How does Bankruptcy help in case of Money Judgment?

Perks of having a Bankruptcy in case of a Money Judgment In cases of judgment against you, bankruptcy is the most feasible way out to cease the collection actions and discharge the debts. However, it may be quite challenging to get rid of a lein, as in most cases the creditor will have lien rights against your property. Moreover, a surviving judgment lein in a bankruptcy case may make it difficult to sell or refinance your property later. In most scenarios, filing of a lawsuit (by the creditor) in case of an unpaid debt will end up leaving [...]


Filing a Bankruptcy when facing a Foreclosure

Role of Bankruptcy in stopping a foreclosure Filing for bankruptcy is a sure shot way to stop your house from foreclosure. Not only will it stop the immediate sale of your abode, but also help you to catch up on your due payments along with managing your other debts quite efficiently. An automatic stay will be triggered as soon as you file for Chapter 7 or a Chapter 13 bankruptcy. This will prevent the creditors from practicing various collection activities like repossession, eviction, court case, collection calls, and even foreclosure. However, this may not be true in few [...]


Is there any possibility that the Bankruptcy Court will accept my Tax refund?

Getting the claim of a Tax Refund is one of the most crucial aspects of filing for bankruptcy. It is quite a valuable asset, both to the filer as well as the bankruptcy creditor. And both the parties want to try to get the maximum claim portion out of it. To increase your chances of getting the maximum portion of the claim, it is important that you hire a professional attorney with experience in this field. As, multiple factors depend on who gets the maximum portions like – the Chapter under which you file for bankruptcy, when you [...]


Does the Bankruptcy Court have the right to take Earned Income Credit?

Filing for bankruptcy puts everything you own in your bankruptcy estate. This includes your property as well as tax refunds. In case you have an Earned Income Credit (EIC), the refund can be significant and might be lost in the bankruptcy process. According to Dallas based law firm, the bankruptcy trustee might take your EIC depending on the bankruptcy chapter you filed and bankruptcy exemptions you chose. What is EIC? Tax is cut from the paycheck every month. Sometimes the tax is more than what you owe, and you get a tax refund. It is essentially a repayment [...]


Are Bankruptcy Courts Allowed to Take Life Insurance Funds?

If you have fallen into dire times and need to file for bankruptcy to get rid of the humongous debt, there is some portion of your property that can be protected. According to lawyers of Los Angeles based law firm , the property you live in as well as the furnishings, clothing, a car and some portion of home equity can be protected. In some cases, the value of life insurance policy or the money you received as a beneficiary of someone else’s policy can also be protected. However, it depends on the type of life insurance policy. [...]


Can Your Mortgage be Modified by the Bankruptcy Court?

As a rule, the terms of mortgage can only be modified by the mortgage company or the lender. However, in some cases, bankruptcy court can adjust your mortgage in a Chapter 13 bankruptcy case. If you thought that filing for bankruptcy won’t be helpful, you are mistaken, say lawyers of Dallas based law firm Bankruptcy filing can help you qualify for loan modification or provide you with time to pursue alternate options. Mortgage modification in Chapter 13 bankruptcy Chapter 13 bankruptcy involves a repayment plan where you repay your creditors over a period of 3-5 years. There are [...]


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 [...]

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