Author: Team Flexsin

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Once you file for bankruptcy, you will end up receiving many different types of summons including foreclosure. While filing for bankruptcy, you have the option of either surrendering your home or retaining it. If you decide to keep your home, you need to continue making payments on your mortgage. However, if you surrender the home and get a bankruptcy discharge, it is not necessary that all your liabilities end. Surrendering the home in bankruptcy takes care of only the financial part, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. The deed of your home is still in your name and unless it is transferred, the bank cannot legally possess the property. Mere legal possession of the property without any monetary damages is termed as in rem foreclosure. Unless the summon received involves financial damages, you can ignore bankruptcy summon. They could have been sent incorrectly or because you are still the owner of the property on paper.

If the bankruptcy summons is for credit card debt or another debt that had been supposedly discharged in bankruptcy, you need to inform that the concerned debt was part of bankruptcy, was listed in the bankruptcy schedule and was discharged. After notifying that the debt was discharged, the bankruptcy summons should be dismissed. In case you are unsure of the lawsuit, or the debt inclusion and discharge in bankruptcy, you should consult bankruptcy lawyers. Experienced lawyers at 888-297-6023 can help you review the summon and address the issue appropriately.

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People might shift to different states due to work reasons. This is generally not a matter of concern unless they have to file for bankruptcy. Since bankruptcy laws and exemptions vary from state to state, it is difficult to keep track of them. Hiring an attorney might be the best decision in this case. you can call 888-297-6023 to know your options from experienced bankruptcy lawyers.

As per Los Angeles based bankruptcy law firm Recovery Law Group if you have been residing in the state for 180 days or more before filing for bankruptcy, then you can file for bankruptcy from here. However, if you have not stayed in the state for 180 days, then you need to file for bankruptcy in the state where you resided for a longer duration before the bankruptcy filing.

Once the state where you will be filing for bankruptcy is decided, you need to focus on when you should file for bankruptcy. For this, you need to check the exemptions available in each state. if you have not yet resided in the new state for 180 days, and the current state offers better exemptions than your earlier one, waiting (for a duration of 180-730 days) before filing for bankruptcy might be a better option. However, if your previous state offered better exemptions, then instead of waiting you need to file for bankruptcy before you finish 180 days of residing in your new state.

You also have the option of filing for bankruptcy in the state where most of your assets are located or where your primary business exists. In case you have filed in a wrong district, you can simply either get the case transferred or dismissed. If you are facing the latter situation, you can re-file your bankruptcy petition in the new district. You can discuss this with qualified bankruptcy lawyers to know where filing for bankruptcy would offer you maximum benefits.

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Many times, people who are facing foreclosure or repossession issues opt for bankruptcy. Their major concern at that time is to protect their assets and get rid of collection actions by creditors. Most of the time says Los Angeles based bankruptcy law firm Recovery Law Group, people do not worry about the ramifications of bankruptcy on their job or future employment options. Though bankruptcy doesn’t affect your current job, it can alter your chances of finding a new job.

Filing for chapter 7 bankruptcy won’t inform your employer unless there was a wage garnishment order against you. The employer will be aware of your financial situation as a result of the wage garnishment order. When you file for a bankruptcy, all collection actions including the wage garnishments ceases! You need to inform your employer to stop wage garnishment and as a result, they will be aware of your bankruptcy.

In the case of chapter 13, your employer can be aware if there is a wage garnishment order against you. Since chapter 13 involves a repayment plan, if your bankruptcy trustee gets a wage deduction order in order to receive chapter 13 monthly repayments from your paycheques, your employer will get to know of your bankruptcy filing.

What happens if you wish to change your job?

Though you should not be discriminated against because of bankruptcy, yet some employers reject candidates on this basis. Certain jobs like those in finance (accountants, bookkeepers, CFOs, pay-roll workers, etc.) have a genuine concern regarding your past bankruptcy. This can be because it requires dealing with, managing or investing money. However, sometimes bankruptcy might make it easy to find a new job. High debt makes you at risk when it comes to blackmail and theft. Getting rid of your debts through bankruptcy lowers your debt and therefore your risk too.

Being honest about your bankruptcy filing can be your best bet to land the job. Informing prospective employers about the reasons for bankruptcy filing (sudden death, loss of a job, divorce, etc.) can work for you. Having a letter of recommendation from previous employers can also be an asset. Additionally, if a prospective employer asks to do a background credit check, agree to it. This shows that you are upfront and honest about your past and look forward to a bright future despite the hardships faced.

A bankruptcy attorney can help you get through the most difficult financial time of your life. Call 888-297-6023 to speak with experienced bankruptcy lawyers regarding your case.

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Bankruptcy is a decision that people generally do not take lightly. This is something that is approached when you have exhausted every other option for debt settlement. Everything said and done, bankruptcy is indeed extremely stressful, and it is better to be aware of everything related to bankruptcy to ease some of the pressure associated with bankruptcy. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group help you determine whether bankruptcy is something you should consider by listing some important points like:

