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Why pay an attorney to file Ch 7 when you are unable to pay credit card debt and only have social security income and no assets?
If a person is judgment proof filing bankruptcy would not be needed. The reason this is done in the majority of the cases is (1) To protect the consumer in case sometime in the future they acquire nonexempt assets, such as an inheiritance. (2)To stop creditor/collector phone calls, mail, etc. (3) To avoid lawsuits, even if there are no assets some creditors will still file a suit, in the hopes of collecting at some future time. It is not necessary to use an attorney to file your Chapter 7. You can use a paralegal, or there are programs you can utilize through your state or city that will allow free or reduced costs in regards to filing. I think there are also payment plans available with the court as well for filing fees.
What else can I help you with?
What will a decrease a revenue and a decrease in assets?
A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.
Is there a female attorney in my area with the first name of Polly?
An income trust is an investment that holds assets that produce an income.
How can someone rent assets without having any income?
Someone can rent assets without having any income by providing a security deposit, having a co-signer with income, or showing proof of savings or assets that can cover the rental costs.
Can a credit card company go after the estate of someone whose only income is social security?
If the estate has any assets, they can certainly apply to get their money back. They can place a claim with the executor. The executor is responsible for clearing any debt before distributing assets.
You have unclaimed property Will claiming it reduce your social security retirement check?
No. Social Security retirement (vs. SSI) is not based on income or assets.
What are the requirements for obtaining an assets loan?
To obtain an assets loan, you typically need to have a good credit score, stable income, and valuable assets to use as collateral. Lenders will also consider your debt-to-income ratio and financial history before approving the loan.
Does a hard money lender require a credit check or income verification?
johni:No.the loan is based on the lendees assets.
Is Patents a credit or debit?
Debit, assuming you're BUYING a patent. Credit, if you have RECEIVED one from another company, or if you have received royalties or other income from one.
How do you find out if the INF is garnishing your social security checks?
according to the lawyer I spoke to today, social security is exempt from garnishments. according to the Arizona attorney I spoke to today, social security income is exempt from judgments but retirement income is not.
How much is too much credit debt?
Three times your yearly (after tax) income would be a reasonably safe debt level if you own assets. If you have no assets, you should owe no more than one years after tax income.
When revenue is accrued what is the effect on assets and income respectively?
Both Increase. Accounts Receiveable (asset) goes up as a debit and Sales (income) goes up as a credit.
Does Utah tax social security?
Yes, Utah treats Social Security income as fully taxable. Similar to wages. Low income seniors do get a small tax credit though.
