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  • Is Purchasing a Vehicle Before Bankruptcy the Correct Decision?

    Call: 888-297-6203

    One of the major concern people have while filing for bankruptcy is whether they will be able to protect their vehicle or not. According to Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers, it depends on various factors. The primary factor which helps decide whether you can keep your vehicle during bankruptcy is the equity in the vehicle. Another point of consideration is whether the equity is exempted using either federal or state exemption. To save your vehicle you could either use the vehicle exemptions or you could use other exemptions to protect more equity.

    In case you are leasing your car or taking a loan to purchase the vehicle, and you owe the lender full value of the car or more than what the vehicle is worth, then you can hold on to it by reaffirming the lease or loan. However, if you don’t wish to keep your vehicle (not reliable, costs more than its worth, etc.) you might prefer to let it go in the process to buy another. the million-dollar question is whether to buy one before filing for bankruptcy or after your bankruptcy filing. Though you can purchase a new vehicle before the bankruptcy filing, you must have a legitimate reason for buying a new vehicle close to your bankruptcy filing.

    Unless you wish the bankruptcy trustee to raise a red flag regarding your purchase, you need to be prepared to answer the following questions:

    • Why you purchased the car? Was the previous vehicle unreliable or the new vehicle was purchased to hide assets?
    • In case you are filing for Chapter 7 bankruptcy, were you able to qualify for Chapter 7 without the new car loan or was the loan taken in order to help you qualify for the same?
    • Can you exempt the entire value of the new vehicle if you are buying it with cash?

    Though sounding simple, these questions can be tricky and discussing these with a bankruptcy attorney before proceeding with either filing for bankruptcy or purchasing a new vehicle is an excellent idea. Discussing the pros and cons of the decision is very important, especially if you are contemplating bankruptcy. you can discuss your case with experienced 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.

    • What Happens to Your Insurance Policies During Bankruptcy?

      Call: 888-297-6203

      People who are on the verge of the bankruptcy filing are often worried about their life insurance policies. This is something, they simply cannot afford to lose. Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers say that generally your life insurance policies are not considered a part of your bankruptcy estate. However, in case, they are included in your bankruptcy estate, there are exemptions available to protect them. Whether the insurance policy becomes a part of your bankruptcy estate depends on which type of insurance policy it is. Another important consideration is who is the beneficiary of your policy?

      Term life insurance

      This type of insurance has no cash value while the insured is alive. On the death of the insured, the beneficiary gets the proceeds. Since no money is involved until the insured’s death, there won’t be any available to disburse to the creditors. Hence, this type of insurance policy is not considered a part of the bankruptcy estate.

      Whole life insurance

      This type of insurance has a cash value attached to it as you can borrow against it after a specified time has lapsed (as mentioned in the policy). It becomes a part of your bankruptcy estate as it can be cashed to pay your debts. In case the beneficiary of the policy is your child or spouse, it might not become a part of the bankruptcy estate. Federal exemptions can protect up to $12,250 of the cash surrender value of the policy.

      Receiving insurance benefits in bankruptcy

      If anyone who has listed you as a beneficiary of Term Life or Whole Life Insurance dies, and you are during bankruptcy, then the money could possibly become a part of your bankruptcy estate. In case you receive any life insurance policy benefit within 180 days of the bankruptcy filing, the proceeds become a part of your bankruptcy estate and are used to pay your creditors. However, using estate planning techniques, you can protect the money you received in case of bankruptcy. in case you have a life insurance policy or are the beneficiary in someone else’s insurance policy, it would be beneficial if you consult with experienced lawyers regarding their fate in bankruptcy proceedings. To find out if life insurance will be part of your bankruptcy estate or you can save it, you can consult with experienced 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.

      • Is Your Education Savings Account for Your Child’s Future College Expenses Safe During Bankruptcy?

