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Category: Bankruptcy

  • Bankruptcy – An Advisable Strategic Move

    Bankruptcy – An Advisable Strategic Move

    Since the bankruptcy law overhaul in the year 2005, there has been a forecast of reduction in the number of Chapter 7 and Chapter 13 bankruptcy filings. The Federal Reserve Bank of New York in a report states that this condition could be a trend. On the other hand, it also indicates, that filing for bankruptcy is not as negative and bad as believed by the public. The lack of understanding amongst the U.S. public about the way bankruptcy works is mainly the reason for the forecast of a decline in bankruptcy filings.

    There’s more to the same report! For those people who consider that being in insolvency is better than bankruptcy, they stand to lose their retirement savings. Not only this, but their creditworthiness will also not scale up high when tests are conducted to assess them. This would land them in conditions where they are denied lines of credit from the financial institutions in the country.

    Isn’t that surprising? Yes!

    Filing for bankruptcy is seen as a strategic move by the debtor. It reflects on the capability of the debtor to address his poor economic conditions and take appropriate steps to mend it. The report recounts the fact that the debtors who have filed for bankruptcy benefit from large-purchase credit and have better accessibility towards funds.

    The misconceptions around the bankruptcy processes, that it is too difficult to handle and that it costs a lot, have been continuously propagated by the debt consolidation companies. For them, their goal is to prevent the consumers from filing bankruptcy. The debtors who fall prey to these suffer from heavy debts and are able to make very minimal monthly payments towards them.

    Seek the services of a renowned company like Recovery Law Group, who will work with you to start assessing your financial condition from the roots. They conclude on your capability towards paying off debts and will advise the course of action. They work alongside several clients in Los Angeles and Dallas regions for Chapter 7 and Chapter 13 bankruptcy cases. If you are based in one of these two cities, Recovery Law Group is just a phone call away! Call them at 888-297-6203 for an appointment!


      *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.

    • All You Needed to Know About Filing for Bankruptcy for a Second Time

      All You Needed to Know About Filing for Bankruptcy for a Second Time

      In case you have been through rough financial weather, and have previously filed for bankruptcy, you do not have to worry if you find yourself in a bad financial situation again. Though bankruptcy helps you to get a fresh start, bills can start piling up again. Getting discharge previously does not mean that you cannot file for bankruptcy again. If you find yourself in a similar situation, it is important to know whether you can file for bankruptcy again in California. According to Los Angeles based law firm Recovery Law Group , it is possible to file for consumer bankruptcy or second personal bankruptcy. However, there are various factors to consider in this situation.

      Filing for 2nd bankruptcy in California

      A bankruptcy filing is Very common in California. Many terms bankruptcy filers end up having the same problems again and have to file for bankruptcy. In case you are having problems with handling your finances, you can record for bankruptcy 2nd, 3rd or 4th time too. Each chapter of bankruptcy has a different time frame for getting debts paid. If you have to file for bankruptcy a second time, the time frame depends on which type of bankruptcy had previously been recorded and which is under consideration at present. There are 2 main types of bankruptcy support options available to consumers.

      Successive Chapter 7 Cases

      Chapter 7 bankruptcy is also known as liquidation bankruptcy. In this case, debtors who qualify for the same do not have to pay back their dischargeable debts. In case you have earlier recorded for Chapter 7 release, then you have to serve for 8 complete years before filing for another Chapter 7 bankruptcy to get a discharge. Though in theory, you can record for bankruptcy the very next day of obtaining your first Chapter 7 discharge, a second discharged won’t be allowed until eight years have passed. It needs to be put in mind that the 8 years are taken from the original date of filing and not the date of discharge.

      Successive Chapter 13 Cases

      The wage earners bankruptcy, commonly known as Chapter 13 bankruptcy, is for people with adequate financial resources and income than those filing for Chapter 7. The Chapter 13 bankruptcy filers are expected to pay back the creditors with a repayment plan in a 3-5 years’ time frame. People who have filed for Chapter 13 previously can file for the 2nd one after a span of 2 years.

