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  • Bankruptcy and Bitcoin

    Bankruptcy and Bitcoin

    The value of Bitcoin that had been launched in 2009 by Satoshi Nakamoto, has shot up in its value over the years. Gone are the days that close to 10,000 bitcoins were needed to buy a Papa John’s pizza. It now trades at $6,500 and the price of each bitcoin increased to $20,000. Notwithstanding the changes in its trading value, The percentage of buyers or investors in bitcoin money has not declined. That is why we see many people all around the world, own bitcoins or other types of cryptocurrencies. Have you queried what happens to them or the bitcoins that they own when such folks encounter a financial crisis or when they file for bankruptcy?

    Though we do not have a direct answer as to how this is managed by bankruptcy courts, The law firms have a good idea as to how cryptocurrencies are treated in bankruptcy in line with bankruptcy principles. They are assets too and forward need to be disclosed while a debtor files for bankruptcy. It is also likely that Bitcoin can be exempted by bankruptcy principles and hence the borrower may get to retain them too.

    Before we delve into further details of the same, let’s first understand about Bitcoin.

    Bitcoin

    Bitcoin is one type of cryptocurrency that exists on a blockchain. Blockchain may be interpreted as a digital ledger that is shared between several computers. Since bitcoin exists anonymously and due to the design of the blockchain technology, It becomes difficult to steal the value of this cryptocurrency. Bitcoin is also known as a medium of exchange in digital transactions.

    Bitcoin in Bankruptcy

    Declaration: The foremost question of a debtor who possesses bitcoin is whether he has to list the possession while he records for bankruptcy. The answer to his question is a firm, YES and it is irrespective of whether under Chapter 7 or Chapter 13, You have to provide the court with certain information about your property and finances. Just as the other assets that are disclosed along with other financial information, Immaterial of whether there is a probability of exemption or not. Cryptocurrencies are like Bitcoin and also need to be declared.

    Anonymous existence does not entitle the cryptocurrencies to remain anonymous during a bankruptcy process. The bankruptcy trustee in the case can exercise any mechanism (inclusive of reviewing tax returns, looking through financial statements and researching public records) to discover the assets of the debtor. Do not purposely neglect the possession of bitcoin or another cryptocurrency as it is a bankruptcy fraud to do so. If convicted of this fraud, The debtor can be punished up to $250,000 and held for 20 years. A debtor can also miss the discharge in the bankruptcy process.

    State of bitcoin in bankruptcy: Since bitcoin is also the property, It becomes part of the bankruptcy estate when a debtor files for bankruptcy. The liquidation impacts can incorporate both excluded and non-absolved property. The Chapter of filing decides the property that can be treated as exempted or non-exempt. In Chapter 7 bankruptcy, Typically a “no-asset” bankruptcy, The debtor’s assets are exempted and they do not lose any section in this ordeal. If any non-exempt property is classified in Chapter 7, Later it is sold off to pay the unsecured debts.

    Chapter 13 bankruptcy works through a repayment plan that factors in the value of the non-exempt properties of the debtor. The plan is targeted to pay back creditors in a three or five-year period.

    Exemption Criteria: To further understand the exemption criteria for bitcoins that is one must know the state law and federal law exemption in the bankruptcy filing process. In states like California, There are two types of state exemptions known as 703 or 704 exemption. Bitcoin would best fit under 703 exemptions which are also the wildcard exemption and it exempts under the clause of debtor’s aggregate interest in any property. The limit is changing and depends on the other releases used in the bankruptcy.

    Miscellaneous complexities

    We only discussed the complexities linking to the legal status and the type of exceptions that bitcoins would best fit into. These are quiet areas that the bankruptcy courts are trying to address and have no definite rules until now. There are also many unknown complexities that can arise depending on the value of bitcoin controlled and related financial implications. A good bankruptcy lawyer from a renowned firm like Recovery Law Group would be able to guide a debtor with needed clarity. Stand out to this team in Los Angeles, California or Dallas, Texas for managing of cryptocurrencies in the bankruptcy processes.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

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    • Bankruptcy – An Advisable Strategic Move

      Bankruptcy – An Advisable Strategic Move

      Since the bankruptcy law overhaul in the year 2005, there has been a forecast of reduction in the number of Chapter 7 and Chapter 13 bankruptcy filings. The Federal Reserve Bank of New York in a report states that this condition could be a trend. On the other hand, it also indicates, that filing for bankruptcy is not as negative and bad as believed by the public. The lack of understanding amongst the U.S. public about the way bankruptcy works is mainly the reason for the forecast of a decline in bankruptcy filings.

