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What is Contingent, Disputed or Unliquidated Bankruptcy?
Bankruptcy filing involves the submission of accurate information in order to ensure the process is fair and transparent. The information submitted plays a very vital role in the bankruptcy court decision making.

The common focus of information can be listed as follows-
- What is the amount of money do you make from all your consistent sources?
- How much dues do you have pending?
- What are the different assets/properties owned by you?
- What is your monthly expenditure budget?
- Was there any transfer of asset recently?
These are some critical questions which are to be addressed before filing for bankruptcy. There has to be some issue with respect to the lender claims for the court to resolve. Either the claim should be disputed, unliquidated or contingent in order for the court to continue with the proceedings of the case. In straightforward bankruptcy cases, the case is about the amount due. For instance, if you haven’t been keeping up with the car mortgage payments, the net due will be the focus amount in straightforward cases. Learn how you can save your car even while filing for bankruptcy by logging on to Recovery Law Group now.

When realizing the claim amount is complicated

Not all bankruptcy cases can be simple to equate is so easily. They might involve some tedious bits of calculation, estimation, and paperwork. This can happen if the bankruptcy filer has any of the following claims-
- Contingent claim
If the claim due depends on a particular event, circumstance or future action, it is referred to as a contingent claim. It can be very difficult to consider the amount of liability or benefit one can realize from a contingent claim. It is also very difficult to judge if it should be considered as an asset or a liability depending on circumstances during the bankruptcy procedure.
- Unliquidated Claim
If the dues cannot be substantiated to a clear number, it can be referred to as an unliquidated claim. In this case, the debt exists but it is difficult to arrive at the exact dollar amount of the debt. This is very commonly seen with respect to lawsuits where compensation varies and there is no possible way out to make a provision or estimate for the amount of liability or benefit.
- Disputed Claim
The case of a disputed claim is not determinable as there is a conflict between the lender and the debtor with respect to the amount due. This is commonly seen with respect to IRS or some government agencies. For instance, you filed a tax return and as per IRS you owe $10,000 but you think you owe only $5,000. This is a disputed claim and it might well be $5,000 if you file an amended return and justify your thinking to IRS. IT might well be $10,000 if you fail to prove your $5,000 liability point. When filing bankruptcy, you shall disclose the actual lien and not the amount you personally think you owe for the purposes of accurate reporting.

Listing claims and pay off of claims

It is important to list all types of claims when filing for bankruptcy in Los Angeles. Any omission can prove to penalize as it is undue manipulating of the bankruptcy court. Also, you might end up losing on the opportunity of getting a claim discharged or released. Paying off claims when filing bankruptcy works in a set procedure. The steps can be illustrated as follows-
1. The bankruptcy trustee appointed by the bankruptcy court first sends out a notice to all lenders alerting them about an ‘asset case’
2. The lenders need to file a proof of claim before a pre-defined deadline in order to recover their debts from the proceeds
3. The bankruptcy trustee shall release the proceeds as per the priority defined/arrived based on different parameters and circumstances. The proceeds are released only after verifying the proof of claim documents
No matter what the circumstances are, there is always an easy way out if professional advice and help are around. It is just a matter of a few digits away from you. So, why complicate more just dial 888-297-6203 to uncomplicate your finances now!
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July 23, 2019
What Happens to Retirement Plans in Bankruptcy?
When you file for bankruptcy, certain assets are protected under exemptions. Apart from the equity in the home, a vehicle, and household necessities, your pension and retirement funds are included in such exemptions. However, there are limitations attached to them too, inform experienced bankruptcy lawyers of Dallas based firm Recovery Law Group . It is important to know the rules prior to a bankruptcy filing.

After overhauling of bankruptcy laws by the Congress in 2005, nearly all ERISA-qualified retirement accounts and pension plan funds are protected from collection action of creditors, with some exceptions. In the case of Chapter 7 bankruptcy, liquidation of non-exempt property takes place. However, retirement funds are protected by Congress and state exemptions; while in Chapter 13, balance in your retirement account does not affect your monthly repayment plan to pay back creditors over a 3 to 5-year period.

