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Contemplating Bankruptcy? Choose The Correct Bankruptcy Chapter To File

Call: 888-297-6203 Struggling with debts? Thinking of filing for bankruptcy? You’ll be surprised to know that there is more to bankruptcy than most people are aware of. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy code has 6 chapters, four for individual debtors residing in the U.S. and the remaining two for non-residents who wish to file for international bankruptcy case or for municipalities which need a reorganization of debts. Chapter 7 bankruptcy is one of the most common bankruptcy chapters. In this case, you can keep exempted property and liquidation of [...]


Bankruptcy Violations Land Lawyer’s Office In Soup

Call: 888-297-6203 Malpractice can brew trouble for attorneys too. This was discovered by Keith D. Collier when a lawsuit was filed against him by Elena Escamilla, a staff attorney for Donald F. Walton, the U.S. Trustee. This was for breaches which included sanctions for violation of the automatic stay, discharge injunction, injunctive relief and conflict of interest due to disgorgement of fees. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group this isn’t the first time such an action has been taken against lawyers. In case you had opted for a deferred payment plan through [...]


Should You File For Bankruptcy Before Marriage?

Call: 888-297-6203 It is said that love and money don’t mix, and it might be true to some extent. Money might be the reason for a fair number of marriages and similarly divorces. Lawyers of Dallas based bankruptcy law firm Recovery Law Group bear testimony to the fact that many people filing for bankruptcy might end up with a divorce or are filing for bankruptcy because of it. It is therefore important to be clear about these matters before going ahead with the marriage. The BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act), passed in 2005 imposed a [...]


What To Do With Your Secured Assets In Bankruptcy?

Call: 888-297-6203 Those assets against which the creditor has collateral (mortgage, car loan) are known as secured assets. When you file for bankruptcy, bankruptcy filers have 3 options with respect to secured debts say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. You can either surrender the asset. When you opt for this choice, you give your interest in the asset back to the creditor. You can reaffirm the debt in which case you and your creditor draw a new contract with similar terms, and you get to keep your asset/property. In this case, you [...]


Why Is It Important To Know About Means Test?

Call: 888-297-6203 When people struggling with debt wish to get rid of it through bankruptcy, one of their major concerns is the chapter under which they should file. While chapter 7 gets rid of all unsecured debts in a relatively smaller timeframe, Chapter 13 allows you to keep non-exempt property while paying your creditors through a 3-5 years repayment plan. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group say, which chapter you will be able to file depends on the Means test. While filing for bankruptcy your income of the past six months is taken [...]


What Is The Minimum Amount Of Debt For Bankruptcy Filing?

Call: 888-297-6203 Many people are confused regarding how much debt is essential for a bankruptcy filing. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, there is no minimum amount of debt which is required for an individual to file for bankruptcy. Despite there is no minimum limit for a bankruptcy filing, it is important to understand the subsequent consequences of opting for bankruptcy. Bankruptcy leaves a negative impact on your credit score which can hamper your chances of getting a loan later. If you wish to get rid of your debts, there are several [...]


Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

Call: 888-297-6203 When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending. Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is [...]


Should You Reaffirm Your House And Car In Chapter 7 Bankruptcy?

Call: 888-297-6203 When you are struggling with debts, you have the option for debt reaffirmation, debt consolidation, surrendering of property or bankruptcy. Dallas based bankruptcy law firm Recovery Law Group says that when you reaffirm any debt, you reach an agreement with the creditor who holds secured lien on collateral previously purchased by you. this way you reaffirm the debt you owe to the creditor. When you file for Chapter 7 bankruptcy, you can either surrender the property (car or home), redeem the collateral (refinance it with another finance company) or reaffirm the collateral (sign an agreement with [...]


Short Sale Is Not Recommended If You Are Opting For Bankruptcy Filing

Call: 888-297-6203 When things get difficult people end up looking for an easier way out! One of the most common things people do when they are in financial trouble is selling off their house. Unfortunately, if they sell it for the quick case, they end up short selling the property. Short selling property means selling your house for less than what you owe on the mortgage. This results in a deficiency (the amount you still owe on your home loan) for which you are liable. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say that [...]


You Can Keep Personal Property During Bankruptcy

Call: 888-297-6203 When bankruptcy seems the only way out for getting rid of debts, people become concerned about their assets including home, car and other personal property. Los Angeles based bankruptcy law firm Recovery Law Group lawyers say that many people are concerned whether they will end up losing all of their personal possession during bankruptcy. Generally, thanks to bankruptcy exemptions provided by federal and state governments, people can protect some amount of assets. The amount of property you can exempt depends on the state you live in and how long you have been living there. The state [...]

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