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  • Which Debts are Not Discharged During Bankruptcy?

    Which Debts are Not Discharged During Bankruptcy?

    Call: 888-297-6203

    When you file for bankruptcy, there are certain debts that are either liquidated (Chapter 7 bankruptcy) or reorganized (chapter 13 bankruptcy); however, Dallas based bankruptcy law firm Recovery Law Group informs that some debts cannot be discharged completely.

    Some debts are non-dischargeable unless the debtor can prove to the court that payment on these debts will cause them to undergo extraordinary stress. These debts can include any debt which the bankruptcy filer failed to include in their bankruptcy petition. other debts which are always non-dischargeable include child support, alimony, payroll taxes, federal tax liens, fraud penalties, student loan, homeowner Association fees as well as injury caused by DUI.

    A chapter 7 bankruptcy discharge might be denied if the debtor does not follow the bankruptcy court’s procedures and laws. This might result in the dismissal of the bankruptcy petition, which will not give you any discharge on debts. Filing for chapter 7 bankruptcy does not mean that you will get a discharge of all your debts. You are required to follow provisions of Bankruptcy Code, especially section 727(a). not following the rules might give probable cause to any creditor or the bankruptcy trustee to object to your chapter 7 discharge.

    Discharge can also be denied in case of Chapter 7 bankruptcy, if the debtor fails to provide required tax documents, failed to complete personal financial management course, tries to defraud the creditors by hiding or transferring assets. Additionally, if the debtor commits perjury, destroys evidence or is found violating any court order then also discharge can be denied. Creditors also have the option of objecting to debt discharge. They can file a motion against the discharge of a debt, which would have been discharged otherwise. Sometimes, if the court does not agree with the issue raised by the creditor, they might go ahead with the discharge.

    Usually, the purchase of luxury items using credit cards is the most debated issue between creditors and debtors. Any goods purchased using a credit card for more than $650 (owed to a single creditor) within 90 days of bankruptcy filing can be put under scrutiny by the creditor. The creditor will be able to prevent discharging of these types of debts unless the debtor can prove that they intended to honor the commitment, or the goods were essential and not luxury items. Moreover, the creditor can also convince the court for not discharging the debt, if the debtor received a cash advance of more than $925 within 70 days of the bankruptcy filing.

    Bankruptcy procedure can be quite confusing for the layman. To know which of your debts can be discharged during bankruptcy, you should contact bankruptcy attorneys at 888-297-6023.


      *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.

    • Small Businesses Can File for Bankruptcy to Get Rid of Financial Issues

      Small Businesses Can File for Bankruptcy to Get Rid of Financial Issues

      Call: 888-297-6203

      Just like individuals, businesses can also go through rough patches. Sometimes, taking control of finances is not easy and you might have to let go of your business to cut your losses. If you are facing financial issues in your small business and have no hope of reorganizing the debts, then Chapter 7 bankruptcy is the best way to get rid of your debts, says Los Angeles based bankruptcy law firm Recovery Law Group.

      Small businesses can be either a partnership, a corporation or a limited liability company (LLC). If, you don’t wish to continue your business further, then filing for Chapter 7 bankruptcy will help you get rid of your debts in a faster and easier way. Your business will be closed, and assets liquidated in Chapter 7 bankruptcy. However, if, you are personally liable for any business debt, you might have to file for personal bankruptcy to get rid of those; otherwise, you will remain responsible for those debts. Additionally, there aren’t any exemptions to protect your business’ assets. Moreover, the business will not receive any discharge of debts. The bankruptcy trustee will sell off all the business’ assets to pay the creditors and then shut the business down.

      In case you are the sole owner of your business, Chapter 7 bankruptcy can be used to eliminate not only business debts but also personal debt. This is because the business and the owner are considered the same. In this case, you can also use exemptions to protect business assets which can be used to continue running the business after bankruptcy. Sole proprietors also have the option of filing under chapter 13. This will allow you to keep all your assets and repay your debts through a repayment plan. Unfortunately, LLCs, corporations, and partnerships do not have the option of filing a chapter 13 bankruptcy.

      If you wish to know more about your options regarding small business bankruptcy, you should speak with experienced bankruptcy lawyers at 888-297-6023.


        *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.

      • Tax Refund in Bankruptcy

        Tax Refund in Bankruptcy

        Call: 888-297-6203

        People who have filed for bankruptcy are often worried regarding whether they can keep their tax refund or not. according to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, it depends on which chapter you have filed, how much refund you will receive and what you intend to do with it.