        Call: 888-297-6203

        Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ informs that Internal Revenue Code Section 529 allows parents and grandparent to set education savings account for the future college expenses of their child (or grandchild). These accounts can only be set up in the name of the person establishing them (parent or grandparent) and the funds also belong to them. When such an individual file for bankruptcy, they need to disclose these funds as an asset in their bankruptcy petition.

        Most people are worried about losing the fund when they disclose them as assets during a bankruptcy filing. However, there is no certainty to this as federal and state laws provide exemptions for such accounts. If the exemptions are applied then you can save these funds from creditors and keep it for dire financial requirements, such as bankruptcy. Different states vary in their exemption for these funds, while Federal exemptions remain constant.

        It is important to be aware of the Federal exemptions regarding prepaid college funds as your Bankruptcy trustee might notice you putting a large sum of money into those funds while knowing that filing for bankruptcy might be a possibility in near future. This could be construed as hiding money from the court in order to defraud the creditors. federal exemption rules are as follows:

        1. Any money placed in education saving accounts for 2 years or more prior to bankruptcy filing will be considered 100% exempted in case of the bankruptcy filing.
        2. Any funds deposited in the education savings account within 1-2 years of bankruptcy filing will be exempted up to a certain amount only; i.e. any money placed above the set amount in your saving plan will be taken and distributed among your creditors.
        3. All money placed in education savings account within 1 year from a bankruptcy filing is not protected and the entire amount can be taken by the Trustee and given to your creditors.

        In case you are thinking of bankruptcy as a way out of your financial miseries and have established education savings account for your child, it is important that you discuss it with a bankruptcy attorney. Your timing of bankruptcy filing might be the difference in protecting the college funds or losing them. You can consult with experienced 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.

        • How to File for Bankruptcy for a Corporation

          Call: 888-297-6203

          Individual bankruptcy is different from corporation bankruptcy. Unlike personal bankruptcy, when the corporations file for bankruptcy under Chapter 7, they don’t get a bankruptcy discharge. A bankruptcy discharge informs creditors that you are not liable for your owed debts. In the case of corporations, it will mean that they are still liable for debts which were not paid off when bankruptcy estate was completely administrated and closed. Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ says that corporations are also not allowed any exemptions i.e. they cannot protect any assets unlike individuals.

          What can lead to corporations filing for bankruptcy?

          A corporation might opt for bankruptcy as it provides time for the partners to look for an alternative source of income (employment). The primary aim of a trustee in business bankruptcy is to close the business and pay the corporation’s creditors anything possible. The payment is made by accumulating the assets of the corporation and selling them. The proceeds so generated are distributed among the creditors. In case any creditor is not paid fully, the corporation remains liable for the unpaid debt. This can be helpful as it takes away the responsibility of the corporation’s partners for closing the business.

          Irrespective of your situation, speaking with a bankruptcy attorney is important if you are contemplating filing for bankruptcy. Your corporation’s recent transaction, business assets, and other relevant information can be used by the lawyers to determine whether filing for bankruptcy is the best way to close your business. In case you haven’t hired one, you can consult with experienced bankruptcy attorneys at 888-297-6023. In case you don’t wish to close your business but are looking to get rid of your debts to get back on financial track, you can opt for the reorganisation of your debts through Chapter 11 bankruptcy.


            *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.

          • Are You Thinking of Filing for Bankruptcy? Here’s What You Can Expect?

            Are You Thinking of Filing for Bankruptcy? Here’s What You Can Expect?

            Call: 888-297-6203

            Since there is a lot of confusion surrounding the bankruptcy process, it is better if you are aware of what to expect when you file for a Chapter 7 or Chapter 13 bankruptcy. The best way to do that, say Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ is to hire experienced lawyers. In case, you are contemplating bankruptcy filing and haven’t yet hired a lawyer, you can call experienced bankruptcy attorneys at 888-297-6023 to discuss your case.

            The initial process in either chapter of bankruptcy is similar; beginning with a consultation with a lawyer. You need to discuss your income, household size, your assets, debts and your reason for a bankruptcy filing. Once the information is available to your lawyer and you have discussed your expectations from the bankruptcy, the attorney will discuss the advantages and disadvantages of both Chapter 7 and Chapter 13. After being aware of all the facts, you can come up with a plan as to how you will proceed with the bankruptcy.

