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Filing for Bankruptcy? Know What Constitutes an Asset in Your Bankruptcy Case?

Call: 888-297-6203 Bankruptcy is designed to get rid of huge amounts of debt in order to get you a fresh financial start. However, this can be unfair to the creditors if they are unable to receive anything in return. Thus, in case of Chapter 7, your non-exempt property is liquidated, and the proceeds distributed among your creditors; while in case of Chapter 13 bankruptcy, a repayment plan is devised based on your disposable income. While filing for bankruptcy, you are expected to list all your assets in the bankruptcy petition. This allows the bankruptcy trustee to find out [...]

2019-10-09T12:04:42+00:00
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341 Hearing: What to Expect?

Call: 888-297-6203 341 Hearing is a Meeting of Creditors that takes place around 30-45 days from your filing of bankruptcy papers. Irrespective of which chapter of bankruptcy you have filed under, you are expected to make an appearance in the 341 Hearing with your lawyer. The bankruptcy trustee puts you under oath and asks questions related to your bankruptcy petition as well as the documents you provided along with it. Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ confirm that many bankruptcy filers are worried about the implication of this 341 Hearing. They would like to be better prepared [...]

2019-10-09T11:58:06+00:00
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Small Business Owners and Bankruptcy

Call: 888-297-6203 Filing for bankruptcy by an individual involves several aspects. When it comes to business’ filing for bankruptcy, things get much more complicated. Small business can be either sole proprietorship, limited liability companies (LLC) or corporations. As per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, when a sole proprietor of business files for personal bankruptcy, there isn’t much legal distinction available between the business and the owner. Any assets that a sole proprietor has are considered those of the owner and thus they end up becoming a part of the bankruptcy estate. However, if the business is an [...]

2019-10-09T11:51:36+00:00
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What is Rule 2004 in Bankruptcy?

Call: 888-297-6203 According to Federal Rules of Bankruptcy Procedure Rule 2004, also known as the 2004 Examination is used by the bankruptcy trustee and is like a statement of warning. According to Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/, these are generally referred to as shipping expedition. This rule states that “[o]n motion of any party in interest, the court may order the examination of any entity” regarding “the acts, conduct, or property or…the liabilities and financial condition of the debtor, or to any matter which may affect the administration of the debtor’s estate, or to the debtor’s [...]

2019-10-09T11:44:55+00:00
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Is It Difficult to Get an Apartment on Rent After Bankruptcy?

Call: 888-297-6203 Starting life afresh after bankruptcy might be a bumpy road but nothing compared to what you probably had been enduring for a long time before choosing bankruptcy as your way out of the financial mess. Getting an apartment on rent might be slightly difficult though not impossible for someone who has just come out of bankruptcy. Though potential landlords might take into account the fact that you had previously filed for bankruptcy, Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ informs that there are other factors that are taken into consideration. These include: Disposable income When you [...]

2019-10-09T11:38:51+00:00
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Personal Injury Claims and Bankruptcy

Call: 888-297-6203 Complete disclosure is very important, especially when it comes to bankruptcy papers, say lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Thus, if you have any pending lawsuits or claims where you expect to get any award, you need to mention it in the bankruptcy papers. Not mentioning it may be interpreted as defrauding the bankruptcy court. Much emphasis is made on informing the court of any personal injury claims while filing for bankruptcy because any settlement or award you get as a result of that claim becomes a part of your bankruptcy estate. Anything you [...]

2019-10-09T11:34:00+00:00
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Can Your Spouse’s Bankruptcy Affect You?

Call: 888-297-6203 When you marry someone, a lot of things change. While building a life with someone, there are several things that people are concerned about, a credit score is probably not on the top of the list, but it makes the list. The concern is genuine as Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ explains. Though after marriage, the credit history of the spouses does not merge, yet a bad credit score can affect their chances of getting a combined loan. Before coming to any conclusion, it is important that you understand that individual credit scores are [...]

2019-10-07T13:59:43+00:00
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Is the Cancellation of Debt Reaffirmation Agreement Allowed in Bankruptcy?

Call: 888-297-6203 Filing for bankruptcy is the best way to get rid of your debts. Almost all your nonpriority unsecured debts can be discharged through bankruptcy. Once the debts are discharged, you have no obligation to pay them. Sometimes, people can opt for reaffirming their debts. This happens in case of secured debts. People have the option of either surrendering their property or keeping them by reaffirming their loan. The terms of reaffirmation are generally like the original agreement with the creditor. However, many time it so happens that after reaffirming a loan, you find it difficult to [...]

2019-10-07T13:58:53+00:00
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Does Social Security Income Play a Part in the Chapter 7 Means Test?

Call: 888-297-6203 Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration. Every state has a different limit. [...]

2019-10-07T13:58:03+00:00
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Should You Sell Your Vehicle Prior to Bankruptcy Filing?

Call: 888-297-6203 If you have accumulated a huge amount of debt because of a long and continuous unemployment period, then bankruptcy could be an easy way out. However, if you are contemplating bankruptcy and you possess two vehicles, both of which are paid for; could you sell one of those and then file of Chapter 7 bankruptcy as per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers, it depends on individual situations. Since any transactions done prior to bankruptcy filing are scrutinized by the bankruptcy trustee, selling a vehicle prior to bankruptcy might be considered a pre-bankruptcy transfer, which [...]

2019-10-07T13:56:29+00:00
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