      Can People File for Bankruptcy under a Different Chapter than Previous one?

      As the situation changes, your chapter for filing bankruptcy can also change. The time frame for filing for bankruptcy under a chapter different than the previous one varies.

      • Chapter 7 bankruptcy followed by Chapter 13 bankruptcy: In this case, debtors need to file after 4 years from the original filing date of a successful Chapter 7 bankruptcy to be eligible for discharge under Chapter 13 in the 2nd
      • Chapter 13 bankruptcy followed by Chapter 7 bankruptcy: In this particular case, consumers need to wait 6 years from the original filing date (in a discharged Chapter 13 case) to file for a chapter 7 discharge. An exception, however, may be granted if 70% of Chapter 13 repayment plan has been satisfactorily met.

      Facts to Remember About Second Bankruptcy

      Just like 1st bankruptcies, 2nd bankruptcies too are public record and remain on credit reports for a period of 10 years. Depending on which bankruptcies you have filed, you will have two bankruptcies on your credit report simultaneously. However, credit score after bankruptcy improves post discharge as you make efforts to improve your finances by paying your dues on time. Before filing for bankruptcy in California, you need to follow various steps including mandatory credit counselling. Though bankruptcy filing might be a tough decision, yet it is a necessary one to make if you wish to recover from serious financial problems. Ignoring the debts is never a good option as it may lead to legal ramifications. However, life after bankruptcy can be much better as you get a chance to build your credit report. Consulting a qualified bankruptcy attorney is important in this case.


        *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.

      • What to Expect While working with a Bankruptcy Attorney?

        What to Expect While working with a Bankruptcy Attorney?

        Financial issues can be quite demanding and confusing at the same time. Though the law does not require that you be represented by a lawyer while filing for bankruptcy, it is often advised to do so. The reason for this is that bankruptcy petition filing or a 341 hearing is much more complex than just filling out a few forms. There is a lot more that a bankruptcy lawyer can help you with. Here’s looking at some of the advantages that having a bankruptcy lawyer brings to the case:

        • Help determine which chapter of bankruptcy will suit your individual circumstances best.
        • Assessing your financial condition to determine whether you can pass the means test in the case of Chapter 7 bankruptcy.
        • Ensuring that your exempted property is protected.
        • Keeping sure that you haven’t waived off any rights involuntarily.
        • Assessing which debts should be disputed.
        • Determining any possible claims against creditors.
        • Making you aware of your options with respect to secured debts and any non-exempt property.
        • Taking care of communicating every detail of the proceedings to your creditors.
        • Help prepare you as well as accompany you to meetings with creditors.
        • Any objection filed to your bankruptcy by creditors is represented and handled by them.
        • They file a motion for relief from the automatic stay and any other similar pleadings by creditors.
        • They help enforce your discharge order so that you are able to enjoy full benefits for a fresh start.

        Considering the various advantages that having a bankruptcy attorney can have on your case, it is important that you make a wise decision regarding this. Many times, cases filed without an attorney are more likely to be dismissed due to lack of proper documentation or any other reason. Instead of cutting corners at such a time, when you are financially struggling, you must consult with the best to get out of this sticky wicket.


          *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.

        • What Factors Should You Consider Before Choosing Bankruptcy Attorney in Los Angeles?

          What Factors Should You Consider Before Choosing Bankruptcy Attorney in Los Angeles?

          More often than not, bankruptcy is extremely frustrating. People are often at their wit’s end when they choose bankruptcy as an option. Choosing the best bankruptcy attorney or a law firm that has enough experience in dealing with similar cases can be an asset to your case. Since bankruptcy can have long term consequences, having an in adept legal counsel can help the case a lot. There is no dearth of bankruptcy lawyers in the city, however, it is often difficult to choose one from them. Having some tips available to help you narrow down possibilities can be a great relief. Los Angeles based law firm Recovery Law Group provides you with some tips to consider while filing for bankruptcy:

          • Delay Doesn’t Help – Though the prospect of bankruptcy may seem daunting and scary, it should not be a deterrent in finding a bankruptcy lawyer. Instead of waiting till the last minute to look for one, you can start looking for bankruptcy lawyers well within time. This helps your case as the lawyer also gets enough time to prepare your case. If you think, your financial situation requires professional handling, do not procrastinate.