In the case of ERISA-qualified pension plans, the exemption amount is unlimited. This includes 401(k), 403(b), IRAs (Roth, SEP, and SIMPLE), profit-sharing plans, Keoghs, money purchase plans, and defined-benefit plans. However, it is important to note that since most general savings accounts, stock options and investment accounts are not ERISA-qualified, they are not protected. Some states do offer exemptions to protect bank and investment accounts, but the limit is capped ($300 in some cases). any unprotected or non-exempt property is used to pay creditors in both Chapter 7 and Chapter 13 bankruptcy cases.

IRA limitations

In the case of both traditional and Roth IRAs, the amount exempted is $1,362,800 per person. In case the collective balance of all your retirement accounts exceeds the said amount, the excess is used to pay off creditors when you file for bankruptcy. This amount is adjusted every three years to factor rising cost of living. Since the latest adjustment occurred on April 1, 2019, the next is scheduled in the year 2022.

It is also important to know that any retirement benefits you get are not exempted during bankruptcy. In the case of Chapter 7 bankruptcy Dallas, you need to qualify the means test. Any monthly payment from your pension or retirement account will be considered as income and might play an important role in your (dis)qualifying the means test. Though the retirement benefits cannot be touched by the bankruptcy court, it could, however, take any amount which is above that required for monthly expenses and pay it to your creditors. In the case of Chapter 13 bankruptcy, your retirement income determines the portion of unsecured debts you get to repay during your repayment plan.

It is important to know what happens to the retirement funds when you file for bankruptcy. People who are living off their retirement funds are judgment proof and don’t need to file for bankruptcy. For more details about how bankruptcy works, call 888-297-6023 and speak with experienced bankruptcy attorneys.
*Are you more than 60 days past due on your mortgage?
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*Do you own a home?
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Are you currently working?
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By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
What Happens in a Chapter 13 Confirmation Hearing?
Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan.

Who can object to the repayment plan?

30 days after the filing of bankruptcy papers, a meeting of creditors (known as 341 meetings) takes place. In this, all interested parties (debtor, his/her attorney, bankruptcy trustee, and creditors) participate and discuss the proposed repayment plan. They can review the said plan and even file an objection to it (which is followed up in the confirmation hearing).

The bankruptcy trustee needs to review the plan to check for compliance with bankruptcy laws. Apart from this, they are also required to check your income and expense documents to determine that the creditors are getting adequate repayment. In case you are paying less (than you can afford) to your creditors or your plan is not economically feasible, the bankruptcy trustee can object to the plan.

Though automatic stay prevents all collection actions, it doesn’t necessarily put an end to the misfortune of the debtor. In case a creditor is dissatisfied with your plan, they can object to anything including bankruptcy trustee’s proposed action, any claim filed by the debtor or the position taken by the judge. Some common reasons for objections in a bankruptcy case include –
- Expenses claimed by the debtor on Schedule J;
- Exempted property listed by the debtor on Schedule C;
- Proposed repayment amount by the debtor;
- Bankruptcy trustee’s stance of abandoning debtor’s property instead of selling it;
- Discharging of a specific debt or an uncollectible claim filed by another creditor;
- Fees demanded by any professional appointed by the court or the debtor’s lawyer.
Type of objections to the repayment plan

Amongst the various objections raised against those against discharge against any specific debt or the general discharge hurt debtor the most.

To file for general discharge objection, the creditor or trustee needs to file adversary lawsuit within 60 days of the date of the 341 meetings. To get a discharge dismissed, they also need to prove that any of the following acts took place during or before the bankruptcy case:
- Debtor defrauded a creditor;
- Either destroyed or lost necessary records;
- Hid, transferred or destroyed property which was part of the bankruptcy estate;
- Was unable to explain the loss of an asset;
- Perjured himself/herself
In case discharge is denied, the debtor remains liable for the debts after the dismissal of the bankruptcy case.

