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Can Personal Business Debt be Resolved Using Bankruptcy?

Many times, business owners end up filing for personal bankruptcy when their LLC or corporations fail. This is a shock as the creation of LLC was primarily done to avoid having any personal liability to business debts. Los Angeles based bankruptcy law firm Recovery Law Group states that many options are available for people with personal business debt. You can choose your bankruptcy option depending on whether your business is LLC, corporation or sole proprietorship; what’s your personal liability for business debts and what are your future expectations regarding your business. If you have a corporation that has [...]

2019-10-22T13:02:59+00:00
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Is Filing Personal Bankruptcy for Multi-Member Limited Liability Company (LLC) Allowed?

Call: 888-297-6203 A multi-member limited liability company (MMLLC) can file for a personal bankruptcy say lawyers of Dallas based bankruptcy law firm Recovery Law Group. Moreover, you can also protect the assets of the MMLLC from bankruptcy trustee as they can use them to settle the personal debt. This can take place as assets of an MMLLC are not considered a part of the bankruptcy estate. This can be avoided by getting a charging order which assures that you receive any assets from MMLLC. Most creditors avoid a charging order as along with distributions, you get additional responsibility [...]

2019-10-22T13:00:47+00:00
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Can Bankruptcy Stop Wage Garnishment and Help Reverse Garnished Wages?

Filing for bankruptcy is an excellent way to not just get rid of your debts but also to stop collection actions by creditors. Wage garnishment is something that people fear the most. One of the major concerns people have while filing for bankruptcy according to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group is whether bankruptcy will stop future wage garnishments or not and if it can also help you get back wages which were garnished earlier. If the wages are not being garnished as a result of unpaid student loans or child care payments, [...]

2019-10-22T12:59:30+00:00
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What Happens to Your Credit Report During Bankruptcy?

Call: 888-297-6203 The Fair Credit Report Act (FCRA) controls what the creditors report to credit bureaus. They are required to report the information accurately. After getting your bankruptcy discharge, the creditors should report the discharged debts as discharged during bankruptcy and have zero balance. Dallas based bankruptcy law firm Recovery Law Group says that the best way to check that your creditors have reported the information accurately is to check your credit report after 30-60 days of receiving a discharge. You need to check all three credit bureau reports for any discrepancy in accounts included in bankruptcy and [...]

2019-10-22T12:58:31+00:00
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Can Student Loans be Discharged in Chapter 13 Bankruptcy?

Unlike chapter 7 which is a liquidation bankruptcy, chapter 13 involves the reorganization of debts. Student loans are priority debts that cannot be discharged during any bankruptcy chapter unless you can prove hardship. In the case of chapter 13, you can include them with the court’s permission in your repayment plan. Surprisingly, say Dallas based bankruptcy law firm Recovery Law Group many people are unaware that student loans cannot be modified, hence they do not include them. However, these debts can be reduced as well as modified during bankruptcy. Chapter 13 bankruptcy involves a repayment plan which can [...]

2019-10-22T12:57:10+00:00
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Wish to File for Chapter 7 Bankruptcy? Here are the Requirements for Qualifying for It

Call: 888-297-6203 Unlike chapter 13 where reorganization of debts takes place and a repayment plan is involved, chapter 7 is a no-asset case. However, you can protect some of your property using exemptions provided by state or federal laws. All non-exempt property of the filer is at the disposal of a bankruptcy trustee who can liquidate them to pay your creditors. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say chapter 7 bankruptcy is the best way to get financial relief no matter how much the debt provided you can qualify for it. Who can [...]

2019-10-22T12:55:57+00:00
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What are the Filing Requirements in a Chapter 13 Bankruptcy?

Call: 888-297-6203 Any individual, sole proprietor, a self-employed or an unincorporated business owner can file for chapter 13 bankruptcy if they are struggling to pay off a huge amount of debt. Unfortunately, corporations and partnerships do not have the luxury to opt for this option. Unlike chapter 7, chapter 13 has debt limits for qualifying under this bankruptcy chapter. This limit is tied to consumer price index say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. Currently, individuals having an unsecured debt of up to $360,475 and secured debt up to $1,081,400 are eligible to file [...]

2019-10-18T12:29:15+00:00
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Can Changes in Income or Expenditure Affect Chapter 7 Bankruptcy?

Chapter 7 bankruptcy has no debt limit for individual bankruptcy filers. Thus, any increase in debtor decrease in income is not going to affect your Chapter 7 bankruptcy eligibility. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, you are obliged to disclose your finances as well as update them (if there have been any changes) when you file your bankruptcy papers. Chapter 7 requires this more than Chapter 13 as your income is the primary criterion that determines whether you can qualify for this bankruptcy chapter or not. In case you are filing for [...]

2019-10-18T12:26:58+00:00
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How To Avoid Bankruptcy With An Attorney’s Help?

Filing for bankruptcy should be taken seriously, and should not be undertaken unless it’s the only option. It is a complex process, thus, it is advisable to hire a competent and extensively experienced bankruptcy lawyer, who can successfully help you to avoid bankruptcy. A lawyer will help in negotiation with the creditors and also in creating a more feasible repayment plan. He can also help you in learning about your consumer rights and can let you know about any statutes of limitation that might be applicable to your debts. Student Loan Debt In bankruptcy, obtaining relief from student [...]

2019-10-18T12:30:04+00:00
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Filing Bankruptcy for Return of Repossessed Collateral

Call: 888-297-6203 Repossession of collateral (mostly a vehicle) by secured creditors can possibly be taken back through the bankruptcy filing. It is important for the debtor to file a petition for bankruptcy along with a motion for the return of the repossessed property against the creditor, as soon as possible. The creditor, repossessing the property, should be informed about the filing and the motion, immediately after they are filed. It is extremely necessary to give the notice to the creditor, as there are strong chances that the creditor might have intentions to sell the repossessed property. Thus, time [...]

2019-10-18T12:19:15+00:00
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