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Category: Bankruptcy Dismissal

  • Exemptions in Bankruptcy

    Exemptions in Bankruptcy

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    Bankruptcy is a legal way to get rid of huge amounts of debts that have been bogging you down. Since the purpose of the procedure is to provide the filer with a fresh economic start, certain exemptions are given by the state and federal government. As per Dallas based bankruptcy law firm Recovery Law Group, these exemptions include home, vehicle, personal belongings, retirement plans, tools of the trade, etc. The unsecured creditors cannot stake a claim on this exempted property. The amount of exemption varies from state to state. These exemptions allow a bankruptcy filer some base to start their second financial innings.

    According to the bankruptcy code, uniform exemptions are provided to bankruptcy filers; however, states can differ in the exemption amount. Sometimes, the exemption amount varies immensely in the state. Since you can choose between state and federal exemptions, it is vital to consult an experienced bankruptcy lawyer to help make the best choice for you. You can call 888-297-6023 to consult with expert bankruptcy attorneys.

    When any individual files for bankruptcy, they can claim exemptions to protect their assets. In the case of Chapter 7 bankruptcy, debtors can keep exempt property during the period of their bankruptcy proceedings and after it also. Corporations who choose to file for Chapter 7 bankruptcy cannot use the exemptions and thus end up with incomplete liquidation.

    When debtors file under Chapter 13, the value of their exempted property is deducted from the estate liquidation amount. The value of the non-exempt property is added to the disposable income to calculate the amount for a repayment plan. If you claim all exemptions, you end up paying less money to your creditors. Any property whose value is less than or equal to the exemption amount can be retained by you during the bankruptcy process.

    What happens to the non-exempt property?

    Any property which is not exempted under the federal or state exemptions (one of which was chosen by the bankruptcy filer) is handed over to the bankruptcy trustee. The trustee then ensures that the property is sold, and the proceeds distributed among the creditors. Most individuals filing under Chapter 7 bankruptcy Dallas, end up protecting most of their assets from going under the hammer. In the case of Chapter 13, you might be able to protect non-exempt property too if you pay for an amount equivalent to it, to your creditors.

    It is important that you find out which property you can keep while filing for bankruptcy before going ahead with the procedure. A qualified bankruptcy attorney can help you understand the various exemptions provided.


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      *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 Expect After Bankruptcy Discharge?

      What to Expect After Bankruptcy Discharge?

      Bankruptcy is an excellent way to get rid of huge debts which make you live between pay cheques. If you are struggling with paying your bills and making ends meet, you should consult expert bankruptcy lawyers at 888-297-6023 to find viable methods of getting a fresh financial start. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, bankruptcy through Chapter 7 or Chapter 13 bankruptcy is an excellent way to not only get your debts discharged but also get some peace of mind. With bankruptcy filing, you can put a hold to collector actions and end up getting rid of huge financial debts. The various benefits that are associated with getting your bankruptcy discharge include:

      • No more debts!

      When you file for bankruptcy any unsecured non priority debts such as credit card bills, personal loans or medical bills can be discharged after bankruptcy. Most people end up accumulating a huge amount of these debts over a course of time which can often result in bankruptcy. Though you might have to still pay for your secured and priority debts, a major chunk of the financial burden is removed after bankruptcy. You no longer need to worry about these debts.

      • Improved credit ratings

      Many people worry that their credit rating will take a hit post-bankruptcy. The fact is, that your credit rating is affected but it is not permanent. With time and continuous efforts on your part, you can improve credit rating. Moreover, since most non priority unsecured debts are discharged after bankruptcy, your chances of catching up on payments are better.

      • Get financial stability

      Once you get your bankruptcy discharged, you start working towards getting a better credit score. This often means, saying no to unnecessary expenses and living a relatively frugal life where you spend only on necessary items. In a way, your money is being put to sensible use. Over a period, you not only improve your credit rating but also end up saving enough money to start building assets.

