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  • Contemplating Bankruptcy? Choose The Correct Bankruptcy Chapter To File

    Call: 888-297-6203

    Struggling with debts? Thinking of filing for bankruptcy? You’ll be surprised to know that there is more to bankruptcy than most people are aware of. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy code has 6 chapters, four for individual debtors residing in the U.S. and the remaining two for non-residents who wish to file for international bankruptcy case or for municipalities which need a reorganization of debts.

    Chapter 7 bankruptcy is one of the most common bankruptcy chapters. In this case, you can keep exempted property and liquidation of non-exempt property takes place to pay your creditors on a pro-rata basis. Any unsecured debts which remain are discharged. The entire process takes place in 4-5 months. However, this option is available for people who have a monthly income below the state median. People with income more than the state median need to take the means test to qualify for this bankruptcy chapter.

    Chapter 13 is the 2nd most common bankruptcy chapter. In this case reorganization of debts takes place. Debts are organized on a priority basis and disposable income is used to come up with a repayment plan through which all creditors including unsecured ones are paid over a period of 3-5 years time. Any unsecured debt which survives after this time is discharged. You can catch up on past arrearage in this bankruptcy chapter. This chapter of bankruptcy is opted by debtors who either make more money or wish to keep non-exempt property.

    Apart from the above-mentioned chapters, there is Chapter 12 which is a bankruptcy chapter available for farmers and fishermen. The basic principle is like Chapter 13 bankruptcy; however, the debt ceiling is relatively higher (in millions). Chapter 11 also offers reorganization of debt but there is no debt ceiling or limit on income, but there is a catch. Your creditors need to vote on the proposed repayment plan; depending on the number of the creditors and what is owed to them individually. This bankruptcy chapter is one of the most expensive chapters to be filed and is generally used by businessmen and celebrities.

    If you are concerned about which bankruptcy would be ideal for you, you should contact experienced bankruptcy lawyers at 888-297-6023 and discuss the possibilities.


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

      *Do you own a home?

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      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 Violations Land Lawyer’s Office In Soup

      Call: 888-297-6203

      Malpractice can brew trouble for attorneys too. This was discovered by Keith D. Collier when a lawsuit was filed against him by Elena Escamilla, a staff attorney for Donald F. Walton, the U.S. Trustee. This was for breaches which included sanctions for violation of the automatic stay, discharge injunction, injunctive relief and conflict of interest due to disgorgement of fees. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group this isn’t the first time such an action has been taken against lawyers.

      In case you had opted for a deferred payment plan through which you made payments after Chapter 7 bankruptcy filing or made any post-petition payments outside the repayment plan in case of Chapter 13, you didn’t have any obligation to make those payments. If you have made any payments, you can get a full refund of the money paid. This is something that your lawyer should help you with. To make this happen, you need to consult your bankruptcy attorney. Alternately, you could call 888-297-6023 to speak with experienced 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.

      • Should You File For Bankruptcy Before Marriage?

        Should You File For Bankruptcy Before Marriage?

        Call: 888-297-6203

        It is said that love and money don’t mix, and it might be true to some extent. Money might be the reason for a fair number of marriages and similarly divorces. Lawyers of Dallas based bankruptcy law firm Recovery Law Group bear testimony to the fact that many people filing for bankruptcy might end up with a divorce or are filing for bankruptcy because of it. It is therefore important to be clear about these matters before going ahead with the marriage.

        The BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act), passed in 2005 imposed a restriction on bankruptcy filers who wished to qualify for Chapter 7 bankruptcy. According to 11 USC 707(b) or the Means test, the average income of the household must be less than the state median for a household of the same size. The median income charts are updated annually and available through the IRS. If the average household income is more than the state median you cannot file for Chapter 7 bankruptcy and need to file for Chapter 13 bankruptcy. The gross income is calculated as defined by IRS under 26 USC 61.

        Unfortunately for debtors, when it comes to the household income, it is not just the debtor’s earnings that are considered but the incomes of every household member including parents, spouse or friends. Though marriage may increase the household size, it is not necessary that a change in gross income also takes place. If your spouse earns handsomely, you will not be able to file for Chapter 7 as the average household income will be more than the state median in this case. However, you will be able to handle Chapter 13 bankruptcy in this case. If the spouse doesn’t have any income, you might be able to qualify for Chapter 7 bankruptcy.

        Though bankruptcy concepts have transformed over the years from its biblical references, they are still complicated for the common man to understand. If you need a consultation with experienced bankruptcy lawyers, you can call 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 To Do With Your Secured Assets In Bankruptcy?

          Call: 888-297-6203

          Those assets against which the creditor has collateral (mortgage, car loan) are known as secured assets. When you file for bankruptcy, bankruptcy filers have 3 options with respect to secured debts say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. You can either surrender the asset. When you opt for this choice, you give your interest in the asset back to the creditor.

