Flexibility – you can complete the course at your own pace and on your schedule. Total convenience allows you to take the course 24/7/ Get the skills and information necessary to establish and achieve future financial objectives. Course is offered in English and Spanish (Espanol). Access Counseling is the premier provider of consumer bankruptcy debtor education and is approved to issue certificates of completion in compliance with the Bankruptcy Code. Jun 15, · BRYAN, Texas (CNN) - National gym chain 24 Hour Fitness company filed for bankruptcy Monday, announcing plans to close gyms permanently in 14 states. The pandemic forced its workout centers.
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You are one step closer to future financial success! To resume your course, click on "sign in" at the top. Para reanudar su curso, haga clic en "sign in" en la parte superior. Why Choose Us? To begin immediately, click on the "Get Started" button above, or click on "English" or "Espanol" at the top of the page. Here are some other great reasons to choose our course:. For Attorneys For our complimentary postcards for your clients, please email us with you mailing address Law Requiring Course The court shall grant the debtor a discharge, unless…after filing the petition, the Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7.
If the debtor's "current monthly income" 1 is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumptively abusive. Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 with the debtor's consent or will be dismissed.
Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims creditors in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets.
Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property. To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity.
Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor's debts or whether the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.
In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing.
There are exceptions in emergency situations or where the U. If a debt management plan is developed during required credit counseling, it must be filed with the court. One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start.
In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged.
Moreover, a bankruptcy discharge does not extinguish a lien on property. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.
Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case including tax returns for prior years that had not been filed when the case began.
Individual debtors with primarily consumer debts have additional document filing requirements. They must file: a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling; evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net income and any anticipated increase in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts.
A husband and wife may file a joint petition or individual petitions. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors. The Official Forms may be purchased at legal stationery stores or download. They are not available from the court. Normally, the fees must be paid to the clerk of the court upon filing. With the court's permission, however, individual debtors may pay in installments.
The number of installments is limited to four, and the debtor must make the final installment no later than days after filing the petition.
For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than days after filing the petition. If a joint petition is filed, only one filing fee, one administrative fee, and one trustee surcharge are charged.
Debtors should be aware that failure to pay these fees may result in dismissal of the case. In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information:. Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing. In a situation where only one spouse files, the income and expenses of the non-filing spouse are required so that the court, the trustee and creditors can evaluate the household's financial position.
Among the schedules that an individual debtor will file is a schedule of "exempt" property. The Bankruptcy Code allows an individual debtor 4 to protect some property from the claims of creditors because it is exempt under federal bankruptcy law or under the laws of the debtor's home state.
Many states have taken advantage of a provision in the Bankruptcy Code that permits each state to adopt its own exemption law in place of the federal exemptions. In other jurisdictions, the individual debtor has the option of choosing between a federal package of exemptions or the exemptions available under state law.
Thus, whether certain property is exempt and may be kept by the debtor is often a question of state law. The debtor should consult an attorney to determine the exemptions available in the state where the debtor lives. Filing a petition under chapter 7 "automatically stays" stops most collection actions against the debtor or the debtor's property.
But filing the petition does not stay certain types of actions listed under 11 U. The stay arises by operation of law and requires no judicial action.
Life After Bankruptcy. You're Named in Bankruptcy. All rights reserved. Moran Law Group is a debt relief agency according to the U. Bankruptcy Code. We help people file for Bankruptcy. Bankruptcy In Brief Bankruptcy information you can use. Need Help in Southern California? Consumer Help Central. She is known for energetic representation of clients and her command of bankruptcy law.