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  • Bankruptcy is a Powerful Tool for Debtors

    Bankruptcy is a Powerful Tool for Debtors

    If you’re dealing with extreme debt troubles, submitting for financial ruin can be a powerful remedy. It stops maximum collection moves, inclusive of telephone calls, salary garnishments, and complaints (with a few exceptions). It additionally eliminates many kinds of debt, together with credit score card balances, clinical bills, personal loans, and more.

    However it doesn’t stop all creditors, and it doesn’t wipe out all obligations. as an example, you’ll still need to pay your pupil loans (except you could show a hardship) and arrearages for child support, alimony, and maximum tax debts. examine on to examine more about the matters that financial ruin can and can’t do.

    What Bankruptcy Can Do

    Bankruptcy lets in people struggling with debt to wipe out sure obligations and get a fresh begin. the 2 primary financial ruin kinds filed—chapter 7 and bankruptcy 13 financial disaster—each provides different blessings, and, in some cases, treat debt and property otherwise, too. You’ll pick out the chapter that’s right for you relying on your income, belongings, and dreams.

    Here are some of the things you can expect bankruptcy to do.

    Stop Creditor Harassment and Collection Activities

    After you document, the court places in place an order known as the automatic life. The live stops maximum creditor calls, salary garnishments, and lawsuits, however now not all. for example, lenders can nonetheless acquire support bills and crook instances will continue to continue ahead.

    Stop a Foreclosure, Repossession, or Eviction (at Least Temporarily)

    The automatic stay will stop all of these actions as long as they’re still pending.

    Evictions. An eviction that’s nonetheless inside the litigation method will come to a halt after a financial ruin filing. but the stay will possibly be temporary. remember the fact that if your landlord already has an eviction judgment towards you, a bankruptcy won’t assist in most people of states. (research greater in Evictions and the automatic stay in financial disaster.)

    Foreclosure and repossession. Even though the automatic stay will prevent a foreclosure or repossession, filing for bankruptcy 7 gained assist you to hold the belongings. If you may carry the account current, you’ll lose the house or vehicle once the live lifts. by way of comparison, bankruptcy thirteen has a mechanism a good way to will let you trap up on past bills so you can preserve the asset. (See financial ruin’s automatic live and foreclosure and vehicle Repossession & bankruptcy.)

    Wipe Out Credit Card Debt and Most Other Nonpriority Unsecured Debts

    Financial ruin is very good at wiping out unsecured credit card debt (the debt is unsecured in case you didn’t promise to give lower back the bought property if you didn’t pay the invoice), medical payments, late application payments, personal loans, fitness center contracts. (when you have a secured credit card, together with from a jewelry, furnishings, or electronics shop, you’ll deliver the purchased item again.) In reality, submitting for bankruptcy can wipe out most nonpriority unsecured money owed other than college loans.

    How quickly your debt will get wiped out will depend on the chapter you file:

    Chapter 7 bankruptcy. This bankruptcy takes a mean of  3 to 4 months to complete. (study more on your Debt in chapter 7 financial ruin.)

    Chapter 13 bankruptcy. In case you file for chapter thirteen in preference to chapter 7, you’ll probably have to pay lower back some part of your unsecured money owed thru a 3- to the 5-yr compensation plan. however, any unsecured debt stability that remains after completing your compensation plan can be discharged. (See Your money owed in chapter 13 bankruptcy.)

    Wipe Out Secured Debt (But You’ll Have to Give Up the Purchased Property)

    If you couldn’t afford a charge that you secured with collateral—consisting of a mortgage or vehicle payment—you can wipe out the debt in bankruptcy. however, you received It be capable of hold the residence, automobile, pc, or different item securing price of the mortgage (extra underneath beneath “What bankruptcy Can’t Do”).

    What Only Chapter 13 Bankruptcy Can Do

    Chapter 7 and thirteen every provide particular solutions to debt problems. chapter 7 is in most cases for low-income filers, and consequently, it received help you hold assets if you’re at the back of on payments. but, if you have the income to pay at the least something to lenders, then you definitely be capable of taking benefit of the additional blessings offered by means of chapter thirteen.

    Here are some of the things that Chapter 13 can do.

    Stop a mortgage foreclosure. Submitting for chapter 13 bankruptcy will stop a foreclosure and force the lender to accept a plan that will let you make up the missed bills over time (you’ll additionally stay contemporary on your normal month-to-month bills). To make this plan paintings, you must be able to exhibit that you have enough income to aid the sort of repayment plan. (For greater data, see your house and loan in chapter thirteen bankruptcy.)

