Arkansas Sample Letter for Priority Issue in Bankruptcy
Description
How to fill out Sample Letter For Priority Issue In Bankruptcy?
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FAQ
In a Chapter 7 bankruptcy you wipe out your debts and get a ?Fresh Start?. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. (see Arkansas Exemptions) The trustee sells the assets and pays you, the debtor, any amount exempted.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
Not All Debts Are Discharged Certain debts will remain on your account when you file for Chapter 7 bankruptcy. You will still be responsible for alimony and child support. Tax liens, student loans, and personal injury debts caused by intoxicated drivers are still on the docket, as well.
Key Elements to Include in the Letter A bankruptcy letter should be clear and concise and provide all the necessary information. It should include the name and contact information of the debtor, the date of the filing, the court where the bankruptcy was filed, the case number, and the type of bankruptcy filed.
Most Chapter 7 bankruptcy cases are no-asset cases. That means the debtors give up nothing to the trustee. The exemption systems permit debtors to retain the means of day-to-day living, free from the claims of their creditors.