          You can reaffirm the debt in which case you and your creditor draw a new contract with similar terms, and you get to keep your asset/property. In this case, you can keep your car or home even during bankruptcy. However, there is absolutely no guarantee that the creditor might agree to your debt reaffirmation offer. This is especially the case if you are behind on your payments. Bankruptcy attorneys generally suggest debtors to have their payments up-to-date, especially on secured debts if they wish to opt for debt reaffirmation.

          The last option available for debtors with respect to secured debts is redemption. In this case, the debtor can purchase the asset for its fair market value which might be lower than what you owe to the creditor. This can be one of the best options, especially in case of an underwater mortgage or car loan (depreciated value); however, for a person who is filing for bankruptcy, to come up with this amount is often difficult. Hence, it is often the least taken option. There are some financing companies that offer to pay the redemption amount in lieu of a secured note, but this will result in you starting your bankruptcy with fresh debt.

          If you are worried about your impending bankruptcy and your secured assets, you should consult with experienced bankruptcy lawyers by calling 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.

          • Why Is It Important To Know About Means Test?

            Call: 888-297-6203

            When people struggling with debt wish to get rid of it through bankruptcy, one of their major concerns is the chapter under which they should file. While chapter 7 gets rid of all unsecured debts in a relatively smaller timeframe, Chapter 13 allows you to keep non-exempt property while paying your creditors through a 3-5 years repayment plan. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group say, which chapter you will be able to file depends on the Means test.

            While filing for bankruptcy your income of the past six months is taken into consideration and deductions which are allowed (as per law) are made from it. It is important to be aware of the deductions as they may make a difference in your disposable income which will alter your bankruptcy filing chapter. Your disposable income plays a very important role in the selection of bankruptcy chapter. If your disposable income is less, you can file for Chapter 7; else you are required to file for Chapter 13. Additionally, the amount you end up paying your unsecured creditors also depends on your disposable income.

            Since Means test can be extremely crucial, it is important that the test is done accurately as it affects not just your bankruptcy discharge amount but also duration. Hiring experienced bankruptcy lawyers is therefore important. You can do so by calling 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 Is The Minimum Amount Of Debt For Bankruptcy Filing?

              Call: 888-297-6203

              Many people are confused regarding how much debt is essential for a bankruptcy filing. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, there is no minimum amount of debt which is required for an individual to file for bankruptcy. Despite there is no minimum limit for a bankruptcy filing, it is important to understand the subsequent consequences of opting for bankruptcy. Bankruptcy leaves a negative impact on your credit score which can hamper your chances of getting a loan later.

              If you wish to get rid of your debts, there are several alternatives available to bankruptcy. You can negotiate with your creditor to lower the amount or reduce the interest rate. Debt settlement is another option where you end up making a one-time payment to settle your debt. In case the creditor has already filed a lawsuit against you, you can seek legal representation from experienced bankruptcy lawyers by calling 888-297-6023. Efficient and qualified lawyers can settle the case out of court with creditors and help you get rid of the loan. These methods have a relatively lesser impact on your credit report than bankruptcy. It is therefore advisable to seek legal assistance before filing for 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.

              • Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

                Call: 888-297-6203

                When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending.

                Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is generally for 7 years. If the bankruptcy was filed many years ago, it is probably going to have no effect on your credit rating; however, if the bankruptcy was filed recently, it might affect your mortgage and other loans you might take as a couple.

                Unfortunately, your spouse’s previous bankruptcy might affect you if you need to file for bankruptcy. As per 11 U.S.C. 727, a debtor cannot get a Chapter 7 bankruptcy discharge if they have had a discharge 8 years before. In the case of Chapter 13, this duration is 6 years before filing a new petition unless they had paid 100% claims previously or a minimum of 70% claims offered good faith and made best efforts towards it.

                Irrespective of your spouse’s bankruptcy history, your credit report won’t be affected. However, if there is a chance that you yourself might have to file for bankruptcy (and it happens to be within 8 years of your spouse’s bankruptcy filing) you might need to consult with experienced bankruptcy lawyers. Call 888-297-6023 to discuss all possible options available to you. If your spouse had previously filed for bankruptcy but never got a discharge, then it won’t have any effect on your 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.