            Once the bankruptcy chapter is decided, you are required to gather all essential documents required for filing of the bankruptcy petition. You can review the petition prepared by the attorney for its accuracy and sign it so that it can be filed in the bankruptcy court. After 1 week of the bankruptcy filing, you receive a letter from the bankruptcy trustee assigned to your case, which asks for specific financial documents supporting your bankruptcy petition. Beyond this, both chapters of personal bankruptcy differ from each other.

            Chapter 7 bankruptcy

            You are expected to have a phone interview with your bankruptcy trustee in this case, where the trustee asks about your bankruptcy petition and the supporting documents. Your attorney is not part of this conversation. 1 month after petition filing, you meet the trustee in-person at the Federal court house along with your attorney. Here you are asked a series of questions regarding previously discussed documents. Your creditors are also part of this meeting (341 hearing) and can object to your bankruptcy discharge. However, creditors rarely participate in the meeting.

            Any secured debts (mortgage, car loan) which you have can be reaffirmed if you wish to keep the asset. Reaffirming a debt means that you will be liable for your mortgage or car loan and need to continue making monthly payments on those loans, irrespective of the bankruptcy filing. If everything goes as per plan, you will receive your bankruptcy discharge within 120 days of the bankruptcy filing. Discharge of debts means you are not liable for any debts.

            Chapter 13 bankruptcy

            No telephone call from bankruptcy trustee precedes the personal meeting in this case. Here also a Meeting of Creditors takes place within 30 days of the bankruptcy filing and lasts around 5 minutes, where you are asked questions pertaining to the documents attached with your bankruptcy petition. Apart from this meeting, your 1st payment (as per your repayment plan) to the bankruptcy trustee is also due within 30 days of filing. The trustee distributes these payments to your creditors depending on the secured debts you decided to keep, your unsecured debts and your income. This repayment plan lasts for 60 months. The payments are calculated with the bankruptcy attorney and trustee and depend on your disposable income. If you continue making payments on time, you will get your bankruptcy discharge after you make your final payment.


              *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.

            • Filing for Chapter 7 Bankruptcy? Your Timeline is Very Important

              Call: 888-297-6203

              A bankruptcy filing can be a scary affair for many since they are already worried dead about the repercussions, they could face due to it. However, all of this fear is unfounded say Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. With experienced attorneys by your side, you will be guided regarding when to file and what to expect after the filing of bankruptcy. Additionally, they will also inform you what to do and avoid before filing for bankruptcy. If you need to discuss your case with experienced bankruptcy attorneys, you can call at 888-297-6023.

              According to bankruptcy lawyers, if you are thinking of bankruptcy, it is important that you are well versed with the timeline of bankruptcy.

