If Actor Gary Busey can file Chapter Seven Banckruptcy so can you!


ACTOR GARY BUSEY SHOWS YOU ARE NOT ALONE WHEN DECIDING TO FILE CHAPTER SEVEN BANKRUPTCY.

A Chapter Seven is designed to you a fresh start no matter your age or how much fame you have.

“Whether his career has the chance of peaking again like it did in the Eighties and Nineties, or life is generally rosier, Gary’s recent money issues didn’t appear to reflect in the smile painted on his face.
In February, US website TMZ reported that the Texan native submitted documents in California showing he had filed for Chapter 7 bankruptcy – also known as straight bankruptcy.
Despite starring in more than 70 movies over his career, the actor had less than $50,000 to his name and owed more than $500,000 in various debts, the court papers showed.”[1]
Read more: http://www.dailymail.co.uk/tvshowbiz/article-2198263/Gary-Busey-treats-son-girlfriend-rollercoaster-ride.html#ixzz25zITKTSW

If you make less that $42,000 today you most likely will qualify for chapter seven bankruptcy.

“In Chapter 7 cases, a debtor may be an individual, a partnership, a corporation, or some other artificial person. However, only an individual may receive a discharge of debts in Chapter 7 cases; other entities may not. The 2005 amendments require that a debtor receive an individual or group briefing that outlines the opportunities available for credit counseling. The briefing must have been received within the 180-day period preceding the filing of the bankruptcy case 11 USC 109 (h). This requirement is commonly referred to as the requirement for pre filing credit counseling.”[2]

The Bankruptcy process is form driven. Your job is to declare all of your assets and you declare their value.

“Chapter 7 debtors must file certain documents with the bankruptcy court; must appear for questioning by creditors, the bankruptcy administrator, and the trustee at the meeting of creditors; and must perform other duties specified in the Code and the Bankruptcy Rules. If the individual debtor performs these duties and is not guilty of any bad acts as defined in the Code, the debtor will be granted a general discharge of prepetition debts and will retain exempt property to be able to make a fresh start in life.”[2]

You are requied to take two units of credit counseling but its easy.

After the debtor meets the duties specifically required under the Code, the debtor is required to complete an instructional course concerning personal financial management to obtain a discharge 11 USC 727 (a)(1). This is another requirement added by BAPCPA.[2]

You will be required to meet with a bankruptcy trustee but is you have been through and honest with your paperwork there should be no problems.
Call Bankruptcy Lawyer Terry Bankert if you would like to file for chapter seven Bankruptcy of have additional questions.

[] Source
[1]
Read more: http://www.dailymail.co.uk/tvshowbiz/article-2198263/Gary-Busey-treats-son-girlfriend-rollercoaster-ride.html#ixzz25zITKTSW

[2]
Handling Consumer and Small Business Bankruptcies in Michigan ch 1 (Richardo I. Kilpatrick et al eds, ICLE 2009), at http://www.icle.org/modules/books/chapter.aspx/?lib=bankruptcy&book=2009550820&chapter=0
1 (last updated 08/31/2012

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