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Category: Bankruptcy

  • Creditors Can Bring Involuntary Bankruptcy

    Call: 888-297-6203

    The English Statute of Bankrupts was enacted in 1542 during the reign of Henry VIII. This act allowed the creditors to drive the debtors to involuntary bankruptcy by taking actions against them, sell their property and get themselves imprisoned to satisfy the debts. A lot of modifications have occurred over the last 450 years. Debtor’s prisons have been removed, but involuntary bankruptcy still exists.

    If a creditor proves that the debtor owes an unsecured debt of at least $14,425 to less than twelve creditors, he can bring an involuntary bankruptcy against the debtor. If more than twelve creditors are owed money, action must be brought by at least three of them in concert.

    Although in an involuntary bankruptcy, only Chapters 7 and 11 are available, mostly every individual debtor is a fair game, excluding family and commercial farmers. Involuntary bankruptcy has many defenses that are strongest if brought to the attention of the court as soon as possible.

    If you are also one of the debtors who is driven to involuntary bankruptcy and wants to fight it, you can contact the Recovery Law Group at www.staging.recoverylawgroup.com or call on 888-297-6203, for their guidance in navigating through the process.


      *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.

    • Debt Classification In A Bankruptcy

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      Priority, secured and unsecured are the three classifications of debts in a bankruptcy. A secured debt needs a property as collateral, which can be confiscated by the creditor in case the debtor fails to pay off the debts. Mortgage loans are mostly secured by homes. Car loans usually have the car as collateral.

      An unsecured debt does not have any collateral as a security. Thus, in case of failure to pay the debts, the creditor will not be able to take the debtor’s property without getting any judgment.

      Priority debts are required to be paid before any other owed debts. Such debts include taxes and some attorney fees. 11 U.S.C. §507 has a list of all the priority debts.

      You can contact the Recovery Law Group for any bankruptcy and debt related queries. They are the best bankruptcy attorneys of Los Angeles & Dallas, TX. Visit 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.

      • Chapter 20 Bankruptcy And Mortgage Stripping

        Call: 888-297-6203

        Chapter 20 is an informal name of a unique situation in which a debtor gets the unsecured debts to discharge in a Chapter 7 bankruptcy and then files for Chapter 13 (7+13=20) to deal with the issues of other debts.

        According to 11 U.S.C. 1328 (f)(1), a debtor, who has received a discharge in Chapter 7 case in the last four years, will not get a discharge in Chapter 13 case. However, if the Chapter 13 case is likely to last at least for the next four years, the debtor can file for Chapter 13 a day after receiving a discharge in Chapter 7, since it is received at the end of a case.

        A debtor must pass the Means Test to qualify for Chapter 7, and must have secured debts of less than $250,000 and unsecured debts of less than $750,000 to qualify for a Chapter 13. If the debts exceed the Chapter 13 limits, but they earn enough money to pass the Means Test for Chapter 7, the debtor is often forced to file a Chapter 11 bankruptcy which is far more expensive.

        The citizens of Florida have a unique opportunity of retaining the homestead even after filing a Chapter 7 bankruptcy to get the secured/unsecured debts discharged. After this, the debtor uses lien stripping in a Chapter 13 case to get rid of the second mortgage. Thus, the debtor will only have to pay the first mortgage to keep the house and will be able to save tens of thousands of dollars.

        In order to know more about the effects of bankruptcy on your home mortgages, contact the Recovery Law Group, best in Los Angeles & Dallas, TX, 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.

        • A Bankruptcy Filing By An Ex-Spouse May Affect You

          Call: 888-297-6203

          Marital debts will not vanish because of a divorce. The creditor can still make attempts to collect from you despite the statement in the divorce decree that your ex will keep you harmless from creditors.

          Property division in divorce means the division of property. Often, the party, who is not liable for a different debt, gets an upside down home in exchange for it. Each party is supposed to pay the debts allocated to them and keep the other party harmless from them. In a county court, this order is enforceable as a ‘Contempt Action’. It can provide remedies like attorney’s fees, court fines and even imprisonment, but it can’t provide the removal of your name from that debt. Thus, the creditor can make attempts of collecting from you in case your ex ceases to pay since your name still exists on the debt. To remove your name from the debt, you can either refinance the collateral or get your personal liability removed by bankrupting on the debt.