              • 6 to 8 years before Chapter 7 bankruptcy filing – In case you have previously filed a Chapter 7 bankruptcy and got your debts discharged, you cannot file another Chapter 7 petition before 8 years. If you had previously filed for a Chapter 13 bankruptcy and received a discharge, then you can file a Chapter 7 bankruptcy petition, after 6 years, if you had paid almost 70% of your unsecured debts.
              • 1 year before filing – While going through your financial records, a bankruptcy trustee can look up to 1 year back for any debts paid to relatives or close associates. Any such payment can be construed as preferential payment and can be reversed. This will then be paid to other creditors. in case you tried to hide any asset by transferring it or hiding it within 1 year of the bankruptcy filing, then you might be denied a discharge and the property recovered. It is therefore recommended that you wait for 2 years to be sure that no such thing happens.
              • 90 days prior to filing – You are required to have residential status in the state of the bankruptcy filing. If not, you should have lived for at least 90 days in the state before filing bankruptcy there. If the minimum duration is also not fulfilled, then you should file for bankruptcy where your main assets were located for the most part of 180 days prior to a bankruptcy filing. Additionally, you should neither make any new debts ($500 or more), nor pay any creditor in full during this period.
              • Filing of bankruptcy – Once you have filed for bankruptcy, the automatic stay is enforced. This prevents your creditors from pursuing any collection action including harassing phone calls. a Notice of Commencement is drafted by the court and mailed to your creditors informing them of your bankruptcy filing. It also provides information regarding the time of 341 Hearing which is the deadline for your creditors, for filing their claims and who will be the bankruptcy trustee.
              • 30 days after filing for bankruptcy – you need to inform the court of your secured assets which you intend to keep or reaffirm. This is done by filing a Statement of Intentions in Court. This also helps in informing the Court which secured assets you are turning over to your bankruptcy estate.
              • 3-6 weeks after bankruptcy filing – Meeting of Creditors takes place by now. You need to provide all financial documents to the Bankruptcy trustee a minimum of 7 days prior to this meeting.
              • 30 days after Meeting of Creditors – Any objection that any of your creditors or your bankruptcy trustee has to your petition must be filed within these 30 days.
              • 90 days after Meeting of Creditors – Creditors should file their Proof of Claim with Court which tells how much you owe them. Unless a Proof of Claim is submitted by a creditor, they won’t get paid from your Bankruptcy Estate.

              Though this provides an approximate idea of what happens when you file for bankruptcy, you should consult hiring an experienced bankruptcy attorney to get all your questions answered.


                *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.

              • Bankruptcy Myths: Sieve Fact from Fiction

                Bankruptcy Myths: Sieve Fact from Fiction

                Call: 888-297-6203

                Most of the clients who have been struggling with dwindling fortunes contemplate bankruptcy but have their fears around the topic. Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers say that most of these are mere misconceptions created to keep unaware and innocent people under continuous debt. Often people file for bankruptcy when they are left with no other option. It will be surprising to know that most of the myths are just misconceptions to scare people from filing for bankruptcy.

                Here are some of the common misconceptions regarding bankruptcy:

                • Credit is ruined

                One of the most common myths is that bankruptcy ruins the credit and getting over it is impossible. Well, for starters, people who are filing for bankruptcy, probably have a bad credit score. Bankruptcy won’t take it any lower. In fact, bankruptcy wipes your slate clean. Though bankruptcy appears on your credit report for a maximum duration of 10 years, all bad credit will be removed.

                Filing for Chapter 13 bankruptcy will give you a new credit even during your repayment plan, with permission from the court. Chapter 7 bankruptcy, on the other hand, gives you a discharge in no time and you will soon be having new credit offers. Since there are no debts remaining after the bankruptcy discharge, you become an ideal candidate for fresh credit. However, before opting for nay it is important that you check the interest rates. with timely payments, you can improve your credit score and get credit cards with good interest rates too.

                • Personal failure

                You should not consider bankruptcy filing as a sign of personal failure since many times people fall into bad times. Getting the pink slip, sudden illness or divorce can be reasons most people haven’t anticipated. Such problems are generally not catered to in the normal course of events and can throw anyone’s finances in a ditch. Bankruptcy is designed to make life easy for these genuinely honest people who have hit a rough patch.

                • You lose everything in bankruptcy

                Unlike the false stories circulating about bankruptcy, you can save most of your belongings thanks to the federal and state bankruptcy exemptions. Every state has a different limit of the homestead, personal property, vehicle, wild card exemptions, etc. which can be used to protect your equity in the property. Additionally, your retirement accounts and pension funds are protected during bankruptcy.

                • Bankruptcy will become public knowledge

                Though bankruptcy filing is public record, not everyone will come to know of your bankruptcy, since every day numerous people file for bankruptcy. unless people are specifically searching for your credit score, they won’t be aware of your bankruptcy filing.

                • No money to hire an attorney

                If you are thinking of filing for bankruptcy under Chapter 7 or Chapter 13, you can use the debt payment money to hire the attorney. Since the majority of debts are unsecured types, they get discharged in a Chapter 7 bankruptcy; while Chapter 13 allows you to catch up past due payments. This way you won’t affect your chances of getting your debts discharged through bankruptcy.

