Bankruptcy Archives - Page 14 of 40

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 [...]

Team Flexsin2019-10-09T12:04:42+00:00

341 Hearing: What to Expect?
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341 Hearing: What to Expect?

Bankruptcy

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 [...]

Team Flexsin2019-10-09T11:58:06+00:00

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 [...]

Team Flexsin2019-10-09T11:51:36+00:00

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 [...]

Team Flexsin2019-10-09T11:44:55+00:00

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 [...]

Team Flexsin2019-10-07T13:59:43+00:00

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 [...]

Team Flexsin2019-10-07T13:58:53+00:00

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 [...]

Team Flexsin2019-10-07T13:56:29+00:00

What Implication does Bankruptcy have on my ESOP?

Call: 888-297-6203 Employee Stock Ownership Plan (ESOP) is offered to employees in a way of ownership for the company they work in. They are beneficial to the company for tax benefits as well as to the employees too. Apart from being a motivating factor for the employee, they are ideal for retirement too. Since ESOPs are like trust funds, employees don’t have much control over the shares till their retirement age, when the shares are vested. Thus, Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers say, ESOPs are quite similar to 401k and therefore treated like retirement plans i.e. [...]

Team Flexsin2019-10-07T13:54:17+00:00

Recover from the Setback of Bankruptcy and Lead a Successful Life
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Recover from the Setback of Bankruptcy and Lead a Successful Life

After Bankruptcy, Bankruptcy

Recover from the Setback of Bankruptcy and Lead a Successful Life

Call: 888-297-6203 Failures are a stepping stone to success. The adage could be used for life after bankruptcy too. Despite the ill-conceived notions people have about bankruptcy, it is not the end of the world. In fact, bankruptcy is one of the best ways to get rid of bad financial decisions or bad luck that have held you back from achieving a lot in life. Lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ suggest that the best way forward after getting your bankruptcy discharge is to learn from past mistakes. You can lead a successful life even after [...]

Team Flexsin2019-10-07T13:49:37+00:00

Tips to Rebuild Credit Score After Bankruptcy
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Tips to Rebuild Credit Score After Bankruptcy

Bankruptcy

Tips to Rebuild Credit Score After Bankruptcy

Call: 888-297-6203 Bankruptcy has earned a bad name because it causes a big dent to your credit report, which many people fear is irreparable. However, Dallas based bankruptcy law firm Recovery Law Group say, nothing can be further from the truth. Bankruptcy does have negative effects which make people vary of filing for bankruptcy despite struggling with debts. Bankruptcy appears on your credit report and stays for 7-10 years depending on which chapter of bankruptcy you have opted. This may alert prospective creditors of your financial situation. However, if you think you won’t get any credit for this duration, [...]

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