          • Get recommendations – you will be surprised to know that bankruptcy is fairly common among people. More often than not, you might be able to find someone within your circle, who has had to take professional assistance to manage their financial problems. You can ask people around you for recommending bankruptcy lawyer. If an acquaintance is in the legal profession, they too can refer a reputed bankruptcy firm in your area. Alternately, you could also check certified bankruptcy specialists in your area. points to remember while choosing bankruptcy attorney should include:

          • An experienced and knowledgeable attorney
          •  Proven track record in similar cases
          • Should have A+ Better Business Bureau rating
          • Have AV® Preeminent™ Peer Review Rating from Martindale-Hubbell®
          • Excellent client reviews
          •  The supportive staff of associate attorneys
          • Have 10 out of 10 AVVO rating

          Compare Costs – Since you already struggling with finances, it is important that you compare costs. It is important to know that higher rates are not always equivalent to the high quality of service. Keep your eyes and ears open while consulting and be vary of anyone charging too high or too low.
          Opt for Consultation – Most bankruptcy attorneys offer free consultations. This is a way to get an honest assessment of your case to determine if bankruptcy is the best course of action available. These meetings can come in handy as you get an opportunity to assess the experience and knowledge of the lawyers while getting an idea about how profound your situation is. You also become aware of the options available to you during these meetings.
          Trust Your Instincts – Dealing with bankruptcy is often difficult and takes a toll on people. However, with the right attorney by your side, things can be manageable. Since bankruptcy attorney is the one to save you from dire consequences, you should always go with your gut instincts while choosing one.

          Though bankruptcy may seem like the end of the world for you, it is not so. Consulting with a bankruptcy lawyer can help make things clearer for you. It is important that you do not delay your meeting with a lawyer to get rid of your financial worries.


            *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.

          • Should You Opt for Bankruptcy Planning?

            Should You Opt for Bankruptcy Planning?

            For most people filing for bankruptcy can be quite traumatic. However, if you are aware that it is the only legal option available to take care of the ever-increasing debts, then you can prepare for it. Bankruptcy planning can be quite helpful for your case. In case you are unaware of the provisions of the Bankruptcy Reform Act (2005) and how they may affect your bankruptcy case, you might need the assistance of bankruptcy lawyers such as those belonging to Dallas based law firm Recovery Law Group.

            Having a bankruptcy attorney by your side can help you with various issues such as:

            • Exemptions available in bankruptcy
            • Dischargeable and non-dischargeable debts
            • Can you keep all of your personal possessions including home and car?
            • How to re-establish credit score after bankruptcy?

            Since these are a few of the numerous questions, swirling in the minds of people thinking of bankruptcy, it is important to take advice from expert bankruptcy lawyers. It is important to consult an attorney within time rather than wait until the last moment. It is often difficult to save home due to foreclosure or stop levy on bank accounts at the last moment. If you wish to stop creditors from wage garnishments or keep a debt collector out of your business, you need to consult with bankruptcy attorneys well in time. Since a number of statutes and time frames are to be considered while filing for bankruptcy, apart from deciding which chapter will be most beneficial for the client, people should indulge in bankruptcy planning.


              *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.

            • Possibility of Bankruptcy Relief – Marijuana Businesses?

              Possibility of Bankruptcy Relief – Marijuana Businesses?

              It is widely known that California has expanded its legitimacy to the California Marijuana business. Hence the question pops up whether the Marijuana or other licensed cannabis businesses will enjoy equal/ same rights under federal law as in the case of other California businesses. That’s is the not case and reading through the below will explain in detail the background of these businesses and how they are restricted from declaring bankruptcy in their businesses.

