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Is It Necessary To Be Accurate While Listing Property in Bankruptcy?

Call: 888-297-6203 While filing for bankruptcy, filers are usually confused with questions like whether they need to list all their property or not, or specifically, how accurate do they need to be in listing their property. A very simple answer of these questions is that a filer needs to be extremely detailed and specific while filing a voluntary petition. Let us consider a hypothetical situation. You are a resident of Florida and have make up your mind to file for bankruptcy for which you took guidance and advice of a local bankruptcy attorney. During the meetings, you disclosed [...]

2019-11-06T10:11:56+00:00
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Possibility of Losing The House in A Chapter 7 Bankruptcy

Call: 888-297-6203 Debtors looking for liquidation and a fresh start always file for a Chapter 7 bankruptcy. With a headlong fall in the economy, bankruptcy is becoming more popular as a way to recover financially. The most common question that troubles the bankruptcy filers is whether they will lose their house in bankruptcy or not. However, the main determining factor of it is equity. Equity is the main factor that determines whether you can keep your home or not. So, if you have equity on your home which cannot be covered by exemption, your bankruptcy trustee might decide [...]

2019-11-06T10:10:34+00:00
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Homeowner’s Association Dues in Bankruptcy

Call: 888-297-6203 Though homeowners’ dues might not be the first thing to come to your mind, it can be an important thing to be considered in your bankruptcy. These dues can include an array of fees like condo dues and other housing association fees. It is important for you to understand that the unpaid dues always act as a lien on your properties, whether you have filed for bankruptcy or not. A lien is a right of property which is given to another entity or person in order to secure the debt payments. In case of an auto [...]

2019-11-04T13:04:43+00:00
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Ownership of A Business While Filing For Bankruptcy

Call: 888-297-6203 So you are a business owner and are in need to file for bankruptcy. What will be your company’s plight in such a case? Firstly, you must understand that in most of the cases your company is a distinctly separate entity under the law, whether it is a corporation or an LLC. Imagine your company as its own legal representative, completely separate from yourself. Your company does not necessarily need to follow suit, simply because you have filed for bankruptcy. In fact, there might not be a need to have your company filed in case it [...]

2019-11-04T13:03:59+00:00
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What to Do After Filing for Bankruptcy?

Call: 888-297-6203 Once you have decided to get rid of your debts through bankruptcy, you need to consult with your lawyer regarding whether chapter 7 or chapter 13 would be your best way to get rid of debts. Once you are through with a bankruptcy, it is important that you develop a strategy to avoid financial strain like this. Dallas based bankruptcy law firm Recovery Law Group provides you with a few simple steps that could make a huge difference after bankruptcy. 1. maintain records Despite them reminding you of bad financial times, you need to keep your [...]

2019-10-30T11:04:48+00:00
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Can You Lose Personal Property if You File for Bankruptcy?

Call: 888-297-6203 If you are in financial stress, constantly being threatened by creditors and cannot deal with the piling bills, then bankruptcy might be the best option to get rid of your debts, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. Bankruptcy offers a great way to start your life afresh. One of the most common questions that bankruptcy lawyers face is whether filing for bankruptcy will cause people to lose their personal property? When you file for bankruptcy under Chapter 7, you can protect several assets. Bankruptcy laws exempt personal property to a specified [...]

2019-10-30T11:04:36+00:00
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Difference Between Chapter 7 and Chapter 13

Call: 888-297-6203 People who can no longer pay their debts are offered help in the form of bankruptcy. They can either settle their debts by liquidating their assets or repaying the creditors through a repayment plan. The former takes place in Chapter 7 bankruptcy cases, while the latter occurs in chapter 13. Dallas based bankruptcy law firm Recovery Law Group says, the chapter of bankruptcy you file under depends on your income, assets, debts and your ultimate financial goal. Chapter 7 bankruptcy This is one of the most common chapters of bankruptcy file in the US. Individuals, married [...]

2019-10-30T11:04:41+00:00
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Can You Get Rid of Homeowner Association (HOA) Fees Through Bankruptcy?

Call: 888-297-6203 When you file for bankruptcy under Chapter 7, you can get rid of several debts including homeowner Association (HOA) fees. Chapter 7 bankruptcy is a great way if you wish to get rid of your home. However, says Dallas based bankruptcy law firm Recovery Law Group the HOA fees which accumulate after a bankruptcy filing cannot be discharged. When you file for Chapter 7 bankruptcy, you are expected to sign a statement regarding your secured debts. You must inform the court as well as bankruptcy trustee whether you wish to keep your property or surrender it. [...]

2019-10-30T11:03:41+00:00
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What is Preferential Payment in Bankruptcy?

Call: 888-297-6203 People who are struggling with multiple debts often find it difficult to balance them. The general perception is that you should close any many debts possible before you end up filing for bankruptcy. However, Dallas based bankruptcy law firm Recovery Law Group informs that when you file for bankruptcy, payments made to any creditor at the cost of denying other creditors are considered preferential payment. This is because you decided to pay one creditor in full while giving nothing to others. While filing for bankruptcy, the debtor cannot show any preference to creditors. The assets of [...]

2019-10-30T11:03:38+00:00
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Is It Possible to Sell Your House During Bankruptcy?

Call: 888-297-6203 Filing for bankruptcy is a great way to get rid of your debts. However, when you file for bankruptcy, everything you own becomes a part of your bankruptcy estate, says Los Angeles based bankruptcy law firm Recovery Law Group. Being part of your bankruptcy estate ensures that the property is safe from foreclosure. However, just like creditors cannot foreclose on the property, you also cannot sell the house without the court’s permission. In the case of chapter 7 bankruptcy, selling home can be a bit difficult. You are required to convince the court that the sale [...]

2019-10-30T10:57:57+00:00
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