          After the possession of the house by the ex-spouse, they often lack sufficient income for refinancing, as they don’t have sufficient income for making payments on their own. This often leads them on the verge of foreclosure or bankruptcy, sometimes without informing the other party. Many debtors remain unaware of their ex-spouse’s non-payment until the house lands in serious arrears. In such a case, the debtor can sue the ex-spouse for contempt.

          The risk of liability persists for a long time, as home mortgages are often extended for as long as thirty years. In such cases, if, after a divorce, a house is left unpaid for decades, it can still benefit from the credit of the innocent ex. Under such circumstances, full payment of the note or the payment in bankruptcy is the only way of avoiding foreclosure.

          You can schedule a meeting with the best bankruptcy attorneys of Los Angeles & Dallas, TX, for expert guidance and consultation on bankruptcy-related matters. 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.

          • Middle District Of Florida Gets A New Chief Bankruptcy Judge

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            The Honorable Karen S. Jennemann was declared the Chief Judge of Bankruptcy for the Middle District of Florida on October 1st, 2011. She is a graduate of William & Mary who had been practicing law for over 25 years in Florida. She presides in Orlando of Orange County, Florida.

            She replaced the former Chief Judge, the honorable Paul M. Glenn. He presided in Jacksonville of Duval County, Florida. Judge Glenn was appointed to the bench in 1993. He graduated from the Duke University in 1970 and has legal experience of over 40 years.

            The cases decided either in Orange County or in Duval County have a persuasive authority over one another in making decisions related to new cases with similar facts, as both the counties lie in the bankruptcy court of the Middle District. However, cases decided by a non-chief judge are less persuasive than the ones which are decided by a Chief Judge. Thus, without any argument, the most powerful decisions are now made in the bankruptcy court of Orlando instead of Jacksonville.

            For any bankruptcy-related queries and experienced consultation, 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.

            • Bankruptcy Should Be Filed Before Or After Foreclosure?

              Call: 888-297-6203

              Recently, the legal world has been debating about the filing of bankruptcy before or after the closing of the foreclosure. First of all, people facing foreclosure should not always opt for bankruptcy as it is not necessary that it is always the best option for them.

              In case bankruptcy is the right option for you, some attorneys might recommend you to file for bankruptcy after the foreclosure of your home. Thus, you will be allowed to discharge your debt and will be able to move on with your life, although, your options might get limited.

              Pre-foreclosure filing may allow you to fight the foreclosure after bankruptcy. Your interest in the property would be surrendered to the Trustee. The Trustee will then have the option of liquidating the mortgaged property. However, the Trustee usually disclaims the interests, as the mortgage is often more than the worth of the house. The decision of continuing the foreclosure, during or after the bankruptcy, then lies in the hands of the bank. You may be allowed to stay in your home even during the bankruptcy, although, it may affect your bankruptcy exemptions. During this time, you will not be making any mortgage payments. So, theoretically, you will be staying rent-free in the house. Thus, unpaid mortgage payments could help you to save thousands of dollars, depending on the duration of the bankruptcy. At the end of your bankruptcy case, you should be free of all your unsecured debts and should have savings that can be used for negotiating with the bank. In case your negotiations fail, you can simply walk
              away, as you will not be personally liable for the mortgage any longer.

              If you want to stay in your home even after filing for bankruptcy, contact the Recovery Law Group, for proper guidance and consultation on bankruptcy-related matters. They have the best and experienced bankruptcy attorneys who will help you in successfully navigating through the entire process.


                *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.

              • Importance Of The Claims Bar Date In A Bankruptcy

                Call: 888-297-6203

                The Claims Bar date is indispensable in a bankruptcy. All the creditors are supposed to make a claim on the debtor’s estate till this date or they will not be allowed to collect their debt. This date gets generated automatically after the filing of the case, and first appears on the Notice of Filing. The creditors, who receive the notice of bankruptcy, must make a claim within 90 days. In case of improper bankruptcy notification, a creditor might be allowed to make a late claim. Governmental Units also have a claims bar date, though they get additional time to make claims.