Every creditor is fending for themselves in a bankruptcy case, therefore it is not uncommon to find creditors objecting to discharge of specific debts during adversary proceedings. In case a general discharge is granted, then all nonpriority unsecured debts will be discharged except for that which was objected against. This leaves the debtor’s resources available for the creditor after the end of the bankruptcy case. A certain debt may be declared non-dischargeable if:
- If you forgot to mention it in your bankruptcy papers;
- If it was due to getting property or money by fraud;
- If it was done with malicious intent;
- If it was due to embezzlement or larceny;
- If it is a case of presumptive fraud (credit card charges for luxuries within 6 months prior to bankruptcy filing).
Confirmation hearing details

The confirmation hearing can be scheduled anytime within 45 days of the 341 meetings of creditors. Objections to the plan need to be written and filed after creditors meeting. If there are no objections, a confirmation order needs to be submitted. In case there are objections to the plan, your attorney can represent and argue on your behalf (unless the judge specifically asks your presence). During the hearing, bankruptcy debtor and all objecting parties can argue about the merits of their plan. If the judge has any questions regarding the plan, they might seek clarification. Time is given by the judge to settle the matter amicably, if not, an evidentiary hearing is scheduled.

It is better to be prepared for any eventuality. Call 888-297-6023 to speak with experienced bankruptcy lawyers Dallas about how to get your bankruptcy discharged.
*Are you more than 60 days past due on your mortgage?
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*Do you own a home?
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Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
What do you understand by wildcard exemption?
Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure.

The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will be able to use the “wildcard exemption” as per the statutes and law stated of that particular state. The common items that you can safeguard generally are – furniture, clothing, crockery, and bedding. Also depending upon the state statutes, you might be able to keep either of these as well-
- Vehicle
- Jewelry
- Child and/or spousal support
- Equity in a residential home
- ERISA qualified retirement account.
However, exemptions for luxury items like boats, vacation homes, snowmobiles and the like is not permissible. Nonetheless, some states provide this benefit to its residents where they can safeguard any property or items (even under the category of unnecessary or luxury property) under a certain value/dollar as stated by the state.

For example, the state has permitted you to use the “wildcard exemption” of value $7000. You can use this to safeguard/exempt any items within the stipulated value of $7000. This can include luxury items as well but must be under the stipulated amount. For instance – your golf club, sauna, a piece of jewelry- all summed up under the authorized value of $700 and must not exceed the value at any cost.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
What Do You Understand by Disposable Income?
Many people find bankruptcy a great way out of spiraling debts. Consulting a bankruptcy attorney to find out which bankruptcy chapter suits your condition the best is important. However, people come across the term ‘disposable income’ too often during bankruptcy discussions and are often confused as to what it means. According to bankruptcy lawyers of Los Angeles based firm Recovery Law group, disposable income is the amount of your monthly gross income which remains after all essential bankruptcy expenses are subtracted from it.

Disposable income is important to decide which chapter of bankruptcy you qualify; Chapter 7 to get a discharge of debts or Chapter 13. After claiming deductions, you can use the actual cost of certain expenses. Some of the deductions you are allowed include food and clothing, taxes, housing and utilities, life insurance, transportation costs, involuntary payroll deductions, spousal and child support, healthcare costs, education costs, etc. Determination of disposable income is done using forms which depend on the chapter under which you intend to file bankruptcy.

Chapter 7 bankruptcy requires you to pass a means test. You need to complete the Chapter 7 Means Test Calculation form in this case. You find your disposable monthly income by deducting allowed expenses and multiply the amount by 60 months. In case the figure exceeds the maximum amount allowed (mentioned on the form) then you can’t qualify for the discharge. Also, if your disposable income can pay 25% or more of your unsecured debts like credit card and medical bills and personal loans, you will be able to qualify for this chapter of bankruptcy.

