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Difference Between Secured And Unsecured Debts

Call: 888-297-6203 While filing for bankruptcy you will be required to list all the creditors (people and businesses) to whom you owe money. Secured and unsecured creditors have separate sections in the bankruptcy petition. In a secured debt, collateral is required. So, if you fail to repay the debt, your creditor can repossess your car or house to make up for the owed money. However, the debtor will be required to pay the deficiency (difference), if the creditor is able to sell the collateral for less than the money that is owed. In an unsecured debt, there is [...]

2019-11-12T12:20:15+00:00

Homestead in Bankruptcy

Call: 888-297-6203 It is fortunate to have equity in the home in Florida, as it offers one of the most generous exemptions in a homestead in the United States. Although, exemptions are offered at the federal level, but the residents of a state must use their state exemptions in case their state decides to create their own exemptions. However, states like Pennsylvania have no exemption in the homestead at all. In Florida, the property should either be 1-half acre (within the municipality) or 160 acres (outside municipality) to be eligible for a homestead exemption. This benefit is largely [...]

2019-11-12T12:13:28+00:00

Child Support in Bankruptcy

Call: 888-297-6203 Automatic Stay is one of the most powerful effects of bankruptcy filing. It has the power of stopping the lenders from pestering and making collection attempts from the debtor. However, there are some circumstances in which an automatic stay might be unable to prevent continuation of other court proceedings, at least partly. One of such circumstances arise in family law cases which involve custody and child support. Generally, an Automatic Stay does not work in proceedings related to present payment of child support or visitation. This means that such proceedings will continue despite the filing for [...]

2019-11-08T06:56:16+00:00

Filing of Chapter 11 Bankruptcy by 50 Cent

Call: 888-297-6203 The rapper, Curtis James Jackson III, popularly known as 50 Cent, had filed a petition for a Chapter 11 bankruptcy in a bankruptcy court of Connecticut. The value of his total assets was shown to be between $10 million and $50 million, in the documents. But, one thing that makes 50 Cent’s bankruptcy case unique is that he had filed for Chapter 11 bankruptcy instead of Chapter 13 bankruptcy. So, what does exactly happen in Chapter 11 bankruptcy? In a Chapter 11 bankruptcy, small businesses, filing for bankruptcy, get an opportunity to restructure their business-related finances [...]

2019-10-25T08:18:50+00:00

Filing for Bankruptcy? Know Whether You Can Keep Your Car or Not?

Call: 888-297-6203 Having a vehicle is no longer luxury, it has become a necessity. You need it to commute between your office and home and to drop your kids off to school. However, bankruptcy is a trying time and you might find it difficult to hold on to assets in such cases. According to Dallas based bankruptcy law firm https://www.recoverylawgroup.com/, state and federal exemptions can be used to keep your property, including home and car as long as you can prove that the latter is a necessity and not a luxury. Since most people take automobile loan while [...]

2019-10-09T12:10:52+00:00

What is No-Asset Chapter 7 Bankruptcy?

While the Chapter 7 is known as the bankruptcy code which sets off debt from the liquidation of assets, it can be surprising to learn about No-Asset Chapter 7 bankruptcy. It could be even more surprising to note that most of the Chapter 7 bankruptcy California cases are No-Asset cases. The no-asset case is a scenario where, the filer does not give in any asset or cash to the bankruptcy trustee for liquidation. The filer instead keeps possession of all the assets, he/she owns. The lenders or creditors will not expect any proceeds or debt settlement, as there [...]

2019-09-18T11:25:24+00:00