Chapter 13 Bankruptcy

Pros And Cons Of Declaring Bankruptcy

Call: 888-297-6203 Filing bankruptcy can come with a bunch of pros and cons with it. It is essential to understand whether those pros and cons make sense to a particular filer. By carefully viewing and understanding the pros and cons, one can make a wiser decision about whether to opt for bankruptcy or not. Find more such bankruptcy-related facts on https://recoverylawgroup.com/bankruptcy/. What are the advantages of filing for bankruptcy? The advantages of filing bankruptcy can be listed as follows- Instant relief from the debt retrieving procedures Often when you are lagging the payments, the lenders start to foreclose [...]

2023-03-16T10:44:17+00:00
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Nonconsensual Lenders And The Bankruptcy Court

Call: 888-297-6203 Bankruptcy can be filed with Chapter 11 or Chapter 13 or Chapter 7. If a business the options further narrow down to Chapter 11 or Chapter 7. In other words, Chapter 13 is something exclusive for the individuals. Chapter 7 deals with liberating debts in exchange for assets and Chapter 13/11 deals with a future payment plan that aims at fulfilling the majority of the debts in the period of 3-5 years. Most of all the assets of the business or an individual can be safeguarded under Chapter 11 or 13. To know more about each [...]

2023-06-26T06:42:43+00:00
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Chapter 13 Or Wage Earner Plan

Call: 888-297-6203 The wage-earner plan is a nickname given to Chapter 13 bankruptcy. The reason to give this name to the chapter 13 bankruptcy is due to the characteristics of the bankruptcy chapter. Unlike Chapter 7, Chapter 13 focuses on clearing as much as debt possible using a reliable source of income through the next 3-5 years. The tenure depends on the debt and the disposable income. There is a misconception that a wage-earner plan does not result in a discharge. However, there can be a discharge if the future disposable income isn’t sufficient to repay some of [...]

2023-03-22T09:38:22+00:00
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All That You Need To Know About An Automatic Stay

Call: 888-297-6203 When an individual file for bankruptcy, an automatic stay is automatically put into effect. With the help of the stay, the debtor is no longer harassed by the creditors in terms of wage garnishment or collection calls. However, this is only temporary and can be pleaded by the creditors to be lifted as well. The function and working of an automatic stay An automatic stay is recognized under section 362 of the United States Bankruptcy Code. The filer does not need to apply for this separately. When they file for bankruptcy, it gets into effect automatically. [...]

2023-06-26T07:02:57+00:00
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What Happens After Bankruptcy?

Call: 888-297-6203 Bankruptcy can be a nightmare or a relief after nightmare for many. There are a few important events that occur after bankruptcy. Such events can be listed as follows- Liquidating or preventing the liquidation of assets The first step after bankruptcy is to either prevent the assets from liquidation or to notify the lenders/bankruptcy trustee to liquidate the assets. If the bankruptcy filer must prevent an asset from being liquidated, this is the critical moment to do so, or it can be liquidated, or the lien might be exercised by the lender on the same. For [...]

2023-03-22T09:45:33+00:00
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Bankruptcy: A To Z Explained

Call: 888-297-6203 Bankruptcy can be summarized broadly across a few questions. These questions are listed below to enhance our knowledge about bankruptcy and determine some key aspects of the same. More details on bankruptcy and a bankruptcy attorney in full can be obtained on the website https://recoverylawgroup.com/bankruptcy/. The list of questions can be as follows- How do you file? Just like some of the government or legal procedures, a list of documents along with a form needs to be submitted to the bankruptcy court while filing for bankruptcy. It is very important to make sure that the documents [...]

2023-03-22T09:11:07+00:00
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Impact Of Bankruptcy On Credit Score

Call: 888-297-6203 Bankruptcy can have several impacts some good some not so great. The good can be relief from the pestering lenders for recouping their investment, some discharge, some new starts on a clean slate, and what not. However, the biggest drawback in bankruptcy is with respect to the credit score. A credit score is hurt significantly during bankruptcy. The impact can depend on chapter 7 or chapter 13 and the net discharged amount. The higher the amount discharged, the bigger damage it leads to the credit score. To know more about the flaws and advantages of bankruptcy [...]

2023-03-30T11:58:56+00:00
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Counseling And Education Requirements During Bankruptcy

Call: 888-297-6203 Bankruptcy is certainly an unfortunate event, and it calls for an experience or learning. Bankruptcy might be about relieving stress and facilitating some financial relief to the filer, but it is also about making sure similar financial mistakes are not repeated. As per stats, over 15% of the filers can be repeated bankruptcy filers. These stats suggest people do not learn from their mistakes and keep falling into the debt trap due to poor financial management. The bankruptcy court hence mandates counseling requirements and a debtor education program that is part of the bankruptcy process. Credit [...]

2023-03-31T06:16:38+00:00
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Detailed Steps To Filing Bankruptcy

Call: 888-297-6203 Filing for bankruptcy can involve many steps. The first and most critical decision one must make is whether bankruptcy is required to be filed or not. The second decision is to determine the chapter in which the bankruptcy will be filed. It can be chapter 7 or chapter 13. This link https://recoverylawgroup.com/bankruptcy/ can help you determine whether bankruptcy is essential for you or not. If yes, you can also find guidance in picking the right chapter whether 7 or 13. The detailed steps to filing bankruptcy can be listed as follows- Petition A voluntary petition is [...]

2023-03-31T06:18:49+00:00
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The Process To File For Chapter 13 Bankruptcy

Call: 888-297-6203 Planning to file for bankruptcy but want to keep all of your properties? File Chapter 13 bankruptcy where you can repay a portion of your debts while keeping all your properties for 3-5 years. Here is the process and what to expect when moving forward with Chapter 13 bankruptcy filing. Preparation for filing. Before you are eligible for filing you will need to take a credit counseling course. You will need to complete it within 6 months of the time when you file. You can also do it online but it should be from one of [...]

2023-03-31T07:20:48+00:00
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