Chapter 13 bankruptcy requires you to file Chapter 13 Calculation of Your Disposable Income form. The monthly disposable income is calculated after deducting expenses. This amount is used to pay off your unsecured nonpriority debts every month for 3 to 5-years as per the repayment plan.

Since every case is different, it is important to find out which chapter of bankruptcy you qualify for. This can be done by consulting with expert bankruptcy attorneys. In case you would like to discuss your case, call at 888-297-6023.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
What are the Homestead Exemptions in Your State?
People under huge debts are often unaware of whether they can protect their house or any other asset when they file for bankruptcy. Most states allow Chapter 7 bankruptcy filers to protect some or all equity in their home. This is termed as a homestead exemption. This exemption is also available in the case of Chapter 13 too. As per Los Angeles based bankruptcy law firm Recovery Law Group if you are able to get all or most of your home equity exempted, this lowers the minimum amount you need to pay your unsecured creditors. This makes your repayment plan considerably affordable. However, the homestead exemptions vary in each state. Few examples include:
- Some states allow exemptions of all home equity, irrespective of the size of the home; while others protect only a small amount of equity.
- Few states allow married couples (who are filing for bankruptcy jointly) to double the homestead exemptions.
- Some states require debtors to file homestead declaration if they wish to take advantage of homestead exemptions in bankruptcy.
- Most states allow you to use the state homestead exemption, while a few allow you the choice between federal and state homestead exemption.
If you wish to know more about the homestead exemption in your state, it is important to consult an experienced bankruptcy attorney. Call 888-297-6023 to discuss your case and get to know what type of property and to which amount you can have exempted using homestead exemption.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
Trustee’s Role in Chapter 7 Bankruptcy
Bankruptcy is a great way to get rid of a huge amount of debts. People can file under chapter 7 or chapter 13. When any individual files for bankruptcy under chapter 7, a trustee is appointed by the court to oversee the proceedings of the case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee has various responsibilities including evaluating paperwork, selling of non-exempt property, etc.

What does a trustee do?

The bankruptcy trustee is appointed by the court as an independent evaluator for the case. The trustee gets paid to examine your bankruptcy papers and gets a percentage of any assets sold during the process. This is an incentive to perform their duty carefully. They need to carefully assess the property of the bankruptcy filer including any that were transferred or sold prior to a bankruptcy filing. The trustee must be fair in their dealings towards the debtor. The main duties of a bankruptcy trustee in the case of chapter 7 include:
- Reviewing bankruptcy petition
When an individual files for bankruptcy, they are expected to provide personal and financial information including their property, income, debts and other financial details. You also need to provide information justifying your claims including tax return, pay stubs and any information about your assets. The trustee needs to verify the information with independent sources as well as from the financial documents you provided. Both figures should match for a bankruptcy petition to be approved.
- Examining the documents
A 341 meeting of creditors takes place after one month of filing bankruptcy papers. This is attended by the bankruptcy trustee, debtor, his/her attorney and the creditors. In case the creditors have any questions regarding any hidden assets they might ask during this meeting. The bankruptcy trustee conducts the hearing and asks questions pertaining to the information provided by you in your bankruptcy documents. All this takes place under oath; lying would mean perjury which might result in your case being dismissed without a discharge.
- Selling of non-exempt property
The bankruptcy trustee is also responsible for selling any non-exempt assets the proceeds of which are used to pay your creditors. Chapter 7 allows debtors to keep certain property like retirement accounts, household furnishings, clothing, etc. An individual can choose from federal or state bankruptcy exemptions.
- The debtor has non-exempt property–In case you have non-exempt property, it is sold, and the amount is distributed among creditors. You need to determine what happens to your property before filing for bankruptcy as you do not have automatic right to dismiss your case.
- The debtor has no non-exempt property–In case there is no non-exempt property, creditors are not paid anything, the case is reported as “no asset” case and all unsecured debts are discharged. If any disagreement arises on exemption status of any asset between debtor and trustee, the final decision is of a bankruptcy
- Reversing dubious transfer of property
The bankruptcy trustee can overturn any preferential transfers or improper sale of any asset made before bankruptcy filing. If you transferred property to a family member or friend or paid any creditor preferably over others, then such transactions are undone by the trustee. The money reversed is distributed among all creditors. In case a creditor did not create a proper lien on your property, this can also be reversed by the trustee, and the property can be sold free and clear of the lien.