    Allow you to keep property that isn’t protected with a bankruptcy exemption. No person gives up the whole lot that they very own in bankruptcy. You’re allowed to protect (exempt) gadgets you’ll want to paintings and stay using financial disaster exemptions. A bankruptcy 7 debtor gives up nonexempt assets, however no longer a chapter thirteen filer. This doesn’t imply which you get to maintain extra belongings, but. You’ll want to pay the value of any nonexempt assets on your creditors on your reimbursement plan.

    “Cram down” secured debts when the debt balance is more than the value of the property that secures them. Chapter 13 has a procedure that lets in you to reduce a debt to the substitute price of the belongings securing it (however you’ll repay the debt in full thru your plan). for instance, in case you owe $10,000 on an automobile mortgage and the auto is really worth most effective $6,000, you could suggest a plan that will pay the creditor $6,000 and discharge the rest of the loan. however, exceptions exist. for instance, you can not cram down a vehicle debt if to procure the auto at some stage in the 30-month length before you filed for financial ruin. also, you received be capable of use the cramdown provision at the loan of your residential domestic. (To research extra about cramdowns, test out reducing Mortgages and Loans in bankruptcy 13 (Cramdowns).

    What Bankruptcy Can’t Do

    Bankruptcy doesn’t cure all debt problems. Here’s what it can’t do for you.

    Prevent a secured creditor from foreclosing or repossessing property you can’t afford.  A bankruptcy discharge gets rid of money owed, but it doesn’t take away liens. Alien permits the lender to take belongings, sell it at public sale, and practice the proceeds to a mortgage balance. The lien stays at the belongings until the debt gets paid. when you have a secured debt (a debt in which the creditor has a lien on your home), bankruptcy can cast off your obligation to pay the debt, however, it won’t take the lien off the property—the creditor will still be capable of getting better the collateral. as an instance, in case you report for chapter 7 financial ruin, you can wipe out a domestic mortgage; but, the lender’s lien will stay on the house. as long as the loan stays unpaid, the lender can foreclose on the house (as soon as the automatic live lifts, of course).

    Eliminate child support and alimony obligations.Infant help and alimony responsibilities continue to exist bankruptcy so that you’ll maintain to owe those debts incomplete, simply as if you had never filed for bankruptcy. And if you use chapter 13, you’ll have to pay this money owed in full via your plan.

    Eliminate student loans, except in very limited circumstances. Student loans can be discharged in financial ruin best if you could show that repaying the loan could purpose you “undue difficulty,” that’s a totally hard wellknown to fulfill. You have to show that you couldn’t have enough money to pay your loans presently and that there’s little or no chance you could accomplish that inside the destiny. (For details on the undue hassle popular, see scholar loan Debt in financial ruin.)

    Eliminate most tax debts. Removing tax debt in a financial disaster isn’t smooth, however, it’s once in a while possible for older unpaid tax money owed. (discover the requirements in casting off Tax money owed in financial ruin.)

    Eliminate other nondischargeable debts. the subsequent debts aren’t dischargeable under either chapter:

    • money owed you neglect to list on your financial disaster papers (except the creditor learns of your financial disaster case)
    • money owed for personal injury or death due to intoxicated using, and

    fines and penalties imposed as a punishment, including traffic tickets and crook restitution.

    – if you file for bankruptcy 7, this money owed will stay when your case is over. In bankruptcy thirteen, you’ll pay this money owed in full thru your reimbursement plan.

    Debt related to fraud might, or might not get eliminated. A fraud-related debt won’t be discharged if a creditor files a lawsuit (called an adversary proceeding) and convinces the judge that the debt ought to continue to exist your financial ruin. Such money owed is probably the end result of mendacity on a credit utility or passing off borrowed assets as your very own to use as collateral for a loan. (analyze more in what’s financial disaster Fraud?)


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

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    • Should You Opt for Bankruptcy Planning?

      Should You Opt for Bankruptcy Planning?

      For most people filing for bankruptcy can be quite traumatic. However, if you are aware that it is the only legal option available to take care of the ever-increasing debts, then you can prepare for it. Bankruptcy planning can be quite helpful for your case. In case you are unaware of the provisions of the Bankruptcy Reform Act (2005) and how they may affect your bankruptcy case, you might need the assistance of bankruptcy lawyers such as those belonging to Dallas based law firm Recovery Law Group.