                Despite whatever you have heard bankruptcy is not a complicated and difficult process. With experienced bankruptcy attorneys by your side, things go very smoothly. They will help you decide which chapter of bankruptcy would be best to save most of your assets while getting rid of the majority of debts. You can call 888-297-6023to to discuss your case with skilled bankruptcy lawyers.


                  *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.

                • Using Tax Refunds for Filing Bankruptcy is the Best Use of Refunds

                  Call: 888-297-6203

                  As a year ends, the tax filing for the next year begins. According to Federal laws employers need to provide their employees with W2s before January end so that federal income taxes can be filed till April 18th. According to a survey conducted, 30% of people who received tax refund used it to lower their debts. Most of these people would use it to file for bankruptcy (Chapter 7 or 13). According to Dallas based bankruptcy law firm, https://www.staging.recoverylawgroup.com/ using the tax refund to file for bankruptcy not only provides the best use of money but also protects it from your creditors.

                  Bankruptcy attorneys can help you with not just filing of papers but also when would be the best time to file them. Filing for bankruptcy at the end of a year provides you fresh financial beginnings in the next year. You can consult with experienced bankruptcy attorneys at 888-297-6023 to find out when bankruptcy filing would be ideal. Using tax refunds for filing bankruptcy is using it in an essential and reasonable manner, thereby making it unavailable for your bankruptcy estate. Since attorney fees are also considered a necessary expense, it is worth waiting for your tax refund to file bankruptcy. this way you don’t end up losing it and use it for your benefit.

                  Many times, people who are contemplating bankruptcy often do not have the money required to pay the attorney fees as well as the bankruptcy filing fee. Waiting for your tax refunds and utilizing it for this purpose is ideal. in case the tax refund is more than enough to cover your bankruptcy filing as well as attorney fees, then you can use it for necessary expenses like mortgage payments, food, clothing, medical expenses, etc. If you are not using on luxury items and can justify the expenses, you won’t have any issues during your bankruptcy case.

                  Timing of bankruptcy filing does not depend on just tax refunds but also on numerous other factors. It is therefore important that you consult with experienced bankruptcy lawyers to find the best course of action when it comes to bankruptcy.


                    *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.

                  • Common Jacksonville Bankruptcy Myths

                    Call: 888-297-6203

                    Hiring an experienced bankruptcy attorney is extremely important when you decide on filing for bankruptcy. There are many myths associated with bankruptcy which claims that it is one of the most difficult legal proceedings, quite scary and a very difficult process to undergo. Hiring an experienced lawyer will help you get rid of all these myths and at the same time guide you very smoothly through the entire process. Experienced attorneys can guide you, calculate your possibilities on filing for bankruptcy, help you to ascertain whether this is really the right step for you and at the same time enlighten you with both the pros and cons of filing for bankruptcy based on your case. Their knowledge and guidance will make the entire journey of filing for bankruptcy a cakewalk for you.

                    Some of the most common myths associated with bankruptcy:

                    Myth #1 – People who file for bankruptcy are financially irresponsible

                    It is irrelevant to say that all those who file for bankruptcy are irresponsible with their expenses, though there may be few who abuse this benefit most are innocent with genuine reasons. There may be circumstances which may have led them in this situation where they are left with no option but to file for bankruptcy like illness, divorce, or maybe the loss of a job. These circumstances could be the reason for the reduction in income or increased expenses making them redundant in meeting their expenses.

                    Myth #2 – Filing for bankruptcy makes everyone aware of my situation

                    Filing for bankruptcy does not mean that it will be published in your local newspaper or announced somewhere. Since all legal proceedings are a public record, the documents submitted for bankruptcy will also be considered to be a public record, but not everyone can have access to that data. This data is available to the attorneys who can search for the bankruptcy cases, or if someone who is analyzing your credit report.

