PRUITT LAW OFFICES S.C.

PRUITT LAW OFFICES S.C.

*FEE CHARGED FOR MEDICAID ASSET PLANNING

*FEE CHARGED FOR MEDICAID ASSET PLANNING

When deciding whether to file bankruptcy, it is very important to include the expertise of an attorney.  The bankruptcy filings are very complex and it is important to protect all of your assets that you can from seizure by the bankruptcy courts.  Some people may get advantages from being able to file a Chapter 13 bankruptcy and pay off their debts in a three to five-year plan.  You need to consult an attorney to determine if you qualify. 

Chapter 7

To qualify for a Chapter 7 bankruptcy, which discharges most of the debtor’s unsecured debt (personal loans, credit cards, etc.), the debtor must pass a means test.  This examination of a debtor’s financial records begins with a determination of the debtor’s current monthly income by adding his or her gross income from the past 6 months together and dividing the sum by 6.  If this number is below the median monthly income of the state where the debtor resides, he or she qualifies.  If not, another means test involves deducting reasonable and allowable expenses from the debtor’s income to see if there is reasonable income left over to make debt payments.  If not, then the debtor qualifies for Chapter 7 bankruptcy.  

Chapter 13

If income is left over after this test, then the debtor could qualify for a Chapter 13 bankruptcy to be paid over a period of time.  If you face serious financial problems, it is very important that you consider talking to an experienced bankruptcy attorney for advice.  If you are concerned that filing for bankruptcy will affect your retirement accounts, have no fear.  Under federal bankruptcy law, almost all tax exempt retirement accounts including 401K’s , 403B’s, profit sharing, and defined benefit plans are exempt in bankruptcy.  IRA’s and Roth IRA’s are also protected up to a particular amount.  You’ll want to check with your bankruptcy attorney to be sure that your retirement qualifies for protection.

If you face serious financial problems, it is very important that you consider talking to an experienced bankruptcy attorney for advice.  If you are concerned that filing for bankruptcy will affect your retirement accounts, have no fear.  Under federal bankruptcy law, almost all tax exempt retirement accounts including 401K’s , 403B’s, profit sharing and defined benefit plans are exempt in bankruptcy.  IRA’s and Roth IRA’s are also protected up to a particular amount.  You’ll want to check with your bankruptcy attorney to be sure that your retirement qualifies for protection.

If income is left over after this the Means test, then the debtor could qualify for a Chapter 13 bankruptcy to be paid over a period of time.  

Some people may get advantages from being able to file a Chapter 13 bankruptcy and pay off their debts in a three to five-year plan.  You should consult an attorney to determine if you qualify.  

Chapter 13 bankruptcies can prevent foreclosure by placing the mortgage arrearage into the payment plan.  It also allows for the payment of missed payments on your vehicles to prevent a replevin action.  The delinquent payments are also placed into the plan.  

When deciding whether to file bankruptcy, it is very important to include the expertise of an attorney.  The bankruptcy filings are very complex and it is important to protect all of your assets that you can from seizure by the bankruptcy courts.  Some people may get advantages from being able to file a Chapter 13 bankruptcy and pay off their debts in a three to five-year plan.  You need to consult an attorney to determine if you qualify. 

Chapter 7

To qualify for a Chapter 7 bankruptcy, which discharges most of the debtor’s unsecured debt (personal loans, credit cards, etc.), the debtor must pass a means test.  This examination of a debtor’s financial records begins with a determination of the debtor’s current monthly income by adding his or her gross income from the past 6 months together and dividing the sum by 6.  If this number is below the median monthly income of the state where the debtor resides, he or she qualifies.  If not, another means test involves deducting reasonable and allowable expenses from the debtor’s income to see if there is reasonable income left over to make debt payments.  If not, then the debtor qualifies for Chapter 7 bankruptcy.  

Chapter 13

If income is left over after this test, then the debtor could qualify for a Chapter 13 bankruptcy to be paid over a period of time.  If you face serious financial problems, it is very important that you consider talking to an experienced bankruptcy attorney for advice.  If you are concerned that filing for bankruptcy will affect your retirement accounts, have no fear.  Under federal bankruptcy law, almost all tax exempt retirement accounts including 401K’s , 403B’s, profit sharing, and defined benefit plans are exempt in bankruptcy.  IRA’s and Roth IRA’s are also protected up to a particular amount.  You’ll want to check with your bankruptcy attorney to be sure that your retirement qualifies for protection.

If you face serious financial problems, it is very important that you consider talking to an experienced bankruptcy attorney for advice.  If you are concerned that filing for bankruptcy will affect your retirement accounts, have no fear.  Under federal bankruptcy law, almost all tax exempt retirement accounts including 401K’s , 403B’s, profit sharing and defined benefit plans are exempt in bankruptcy.  IRA’s and Roth IRA’s are also protected up to a particular amount.  You’ll want to check with your bankruptcy attorney to be sure that your retirement qualifies for protection.

If income is left over after this the Means test, then the debtor could qualify for a Chapter 13 bankruptcy to be paid over a period of time.  

Some people may get advantages from being able to file a Chapter 13 bankruptcy and pay off their debts in a three to five-year plan.  You should consult an attorney to determine if you qualify.  

Chapter 13 bankruptcies can prevent foreclosure by placing the mortgage arrearage into the payment plan.  It also allows for the payment of missed payments on your vehicles to prevent a replevin action.  The delinquent payments are also placed into the plan.  

Unfortunate events can take place through no fault of your own that may have a negative impact upon your financial life.  Vehicle accidents, job loss, or medical issues may cause severe hardship.  

An attorney can assess your individual situation, then discuss if bankruptcy is right for you.  While bankruptcy can cancel many of a person’s debts, it does not cover most student loans, government debts, child support, and maintenance; however, there are exceptions.  

Unfortunate events can take place through no fault of your own that may have a negative impact upon your financial life.  Vehicle accidents, job loss, or medical issues may cause severe hardship.  

An attorney can assess your individual situation, then discuss if bankruptcy is right for you.  While bankruptcy can cancel many of a person’s debts, it does not cover most student loans, government debts, child support, and maintenance; however, there are exceptions.  

BANKRUPTCY ATTORNEY

BANKRUPTCY ATTORNEY

PRUITT LAW OFFICES S.C. SERVICE AREAS

PRUITT LAW OFFICES S.C. SERVICE AREAS

Bankruptcy

Bankruptcy