        Chapter 7 bankruptcy

        In this case, tax refunds automatically become part of your bankruptcy estate and thus are handed over to bankruptcy trustees. this refund is then used to pay off your creditors. if you can get the tax refund exempted either partly or fully, then you can keep it. Bankruptcy allows certain exemptions to protect the debtor’s assets. you can use your exemptions to protect your tax refund if the need arises.

        Chapter 13 bankruptcy

        in the case of chapter 13also, tax refunds are part of the bankruptcy estate and need to be handed over to the bankruptcy trustee. The tax refund becomes a part of your disposable income since all your essential monthly expenses as well as planned payments can be executed through your monthly income. Hence, the tax refund is additional money which you do not require.

        However, you might be able to keep your tax refund if you can prove that you need it for some sudden but essential all-expense like medical bills or repairing or replacing any appliance/vehicle. a tax refund cannot be used to pay for utilities, food or any other regular expense which is covered by your monthly income.

        in case you’re worried about tax refunds while filing for bankruptcy, you should consult an experienced bankruptcy attorney at 888-297-6023 to know what your options could be.


          *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.

        • Am I Eligible to file for a Chapter 7 Bankruptcy?

          Call: 888-297-6203

          The first question to be answered before deciding to file for Chapter 7 bankruptcy is whether you qualify for this type of bankruptcy or not. The eligibility of a person to file for Chapter 7 bankruptcy depends almost entirely on his or her household size and current income. The ratio of the current household to the income is as follows, as of April 1, 2015:

          Size of the Household         Annual Income
          One person $42,718
          Two persons $52,421
          Three persons $57,977
          Four persons $67,539
          Five persons $75,639
          Six persons $83,739

           

           

           

           

          To check whether you qualify for Chapter 7 bankruptcy or not, imagine being married and having two minor kids. Thus your household size will be of four persons. Now, according to the table given above, your income should either be equal to or less than $67,539 for you to be eligible to file for a Chapter 7 bankruptcy.

          In case your income is slightly more than the allowed income, you may still be eligible to file for a Chapter 7 bankruptcy if there are certain expenses that the court can deduct from your income. If still, your income is more than the allowed income, Chapter 13 bankruptcy will be an option for you. In a Chapter 13 bankruptcy, you can reorganize your debts in place of strict liquidation in Chapter 7 bankruptcy.

          However, if you are an owner of many assets, you might want to stay away from a Chapter 7 bankruptcy. The bankruptcy trustee will take away all your non-exempt properties and will sell them to repay your debts. This is also applicable for personal and real property (not your homestead). If you want to file for bankruptcy and retain your assets at the same time, you must go for a Chapter 13 bankruptcy.

          In other words, you will have to consider a lot of things before deciding to file for a Chapter 7 bankruptcy. An experienced bankruptcy attorney, like the Recovery Law Group, can help you in deciding whether a Chapter 7 bankruptcy is the best option for you not. You can visit them at Recovery Law Group or call them on 888-297-6203.


            *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.

          • Administrative Fees in Chapter 7 Bankruptcy

            Administrative Fees in Chapter 7 Bankruptcy

            Call: 888-297-6203

            In Chapter 7 bankruptcy, the bankruptcy trustee is allowed to sell your non-exempt assets or properties and use the proceeds to repay your debts. However, you can protect some or all of your property by using certain exemptions. If you have collectible assets, your trustee can collect the administrative fees (taken from your collected assets) once the bankruptcy case closes, which is not an out-of-pocket expense.

            The collection of administrative fees as per the 11 U.S. Code § 503 is as follows:

            • There can be a timely or tardy filing (permitted by the court) of a request for administrative fees, by an entity, to be paid.
            •  After a hearing, administrative expenses along with other claims (section 502 (f) of this title) shall be allowed, including—

            (1)

            (a) Necessary expenses to preserve the estate, including—

            • Salary and commission for services provided after the case began.
            • Wages and benefits granted to the National Labor Relations Board or the judicial proceedings.

            (b) Any tax—

            • Secured or unsecured given to the estate, including property taxes whose liability is in rem, personam, or both, leaving the kind of tax mentioned in section 507 (a)(8) of this title.
            • Attributable to a lavish allowance of a tentative adjustment received by the estate whether the taxable year related to it had ended before or after the case began.

            (c) Any fine, or a tax-related credit reduction mentioned in sub-paragraph (B) of this paragraph in this title.