      Though people may find paying a deposit for getting a secure credit card tedious and irritating, it is essential to cultivate a habit of spending only when it is necessary. Thus, in a nutshell, bankruptcy serves as a necessary push in the right direction for many people. Ultimately, you can find a financial stability which will help you secure car or mortgage loan. People can convert the social stigma of bankruptcy into a way to push their life in an appropriate direction.


        *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.

      • Can Bankruptcy Discharge be Denied in California?

        Can Bankruptcy Discharge be Denied in California?

        Bankruptcy is designed to help people get financial relief from debts. Consumer bankruptcy results in a discharge wherein a federal court order eliminates debts and wipes the slate clean of the bankruptcy filer. Though used effectively by numerous people every year, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, clarify that discharge can be denied to people if there has been any incidence of fraud or mismanagement of property. Any attempt to hide or transfer property to defraud your creditors is not looked upon kindly by the courts and your bankruptcy discharge can be denied on this basis.

        What can cause your bankruptcy discharge to be denied?

        While filing for bankruptcy, it is important that you hire a competent attorney. Though people can file without an attorney too (pro se) but there are a lot of procedures to be followed and paperwork to be handled and doing it all alone can often result in a mistake which might prove costly! There are a number of reasons why a bankruptcy case is dismissed and discharge denied.

        Here’s what you should avoid during your bankruptcy filing:

        1. Hiding assets– Many people, in a bid to protect their assets, transfer the same to their family members or friends. Such a practice is considered dishonest by the court. In an instance, a couple transferred the title of their home 7 years prior to bankruptcy filing to avoid paying creditors of a debt from a personal injury lawsuit. Since they tried concealing assets in order to defraud creditors, the bankruptcy was dismissed.
        2. Doctoring financial records –Your financial records should be in order when you file for bankruptcy. Destroying or trying to hide financial records is not looked upon kindly by the court. Your debts and assets should be clearly available for the bankruptcy trustee to make an accurate judgment of your ability to clear your debts.
        3. Making false claims– Any misrepresenting of facts including making false claims during your bankruptcy case is the reason for discharge to be denied. Declaring your assets is important for clarity. In case you are unaware of some documents or are unclear about any misrepresentation, it is important that you discuss the issue with your attorney to avoid any problems later on during your bankruptcy case. Lying in paperwork can have ramifications so avoid making any mistakes.
        4. Failure to complete a mandatory financial management course–Financial management course is a mandatory requirement prior to a bankruptcy You need to enroll in the course and complete it. Failure to do so is a confirmed way to get your bankruptcy case dismissed.
        5. Not obeying court orders– Certain requirements are specified by the court which needs to be compiled by the bankruptcy filer. Failure to complying with court-mandated order (providing previous tax refunds) can result in your discharge to be denied.
        6. Filing for bankruptcy again before the specified time has passed – In case you have gone through bankruptcy previously, you have to wait before filing for another discharge. If you have received a Chapter 7 discharge previously (within past 8 years) or you received a Chapter 13 discharge (within past 6 years) then you cannot be allowed a discharge before 8 years or 6 years respectively have passed.

        From the above factors, it is clear that you need to be completely honest while filing for bankruptcy papers and keep everything organized if you wish to get a discharge for your bankruptcy case. Following the court orders is extremely important. Since every bankruptcy is different it is important to consult a bankruptcy attorney for your case. You can seek to consult at 888-297-6203 regarding your financial situation and which bankruptcy would suit you.


          *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.

        • Rejection of Bankruptcy by the Supreme Court

          Rejection of Bankruptcy by the Supreme Court

          It is interesting to note that one of the appeals related to a Chapter 13 bankruptcy has been rejected by the Supreme Court. This instills a sense of doubt among debtors regarding the case and why the rejection was approved by the court.

