be rejected.<\/p>\n
Given the difficulties you will experience as a result of declaring Chapter 7 or Chapter 13 bankruptcy, it would be beneficial to speak with a Chapter 7 bankruptcy lawyer in Paducah, Kentucky. They can assist you with a debt settlement program to help you get out of debt faster, start rebuilding your credit score quicker, and avoid having to live with the stigma of bankruptcy through legal advice.<\/p>\n\n
Bankruptcy Attorney in Paducah, Kentucky It may feel like you are trapped in a vice with nowhere to turn when expenses start accumulating, and you have no money to pay them. It could be time to file for bankruptcy and look forward to a fresh start rather than going through the motions. Should you file […]<\/p>\n","protected":false},"author":4,"featured_media":7090,"parent":1363,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"right-sidebar","site-content-layout":"plain-container","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"_links":{"self":[{"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/pages\/7467"}],"collection":[{"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/comments?post=7467"}],"version-history":[{"count":7,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/pages\/7467\/revisions"}],"predecessor-version":[{"id":10481,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/pages\/7467\/revisions\/10481"}],"up":[{"embeddable":true,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/pages\/1363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/media\/7090"}],"wp:attachment":[{"href":"https:\/\/farmerwright.com\/wp-json\/wp\/v2\/media?parent=7467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}