                    Myth #3 – I will lose everything, including my house if I file for bankruptcy

                    It is completely incorrect to say that you have to give up everything when you file for bankruptcy. Filing for bankruptcy only changes the way you pay back your loans. This completely depends upon the section under which you are filing for bankruptcy. In fact, there are multiple exemptions which can be of your benefit when you file for bankruptcy (depending on your case). These exceptions can help you keep your luxury assets like home, car provided you pay the mortgage amount as pledged and reaffirmed as per the bankruptcy case.

                    Myth #4 – Paying off my debts or consolidating is better than filing for bankruptcy

                    Many people fear bankruptcy, and thus believe that it is better to pay back the entire amount or stay in debt than file for bankruptcy. Though paying off is always a better option, the practical side varies on the overall debt that you have accumulated. A professional and experienced attorney will be the best guide to help you I the right direction in this situation.

                    Myth #5 – Filing for bankruptcy will exempt 100% debt

                    Depending on your case, the charges and debts are exempted. Though not 100%, mostly all debts are exempted if they are found to be genuine. Few debts like student loan, child support, alimony, IRS are not exempted at any cost.

                    Myth #6 – You have to file bankruptcy with your spouse if you are married

                    This definitely does not stand true. It is completely your discretion how you want to file for bankruptcy, individually or with your spouse. Though it would not be advisable to file with your spouse together, rather filing it individually would be a better option.

                    If you have any other queries or are considering the option of filing for bankruptcy, we highly recommend that you discuss the case once with our experienced attorneys who can guide you better based on your case and scenario. An experienced attorney can only guide you if filing for bankruptcy is the right decision or not in your case. To contact, call – 888-297-6203 or log on to https://www.staging.recoverylawgroup.com/


                      *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.

                    • Filing for Bankruptcy? Know Whether You Can Keep Your Car or Not?

                      Filing for Bankruptcy? Know Whether You Can Keep Your Car or Not?

                      Call: 888-297-6203

                      Having a vehicle is no longer luxury, it has become a necessity. You need it to commute between your office and home and to drop your kids off to school. However, bankruptcy is a trying time and you might find it difficult to hold on to assets in such cases. According to Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, state and federal exemptions can be used to keep your property, including home and car as long as you can prove that the latter is a necessity and not a luxury.

                      Since most people take automobile loan while purchasing a car, the payments can continue as before even in case you file for bankruptcy. However, the situation changes slightly when you file for bankruptcy. Depending on which exemption you opt for, you need to determine the equity in the vehicle. If the equity in the vehicle is more than the exemptions, you can opt for wild-card exemption (if allowed in your state) to protect the remaining equity. In case, you are unable to exempt all equity in the vehicle, you can either:

                      • Surrender the vehicle to the trustee for liquidation in case of Chapter 7 bankruptcy; or
                      • Pay the remaining equity in the vehicle to the trustee in order to keep it.

                      Generally, trustees allow monthly payments to cover the equity. However, before going ahead with any plan, it is important to know that the bankruptcy trustee conducts 2 tests to determine whether you can keep your vehicle or not:

                      1. Whether you can afford to pay the monthly payments to keep the vehicle?
                      2. Whether it is fair to your creditors or not?

                      The U.S. Bankruptcy Code states that in case you wish to keep any non-exempt property in a Chapter 13 bankruptcy, you should pay your creditors the amount they would have received if the property had been liquidated (as in Chapter 7 bankruptcy).

                      If what you owe on your vehicle is more than its worth, then you can opt for a Cram Down. In this case, a Chapter 13 bankruptcy filer can ask the judge to establish the value of the vehicle and reduce the secured loan amount to that value. Any amount over the vehicle’s current value becomes a part of the unsecured debts which are then discharged on completion of the Chapter 13 repayment plan.

                      There are more ways to save your vehicle when you file for bankruptcy if you can prove that it is a necessity. An experienced bankruptcy lawyer can help you with this. You can call 888-297-6023 to consult with qualified bankruptcy lawyers to discuss your case.


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

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