            (d) A governmental unit shall not request an expense (mentioned in sub-paragraph (B) or (C)) to be paid, if unable to fulfill the requirements of subsection (a).

            (2) Reimbursement and compensation granted under section 330 (a).

            (3) The necessary expenses specified in paragraph (4) of this subsection, given to—

            (a) A creditor

            • Filing a petition under section 303 of this title.
            • That recovers the transferred or hidden properties (by the debtor) with the court’s
            • Connected with the prosecution of the debtor’s case, business or property related criminal offense.
            • For substantially contributing in Chapter 9 or 11 cases of this title. The same also works for an equity security holder, an indenture trustee, or a representative committee (of creditors or equity security holders).

            (b) Compensation for the services of a custodian replaced under section 543.

            (c) A committee member chosen under section 1102 of this title.

            (4) Reasonable compensation and reimbursement for professional services provided by a lawyer or an accountant of an entity with allowable expense under subparagraph (A), (B), (C), (D), and (E) of paragraph (3) of this sub-section.

            (5) Compensation for the substantial contribution of an indenture trustee in chapter 9 or 11 case.

            (6) Mileage and fees payable under the 119th chapter of title 28.

            (7) In regard to a non-residential real property lease, earlier assumed under section 365 but later rejected, a sum equal to all the due monetary obligations (excluding the ones related to an operational failure or a penalty provision) for 2 years’ period, following the rejection date or the date of premises’ actual turnover, without any reasonable reduction except for the ones actually received or about to be received from an entity apart from the debtor, and the claim for remaining due sums for the balance of the lease’s term shall be a claim under section 502 (b)(6).

            (8) The necessary costs and expenses given to a trustee or a Federal agency (section 551 (1)) or a state or a political sub-division agency for disposing of patient records under section 351 or for transferring patients from an about to be shut health care business to another health care business.

            (9) The price of any goods that the debtor received within 20 days before the case commenced.

            To learn more about the administrative fees in Chapter 7 bankruptcy, consult the Recovery Law Group at www.staging.recoverylawgroup.com or on 888-297-6203.


              *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.

            • Inability to Follow the Chapter 13 Monthly Payment Plan

              Inability to Follow the Chapter 13 Monthly Payment Plan

              It is very difficult to decide whether to file for a Chapter 13 bankruptcy or not. The main reason it is a difficult decision to make is that it might come with a lot of limitations.

              In Chapter 13 bankruptcy, your lawyer and your bankruptcy trustee (appointed by your court) make a feasible repayment plan, in which you are supposed to make monthly payments to the trustee for 3 to 5 years. At first, it might sound convenient for you, but later, you come to know more.

              Your household size, household income, and debts decide your Chapter 13 plan. Your payments and all your disposable income must also be equal till the time you have not paid back your complete debt. This means that the money left after paying all the allowed necessary monthly expenses (decided by the average household expenses of the household of the same size in your area) should be handed over to your bankruptcy trustee every month.

              All this might make you hesitate and raise a lot of questions in your mind. I will have to give away all of my disposable income! What all will be deemed as necessary and allowed expenses? What will I do with sudden unexpected expenses? What if I or my spouse has to be suddenly hospitalized? The car needs a new engine or will soon need new tires, etc. Many such questions start troubling your mind. Since all of your disposable income will be turned over to your bankruptcy trustee every month, you might fall behind on your Chapter 13 payment plan in case an unexpected emergency expense arises.

              However, it is not necessary that unexpected expenses will make you fall behind on your Chapter 13 payment plan. Normally, you will be given a specific period of time to catch up with your payments because:

              1. Falling behind on monthly payments might make your trustee file a Motion for the dismissal of your Chapter 13 bankruptcy because of lack of payments.
              2. In most of the cases, the Judge might refuse the filing of this motion and ask you to catch up with your payments in a specific time period.
              3. The Judge might dismiss the Chapter 13 bankruptcy, if you are unable to catch up with your payments within the set time period.
              4. In case of dismissal of your Chapter 13 bankruptcy, you will have the option of filing a Motion to Vacate the dismissal within 14 days from the date of dismissal.
              5. A hearing will then be set for the Motion to Vacate.
              6. You might then be granted another 60 days to catch up with your Chapter 13 payment plan, at the hearing.

              In brief, Chapter 13 bankruptcy does put some limitations on your unexpected expenses and monthly incomes, but it can still be successful and you can walk away debt-free at the end. You can contact the Recovery Law Group or 888-297-6203, to consult more about a Chapter 13 bankruptcy filing.