      There’s more to the same report! For those people who consider that being in insolvency is better than bankruptcy, they stand to lose their retirement savings. Not only this, but their creditworthiness will also not scale up high when tests are conducted to assess them. This would land them in conditions where they are denied lines of credit from the financial institutions in the country.

      Isn’t that surprising? Yes!

      Filing for bankruptcy is seen as a strategic move by the debtor. It reflects on the capability of the debtor to address his poor economic conditions and take appropriate steps to mend it. The report recounts the fact that the debtors who have filed for bankruptcy benefit from large-purchase credit and have better accessibility towards funds.

      The misconceptions around the bankruptcy processes, that it is too difficult to handle and that it costs a lot, have been continuously propagated by the debt consolidation companies. For them, their goal is to prevent the consumers from filing bankruptcy. The debtors who fall prey to these suffer from heavy debts and are able to make very minimal monthly payments towards them.

      Seek the services of a renowned company like Recovery Law Group, who will work with you to start assessing your financial condition from the roots. They conclude on your capability towards paying off debts and will advise the course of action. They work alongside several clients in Los Angeles and Dallas regions for Chapter 7 and Chapter 13 bankruptcy cases. If you are based in one of these two cities, Recovery Law Group is just a phone call away! Call them at 888-297-6203 for an appointment!


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        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.

      • All You Needed to Know About Filing for Bankruptcy for a Second Time

        All You Needed to Know About Filing for Bankruptcy for a Second Time

        In case you have been through rough financial weather, and have previously filed for bankruptcy, you do not have to worry if you find yourself in a bad financial situation again. Though bankruptcy helps you to get a fresh start, bills can start piling up again. Getting discharge previously does not mean that you cannot file for bankruptcy again. If you find yourself in a similar situation, it is important to know whether you can file for bankruptcy again in California. According to Los Angeles based law firm Recovery Law Group , it is possible to file for consumer bankruptcy or second personal bankruptcy. However, there are various factors to consider in this situation.

        Filing for 2nd bankruptcy in California

        A bankruptcy filing is Very common in California. Many terms bankruptcy filers end up having the same problems again and have to file for bankruptcy. In case you are having problems with handling your finances, you can record for bankruptcy 2nd, 3rd or 4th time too. Each chapter of bankruptcy has a different time frame for getting debts paid. If you have to file for bankruptcy a second time, the time frame depends on which type of bankruptcy had previously been recorded and which is under consideration at present. There are 2 main types of bankruptcy support options available to consumers.

        Successive Chapter 7 Cases

        Chapter 7 bankruptcy is also known as liquidation bankruptcy. In this case, debtors who qualify for the same do not have to pay back their dischargeable debts. In case you have earlier recorded for Chapter 7 release, then you have to serve for 8 complete years before filing for another Chapter 7 bankruptcy to get a discharge. Though in theory, you can record for bankruptcy the very next day of obtaining your first Chapter 7 discharge, a second discharged won’t be allowed until eight years have passed. It needs to be put in mind that the 8 years are taken from the original date of filing and not the date of discharge.

        Successive Chapter 13 Cases

        The wage earners bankruptcy, commonly known as Chapter 13 bankruptcy, is for people with adequate financial resources and income than those filing for Chapter 7. The Chapter 13 bankruptcy filers are expected to pay back the creditors with a repayment plan in a 3-5 years’ time frame. People who have filed for Chapter 13 previously can file for the 2nd one after a span of 2 years.

        Can People File for Bankruptcy under a Different Chapter than Previous one?

        As the situation changes, your chapter for filing bankruptcy can also change. The time frame for filing for bankruptcy under a chapter different than the previous one varies.

