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The Process of Chapter 7 Bankruptcy

What happens in a Chapter 7 Bankruptcy? Chapter 7 bankruptcy is quite simple. To sum it up in short - you are required to file the bankruptcy petition, with forms including lists of the assets, debts, financial transactions etc along with schedules. Once this paperwork is done, a bankruptcy trustee will proceed over your case as appointed by the court. The next crucial step is to attend a court hearing (also known as the 341 Meeting) to get the desired discharge. It generally takes about four to six months for a normal case to close since the date [...]

2020-05-15T05:30:33+00:00

Chrysler Group’s Fortunes Turned After Bankruptcy

Call: 888-297-6203 Almost 3 years back Chrysler LLC and Fiat S.P.A. formed an alliance that wasn’t announced formally till Chrysler declared bankruptcy. Fiat eventually purchased around 30% shares of the Chrysler Group. Though they wanted to buy 51% stock, this wasn’t possible since Chrysler owed the U.S. Government debts which needed to be repaid before the purchase could happen. Despite their sticky situation, Los Angeles based bankruptcy law firm Recovery Law Group says, the Chrysler Group reported a profit of $183 million which is a dramatic improvement from their $652 million loss incurred during 2010. Though, they have [...]

2019-11-12T13:16:27+00:00

MERS In Trouble With The New York Court Of Bankruptcy

Call: 888-297-6203 When a bank wants to repossess or foreclose a property from a bankruptcy filer, it must be relieved from the automatic stay (given by 11 USC §362) by the court. The lenders can resume their collection activities once they get permission from the court. Select Portfolio Servicing (SPS) wanted to foreclose a mortgage on a property of a Chapter 7 debtor which was in the trust hold of First Franklin Mortgage Loan Trust. The debtor had objected to the SPS’s motion for automatic stay relief, saying that the Mortgage Electronic Registration System (MERS) was unable to [...]

2019-11-12T12:41:22+00:00

No Requirement Of Debt To File For Bankruptcy

Call: 888-297-6203 People of Jacksonville, Florida, are often confused about the amount of debt that they must owe in order to qualify for bankruptcy. However, there is no particular amount of debt required to be eligible to file for a Chapter 7 or a Chapter 13 case, though there is an upper limit in Chapter 13 (over a million dollars). One of the first questions which a bankruptcy attorney might ask you on meeting you for the first time is that why do you think you need bankruptcy? You will then have to answer some general questions regarding [...]

2019-11-12T12:39:42+00:00

Your Family Size Matters In A Bankruptcy

Call: 888-297-6203 When you file for bankruptcy, the Jacksonville Bankruptcy Court, considers the person who lives with you and the treatment of that person differs depending on the bankruptcy chapter you file for. This does not imply that the person’s character matters. The thing that actually matters is the dependency of that person on you for most of his or her care, and if he or she isn’t dependent on you, his or her regular household contributions will matter. Any money paid to or on behalf of the filer of bankruptcy is treated as a regular contribution to [...]

2019-11-12T12:37:12+00:00

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
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