Bankruptcy

Call: 888-297-6203 The current American bankruptcy law doesn’t require you to publish any bankruptcy notice in the newspaper. In case you are a public figure or a celebrity, the gossip magazines will themselves make a hue and cry about it. Otherwise, neither will anyone probably care about you going bankrupt nor will it be made a public announcement in any newspaper or magazine. However, your credit report will show your bankruptcy, which will be considered by your future lenders and creditors, but you can minimize its adverse impact by rebuilding your credit after bankruptcy. You can know more [...]

Call: 888-297-6203 Filing for Chapter 7 bankruptcy can be a distressing process. While losing one’s home, huge tax bills or pestering debt collectors are more crucial concerns, the prospect of losing one’s wedding ring, heirloom jewelry or just a necklace, a pair of earrings or a special wristwatch can be an additional stress. When you file for Chapter 7 bankruptcy, you are expected to surrender certain assets (not all), which are then sold by the trustee, to repay your creditors with the proceeds. The items that you have to surrender depend on the state in which you live. [...]

Call: 888-297-6203 Yes, it is mandatory to list all your debts while filing for bankruptcy. When you ‘borrow’ money from your mother, it’s considered a debt, which you’re expected to repay. While filing for bankruptcy, you are supposed to fill the bankruptcy papers, known as petition or schedules. These papers are a financial statement, so, the information filled in them needs to be accurate. If your schedules are found to be inaccurate by the court, it can deny your case. Thus, you must list all your debts, including the one you owe to your mother, on your bankruptcy [...]

Call: 888-297-6203 Dependency on asset-protection trusts and offshore accounts to safeguard one’s assets has been in vogue for the past several years, and a large number of people have put their faith in these trusts to protect their assets. In the beginning, it might seem like a sensible idea. However, hoodwinking a bankruptcy trustee can put you on a razor edge. Many a time, the distribution of funds may not take place, as it can transpire only at an independent trustee’s liking and even a foreign bank may claim the same thing. Although a bankruptcy court can’t compel [...]

Call: 888-297-6203 In most cases of bankruptcy, the debtor is not expected to part with the assets that he bought with the credit card. However, there are a few exceptional scenarios, in which parting with the charged assets is inevitable. Security Agreement in Credit Card Contracts Your ownership of the item, bought with a credit card, depends on the ‘clause of security’ in your credit card agreement. You get the same security agreement while getting a car loan. The bought stuff acts as collateral for your debt, and you cannot be its legal owner unless you clear your [...]

Call: 888-297-6203 Heavy debts can cause numerous problems. Threatening phone calls and emails from debt collectors apart, you could lose your wages, your car or your home to repossession or foreclosure if timely intervention is not done. Filing for personal bankruptcy (Chapter 7 or Chapter 13) puts an automatic stay in place which not only stops the threatening phone calls but also halts repossession or foreclosure proceedings. However, if you file for bankruptcy just on the eve of your foreclosure sale, Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers say things could be a bit tricky. There are [...]

Call: 888-297-6203 Many times, life throws curveballs at you because of which you might have to take a harsh decision like bankruptcy. Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ handled a case where the petitioner had taken over his mother’s home as she was unable to make payments. The property had no equity when this transaction occurred. Since then the client paid all delinquent house payments, mortgage, and taxes for many years. During this duration, the value of the property increased. However, before selling it for a profit, it was discovered that there were 5 judgment liens against [...]