                Despite receiving a claims form and instructions along with the Notice of Filing, some creditors fail to file the claim or don’t file it properly. Thus, with the help of your attorney, you can make objections to unfounded claims, incorrectly filed claims, or to the ones stating inaccurate amounts of debt. Knocking out claims can save significant amounts of money for Chapter 13 debtors, thus, creating an opportunity of coming out of bankruptcy by paying. Debtors can payout of bankruptcy by paying every owed penny to all the creditors who have made claims. Once no one is left to be paid, the case gets closed.

                To know more about the Claims Bar date and its effects on your bankruptcy, contact the Recovery Law Group at www.staging.recoverylawgroup.com or 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.

                • The Bare Bones Filing In Bankruptcy

                  Call: 888-297-6203

                  There is a sale date for your Jacksonville home. You have been counting on the possibility of mortgage modification because of which you were delaying in filing a bankruptcy, but now you have only 24 hours before the selling of your home. However, this can be stopped from happening.

                  Filing for bankruptcy, even a few hours before the selling of the home, will bring the automatic stay in effect. An automatic stay stops the creditors from collecting until either the completion of the bankruptcy or the court’s permission for collecting again.

                  There is a lot of paperwork involved in filing a bankruptcy case, which needs to be accurate and complete as it is signed under the penalty of perjury. Fortunately, with the Bare Bones Filing, the benefits of an automatic stay can be reaped without completing all the paperwork.

                  The Bare Bones bankruptcy, also known as the Skeleton bankruptcy, involves the creation of technicalities in the law. The debtor is required to complete only Form B1 (of three pages) on the day of filing, under the title 11 of bankruptcy code. You will be required to fill four or five more pages within two days of the day of filing. The rest of the paperwork will not be due for two whole weeks.

                  To navigate successfully through such a situation, 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.

                  • The Mobster Museum Files For A Chapter 11 Bankruptcy

                    Call: 888-297-6203

                    The Las Vegas Mobster Museum has gone bankrupt with a debt of 5.8 million dollars and has filed for a Chapter 11 bankruptcy. The museum, after the FBI evidence room, has the world’s largest collection of crime artifacts.

                    The debt owed by the museum is proportionally more than the amount that Capone had owed to the IRS. Capone owed $215,000 to the IRS, at the time of his arrest in 1931, which is equivalent to almost 3 million dollars in today’s time. It had lead to 11 years’ imprisonment for Capone.

                    JVLV Holdings LLC purchased the Mobster Museum for 2 million dollars. The former developer, Jay Bloom, was accused of having overstated potential daily visitors and for paying credit card bills, personal automobile bills and grocery bills with corporate money. Depending on Mr. Bloom’s testimony, these payments might be violating the bankruptcy code under 18 U.S.C. § 152. In such a case, this statute states imprisonment of only five years, which is not as cruel as Capone’s imprisonment of 11 years.

                    Thus, it is worst to lie to the IRS than in a bankruptcy court and to avoid landing in such a problem, it is better to hire an expert bankruptcy attorney for proper aid and guidance. The Recovery Law Group provides the best bankruptcy attorneys of Los Angeles & Dallas, TX. You can contact them at www.staging.recoverylawgroup.com or 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.

                    • Married Couples Get Unique Benefits In Bankruptcy Cases And Wage Garnishment

                      Call: 888-297-6203

                      Married debtors might get a unique opportunity over unmarried debtors in defending wage garnishments. Exemption from the garnishment of all the disposable earnings is allowed to any Head of a family under Section 222.11 of the Florida Statutes. According to Section 222.11(1)(c), ‘Head of the family’ is defined as any person who provides more than 50% support of the dependents.

                      Thus, both the spouses can exempt their wages from garnishment, if each is providing more than half of the child support. Another trick used in a bankruptcy case is of filing for ‘Tenancy by the Entireties’, in which all the titled marital property can be protected from liquidation if the filer’s spouse is a non-filer.

                      Usually, the married couples are declared bankrupt in a single document, “Joint Petition”, which needs only a single fee for filing. However, there would be a loss of personal property worth more than the state exemption amounts, as “Tenancy by the Entireties” is not allowed in joint petitions. A unique opportunity for married couples will be the filing of one spouse, claim the exemption for entireties and then after that case closes, filing the second spouse and claiming an exemption for entireties again.

                      A bankruptcy attorney can provide you with unique strategies to deal with bankruptcy or to defend garnishments, and the Recovery Law Group is the best choice for it. You can contact them at www.staging.recoverylawgroup.com or 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.