      Having a bankruptcy attorney by your side can help you with various issues such as:

      • Exemptions available in bankruptcy
      • Dischargeable and non-dischargeable debts
      • Can you keep all of your personal possessions including home and car?
      • How to re-establish credit score after bankruptcy?

      Since these are a few of the numerous questions, swirling in the minds of people thinking of bankruptcy, it is important to take advice from expert bankruptcy lawyers. It is important to consult an attorney within time rather than wait until the last moment. It is often difficult to save home due to foreclosure or stop levy on bank accounts at the last moment. If you wish to stop creditors from wage garnishments or keep a debt collector out of your business, you need to consult with bankruptcy attorneys well in time. Since a number of statutes and time frames are to be considered while filing for bankruptcy, apart from deciding which chapter will be most beneficial for the client, people should indulge in bankruptcy planning.


        *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.

      • Protect Your Assets through Bankruptcy Exemptions in California

        Protect Your Assets through Bankruptcy Exemptions in California

        Non-payment of bills, especially those of credit cards, etc. can result in severe consequences ranging from threatening phone calls, letters to wage garnishments to legal actions. If you wish to protect your assets from going under the hammer, you need to consult bankruptcy lawyers to get you out of this mess. Unlike the myths associated with it, bankruptcy actually offers you a chance to reclaim your life while getting rid of the financial burden of debts.

        According to Los Angeles based law firm Recovery Law Group your individual circumstances determine which chapter of bankruptcy to choose. You can opt to get the debts discharged via Chapter 7 bankruptcy or get them reorganized through Chapter 11 or Chapter 13 repayment plan can work best for you. It is important to note that you might have to part away with some property, which may be taken and sold off to pay the creditors. However, Bankruptcy Code exemptions allow debtors to keep some or all of their assets, depending on the situation. These exemptions vary from one state to another. In the state of California, two options are available to debtors:

        California Bankruptcy Exemption Option 1

        This option is also known as the “wild card” exemption as it has a list of miscellaneous personal property which can be exempted. This option is popular amongst debtors who don’t own a home or possess any equity which requires an exemption. The exemptions in this section include:

        • Life insurance up to $11,800
        • Equity up to $22,075
        • Public benefits like Social Security, unemployment, disability, etc.
        • One motor vehicle up to $3,525
        • Miscellaneous personal property up to $22,075 (in lieu of equity exemption)

        California Bankruptcy Exemption Option 2

        This option is also known as “Homestead” exemption and is generally chosen by people who wish to retain equity on their houses. Exemptions included in this section are:

        • Motor vehicle up to $2,725
        • Jewelry up to $7,175
        • Equity up to $75,000 for a single person; up to $100,000 for a married couple and up to $175,000 for special circumstances.
        • Personal property used professionally or for a business up to $7,175

        Often people can be confused regarding which exemption to choose. Thus retaining a bankruptcy attorney can help you with not just selecting the appropriate bankruptcy chapter but also choosing the most appropriate exemption. With a bankruptcy lawyer by your side who is well versed with the system and the law, you can overcome the dire financial 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.

        • Possibility of Bankruptcy Relief – Marijuana Businesses?

          Possibility of Bankruptcy Relief – Marijuana Businesses?

          It is widely known that California has expanded its legitimacy to the California Marijuana business. Hence the question pops up whether the Marijuana or other licensed cannabis businesses will enjoy equal/ same rights under federal law as in the case of other California businesses. That’s is the not case and reading through the below will explain in detail the background of these businesses and how they are restricted from declaring bankruptcy in their businesses.

          Cannabis businesses and the California Law

          Since 1996, possession of a small amount of marijuana has been decriminalized. Also, medical marijuana has been legalized from the same year. By making recreational marijuana legal in California, the state has become the largest legal market in the country since last year. The Office of Administrative Law (OAL) in the state of California recently approves of certain regulations with regards to the Cannabis businesses. Even though these laws now make the operation clearer and are able to impart stability to the operating vendors, the cost of operating marijuana businesses has shot up significantly. Hence the California Cannabis businesses face several challenges economically and they include regulations related to packaging, high state and local taxes, supply chain issues and loss of the business due to illegal sellers in the market.