If you are contemplating bankruptcy, call at 888-297-6023 to find out more about the process.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 23, 2019
Real Property and Bankruptcy
Filing of bankruptcy requires the filer to list the real properties he/she owns or possesses. This is done to assess the seriousness of bankruptcy and various other financial aspects to resolve the issue in the best possible manner. The ownership or interest has to be disclosed in legal language which can often be tough. To learn more about world-class attorneys and some interesting bankruptcy and related topics, do check out Recovery Law Group. Owning, possessing, having an interest, etc., are different terms associated with property ownership. There can be different ways of holding a property. The most common ways can be listed as follows-
1. Fee Simple
Fee simple is a common ownership form that entitles you outright ownership rights like selling, transferring, altering, etc. Even if there is a home mortgage for a home and you have full right to sell, transfer to your future family or make alterations to it, the property ownership shall be regarded as fee simple. A fee simple type of ownership might be owned by several people or tenants jointly.
1. Life Estate
A Life Estate is basically an asset which can be used or held only during the lifetime of an individual. Basically, such an asset is exhausted with the death of the user and cannot be transferred to his/her heirs. Such an asset cannot be sold or given away too. The asset shall be passed on to another person or institution as per the Will or agreement that brought you the life estate asset. This is common amongst surviving spouses who receive assets from trusts after the death of the other spouse.
1. Future Interest
A future interest as the name suggests is a kind of benefit or an asset that is available in some time during the future. This is usually seen in case of young individuals whose parents, set up an irrevocable trust which yields assets only after a specific tenure or eligibility is attained. However, it is important to note that a promise made in a will or any such instrument that can be altered or modified later is not regarded as a future interest.
1. Contingent Interest
Contingent interest is also a future interest which has certain terms and conditions attached to it. There is an addition of some tasks or clauses that need to be accomplished in order to ascertain the asset or the benefit on offer. For instance, Jack sets aside a future interest of asset worth $10,000 if Brian marries before the age of 27 years. In this scenario, if Brian marries before age 27, he gets $10,000. If he plans to remain single, he loses the $10,000. Both Jack and Brian in this scenario are holding a contingent interest.

Details to be disclosed

While doing the paperwork related to bankruptcy, it is important to list some important information alongside the real property interest held. Some important details that should make way can be listed as follows-
- Address and type of property
- Describing the interest in property whether it is a spouse or any other family member
- The fair market value of the property
- The kind of ownership
Some other terms to learn with real property

It is always good to know some smart and commonly used legal terms. Some of them relating to real property can be listed as follows-
1. Lien Holder
Lien holder is a person who can exercise right on a property if the debtor defaults and fails to make payments consistently over a period of time. This is usually listed out in a mortgage agreement, judgment lien, or a trust deed. This is also a real property interest and should be disclosed.
1. Easement Holder
Easement Holder is basically a type of right that gives you power or authority to use the property along with another institution or an individual who is the owner of the property. This also has to make way to the official documents of bankruptcy.
1. Power of Appointment
If you have the right to transfer, sell or represent on behalf of someone else for a particular property or an asset as per a will or an agreement, it is referred to as the power of appointment. This also has to be reported while filing for bankruptcy.
1. Beneficial Interest
This type of interest is commonly seen in real estate transactions. There is a binding real estate agreement granting ownership. This gives ownership to the buyer after completing all the sale formalities. For instance, you might still own a beneficial interest for an escrow pending property.

