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Can You Convert Your Bankruptcy Chapter?

Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, therefore, advised that [...]

2019-07-11T10:36:44+00:00
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Can Some Part of Mortgage Debt be discharged during Bankruptcy?

Bankruptcy is a sure shot way to get rid of huge financial debts. With a bankruptcy discharge, you can wipe off most unsecured debts and get a chance to have a clean financial slate to begin a fresh life. However, secured debts like mortgage and car loans are not discharged during bankruptcy; though, bankruptcy certainly helps you with mortgage debts confirm bankruptcy lawyers of Los Angeles based law firm https://bankruptcy.staging.recoverylawgroup.com/. Secured debts – Mortgages & Foreclosure A mortgage loan is a loan taken while purchasing your house. Since it is linked to a specific property, it is a [...]

2019-07-11T10:36:34+00:00
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Can Gambling Debt be addressed by Bankruptcy in California?

If you like gambling, Los Angeles offers you a large number of casinos to choose from. However, gambling can lead to the accumulation of a huge amount of debts. People often choose to get rid of their debts via bankruptcy. During bankruptcy, debts are discharged which effectively makes creditors go away as they cannot harass you to get the payment back. While bankruptcy is an excellent way to get rid of debts, it is important to know that it gets reflected on your credit report. Your bankruptcy appears for up to 10 years on your credit report which [...]

2019-07-11T10:36:25+00:00
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Can Bankruptcy Assist California Seniors?

Anyone can find themselves in debt considering that it is almost impossible to survive without credit cards. Accumulated bills including those of emergency medical charges, student loan, car loan, mortgage, etc. can pile up with time, making it almost impossible to survive without declaring bankruptcy. Senior citizens these days have a longer life expectancy which adds up to financial woes. Getting a job at their age is nearly impossible and medical bills adding to the already shooting debt leads them in a never-ending cycle of debt. This often causes them to be harassed by creditors and live with [...]

2019-07-11T10:36:12+00:00
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Are Both Spouses Supposed to File For Bankruptcy Under California Law?

 The law is clear, a spouse's debts are not reflected on another’s credit. The federal law, as well as basic legal principles, dictate that separate credit files are maintained for both the spouses so that debts of one are not reflected on another’s credit file. It is therefore not mandatory for both husband and wife to file for bankruptcy. However, there are some exceptions to the rule, like when both spouses are co-signers on a personal loan, car loan or mortgage on the house, or they share credit card(s). In case, the California means test affects your bankruptcy [...]

2019-07-11T10:36:00+00:00
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Can Damage Award Obtained from Lawsuit be at Risk in Bankruptcy?

Lawsuits are quite confusing. In case you have filed one for injustice against your employer or any other damage you sustained due to malpractice or any misfortune happening, you probably end up winning money as part of damages. What happens to this cash and your lawsuit with the potential award if you end up filing for bankruptcy? According to Dallas based bankruptcy law firm Recovery Law Group, it is important that when you file for bankruptcy, you list all your assets and debts. Any claim you have made (which may or may not have been converted into a [...]

2019-07-11T10:35:50+00:00
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Can Car Title Loan be Discharged in Bankruptcy in California?

Often in dire situations, people resort to dire measures. Taking a car title loan is a Hail Mary for borrowers as the fees and interest rate is high. But since people are generally out of options when they choose this, it doesn’t really matter. Car title loans are short-term loans which are given on a car which you own (no car loan exists on the vehicle). You need to provide your car title and a copy of your car keys to leave as security. The lender provides you money at the same time with a fixed time frame [...]

2019-07-11T10:35:40+00:00
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Are You Filing for Bankruptcy? What Happens to Your Mortgage?

Bankruptcy court acts as a shield between you and your creditors to provide you breathing space and a fresh financial start. Though the law is designed to provide respite to you, it does not do so at the cost of your creditors. You need to pay for your secured loans like mortgages. One of the best aspects of bankruptcy filing is the automatic stay which prohibits all sorts of collection actions against you. Thanks to it, your home and car cannot be foreclosed or repossessed. In case repossession is done, they have to return it. Moreover, any liens [...]

2019-07-11T10:35:27+00:00
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Know About Transferring Assets Prior to the Bankruptcy Filing in California

The bankruptcy process is devised to provide people going through a bad financial situation a fresh start. Simultaneously care is also taken that the creditors are not given a raw deal. The court wishes to be fair in its dealings and therefore does not look kindly to any kind of transfers made to any family member or friend, especially of valuable property. Such transfers particularly prior to bankruptcy filing are considered to be fraudulent in nature. When can an asset transfer be treated as fraudulent? While filing for bankruptcy, you have to keep certain things in mind; transferring [...]

2019-07-11T10:35:16+00:00
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Read the Fine Print on Credit Cards and Avoid Going Bankrupt!

Often people take debts to meet their financial requirements. These debts can be either secured ones (where a property is kept as collateral) such as a home loan or car loans; or unsecured like credit cards, etc. Since most credit card debts do not have any property which can be claimed in case you don’t pay, they can be discharged during bankruptcy. However, sometimes, some fine print on the card can make them secured without you having any knowledge of this. In such cases, these debts will not be discharged during bankruptcy. It is therefore important to be [...]

2019-06-28T12:38:31+00:00
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