                • Short Sale Is Not Recommended If You Are Opting For Bankruptcy Filing

                  Call: 888-297-6203

                  When things get difficult people end up looking for an easier way out! One of the most common things people do when they are in financial trouble is selling off their house. Unfortunately, if they sell it for the quick case, they end up short selling the property. Short selling property means selling your house for less than what you owe on the mortgage. This results in a deficiency (the amount you still owe on your home loan) for which you are liable. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say that if you are considering bankruptcy as a way to get rid of your debts, you should avoid the short sale of the property. Some of the reasons why this short sale should be avoided include:

                  • A short sale damages your credit rating. Since you are defaulting on the mortgage contract, the mortgage company reports this on your credit. Since you settled on an amount less than what you owed the mortgage company this has a negative effect like foreclosure. Since you intend to file for bankruptcy, another negative mark won’t help your credit report.
                  • A short sale does not help relieve liability if you are contemplating bankruptcy and looking to surrender the property, being held liable for deficiency is not something you would prefer. Since bankruptcy can take care of the mortgage issue, short selling adds another burden which isn’t essential.
                  • You end up wasting time and money by opting for short sale since bankruptcy can handle this stuff. The short sale just benefits the lender and the realtor.
                  • When you short sale the house you need to vacate the premises immediately; however, when you surrender the property on filing for bankruptcy, you get to spend more time on the property before you must leave it.
                  • Tax liability usually accompanies the short sales. Filing for bankruptcy, on the other hand, does not involve any tax problems.

                  Considering that there are several issues with short sales, it is recommended that you should avoid them. To know more about bankruptcy procedure, you can call 888-297-6023 to speak with experienced 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.

                  • You Can Keep Personal Property During Bankruptcy

                    You Can Keep Personal Property During Bankruptcy

                    Call: 888-297-6203

                    When bankruptcy seems the only way out for getting rid of debts, people become concerned about their assets including home, car and other personal property. Los Angeles based bankruptcy law firm Recovery Law Group lawyers say that many people are concerned whether they will end up losing all of their personal possession during bankruptcy. Generally, thanks to bankruptcy exemptions provided by federal and state governments, people can protect some amount of assets. The amount of property you can exempt depends on the state you live in and how long you have been living there.

                    The state of Florida allows bankruptcy filers to use state exemptions if they have lived in the state for a minimum of 2 years. With some changes in the state exemptions, people can protect many of their assets. Earlier (till 2007), Florida residents could exempt vehicles with $1,000.00 equity and personal property worth $1,000.00 apart from homestead property. Since many debtors lacked homestead property, this exemption went waste. With CS/SB 2118 bill being passed a change was made in the homestead exemption portion. With this change, the “homestead” was changed to allow “homestead or $4,000.00 worth of additional personal property.” This became possible thanks to Douglas Neway who is the Chapter 13 trustee. His job, incidentally, is to collect money from the debtor to distribute it amongst creditors.

                    In case of a Chapter 7 bankruptcy, if your personal property exceeds the exemption amount, the option of a “buy-back” plan is available. Through this plan, the trustee is provided with a practically possible monthly payment so that you can keep the property. In case you can’t make the agreed-upon the monthly payment, you have the option of either surrendering the property or having your discharge revoked. In the case of Chapter 13, this is a routine part of the repayment plan.

                    Personal property can also be kept safe from the trustee by getting it exempted through “Tenancy by the Entireties.” This is a unique form of owning a property which requires a couple to be married and debts be allotted in a specific way.

                    If you wish to know more about the ways to protect personal property during bankruptcy, you should schedule a consultation with experienced bankruptcy lawyers by calling 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.

                    • Different Kinds Of Debts In A Bankruptcy

                      Call: 888-297-6203

                      Debts in bankruptcy can be classified into three categories, namely, secured debts, unsecured debts, and priority debts.

                      Priority debts include IRS debts, domestic support agreements and penalties for personal injuries or death occurred due to DUI offenses. These debts are generally non-dischargeable. Priority debts are still owed even after Chapter 7 or a Chapter 13 bankruptcy until they paid off.

                      Secured debts are the debts with a purchase contract such as a house with a mortgage or a car with purchase money as security. In Chapter 7 bankruptcy, a debtor gets three choices in terms of secured debts:

                      • The secured asset can be surrendered to the creditor in order to satisfy the debt.
                      • The debtor can offer to re-enter the contract with the creditor, with the initial terms of the original contract intact. If the creditor agrees to the offer, the debtor might be allowed to keep the property, as long as he or she is current with the payments.
                      • To pay the market value of the secured debt to the creditor and keep the asset. This is often an attractive choice, as the value in the secured instrument is more than the market value of the asset.

                      The treatment of secured debts is different in a Chapter 13 bankruptcy than in Chapter 7. In Chapter 13, the debtor can either use their bankruptcy plan to continue to make payments or surrender the asset. There is no need for the debtor to be up to date with the payments in a Chapter 13 case, as it allows the debtor to make the payments over the life of the plan. Even the creditor cannot make an issue of it. Cram-Down is also one of the possibilities.

                      Unsecured debts include no security interest like payday loans, credit cards, etc, which are eliminated in a Chapter 7 case. In a Chapter 13 case, the repayment plan of the debtor based on their debt and disposable income will decide whether the secured creditors get the full payment or will they get very little.

                      In order to know more about the kinds of debts in and their dischargeability in bankruptcy, and to take guidance from an experienced bankruptcy attorney, contact the Recovery Law Group at www.staging.recoverylawgroup.com 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.