chapter 7 bankruptcy Sacramento

Can Anyone File for Bankruptcy?

Despite being one of the best legal recourse available for people who are struggling with heavy financial problems, there are a lot of misconceptions associated with bankruptcy. Believing in these myths can cause extensive harm to people who could face problems like wage garnishments, utility shutoffs, foreclosure, etc. According to lawyers belonging to Sacramento based law firm, Recovery Law Group one of the most common misconceptions surrounding bankruptcy is that people believe that bankruptcy is only for individuals with limited source of income and that people earning too much money cannot file for bankruptcy. Well, nothing could be [...]

2019-05-06T12:57:54+00:00

Chapter 7 Bankruptcy: Can You Keep Your Car under Motor Vehicle Exemption?

Unlike popular belief, you do not lose all your possessions when you file for bankruptcy under chapter 7. Thanks to exemption laws, you can protect property including an unassuming vehicle (car, truck, motorcycle or van). Thanks to your state’s motor vehicle exemption you can protect a certain amount of equity in a car. If you completely own your vehicle (i.e. have cleared all vehicle payment dues or are up-to-date on them) you can take measures to avoid the lenders repossessing your car. In case you lag on your car payments you will have to come up with a [...]

2019-05-06T09:27:33+00:00