          Because of the aforementioned challenges, the marijuana market is struggling and running a business is turning tougher than expected. Irrespective of being part of the community that grows marijuana, or distribute or have any role to contribute to the Cannabis sector, it is tough to declare bankruptcy due to operating constraints and start afresh.

          Marijuana businesses and the Federal Law

          Possessing or selling marijuana is still a violation under the Federal Law, Controlled Substances Act 21, U.S.C. 801 and this is notwithstanding additional state licenses. So in the eyes of federal law, this is still a crime (if you are in accordance with your California state rules and are operating state-licensed marijuana business). The body of Federal court is yet to pursue these businesses that run with the support of state rules and are still violating their law.

          A memo released in the last year January by Jeff Sessions indicates that there could be a change in this too. But as of now, the marijuana businesses cannot seek bankruptcy relief since they violate the Controlled Substances Act (CSA) and this has been approved by the Office of the United States Trustee (the OUST). In addition, the OUST also takes the position that if anyone who is renting to a seller or a grower of marijuana is also violating the CSA. So take caution, if you are operating cannabis businesses under the state law or if you are renting to the dealers/ suppliers/ growers of marijuana – you cannot seek bankruptcy relief.

          Further to Cannabis related Bankruptcy Restrictions

          As per the Section 843(a)(7) of the CSA, “it is a federal crime to “manufacture” or “distribute” any “equipment, chemical, product or material which may be used to manufacture a controlled substance . . . knowing, intending, or having reasonable cause to believe, that it will be used to manufacture a controlled substance.” This was recently seen in the case of Way to Grow, Inc. who sought bankruptcy relief. The bankruptcy court in Colorado declined their petition even though, they were provisioning horticultural supplies to legalized marijuana businesses – this proved that the filers were also violating the CSA.

          The court dismissed the case of Way to Grow, Inc. quoting that the filers cannot also make any further changes to amend the violations to the CSA as that would have adverse effects on the income that they are generating. This was a unique situation since the filing business was neither a grower/ supplier of marijuana directly nor were they renting the premises where the marijuana businesses ran. They were just merely supplying the equipment, that will help similar customers also grow other crops.

          A different angle – where do the limits stop?

          Another queer angle is seen with the Garvin v. Cook Investments case, where the bankruptcy trustee is not favoring a bankruptcy filing of a landlord who has leased the property to a tenant in the marijuana industry. This is a topic of debate where the power of the OUST and the court is questioned with regards to extending the restrictions of bankruptcy relief to beyond the distributors and sellers in the cannabis industry.

          Working with bankruptcy attorneys from renowned firms such as Recovery Law Group will aid the process of seeking relief. They have the experience of dealing with clients of the varied portfolio in Los Angeles and Dallas.


            *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.

          • Getting out of Debt has Never Been Easier!

            Getting out of Debt has Never Been Easier!

            Financial problems which seem to be spiraling out of hand are not uncommon. There are many rowing in the same boat. In case you find yourself overwhelmed with the enormous debt, you need to find a solution at the earliest. Since most creditors and debt collectors want you to remain under debt, they will never let you know that bankruptcy is one of the best solutions for huge financial debts. You need to consult a bankruptcy attorney to find out which alternative suits your condition best.

            Chapter 7 Bankruptcy

            People who find themselves buried under a huge debt due to credit card bills, medical bills or any other unsecured debt can get a fresh start through Chapter 7 bankruptcy. In most Chapter 7 bankruptcy cases, an automatic stay is put in effect as soon as the case is filed. This is the biggest asset as it puts a freeze on all collection initiatives taken by creditors and debt collectors including foreclosure, repossession, wage garnishment and even threatening phone calls and letters. This is the biggest relief one could get as these collection and harassment initiatives take a toll on debtors.

            Getting a discharge order in Chapter 7 bankruptcy case (within 4-5 months of filing) eliminates most of the unsecured debts (credit card debt etc.). In case collection agencies or creditors try collecting that money, they will be violating court orders which is a punishable offense.

            Chapter 13 Bankruptcy

            Apart from Chapter 7, other alternatives are also available. People having a large income, many secured debts and high-value assets cannot opt for Chapter 7 bankruptcy. For such people, Chapter 13 is the available alternative. In this case, a 3-5 year repayment plan is devised which allows individual debtors time to catch up on due amounts without any harassment from collection agencies or any mounting dues, repossession or foreclosure threats. Post the repayment plan, any unsecured debts that remain are eliminated.