• Assess your financial situation calmly before filing for bankruptcy, unless you are facing foreclosure or repossession actions.
• Being married doesn’t mean that both partners need to file for bankruptcy. Additionally, your bankruptcy will not affect your spouse’s credit score.
• You need to have money to file for bankruptcy. The bankruptcy filing fee ranges around $300 apart from the bankruptcy lawyer charges which might be around $1,500-5,000. If you cannot afford to pay the bankruptcy fees, you can pay it in installments or get a waiver for it. However, the clause attached to this generosity is that you cannot hire an attorney for your bankruptcy case.
• You will need to attend one hearing for the creditor’s meeting.
• You need to opt for a credit counseling course 180 days prior to bankruptcy filing as well as one after bankruptcy course. You can opt to do the course online too.
• You won’t be able to get rid of all debts through bankruptcy, only unsecured non-priority debts like medical bills, credit card bills, etc. will be wiped off. Child support, alimony, IRS, etc. won’t be eliminated through bankruptcy.
• Bankruptcy will remain on your credit report for 7 years in case of chapter 13 bankruptcy and 10 years in chapter 7 bankruptcy. This can affect your ability to get a mortgage.
• Though bankruptcy can affect your ability to get credit, however, the situation is not as bad as it is being projected. However, you need to take care that the interest rate is not very high.
• It is important to have an experienced lawyer to help you with your situation. you can call 888-297-6023 to speak with experienced bankruptcy lawyers.
• If you have any queries regarding your finances, you should discuss it with your attorney.
• Your bankruptcy, despite being public record, is not made public; i.e. not everyone comes to know of it.
• You can protect your belongings in bankruptcy, federal and state government offer exemptions to protect your property.
• You need to list all your debts you wish to get rid of while filing your bankruptcy petition.
• Mention all your assets including property while filing for bankruptcy.
• Your previous 6 months income will determine whether you can file for chapter 7 or chapter 13 bankruptcy. If the income is less than the state median, you can get rid of debts through chapter 7 bankruptcy, else you can opt for chapter 13 bankruptcy.

Once you are aware of what bankruptcy entails, you are less likely to be intimidated by it. Getting a consult with experienced bankruptcy lawyers will help you gather more information on this topic.

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Bankruptcy is not something you are looking forward to, however, sometimes circumstances are unfortunate, and bankruptcy is the last resort to get rid of your huge burden of debts. One of the biggest concerns people have according to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group is that people don’t know when should they file for bankruptcy. An experienced lawyer can help you determine whether it is time to file for bankruptcy or you could opt for any other debt resolving the solution. To consult experienced bankruptcy attorneys, you can call 888-297-6023. Here are a few questions that can help you reach to the conclusion of whether a bankruptcy filing is ideal for you:

• Can you make minimum payments on your credit cards or not?
• Do you have a wage garnishment order cutting into your wages?
• Are debts causing stress?
• Are you facing constant harassment (threatening phone calls, letters, emails) from credit collectors?
• Are you considering debt consolidation?
• Are you using credit cards for necessary items?
• Are you facing any lawsuit from your creditors?
• Are you unaware of how much money you owe to various creditors?
• Have you considered a payment plan with creditors?
• Are you unable to manage your payment plan?

Should you wait to file for bankruptcy?

Though bankruptcy could be the best way to get rid of debts, there are sometimes when waiting to file for bankruptcy is the sensible choice.

Some of the situations where waiting to file for bankruptcy makes sense include:

• If you wish to protect some property and filing for bankruptcy will hamper your chances of doing so, you should hold on filing for some time. this can be possible if you wish to protect your property through homestead exemption but have not owned the property for the required duration. In this case, waiting for some time would be a sound decision.
• If you are expecting to incur any new debts waiting to file for bankruptcy would be sensible, else you won’t be able to include the debts in your bankruptcy.
• Which chapter of bankruptcy you qualify for depends on your income and expenses. Chapter 7 is quicker, but you cannot protect all your assets in this bankruptcy, while Chapter 13 involves repayment of debts as per the court-approved 5-year repayment plan. If you end up with less income, then you might be able to qualify for chapter 7 bankruptcy. Since the previous 6 months of income are considered to test the eligibility for chapter 7, waiting for some time makes sense.

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If a homeowner has passed due HOA fees and must file for bankruptcy under chapter 7 or chapter 13, then consulting bankruptcy lawyers is important. You need to be aware of the HOA fees which will be due after the bankruptcy filing and what your responsibilities are regarding the same before and after the bankruptcy filing. This can help you determine whether you should opt for bankruptcy or not.

As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, when an individual is behind HOA fees, they have the option of either surrendering the property or clearing the dues through a bankruptcy discharge. However, the entire HOA fees are not dischargeable, i.e. any HOA fees due prior to bankruptcy filing will be discharged but that which will be due after bankruptcy will need to be paid.

According to U.S. Bankruptcy Code 11 U.S.C. § 523(a)(16), any fee for a Homeowner’s Association that becomes due after bankruptcy will exist and the fee due prior to the filing of a bankruptcy can be discharged along with other debts of the debtor. However, many times the homeowners surrender the property in bankruptcy, or move out and assume that they aren’t responsible for HOA dues. Receiving a letter of the huge amount of pending HOA dues comes as a rude shock to them since along with HOA dues; you will also end up paying lawyer fees and late fees. A better option is to continue living there and paying the HOA fees until the property is foreclosed or some other solution comes into effect. An alternate solution is to short sell the house and move out of it.

You need to pay the HOA fees prior to bankruptcy filing if you wish to retain your home. This is essential as HOA can place a lien on your home which can later be enforced through foreclosure. As a result of this, you might end up losing your home to HOA foreclosure despite being current on your mortgage payments. Thus, HOA payments are extremely essential and should be kept in mind, especially if you are filing for bankruptcy. if you are planning to get rid of debts through bankruptcy it will be beneficial if you call at 888-297-6023 and discuss your case with experienced bankruptcy lawyers.