        • Chapter 7 bankruptcy followed by Chapter 13 bankruptcy: In this case, debtors need to file after 4 years from the original filing date of a successful Chapter 7 bankruptcy to be eligible for discharge under Chapter 13 in the 2nd
        • Chapter 13 bankruptcy followed by Chapter 7 bankruptcy: In this particular case, consumers need to wait 6 years from the original filing date (in a discharged Chapter 13 case) to file for a chapter 7 discharge. An exception, however, may be granted if 70% of Chapter 13 repayment plan has been satisfactorily met.

        Facts to Remember About Second Bankruptcy

        Just like 1st bankruptcies, 2nd bankruptcies too are public record and remain on credit reports for a period of 10 years. Depending on which bankruptcies you have filed, you will have two bankruptcies on your credit report simultaneously. However, credit score after bankruptcy improves post discharge as you make efforts to improve your finances by paying your dues on time. Before filing for bankruptcy in California, you need to follow various steps including mandatory credit counselling. Though bankruptcy filing might be a tough decision, yet it is a necessary one to make if you wish to recover from serious financial problems. Ignoring the debts is never a good option as it may lead to legal ramifications. However, life after bankruptcy can be much better as you get a chance to build your credit report. Consulting a qualified bankruptcy attorney is important in this case.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          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.

        • Why Do You Need Legal Guidance for Filing Chapter 7 Bankruptcy in Los Angeles?

          Why Do You Need Legal Guidance for Filing Chapter 7 Bankruptcy in Los Angeles?

          Sometimes, debt reorganization, repayment plans, etc. are not enough to get rid of the overwhelming debt accumulated by people. For such individuals, Chapter 7 bankruptcy is the only solution available. This type of bankruptcy is also known as liquidation bankruptcy, wherein the non-exempt property of the individual is sold off and the money so generated is distributed among creditors. After this, lawyers of Los Angeles based law firm Recovery Law Group clarify that any remaining debts are discharged.

          Considering the complexity of cases, it is vital that you consult adept bankruptcy lawyers to help you out in Chapter 7 bankruptcy filing. Many times, clients do not have any non-exempt assets, i.e. they get to keep all their property/assets. The primary task of a bankruptcy attorney is to evaluate the debt, assets, as well as income of the debtor to find out whether Chapter 7 is indeed the best debt relief solution for them or they, should opt for Chapter 11 bankruptcy. Not every debtor can file for Chapter 7 bankruptcy as they are required to qualify a means test. In this test, the income of the debtor is assessed. In case it is below the state median, they can file for Chapter 7 bankruptcy. If it is above the mean income in the state, they need to undergo credit counseling with an approved agency.

          What Happens If You Qualify for Chapter 7 Bankruptcy?

          If you are able to qualify the means test for Chapter 7, bankruptcy lawyers guide you through the entire process. In this particular bankruptcy, a court-appointed trustee gathers all non-exempt assets of the debtor and sells it. In the state of California, 2 sets of exemptions are available; California Code of Civil Procedure Sections 703 & 704. At a time, the debtor can choose from either of the two sets in his/ her bankruptcy case. Taking the help of your attorney can provide you the necessary guidance.

          Different assets that are exempted, either entirely or in part are listed below:

          • Tools of trade
          • Insurance policies
          • Clothes and personal effects
          • Jewelry
          • Vehicle equity
          • Homestead equity
          • Ordinary household goods (appliances, furniture, )
          • Retirement plans
          • Worker compensation or any income generated from a personal injury claim
          • Other assets

          Any assets apart from those listed above can be sold by the trustee and payments made to creditors as per the Bankruptcy Code. Any debt that remains after the liquidation of asset is discharged. However, it is important to remember that certain debts cannot be discharged. These include:

          • Some Government taxes
          • Spousal and child support
          • Few Education loans
          • Some criminal restitution debts
          • Certain personal injury debts

          Chapter 7 bankruptcy is an intricate process, however, with a skilled bankruptcy attorney by your side can make things relatively easy. The bankruptcy lawyers are adept at handling cases and can help you keep maximum assets, with bare minimum going for liquidation. Many times, debtors can keep all their assets while receiving a discharge simultaneously. It is important to have an honest conversation with your lawyer regarding your financial situation so that they can help devise legal ways for you to get a fresh start. Chapter 7 bankruptcy can be an excellent way to get rid of your debt problems and stop foreclosure, repossession, wage garnishment, bank levies as well as threatening phone calls from creditors.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            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.