              *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.

            • Involuntary Bankruptcies Are Rarely Filed Against Individuals

              Involuntary Bankruptcies Are Rarely Filed Against Individuals

              Financial disaster doesn’t simply assist those in debt—it protects creditors, too. one of the powers given to creditors is the ability to force an unwilling debtor into involuntary bankruptcy.

              Involuntary bankruptcies don’t arise regularly, and creditors generally bring them in opposition to a enterprise organization in place of an individual. lenders observe a system that includes submitting a financial disaster action on behalf of the individual or employer that owes the money. In this text, you’ll examine extra about the involuntary financial ruin technique.

              Creditors Target Assets for Involuntary Bankruptcy

              Creditors want to get paid—and forcing the financial disaster of a person or enterprise without any assets may be a bad pass. So it shouldn’t come as a wonder that the focal point of involuntary financial ruin will probably be both on:

              • A business with belongings or, in greater unusual cases,
              • A wealthy individual.

              While an individual or enterprise doesn’t own lots, a creditor is higher off seeking to grab all of something cash and assets might be available outdoor of the guidelines of financial ruin. as soon as a debtor is in bankruptcy, the automated live—an order prohibiting series activities—stops lenders from attempting to acquire the debt on their very own, leaving the creditor to share something receives recovered by using the bankruptcy trustee appointed to the case.

              How Involuntary Bankruptcy Works

              An involuntary financial disaster starts off evolved whilst one or more creditors file a petition with the bankruptcy court docket. A creditor can file an involuntary financial ruin case underneath chapter 7 or chapter 11. instances underneath bankruptcy thirteen and bankruptcy 12 cases aren’t accredited.

              The financial ruin petition should imply which of two circumstances justifies the involuntary financial ruin:

              • The debtor isn’t paying money owed as they come due, or
              • Inside the last a hundred and twenty days, a custodian, receiver, or agent took manage of the debtor’s assets to implement alien.

              as soon as filed, the debtor can respond to the petition. If the debtor fails to accomplish that, the court docket will allow the problem to transport forward, and the debtor could have to take part within the bankruptcy.

              If the debtor responds, the courtroom will set a hearing and decide whether or not the financial ruin have to pass ahead. A judge who unearths in choose of the debtor will brush aside the case. The choose may additionally require a submitting creditor to pay the debtor’s expenses and fees.

              Involuntary Bankruptcy Limitations

              Most involuntary bankruptcies are a collaboration among numerous creditors. In reality, if the debtor has greater than 12 unsecured lenders, as a minimum 3 of those creditors need to be a part of the petition, and the three need to have, altogether, at least $15,775 in unsecured debt high-quality from the debtor (as of April 2016).

              A solitary creditor can only report an involuntary petition if that creditor is owed at the least $15,775 (as of April 2016) and if the debtor has fewer than 12 unsecured creditors total. The creditors’ claims for debt cannot be disputed, and that they cannot be contingent—this is, the quantity of the debt must be known and not conditioned on a few destiny occasion, which includes a lawsuit judgment.


                *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.

              • How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

                How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

                Financial problems resulting in bankruptcy can be threatening, especially for small and medium-sized businesses. Such a situation is not uncommon and many people and organizations can be seen facing similar situations. However, there is absolutely no need to panic as there are provisions available to protect your business interests. Lawyers of Los Angeles based law firm Recovery Law Group enlighten that you can opt for either restructuring of debt under Chapter 11 bankruptcy or opt to liquidate your assets under Chapter 7 bankruptcy to get rid of your dues. Consultation with bankruptcy lawyers can let you be aware of your options.

                Can Bankruptcy Help Small or Medium Business Undergoing Financial Distress?

                Increasing expenses and loss of revenue are two major reasons why a business can be in financial distress. In case the situation has worsened and you fear closure of the company and the rippling effect it will have on your guaranteed obligation, you need to consult bankruptcy lawyers. They have experience in dealing with different types of businesses like:

                • Corporations
                • Sole proprietorships
                • Partnerships
                • Limited liability partnerships (LLPs)
                • Limited liability corporations (LLCs)

                Due to the various myths associated with bankruptcy, it is often the last option considered. However, it is the best legal solution available to get rid of insurmountable debt. Bankruptcy attorneys can help small and medium business owners get rid of debts using either Chapter 7 bankruptcy or Chapter 11 bankruptcy proceedings.