                *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.

              • Is it a Good Idea to File for Bankruptcy before Getting Married?

                Is it a Good Idea to File for Bankruptcy before Getting Married?

                Call: 888-297-6203

                It can be very difficult for couples to decide the best time for filing for bankruptcy, especially for the ones who are planning to get married. Although married couples can file for joint or separate bankruptcy, marriage does make it difficult for them to qualify for the bankruptcy which they wish to file for.

                A joint bankruptcy filing is a better option for couples, as it allows them to get rid of their debts together in one bankruptcy. Thus, they will not have to go for hearings separately. The filing fees for an individual filing or a joint bankruptcy are the same, so joint filing will help the couple in saving money. Even the attorney’s fees will also be less in joint-filing than the fees for two separate filings.

                However, depending on the couple’s assets, income and debts, a joint bankruptcy filing might not prove to be favorable for the couple. Getting married can make it difficult for the couple to qualify for a Chapter 7 bankruptcy.

                It is compulsory for an individual or a couple to pass the means test to qualify for Chapter 7 bankruptcy. In this test, the filer’s income is compared with the median income (as per the similar household) of the filer’s state. Married filers are supposed to include their partner’s income too on the means test, even if both the partners are not filing for bankruptcy. Since the median income of a household of two people is not twice of a single household, a married couple might not be able to qualify for a Chapter 7 bankruptcy despite qualifying for it separately. In Florida, the means test of a single household and a household of two persons has a difference of less than $10,000.00.

                Also, if only one partner is under debt, a joint filing might not be a good idea. In such a case, it is better for that partner to file for an individual bankruptcy than a joint filing. However, the non-filing partner’s income will also be included in the means test. The couple’s jointly-owned property will be a part of the bankruptcy estate, but the non-filing partner’s individual properties will not be included in it. However, there is one exception to this rule in case of a community property state. In such states, like Texas, the assets of both the filing and the non-filing partners are included. The bankruptcy trustee then decides which assets should be included in the bankruptcy estate and which should not. Florida is not considered as a community property state.

                To learn more about filing for joint bankruptcy, consult one of the most experienced bankruptcy lawyers of Los Angeles & Dallas, TX. You can visit them at Recovery Law Group or call them on 888-297-6203.


                  *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.

                   

                • Is There a Possibility of Elimination of Due Child Support Payments in Bankruptcy?

                  Is There a Possibility of Elimination of Due Child Support Payments in Bankruptcy?

                  Call: 888-297-6203

                  A bankruptcy filing can be a great way for you to get rid of the debt and to start the financial life afresh. But, there are some debts, like student loans or child support payments, which are not eliminated in bankruptcy. However, the good news is that you might be able to catch up with your missed child support payments, through a Chapter 13 repayment plan.

                  Reason for Elimination of Child Support Payments in Bankruptcy

                  According to Congress and the federal government, some debts like child support payments are too important to be unfairly eliminated by filing for bankruptcy. Child support payments are ordered by the court and that money is meant to be spent on the welfare of the child.

                  Debts that cannot be eliminated by filing bankruptcy are usually known as priority debts. Thus, child support payments are priority debts that be eliminated neither by Chapter 7 nor by Chapter 13, and a debtor will still be responsible for paying them even after getting a bankruptcy discharge. In Chapter 7, priority debts, especially child support payments, are meant to be paid before any other payments are made to the creditors.

                  A Chapter 13 bankruptcy repayment plan for 3 to 5 years can help you in reorganizing your debts and catching up with your missed child support payments. However, the bad news is that child support can cause an increase in the monthly payments of the debtor. Since the debtor is supposed to repay the complete amount of missed child support within 3 to 5 years, the monthly repayment plan of that debtor might be higher than the repayment plan of an average person.

                  In addition to this, the debtor will have to continue to make the current child support payments even while catching up on the missed payments. Thus, depending on the number of missed child support payments, this portion of the repayment plan can be equal to 2 or more child support payments. Before getting a discharge in a Chapter 13 bankruptcy, the debtors will have to certify that they are paying the alimony and/or their child support payments on time.

                  Does an Automatic Stay Apply to Child Support Payments?

                  After the filing of bankruptcy, an automatic stay is granted to the debtor by the court. An automatic stay prevents creditors from collecting or contacting debtors about the debt. In case the creditor does not want to discontinue receiving payments from the debtor, he will have to first take permission for it from the court by filing a petition for the same. An automatic stay is not applicable to child support payments.