          • What to Expect While working with a Bankruptcy Attorney?

            What to Expect While working with a Bankruptcy Attorney?

            Financial issues can be quite demanding and confusing at the same time. Though the law does not require that you be represented by a lawyer while filing for bankruptcy, it is often advised to do so. The reason for this is that bankruptcy petition filing or a 341 hearing is much more complex than just filling out a few forms. There is a lot more that a bankruptcy lawyer can help you with. Here’s looking at some of the advantages that having a bankruptcy lawyer brings to the case:

            • Help determine which chapter of bankruptcy will suit your individual circumstances best.
            • Assessing your financial condition to determine whether you can pass the means test in the case of Chapter 7 bankruptcy.
            • Ensuring that your exempted property is protected.
            • Keeping sure that you haven’t waived off any rights involuntarily.
            • Assessing which debts should be disputed.
            • Determining any possible claims against creditors.
            • Making you aware of your options with respect to secured debts and any non-exempt property.
            • Taking care of communicating every detail of the proceedings to your creditors.
            • Help prepare you as well as accompany you to meetings with creditors.
            • Any objection filed to your bankruptcy by creditors is represented and handled by them.
            • They file a motion for relief from the automatic stay and any other similar pleadings by creditors.
            • They help enforce your discharge order so that you are able to enjoy full benefits for a fresh start.

            Considering the various advantages that having a bankruptcy attorney can have on your case, it is important that you make a wise decision regarding this. Many times, cases filed without an attorney are more likely to be dismissed due to lack of proper documentation or any other reason. Instead of cutting corners at such a time, when you are financially struggling, you must consult with the best to get out of this sticky wicket.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              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.

            • What is The Difference between Chapter 7 and Chapter 13 Bankruptcy?

              What is The Difference between Chapter 7 and Chapter 13 Bankruptcy?

              Falling behind on payments can have drastic results. You are almost never able to come out of the vicious cycle of dues and payments. Bankruptcy can help you come out of grave financial situations. However, it can be quite confusing as there are a number of chapters under which individuals or organizations can file for bankruptcy. It is therefore important to consult a bankruptcy attorney to help you, who can guide which chapter will provide you better options. Bankruptcy lawyers, such as those of Los Angeles based law firm Recovery Law Group can help you understand the difference between Chapter 13 and Chapter 7 bankruptcy.

              Advantages of Chapter 7

              This type of bankruptcy is known as straight bankruptcy and helps in discharging of any unsecured debts. The benefits include –

              • All unsecured debt including credit card bills, utility bills, medical bills or personal loans and any advances on pay-cheques are eliminated.
              • You are able to get a faster discharge (between 3-4 months) from the bankruptcy
              • You are able to keep your assets as per state exemption laws.
              • You can avoid monthly payments as your debts are discharged.

              Considering the advantages of Chapter 7 bankruptcy, you can consult a bankruptcy attorney and weigh the pros and cons before filing under it.

              Advantages of Chapter 13

              In this type of bankruptcy, your debts are consolidated and restructured so that you can make monthly payments over a 3-5 year period.

              • All secured and unsecured debt is consolidated.
              • You can delay as well as avoid foreclosure.
              • Creditor harassment is stopped.
              • Co-signers of any debt are protected.
              • You get a chance to show your creditors that you can make timely payments.

              These monthly payments to bankruptcy trustee go a long way in rebuilding your credit. Any unsecured debts remaining after repayment plan are discharged.

              It is important to consult adept bankruptcy lawyers to understand the difference between different bankruptcy chapters as well as finding out the one which is best suited to your situation.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                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.

              • What you need to know about Chapter 7 and Chapter 13 bankruptcy

                What you need to know about Chapter 7 and Chapter 13 bankruptcy

                Infection, divorce, foreclosure, and process loss—nearly every person will revel in this sort of problems in some unspecified time in the future for the duration of their lifetime, or even several right away. if you’ve ever found yourself in this sort of state of affairs—or are in it now—you then realize that debt can pile up fast, fast putting a person or circle of relatives in a challenging monetary function. without a protection internet, it’d be tough for many to get a return on their ft.

