Bankruptcy

What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]

2019-07-24T09:27:34+00:00
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What Do You Understand by Disposable Income?

Many people find bankruptcy a great way out of spiraling debts. Consulting a bankruptcy attorney to find out which bankruptcy chapter suits your condition the best is important. However, people come across the term ‘disposable income’ too often during bankruptcy discussions and are often confused as to what it means. According to bankruptcy lawyers of Los Angeles based firm Recovery Law group, disposable income is the amount of your monthly gross income which remains after all essential bankruptcy expenses are subtracted from it. Disposable income is important to decide which chapter of bankruptcy you qualify; Chapter 7 to [...]

2019-07-24T09:27:00+00:00
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Real Property and Bankruptcy

Filing of bankruptcy requires the filer to list the real properties he/she owns or possesses. This is done to assess the seriousness of bankruptcy and various other financial aspects to resolve the issue in the best possible manner. The ownership or interest has to be disclosed in legal language which can often be tough. To learn more about world-class attorneys and some interesting bankruptcy and related topics, do check out Recovery Law Group. Owning, possessing, having an interest, etc., are different terms associated with property ownership. There can be different ways of holding a property. The most common [...]

2019-07-23T12:50:53+00:00
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Role of Bankruptcy Exemptions in Chapter 7 & Chapter 13

When a person takes a loan from a lender or creditor and is unable to pay back, he can file Bankruptcy in the USA. Filing Bankruptcy allows the debtor some relief in paying the loans. The debtor can file Bankruptcy under Chapter 13 & Chapter 7. While the debtor files bankruptcy he is granted exemptions. The exemptions may vary depending upon the law under which the debtor has filed bankruptcy- chapter 13 or chapter 7. Chapter 7 Under Chapter 7 the debtor can be relieved or could be asked to clear partial or small amount of unsecured debt. [...]

2019-07-23T12:50:37+00:00
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Know about Texas Bankruptcy Exemptions

Filing for bankruptcy is often considered to be a taboo. You need to open your mind to realize that it is one of the best options to manage your finances, especially if you are struggling with large debts. The government provides various exemptions to debtors when they file for bankruptcy. Call 888-297-6023 to know more about these exemptions and how you can benefit from them. Apart from federal bankruptcy exemptions, every state has its own list of exemptions which protect a large portion of bankruptcy filer’s property. When you file for bankruptcy, everything you own becomes a part [...]

2019-07-23T12:49:53+00:00
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Bankruptcy will make me lose my truck!

If you are relying on commuting by your truck or car to your office, giving up the car/truck due to bankruptcy. It can be even worse if you own a truck and use it for your side-income or if it is your source of employment directly or indirectly. The good news is that most States in the United States of America allow for a provision that helps protect your truck or a car. There is a specific value threshold though that means, if your car or truck is not a luxury one or is an inexpensive one, you [...]

2019-07-23T12:46:53+00:00
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Know More about California Bankruptcy Exemptions

Bankruptcy filers can make use of federal and state exemptions to protect their assets. However, choosing between them is confusing. Some states like California do not allow citizens to choose federal exemption but offer two different sets of exemptions to protect your property during bankruptcy, say Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. To know more about California’s bankruptcy exemptions, call 888-297-6023. Bankruptcy exemptions in California Amongst the two sets of exemptions provided by the state of California, System 1 is preferred by debtors with substantial home equity, while System 2 is preferred by [...]

2019-07-23T12:46:42+00:00
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How to protect important assets during bankruptcy?

Bankruptcy is an unfortunate financial condition and safeguarding or holding on to some near and dear assets can be a very difficult task. Chapter 7 bankruptcy code especially is not very suitable for people who want to hold on to their assets. However, with the help of exemptions, certain ordinary and modest assets can be protected and prevented from the liquidation process. These may include clothing, home, car, household stuff, tools used in the business/profession, etc. To learn more about bankruptcy codes, log on to Recovery Law Group now. The exemptions can help in protecting the assets which you [...]

2019-07-23T12:40:09+00:00
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What is Chapter 13 Debt Release?

Bankruptcy is sometimes inevitable. It is not one of the most favorable situations to be in. But it is important to make the right moves to be able to come out of bankruptcy and to evade the creditor’s torture. When thinking or learning about bankruptcy, Chapter 7 and Chapter 13 discussions are very common. Chapter 13 is a better alternative than Chapter 7 in most cases. In case you need to determine which is best for you and why; do not hesitate to log on to Recovery Law Group  to gain a deeper insight. What is Chapter 13 bankruptcy [...]

2019-07-12T12:36:57+00:00
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Bankruptcy Trustee’s Role in Chapter 13

Chapter 13 bankruptcy involves the creation of a repayment plan through which the debtor pays off some or complete amount of their dues to the creditors over a 3 to 5-year time frame. The process is overseen and administered by the bankruptcy trustee appointed to the case. According to Dallas based bankruptcy law firm Recovery Law Group, the various responsibilities of a bankruptcy trustee in Chapter 13 include: Reviewing of bankruptcy papers Bankruptcy trustee reviews the forms filled by the debtor at the beginning of the case and verifies the information provided on the form with that on [...]

2019-07-23T12:39:59+00:00
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