These are some of the not so easy things digest and interpret. There are many aspects that get far more complicated and technical. To help resolve your queries better and address your problems, our team of professional, skilled and experienced attorneys in California is just a phone call away. Dial 888-297-6203 right now!
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 21, 2019
Role of Bankruptcy Exemptions in Chapter 7 & Chapter 13
When a person takes a loan from a lender or creditor and is unable to pay back, he can file Bankruptcy in the USA. Filing Bankruptcy allows the debtor some relief in paying the loans. The debtor can file Bankruptcy under Chapter 13 & Chapter 7. While the debtor files bankruptcy he is granted exemptions. The exemptions may vary depending upon the law under which the debtor has filed bankruptcy- chapter 13 or chapter 7.

Chapter 7

Under Chapter 7 the debtor can be relieved or could be asked to clear partial or small amount of unsecured debt. This depends upon the liquid assets the debtor owns. The assets that can be sold to get money are liquid assets. Assets that can generate money and give value are non-exempted assets. Assets that cannot be cashed or brings minimum to no value are exempted assets. Much of the arguments go into what assets should be exempted.

The creditor’s bill is cleared so far as the non-exempted assets can encash and the rest of the debt amount is exempted under Chapter 7. This law is mostly used by debtors with limited means to clear their unsecured debts. The debtor is thoroughly scrutinized before the court gives nod.

Chapter 13

Under chapter 13 the debtor is not completely let off the debt, but his debt amount is broken into small monthly installments. The installments depend upon the liquid assets the debtor has. The value of the liquid assets is evaluated and as per the cashed amount the debt is cut into installment packet to be paid monthly. An amount is fixed by the court to be paid by the debtor. Once he pays it as per the repayment plan, the remaining unsecured loan is discharged.

Bankruptcy exemptions

What are the assets that may come under Bankruptcy Exemptions? The debtor may fear to lose his valuable assets. However, after declaring Bankruptcy you can keep some assets. Under the Bankruptcy law, the debtor can save some of its assets. The debtor may have some assets that may have an emotional attachment to the debtor. An amount is fixed by the court that protects the assets that come under that amount. Such assets may be an old car, furniture, etc.

Wildcard exemption

The debtor who declares bankruptcy under Chapter 7 may in some cases get lucky by a wildcard exemption. This card can help the debtor save his most asset. The wildcard exemption can be applied to any of the non-exempted property of the debtor, which he can save from being sold.

Non-exempted assets

The aim of bankruptcy is to provide a debtor a new beginning free of debts. However, in no form, he can keep products like-
- Luxury cars/watches/yachts/expensive artwork and many such high-value items that can be exchanged to good money to pay off the unsecured debts.
- Jewelry can fetch a good deal of cash and hence is not exempted. However, jewellery with sentimental value like wedding/engagement ring under a certain amount can be exempted.
- Pets like a racehorse or a show dog that can be sold at a great price are non-exempted. However, pets that offer no monetary value come under Bankruptcy Exemptions.
Bankruptcy exemption in State and Federal laws

A state may have a different list of exempted items than Federal law. A debtor must either follow State or Federal law. Some States can be liberal and allow the debtor to choose between the State or Federal law of exemption. However, some states may have a mandatory rule to employ the State rule. The debtor must stay in a state for minimum of 2 years to qualify for the State Law.

Non-Bankruptcy exemptions in Federal law

The Federal law has designed a set of federal exemptions that come under non-bankruptcy law. The debtor can enjoy this benefit and save his assets, as this law works around the similar ground as bankruptcy exemption law. However, he can only entertain Federal non-bankruptcy law, if he is employing the State’s Bankruptcy exemption law. In no way, the debtor can entertain both Federal Bankruptcy exemption law and Federal non-bankruptcy law.