                Bankruptcy affords a solution by using giving people saddled with good sized debt the possibility to get out from beneath it even as treating creditors in a fair manner. once whole, a debtor (the man or woman filing for financial disaster) will frequently describe the comfort that comes with an easy financial plate as a “clean start.” They get to begin over without the looming burden of unpaid payments.

                For the most element, financial disaster falls into certainly one of two kinds—liquidation or reorganization.

                Chapter 7 bankruptcy – In alternate for wiping out qualifying debt, you ought to agree that the trustee can take and liquidate (promote) a number of property to pay returned debt. but, you could hold (exempt) assets included underneath nation regulation.

                Chapter 13 bankruptcy. – Chapter 13 financial disaster reorganizes debt for high-profits earning people (even though it is to be had to others, too). even though you can hold all of your property, you ought to pay lenders the value of any nonexempt property as part of a three- to 5-12 months bankruptcy 13 bankruptcy price plan as well as any extra discretionary earnings (as decided via the financial disaster policies).

                 

                Chapter 7 Bankruptcy

                In a bankruptcy 7 case—the type of financial disaster most often related to a sparkling begin—the debtor receives specific money owed—together with credit card balances, scientific bills, and personal loans—wiped out in a streamlined process without paying right into a month-to-month reimbursement plan.

                In exchange, the debtor consents that the bankruptcy trustee—the person accountable for overseeing the case—can sell sure property, referred to as nonexempt belongings. The trustee then distributes the sales proceeds to lenders in step with a priority rating system.

                A debtor doesn’t need to give up all assets, however. You’ll be able to exempt (keep) the things essential to maintain running and retaining a home, together with household fixtures, clothing and a small quantity of equity in a vehicle. Many filers can maintain all in their assets. each kingdom decides what its citizens can preserve.

                A chapter 7 bankruptcy gained discharge all debt, however. some debt—known as nondischargeable debt—stays with you even after bankruptcy (and in the end, until you pay it off). Examples of nondischargeable debt include:

                • home help obligations, which include infant and spousal support
                • profits taxes incurred inside the closing 3 years (and once in a while older taxes, too)
                • harm or wrongful demise awards stemming from working a vehicle whilst intoxicated, and
                • student loan debt (unless you could display that it might be unfair to require reimbursement).

                Each individual (customers) and agencies can report for bankruptcy 7 financial ruin. A bankruptcy 7 bankruptcy generally lasts 4 to six months.

                Important Aspects of Chapter 7 Bankruptcy

                Here are some of the key points you’ll want to remember.

                Eligibility. Not anyone can record and get hold of a discharge underneath this bankruptcy. for instance, if a maximum of your debts are purchaser money owed (in place of enterprise financial ruin debt), and your disposable income is enough to fund a bankruptcy thirteen repayment plan after subtracting sure allowed fees, you may not be allowed to apply chapter 7 financial ruin. You’re additionally constrained to discharge every 8 years. For extra in this and other necessities, see chapter 7 bankruptcy — Who Can record?

                Property. You’ll be able to exempt the vital property needed to work and keep a domestic inclusive of garments, some fairness in a automobile, and family furniture. Many borrowers who record for chapter 7 bankruptcy discover that all of their belongings is exempt underneath relevant country exemption laws (and on occasion federal exemption legal guidelines). To examine extra, see financial ruin Exemptions in chapter 7.

                Secured debt. If you owe money on a secured debt, along with a loan or car mortgage, you’ll have a preference of permitting the creditor to repossess the property (and discharge the debt) or, in case you’re modern on your bills, keeping the belongings and persevering with to make your payments under the agreement.

                Nondischargeable consumer debt. Financial disaster works well to put off many debts owed through people, consisting of credit card balances, scientific payments, and personal loans. but, some debt, consisting of home guide responsibilities and modern-day earnings tax payments, can’t be wiped out in bankruptcy. For more facts, see What financial disaster Can and cannot Do.