                Why Choose Small Business Bankruptcy Lawyers?

                Financial difficulties can be quite confounding. Do you have a legal counsel who has experience in dealing with specific needs of businesses? Any problems including long term leases, business loans, and payroll, personal guarantee on business debts or tax problems can be effectively handled by bankruptcy lawyers. They can help map out a strategy to keep your business open or close it with a reduced impact on people involved. Consulting a bankruptcy lawyer is one of the most important steps in handling financial distress.


                  *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.

                • How can an Inheritance affect my chapter 7 Bankruptcy?

                  How can an Inheritance affect my chapter 7 Bankruptcy?

                  The announcing “timing is the entirety” applies to many things in life, and that consists of how financial ruin can have an effect on your inheritance in Dallas. if you received an inheritance before filing for a chapter 7 financial disaster, it can become part of your financial ruin property much like any of your private home unless you can defend it with a bankruptcy exemption. but what in case you declare financial ruin after which your notable Aunt Estelle dies suddenly and leaves you a fortune? well, that could be a exclusive rely depending whilst she died.

                  Article at a glance

                  If a person dies and leaves you an inheritance inside a hundred and eighty days after you file bankruptcy, that property will become a part of the financial disaster estate until it falls beneath an exemption.

                  The one hundred eighty days is measured from the date of submitting until the date of loss of life, now not while you acquire the inheritance.

                  you’ve got alternatives, but you have to speak them together with your lawyer as soon as you could. Your lawyer will need to amend your financial ruin files that were submitted to the court.

                  The 180 Day Rule

                  A Chapter 7 bankruptcy forgives most of your money owed, however the bankruptcy trustee can promote your belongings so that you can pay off creditors except for those assets that fall beneath an exemption. normally,  after you document for bankruptcy, any belongings you purchased cannot be touched by the financial ruin trustee. but, this isn’t always authentic for inheritances. If someone dies inside one hundred eighty days when you document for financial ruin and leaves you an inheritance, it turns into a part of your financial ruin estate except it falls beneath an exemption.

                  The critical date is the date of demise; it does now not depend whilst you definitely acquire the belongings. If top notch Aunt Estelle dies and leaves you a fortune 181 days once you filed for bankruptcy, you’re inside the clear and might maintain the entire inheritance. however if remarkable Aunt Estelle dies within one hundred eighty days of the time you filed for financial ruin, you’re out of good fortune unless the belongings is exempt underneath financial ruin law. The purpose the law adds 180 days for inherited assets is to prevent human beings from putting forward bankruptcy proper earlier than they get an anticipated inheritance, due to the fact they do no longer want to pay lenders with that inheritance.

                  What to Do if your Inheritance Falls inside a hundred and eighty Days After Your financial disaster submitting

                  1 The primary factor you have to do whilst you learn of the inheritance is to name your Dallas financial ruin lawyer, who can lay out your options. Your lawyer additionally must amend your financial disaster submitting with the courtroom. Don’t even reflect on consideration on not reporting it, due to the fact that could be criminal fraud, which can land you in jail. And there is a very good chance your financial disaster trustee would find out.

                  2 If the inheritance is a massive one, you’ll be capable of pay your creditors with it and keep away from financial disaster all together. likely your attorney can negotiate a settlement of much less than you owe with them.

                  3 As already stated, component or even the inheritance if it isn’t a massive one, may additionally fall underneath bankruptcy exemptions, which might permit you to maintain the exempt portion. In Dallas, in case you favor to use Dallas exemptions under Dallas Code of Civil manner segment 703 instead of federal exemptions or those under Dallas Code of Civil method section 704, you may declare a wildcard exemption, that may permit you to protect over $28,000 of your inherited assets or any other property. Of course, you can need to apply that exemption for every other motive which includes protecting your house.

                  4 At one point, in case you were expecting an inheritance, extremely good Aunt Estelle ought to have set up a spendthrift believe naming you as inheritor as opposed to leaving you the properly directly in her will. within the beyond, lenders couldn’t touch spendthrift trusts in Dallas. however in 2017, the ninth Circuit opened spendthrift trusts to lenders.

                  Seek advice from Your Dallas financial disaster lawyer

                  In case you assume there’s even a risk you could inherit money or property inside six months when you record for financial ruin, be sure to inform your bankruptcy legal professional. if you document for financial disaster comfort and a person passes away and leaves you an inheritance within 180 days when you document for financial disaster contact your legal professional straight away. take into account, the critical date is the date the individual surpassed away. The date you really received the assets is of no result to the financial ruin courtroom.