          Let’s understand the case in detail:

          The debtor associated with the case had filed for personal bankruptcy under Chapter 13. As per the norms of this Chapter, he had proposed a repayment plan which he eventually modified for several times in a span of two years. The final proposal that the debtor submitted indicated that he should be permitted to pay his mortgage of $387,000 as a secured debt and the rest of his debts that amounted to $101,000 (mostly in liabilities) should be treated as unsecured debts. Through this proposition, the debtor would be paying $5,000 of his liabilities and also get to keep his home over the five-year term of his repayment plan.

          The bankruptcy court of his state rejected this proposal and his plan. The debtor appealed the decision of the bankruptcy court. The Appellate court stood firm mentioning that the lower court’s decision was correct and the debtor proceeded to pursue his appeal to the Supreme Court. The Supreme Court justices rejected the petition stating that the debtor does not have the rights to appeal the decision of bankruptcy court, especially given the case that his plan was originally rejected by the same court. Every court should not have to review the plan individually and the rejection implied that it is an appellate issue.

          Considering the above case, if you are perplexed on how to handle the Chapter 13 bankruptcy, Recovery Law Group can come to your rescue. Their team of bank attorneys will help the debtor to determine the debts to pay, the ones to seek exemption for and also coordinate on the approval of the repayment plan. Call the team at 888-297-6203. They provide services in Los Angeles, California, and Dallas, Texas. Be assured of their guidance as to the debt associated issue resolution and working on a repayment plan for Chapter 13 bankruptcies are their forte!


            *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.

          • Motions to Dismiss Denied in FDCPA/FCRA Case

            Motions to Dismiss Denied in FDCPA/FCRA Case

            Recently, the Eastern Division of the U.S. District Court Northern District of Illinois passed a judgment by denying all the attempts made by the defendant to dismiss the counts against them. In this FDCPA/FCRA case, the accused –Bayview Loan Servicing, LLC has failed to correct the error in lieu of the plaintiff’s mortgage obligation after filing for a bankruptcy discharge.

            Facts of the Above case:

            1. Before the merger between Countrywide Home Loans and Bank of America in September 2012, the plaintiff had carried out 2 mortgage loans with Countrywide Home Loans. After the merger, his loans were under Bank of America. In December, he was informed that his previous loan of mortgage were now taken over by Bayview loan Servicing and he owes the sum amount to them.
            2. After learning about the new acquision, the plaintiff applied for bankruptcy under chapter 13 in December 2012. As per the Bankruptcy plan, he agreed to surrender his home. An Order of Discharge for the same was received by him in May 2014.
            3. After the Order of Discharge was issued, Credco (Defendant No 2) without the plaintiff’s consent, requested and received all the copied of the plaintiffs Experian Credit Report.
            4. In the mean while, the plaintiff was constantly receiving Post-discharge communications from Bayview. As per the communications, he had failed to pay his mortgage payments and hence faced foreclosure of his home as per the bankruptcy plan.
            5. As per the plaintiff’s claim, Experian and Equifax’s Credit report contained errors as per his mortgage with Bayview. He alleges, that despite informing both the reporting agencies of the error, Equifax did nothing to correct the error. On the other hand, Experian did attempt to correct the error, but failed to eliminate few information.
            6. The plaintiff also alleged that Bayview had violated the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA) and the Illinois Consumer Fraud Act (ICFA). Credco (Defendant No 2) has also been accused for violating the FCRA.

            In this case, the Court accepted the plaintiff’s plea and passed the judgment in his favor. As per the court, FDCPA’s norms were violated by Bayview and hence, all motions to dismiss were denied.

            If you are one such victim and believe that yours rights have been violated under FDCPA or FCRA, do not hesitate to contact the best Recovery law Group Firm to come to your aid. With experienced litigators, your case with be handled with utmost ease and professionalism. To get in touch you can reach out to them on their website or simply call them (888-297-6203) and fix an appointment to get immediate redressal.


              *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.