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All You Need to Know About Chapter 13 Bankruptcy

Chapter 13 is a code which allows you to repay debts as per a payment plan over the next 36-60 months. The payment plan focuses on retaining assets and debt pay off from disposable income. Chapter 13 can be advantageous, but you need to know many things about the same. The in-depth details about Chapter 13 will be discussed shortly. Eligibility Chapter 13 bankruptcy has some eligibility criteria just like other criterions. Firstly, there is a debt threshold for secured and unsecured debt. You might want to know about the threshold at Recovery Law Group. If you exceed [...]

2019-07-16T12:25:16+00:00
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Student Loan Debt Discharge and Bankruptcy

Student loans and debt in the USA are shaping into an enormous cloud that is surpassing the credit card debt with a wide leap. Credit card debt scores around $680 million while student debt touches far above the $ 1 Trillion mark. The fingers are pointed towards the slowdown in the job market since 2008. The newly grads struggle for jobs and are not able to secure one hindering them to clear the debt. They can in other cases of debt, surrender, but the student loan cannot be diffused, and the students must pay without refute. Circumstances when [...]

2019-07-16T12:25:27+00:00
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How Much Debt is Too Much For Chapter 7 Bankruptcy?

Debt does not need any reason to pile up. One missed payment followed by another and the debt just keeps piling without your knowledge. Having too much debt is a scary thing, but sometimes, one might just land there without choice. Bankruptcy, however, can help you kickstart your life once more instead of facing undue harassment from the lenders and dissolving all your assets, it is one of the better options. Most people use bankruptcy to start fresh amongst a pile of debt that probably would not be released even after several years of hardship. How much debt [...]

2019-07-16T09:48:13+00:00
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Embezzlement Debts During Bankruptcy

Embezzlement refers to liability occurring from criminal, fraud, litigation and other malpractice. The jury or court usually orders an individual to pay fines or compensation or penalty based on the crime or law/code violation. This kind of debt is referred to as embezzlement debt. The common doubt or question people have is; Will the embezzlement debt be discharged during bankruptcy? It is important to learn that the type of debts held by the person filing bankruptcy is usually arranged on the basis of priority to determine the discharge or release ability. In the array or order, the embezzlement [...]

2019-07-12T12:37:06+00:00
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Social Security Benefits Retention and Bankruptcy

The retired citizens of the USA can enjoy the benefits of social security fund, although it may be a meager sum. Social security funds are a fixed amount that the USA Government obliges its citizens to enjoy after retirement. The social security fund is managed by taxes paid by the citizens. Social security fund is a fixed amount a retired citizen receives every month throughout their life after retirement.  This amount may be substantial, but it is of great help to people who are retired and helpless. Being an old retired person, with no secure income, any amount [...]

2019-07-16T09:48:25+00:00
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Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

The bankruptcy procedure does not start a local state court. Instead, the official bankruptcy papers are usually presented to the clerk at the Federal court. This is because bankruptcy is a federal process and is governed by the Federal rules for bankruptcy. The law allowing the use of Chapters 7 and 13 is as per the bankruptcy code. The Federal laws for bankruptcy procedure act as a guide to the courts to implement the bankruptcy law. What does the bankruptcy code consist of? Bankruptcy code can define the following- Eligibility to file a bankruptcy case, answers for who [...]

2019-07-16T09:48:35+00:00
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Is it Possible to get rid of Tax Debts in Bankruptcy?

Filing for bankruptcy, especially under chapter 7, can help get rid of several unsecured debts like credit card bills, medical bills, etc. However, certain debts like government taxes, or money owed to IRS or state of California, may or may not be discharged during bankruptcy. It is important to seek legal counsel, suggest Los Angeles based bankruptcy law firm Recovery Law Group to know more about this matter. To get your state and federal taxes discharged during Chapter 7 bankruptcy, you need to clear certain hurdles. More than three years have passed from your tax due date. It [...]

2019-07-16T09:48:53+00:00
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Filed for Bankruptcy but don’t know where the Los Angeles Bankruptcy Courts are? This will help you.

Many times, people file for bankruptcy to avoid extreme financial issues, like excessive debt. However, many people are clueless regarding the procedure as well as the location of bankruptcy courts. If you are a resident of Los Angeles and are considering filing for bankruptcy but don't have any idea where a court hearing or meeting of creditors will take place, you are in luck. Bankruptcy cases in Los Angeles are filed with U.S. bankruptcy court for the central district of California. The L.A. division takes care of entire Los Angeles County while other districts have separate courthouses. To [...]

2019-07-16T09:49:06+00:00
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Decoding the four Bankruptcy Chapters

Bankruptcy is a challenging period and there are certain legal and ethical obligations during this period. To standardize the process and to ensure a fair system for all parties involved, there are some predefined codes or chapters that allow for simpler decision making and fair justice. The four chapters in focus today are suitable for businesses as well as individuals. Each chapter can be explained with their application as follows- Chapter 13 Chapter 13 is a bankruptcy code that is specifically designed for individuals or families. The businesses or the sole proprietors shall not be eligible to file [...]

2019-07-12T12:37:19+00:00
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Can you Risk Filing for Bankruptcy Pro se?

People struggling with debts have the option of filing for bankruptcy. You can either choose to file without a lawyer (pro se) or seek assistance from bankruptcy lawyers to handle your case. As per a study by US bankruptcy court, nearly 1/4 of debtors in California file their case “pro se” which has a success rate of merely 0.04% i.e. 1 case in 2,500 filers results in a bankruptcy discharge. The court approved attorney fee for a non-business case is $4000 and that for a self-employed filer is $5000. The court filing fee for bankruptcy is $281. Though [...]

2019-07-12T12:37:30+00:00
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