                    *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.

                  • How Bankruptcy Lawyers can Help People Get out of Debts?

                    How Bankruptcy Lawyers can Help People Get out of Debts?

                    Debts can be daunting, especially if they are huge and have been accumulated without ever getting reduced. In such circumstances, it is extremely difficult to make any plans for the future as a majority of the time is spend trying to find a balance between averting crisis involved debt collectors. In order to break this vicious cycle and get ahead in life, you need to consult bankruptcy lawyers to know how bankruptcy can be of assistance for you in these tough financial times.

                    One of the primitive steps that you should take regarding your finances is to be aware of your options. People who are overwhelmed with the staggering debt often find it difficult to manage things despite working hard. For such people, bankruptcy provides a fresh start. To know whether bankruptcy is the best option for you, you need to consult bankruptcy lawyers.

                    A free case evaluation by them can help you become aware if bankruptcy can be the way for said relief. This can be enough to restore your peace of mind. Once you are aware of how to control your finances, you can rest with ease.


                      *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.

                    • Frequently Asked Questions about Bankruptcy

                      Frequently Asked Questions about Bankruptcy

                      Many people who are facing grave financial issues, often have doubts about bankruptcy. It is therefore important to clear all your doubts related to it. Here are some FAQs about bankruptcy:

                      What is Personal Bankruptcy?

                      Personal bankruptcy offers 2 options mostly for individuals and couples; under Chapter 7 and Chapter 13. Both cases are designed to help people who are unable to pay their debts and get a fresh start. However, both options operate differently and are suitable for people with varying economic needs.

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

                      Chapter 7 bankruptcy is an option available for people having relatively low income and a large number of unsecured debts (credit card and medical bills). In this case, most of the unsecured debt is eliminated. Post-discharge of debts, creditors and debt collectors can no longer make any attempt to collect any thus debts.

                      Chapter 13 bankruptcy is a solution for people with regular income but somehow have fallen behind on payments. People who do not qualify for Chapter 7 can opt for this. Debtors can keep all property and make monthly payments as per repayment plans to clear past dues over a 3-5 year period.

                      Can Bankruptcy be used to Stop Foreclosure?

                      In most cases, bankruptcy can be used as a mean to stop foreclosure. On filing for bankruptcy, an automatic stay is in place. This stay helps put a stop to any collection action including foreclosure, by creditors and debt collectors. Apart from this, type of bankruptcy, past due balance, available monthly income, etc. are factors which are considered to decide the time and monthly payments to catch up in Chapter 13 repayment plan.

                      Can Bankruptcy Help Stop Wage Garnishments?

                      As soon as the automatic stay is entered (filing of bankruptcy case), wage garnishment is stopped instantly. Depending on the type of bankruptcy and amount of debt, the obligation to pay may be eliminated entirely or the debt may be reduced to a manageable monthly repayment plan. It is a relief to know that garnishment is totally eliminated for most debts.

                      Can Bankruptcy help Stop Car Repossession?

                      Filing of bankruptcy case results in an automatic stay due to which all collection attempts including car repossession are frozen. Solutions are available depending on the value of the automobile, equity in the car, the amount owed by the debtor and other factors. The debtor could surrender the vehicle to get free of debt on the loan, or redeem the vehicle for the market value and catch up on past-due payments in case of a Chapter 13 repayment plan.

                      How Long Can a Bankruptcy Case Run?

                      The duration of a bankruptcy case depends on the complexity. Chapter 7 case is generally completed in a 4-5 month time frame, whereas a Chapter 13 case, where repayment of dues takes place requires 3-5 years. It can be completed sooner too, depending on the final payment and completion of a mandatory financial education course.

                      Can Bankruptcy Ruin my Credit?

                      Bankruptcy remains on your credit report for a period of 10 years. If you are considering bankruptcy, your bad credit is already in reports. In fact, bankruptcy can be a good way to rebuild your credit. Since bankruptcy results in the elimination of many past dues, as well as reduction and elimination of outstanding debts, it helps in giving you a fresh start. Any late payments on discharged accounts also carry less weight and are eventually eliminated from the credit report. People if after bankruptcy, begin managing their finances properly can start rebuilding their credit immediately and often end up qualifying for finances like home loans in 2 years!


                        *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.