Category: Strata Management

byAlma Abell

When most people think of the word “bankruptcy”, they think of a Chapter 7 personal bankruptcy filing. Under Chapter 7, most of the filer’s debts are eliminated, but they have to surrender some of their assets in order to pay those debts. Read on to learn more about this commonly used chapter of bankruptcy.

Criteria for Chapter 7 Personal Bankruptcy

Under changes to US bankruptcy law, a two-part means test is used to determine if a person is eligible for Chapter 7. Those parts are as follows:

* Ability to repay -; The court plugs the debtor’s income into a formula that excludes necessary expenditures such as rent and food, and determines whether the person can repay at least ¼ of his or her unsecured non-priority debt.

* Comparison to the state’s median income -; The filer’s income is compared to the median in the state. If the person earns more than the median and can pay back 25% of his or her debt as mentioned above, they are ineligible for Chapter 7 and must use Chapter 13 instead.

During the six months before filing, the debtor must consult a credit counselor and attend money management courses to earn a debt discharge. Most filers also consider hiring a Chapter 7 Attorney in Oak Park IL during this time.

Automatic Stays

Once a person files for Chapter 7 bankruptcy, their estate is under an automatic stay, which legally prevents creditors from engaging in further collection attempts without the court’s permission. The stay provides protection from repossession, foreclosure, eviction, wage garnishment and utility shutoff.

The Bankruptcy Process

During a Chapter 7 case, the court will appoint a trustee to work on your estate. The trustee’s job is to ensure that your creditors receive as much as they can get; the more assets the trustee can recover, the more creditors get. The trustee reviews paperwork filed with the court, and asks the debtor questions about his or her assets during a creditors’ meeting.

After the meeting, assets are classified as exempt or non-exempt, and the latter are liquidated. Once the trustee has disbursed the proceeds of the sale of the debtor’s assets, most of the leftover unsecured debt is discharged. The Chapter 7 process usually takes about six months to finish. A Chapter 7 Attorney in Oak Park IL with can recommend the right bankruptcy chapter for your situation.

byAlma Abell

Do you have a favorite pair of shoes? Perhaps they are starting to look worn, but you cannot manage to part ways with them. A common part of shoes that becomes worn over time is the sole, and in the case of high heels, the heels can actually break off. Some people assume that when this occurs, there is no more hope for their favorite pair of shoes. They make the mistake of throwing them away when, in fact, the shoes could actually be repaired. Shoes can also lose their elasticity, which can affect the way they feel on your feet. The appearance can also be compromised with this type of wear and tear.

Leather shoes are some of the easiest to salvage. They get scratches and nicks on them, but professional Leather Repair in Chicago IL can revive your leather shoes. Some people think that shoe repairs are something that was done many years ago by their frugal parents and grandparents, and assume that it is an outdated measure. When you consider the cost of replacing a nice pair of leather shoes versus having them repaired, it makes common sense to think like people did many years ago. You will get the benefits of saving money as well as getting to keep your favorite pair of shoes.

Shoe repair shops offer more than Leather Repair in Chicago IL and fixing other cosmetic issues with shoes. For example, you may have a pair of shoes that you would like to get dyed. These specialty shops can also be used to help you get the shoes the color you want them. Common occasions that call for shoe dying are formal occasions. Attempting to dye your own shoes can be a messy experience, and the over-the-counter products designed to dye do not always produce the desired hue. This is why it makes sense to rely on professionals for your shoe dying needs.

When it is time to decide whether or not to repair shoes, keep in mind whether it makes sense from an economical viewpoint. For example, cheap shoes may be better suited for replacing. Leather and name brand shoes are ideal for repairs. Visit the Website of this shoe repair company for more guidance on shoe repair benefits.