                  In an automatic stay, there is no prohibition of:

                  • Legal proceedings to start or change a child support order;
                  • Collection of money for child support from the property which does not come under the bankruptcy estate;
                  • Income with holdings for the payment of child support pursuant to a court or an administrative order.

                  To learn more about the child support payments and the filing of bankruptcy while having such obligations, visit Recovery Law Group or call on 888-297-6203.


                    *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.

                  • Should You File for Bankruptcy?

                    Should You File for Bankruptcy?

                    Call: 888-297-6203

                    If you are burdened with immense debt, then bankruptcy is a way out. People, on one hand, are happy to get back on financial track yet simultaneously, they are also scared of the ill effects of bankruptcy. However, bankruptcy might not be the best way to resolve your problems. Before you file for bankruptcy, Dallas based bankruptcy law firm Recovery Law Group says you should ask the following questions:

                    • Which bankruptcy chapter is ideal for me?

                    Individuals can file for bankruptcy under chapter 7 or chapter 13. In the case of former, non-exempt property is liquidated by the bankruptcy trustee and the proceeds are used to pay off the creditors. Almost all unsecured debts like medical and credit card bills are discharged in this case, but secured debts like mortgage and car loan survive a bankruptcy discharge. You can use federal or state exemptions like homestead exemption etc. to protect your assets like home during bankruptcy. However, to qualify for this chapter, you need to have a household income below the state median, or you will be required to pass the means test. In the case of chapter 13, the reorganization of debts takes place and the debtor pays off the creditors through a court-approved repayment plan based on their disposable income. Generally, this plan is for people who have income more than the average individual in the state and wish to protect their non-exempt property.

                    • What debts are forgiven in bankruptcy?

                    If you think that bankruptcy will get rid of all your debts, you are sadly mistaken. Those debts that are not forgiven in bankruptcy include secured debts like mortgage and automobile loans. Additionally, priority debts like tax debts, alimony and child support, student loan, etc. are also not erased in either bankruptcy chapters. For more knowledge of debts that can or cannot be discharged in bankruptcy, you can ask experienced bankruptcy lawyers at 888-297-6023.

                    • What happens to assets belonging to pension and retirement funds?

                    Pension plans, life insurance policies as well as retirement accounts like 401(k), IRAs, etc. are protected from becoming part of your bankruptcy estate thanks to state or federal bankruptcy exemptions. However, some retirement plans might not be exempted from bankruptcy.

                    • Can your debt consignor be affected by your bankruptcy?

                    When you opt for bankruptcy, any person who has cosigned your debt will be held responsible for the payments on your agreement. Though chapter 13 generally protects co-signers of the debt, chapter 7 does not offer any such protection.


                      *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.

                    • Can You File for Bankruptcy Alone if You Have Separated from Your Spouse?

                      Can You File for Bankruptcy Alone if You Have Separated from Your Spouse?

                      Individuals who are struggling with a huge amount of debts can file for individual bankruptcy irrespective of their marital status (single, married or undergoing divorce) say lawyers of Dallas based bankruptcy law firm Recovery Law Group. Additionally, debtors can also file individual or joint bankruptcy during the marriage or ongoing divorce.

                      As a rule, when a married person files for bankruptcy, they can file either individually or jointly. When they file jointly, the joint income of spouses is taken under consideration to determine whether they can file for Chapter 7, 13 or 11 bankruptcy. Household income is an important criterion for bankruptcy chapter eligibility. Even though just one of the spouses is filing for bankruptcy, the income of the other is also taken into consideration and therefore must be declared to the court and bankruptcy trustee.

                      In the case of a married couple that is on the verge of separation and living apart, filing for bankruptcy of one might be a problematic issue. When filing as an individual, they might be able to qualify for chapter 7 bankruptcy, but not when their spouse’s income is included in the household income. If a married couple is living separately, it means they are dealing with double expenses.

                      Some states offer marital adjustment in bankruptcy. this allows the individual who is filing for bankruptcy to deduct expenses belonging solely to the non-filing spouse from the latter’s income. Thus, from the couple’s total income, any expense exclusively owned by the non-filing spouse needs to be deducted. In this way, the bankruptcy filing spouse won’t be fined for expenses that are not for their benefit. Bankruptcy lawyers can guide you better on this aspect. You can consult with them at 888-297-6023.


                        *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.