The bankruptcy exemption rule is employed to help the debtors lead respectable life after declaring bankruptcy. In no way, the debtor must think of manipulating the law to save his valuable liquid assets and getting through without clearing his unsecured loans.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

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July 21, 2019
Mortgage Foreclosure in California
It takes significant effort and hard work to be able to afford a home mortgage in California. The news across Roseville which is about loan foreclosing is very saddening. The thought of losing home can be worrying for anyone. Residents despite several efforts are not being able to safeguard their home due to mortgage foreclosure in Roseville, California. To know more about mortgage, secured/unsecured loans and other important financial aspects, log on to Recovery Law Group for complete a to z knowledge.

Types of home mortgage and lien

Even millionaires and billionaires have a mortgage for their homes as affording a home in California is not an easy task. Accumulating thousands of dollars at once is not at all easy. People with a home mortgage will definitely agree with that. While some people take up a higher percentage of home mortgage and a lower percentage of down payment, the rich ones might just opt for the reverse if they have liquid funds in their hands. The second method to avail home loan is to buy offering equity in the home after the purchase of the home. No matter if you choose the first one or the second one, there is bound to be a lien for the lender/creditor on your home. Lien is a right to liquidate or acquire the asset in case the debtor has defaulted or is not even in a position to pay off the debts.

Types of foreclosures

If the debtor fails to make timely advances to the home mortgage lender, the lender has the authority to foreclose the mortgage loan. Foreclosure results in selling of home and clearing of dues for the lender. There are basically two types of foreclosures commonly seen in case of a home mortgage-
- Judicial Foreclosure
As the name suggests, judicial foreclosure refers to a judicial clause being implemented. Every home mortgage has an agreement and power-of-sale clause attached in the trust deed document. This is activated when the debtor defaults on multiple payments. The court-appointed trustee usually sells the home and facilitates the proceeds of the home to the lender.
- Nonjudicial foreclosure
Nonjudicial foreclosure is an out of court sort of settlement which is the desired one by most lenders as it is less costly and quicker. The lender usually takes over the home and either use it or auctions it to get his/her debt recovered.

How to prevent unauthorized nonjudicial foreclosure?

The nonjudicial foreclosures are being forced upon the Roseville home residents is really shocking. Most residents do not know their rights and are being tricked into quick foreclosures and auctions of their residence. In order to better equip you, we shed some light on your rights if the lender tries to foreclose your home mortgage nonjudicially-
- Firstly, the lender cannot simply initiate foreclosure, he has to connect with the resident, discuss and evaluate his/her financial situation
- Even after the first step, the lender has to wait for at least 30 days, to begin with the process of foreclosure. During these 30 days, you can consult an attorney, decide on viable ways to address the situation, negotiate and find a solution to protect your home.
- Also, if your home mortgage agreement is void of any power-of-sale clause, the lender then has to consider the judicial foreclosure option only as the nonjudicial foreclosure can be illegal.
Judicial foreclosure is pretty uncommon in states like California due to the high cost of litigation, time and fees. However, judicial foreclosure can prove beneficial in 2 ways for the resident debtor. Those ways can be listed as follows-
1. The debtor or home resident has the option to repurchase the home during the auction.
2. The California state regulations allow also make way for a repurchase of the sold home from the successful bidder up to a time frame of one year.
There are several other rules and laws that when considered can prove beneficial for a debtor or a lender in different ways. A qualified attorney can certainly be of great help!

Bankruptcy and home mortgage

Under most circumstances, a home can be preserved when filing a bankruptcy. It can be even more so in the case of Chapter 13 bankruptcy. By use of tactical exemptions, one can also prevent home mortgage under Chapter 7 bankruptcy California too. You just need the right advice to safeguard your residence from foreclosure. It isn’t far away either. Dial 888-297-6203.
*Are you more than 60 days past due on your mortgage?
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*Do you own a home?
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By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
July 20, 2019