Live within Your Means to Avoid Bankruptcy In Richmond Virginia
Living beyond your means can lead you on a dangerous path to bankruptcy. If filing for bankruptcy in Richmond Virginia, you may want to seek legal counsel to ensure that you understand how bankruptcy works and the potential downfalls that may occur.
Tisha Campbell-Martin and her real-life husband Duane Martin jointly filed a Chapter 7 bankruptcy in San Fernando Valley, California, claiming they were in deep financial debt to the tune of more than $15 million dollars.
The couple claim that their monthly income totals $7,655; which will decrease, if the TV series ‘Dr. Ken’ which Campbell has a regular role on, does not get picked up by one of the networks. Further, they state that their monthly expenses total $16,953.
Under the rules of a Chapter 7 bankruptcy you must disclose ALL assets, liabilities, income, expenses, financial affairs, and any contracts or leases that would be subject to bankruptcy protections.
Among the items listed in their outstanding debts, a few items that bankruptcy may not provide protection from include:
* Student loan debt – almost never dischargeable, especially in cases where the loan was made by the Government.
* Taxes – almost never dischargeable, the Government wants their money!
* Personal Guarantee to Municipalities – because they too are government based, many of these are not dischargeable, but are reviewed and considered on a case-by-case basis.
Other items that may not qualify for discharge under the bankruptcy protection laws include the 2016 Range Rover and Jeep Wrangler that were acquired via lease purchase, just weeks before filing for the Chapter 7 bankruptcy. Making such large purchases just before filing for bankruptcy is not advisable, as the courts may view this as an act of irresponsible spending, and therefore may not discharge your liability to pay.
Did you gain value from “Live within Your Means to Avoid Bankruptcy In Richmond Virginia” blog post? If so, I would greatly appreciate a comment below and a click on the Facebook ‘Like’ Button.
Connect with us on Facebook: SBStewart Law
P.S You can fill out our contact us form on the “Contact Us Page”, if you are looking for legal assistance. We look forward to hearing from you!