legal

Call: 888-297-6203 Different bankruptcy chapters offer various benefits depending on whether an individual or a company is filing for it. According to lawyers of Los Angeles law firm (https://www.recoverylawgroup.com/bankruptcy/), a business that is unable to generate an income, can file under chapter 7 to shut it down. Similarly, for people with minimum property and low income to repay debts can also file under this chapter. Chapter 7 is known as liquidation bankruptcy since the trustees can sell any non-exempt property of the company or individual to repay unsecured creditors. However, certain assets are protected through state and federal [...]

Call: 888-297-6203 For people struggling to pay their debts due to financial problems, chapter 11 and chapter 13 are the two best options for reorganizing the debts. According to lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/), chapter 13 is generally for people who wish to keep non-exempt property. Chapter 11 is for businesses and individuals with debts more than chapter 13 limits. Businesses cannot file under chapter 13 and it is usually preferred by individuals and sole proprietors. Chapter 11 bankruptcy Chapter 11 is available for both individual filers and businesses. Debtors can reorganize their finances and keep [...]

Call: 888-297-6203 While filing for Chapter 7 bankruptcy, you can protect some equity in your vehicle (car, van, truck, motorcycle, etc.) through vehicle exemption. If there is enough equity, you might be able to keep your car even after the bankruptcy filing. This is possible through the motor vehicle exemption that is available in both state and federal bankruptcy law. According to motor vehicle exemption, bankruptcy filers are allowed certain equity in the motor vehicle when they file for chapter 7 bankruptcy. While some states allow you to choose between state and federal exemptions, there are others that [...]