                Nondischargeable business debt. Bankruptcy doesn’t wipe out debt owed by way of a commercial enterprise. It’s rare for a enterprise (apart from a sole proprietorship) to document for chapter 7 bankruptcy because in most cases, more green approaches to wind down the commercial enterprise exist. This chapter works properly whilst the proprietors need the bankruptcy trustee to sell and distribute assets to lenders in a transparent manner. but, there are several ways owners can locate themselves individually chargeable for the commercial enterprise debt. contact an attorney in case you’re thinking about submitting a commercial enterprise financial ruin.

                Chapter 13 Bankruptcy

                In Chapter 13 bankruptcy, or “wage earner” bankruptcy, you ought to have a reliable supply of profits to pay off some portion of your debt.

                Repayment. You’ll endorse a repayment plan that details how you are going to pay returned your money owed over 3 to 5 years. The minimum quantity you’ll should pay off relies upon on how much you earn, how a great deal you owe, and the cost of your nonexempt assets. See The bankruptcy thirteen reimbursement Plan for in-intensity facts.

                Debt limits. You can’t have greater than $1,257,850 in secured debt and $419,275 in unsecured debt (as of April 2019).

                Mortgage and car payment arrearages. Many human beings use the chapter 13 bankruptcy compensation plan to capture up on late residence and vehicle payments and keep away from repossession or foreclosure. For greater facts, go to your private home and loan in bankruptcy thirteen financial disaster and decreasing Loans and Non-Residential Mortgages in chapter 13 financial ruin.

                Other Types of Reorganization Bankruptcy

                Further to bankruptcy thirteen bankruptcy, there are  other kinds of reorganization financial ruin: Chapter 11 and Chapter 12.

                 Chapter 11 bankruptcy. Chapter 11 financial ruin is generally used by financially struggling businesses to reorganize their affairs. it is also to be had to people whose debt exceeds bankruptcy 13 thresholds. in case you are considering bankruptcy 11 bankruptcy, you’ll want to talk to a attorney.

                Chapter 12 bankruptcy. Chapter 12 is similar to bankruptcy 13 bankruptcy. but to be eligible for bankruptcy 12 financial disaster, as a minimum eighty% of your debts need to rise up from the operation of a family farm or fishery. in case you’re interested in this financial disaster type, you need to talk over with a lawyer.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  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.

                • What Happens in Free Case Evaluation?

                  What Happens in Free Case Evaluation?

                  Living under constant threat of repossession or foreclosure is terrifying. There is no denying the fact that being under debt can hurt not just financially but also emotionally. In case you are undergoing troubled times where you are constantly at the edge due to insurmountable financial debt, working tirelessly to bridge the never-ending gap between needs and dues; you need to take control to attain financial freedom at the earliest. Consulting a bankruptcy lawyer can make you aware of any and all possible options open for you.

                  Can Bankruptcy be the Answer to Your Problems?

                  Many people with a large number of unsecured debts like credit cards or medical bills and unsecured loans etc. can take the help of Chapter 7 bankruptcy which helps wipe the slate clean and provides with a fresh start. To qualify for this type of bankruptcy, you need to pass the means test. For people who have higher incomes, lot of secured debts as well as significant assets, Chapter 13 can be ideal. In either case, you can get control of your life and also put money aside for children’s education, your retirement fund, etc. while simultaneously building your credit again. A bankruptcy consultation vis-à-vis your particular case can help you determine the next step.

                  Bankruptcy Myths can be Misconceptions

                  Many people who find themselves at their wit’s end while trying to manage huge debts are often victims of bankruptcy myths. There are many misconceptions surrounding bankruptcy such as you can lose all your property and belongings when filing for bankruptcy, or that your credit rating is such that you will never be able to get another credit line, buy any property once you file for bankruptcy. It will be surprising for people to know that many people who file for bankruptcy are able to keep all of their property. They are also able to get a fresh start with new credit cards to build their credit. They can even finance their home in a couple of years after discharge. Talking to a bankruptcy attorney will dispel all your bankruptcy related myths and get a clearer picture.


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    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.

                  • What Factors Should You Consider Before Choosing Bankruptcy Attorney in Los Angeles?

                    What Factors Should You Consider Before Choosing Bankruptcy Attorney in Los Angeles?

                    More often than not, bankruptcy is extremely frustrating. People are often at their wit’s end when they choose bankruptcy as an option. Choosing the best bankruptcy attorney or a law firm that has enough experience in dealing with similar cases can be an asset to your case. Since bankruptcy can have long term consequences, having an in adept legal counsel can help the case a lot. There is no dearth of bankruptcy lawyers in the city, however, it is often difficult to choose one from them. Having some tips available to help you narrow down possibilities can be a great relief. Los Angeles based law firm Recovery Law Group provides you with some tips to consider while filing for bankruptcy:

                    • Delay Doesn’t Help – Though the prospect of bankruptcy may seem daunting and scary, it should not be a deterrent in finding a bankruptcy lawyer. Instead of waiting till the last minute to look for one, you can start looking for bankruptcy lawyers well within time. This helps your case as the lawyer also gets enough time to prepare your case. If you think, your financial situation requires professional handling, do not procrastinate.

                    • Get recommendations – you will be surprised to know that bankruptcy is fairly common among people. More often than not, you might be able to find someone within your circle, who has had to take professional assistance to manage their financial problems. You can ask people around you for recommending bankruptcy lawyer. If an acquaintance is in the legal profession, they too can refer a reputed bankruptcy firm in your area. Alternately, you could also check certified bankruptcy specialists in your area. points to remember while choosing bankruptcy attorney should include:

                    • An experienced and knowledgeable attorney
                    •  Proven track record in similar cases
                    • Should have A+ Better Business Bureau rating
                    • Have AV® Preeminent™ Peer Review Rating from Martindale-Hubbell®
                    • Excellent client reviews
                    •  The supportive staff of associate attorneys
                    • Have 10 out of 10 AVVO rating

                    Compare Costs – Since you already struggling with finances, it is important that you compare costs. It is important to know that higher rates are not always equivalent to the high quality of service. Keep your eyes and ears open while consulting and be vary of anyone charging too high or too low.
                    Opt for Consultation – Most bankruptcy attorneys offer free consultations. This is a way to get an honest assessment of your case to determine if bankruptcy is the best course of action available. These meetings can come in handy as you get an opportunity to assess the experience and knowledge of the lawyers while getting an idea about how profound your situation is. You also become aware of the options available to you during these meetings.
                    Trust Your Instincts – Dealing with bankruptcy is often difficult and takes a toll on people. However, with the right attorney by your side, things can be manageable. Since bankruptcy attorney is the one to save you from dire consequences, you should always go with your gut instincts while choosing one.

                    Though bankruptcy may seem like the end of the world for you, it is not so. Consulting with a bankruptcy lawyer can help make things clearer for you. It is important that you do not delay your meeting with a lawyer to get rid of your financial worries.


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                    • What are the Debt Settlement Solutions Available to Residents of Los Angeles?

                      What are the Debt Settlement Solutions Available to Residents of Los Angeles?

                      Many times people find it difficult to make ends meet. The requirements keep on piling and money often falls short. This invariably leads to people in need of credit cards, which charge through the roof. The financial stress due to unpaid bills and accumulated debt can be quite frustrating. However, a solution in the form of bankruptcy is available. If you wish to avoid foreclosure and get your life back on track, you need to consult Los Angeles based bankruptcy attorneys of the law firm Recovery Law Group.

                      What to Look for When Hiring Bankruptcy Lawyers?

                      Taking new loans to pay off old ones does not get you out of the financial mess. You need to consult expert bankruptcy lawyers to help you come out of the financial mess. These lawyers are experienced and have in-depth knowledge about the various chapters of bankruptcy and can help provide you with a customized solution to your problems. They will help select the best course of action from debt settlement, refinancing, litigation and consolidation apart from bankruptcy so that you can protect maximum assets and have to pay minimum debts. While looking for bankruptcy lawyers, it is important that the legal aspects are handled by experienced and in-house counsel and not by any unqualified agency or debt settlement company. Seeking counsel on time can help prevent wage garnishment, bank levies, foreclosure, etc.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        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.