              Cannabis businesses and the California Law

              Since 1996, possession of a small amount of marijuana has been decriminalized. Also, medical marijuana has been legalized from the same year. By making recreational marijuana legal in California, the state has become the largest legal market in the country since last year. The Office of Administrative Law (OAL) in the state of California recently approves of certain regulations with regards to the Cannabis businesses. Even though these laws now make the operation clearer and are able to impart stability to the operating vendors, the cost of operating marijuana businesses has shot up significantly. Hence the California Cannabis businesses face several challenges economically and they include regulations related to packaging, high state and local taxes, supply chain issues and loss of the business due to illegal sellers in the market.

              Because of the aforementioned challenges, the marijuana market is struggling and running a business is turning tougher than expected. Irrespective of being part of the community that grows marijuana, or distribute or have any role to contribute to the Cannabis sector, it is tough to declare bankruptcy due to operating constraints and start afresh.

              Marijuana businesses and the Federal Law

              Possessing or selling marijuana is still a violation under the Federal Law, Controlled Substances Act 21, U.S.C. 801 and this is notwithstanding additional state licenses. So in the eyes of federal law, this is still a crime (if you are in accordance with your California state rules and are operating state-licensed marijuana business). The body of Federal court is yet to pursue these businesses that run with the support of state rules and are still violating their law.

              A memo released in the last year January by Jeff Sessions indicates that there could be a change in this too. But as of now, the marijuana businesses cannot seek bankruptcy relief since they violate the Controlled Substances Act (CSA) and this has been approved by the Office of the United States Trustee (the OUST). In addition, the OUST also takes the position that if anyone who is renting to a seller or a grower of marijuana is also violating the CSA. So take caution, if you are operating cannabis businesses under the state law or if you are renting to the dealers/ suppliers/ growers of marijuana – you cannot seek bankruptcy relief.

              Further to Cannabis related Bankruptcy Restrictions

              As per the Section 843(a)(7) of the CSA, “it is a federal crime to “manufacture” or “distribute” any “equipment, chemical, product or material which may be used to manufacture a controlled substance . . . knowing, intending, or having reasonable cause to believe, that it will be used to manufacture a controlled substance.” This was recently seen in the case of Way to Grow, Inc. who sought bankruptcy relief. The bankruptcy court in Colorado declined their petition even though, they were provisioning horticultural supplies to legalized marijuana businesses – this proved that the filers were also violating the CSA.

              The court dismissed the case of Way to Grow, Inc. quoting that the filers cannot also make any further changes to amend the violations to the CSA as that would have adverse effects on the income that they are generating. This was a unique situation since the filing business was neither a grower/ supplier of marijuana directly nor were they renting the premises where the marijuana businesses ran. They were just merely supplying the equipment, that will help similar customers also grow other crops.

              A different angle – where do the limits stop?

              Another queer angle is seen with the Garvin v. Cook Investments case, where the bankruptcy trustee is not favoring a bankruptcy filing of a landlord who has leased the property to a tenant in the marijuana industry. This is a topic of debate where the power of the OUST and the court is questioned with regards to extending the restrictions of bankruptcy relief to beyond the distributors and sellers in the cannabis industry.

              Working with bankruptcy attorneys from renowned firms such as Recovery Law Group will aid the process of seeking relief. They have the experience of dealing with clients of the varied portfolio in Los Angeles and Dallas.


                *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.

              • How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

                How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

                Financial problems resulting in bankruptcy can be threatening, especially for small and medium-sized businesses. Such a situation is not uncommon and many people and organizations can be seen facing similar situations. However, there is absolutely no need to panic as there are provisions available to protect your business interests. Lawyers of Los Angeles based law firm Recovery Law Group enlighten that you can opt for either restructuring of debt under Chapter 11 bankruptcy or opt to liquidate your assets under Chapter 7 bankruptcy to get rid of your dues. Consultation with bankruptcy lawyers can let you be aware of your options.

                Can Bankruptcy Help Small or Medium Business Undergoing Financial Distress?

                Increasing expenses and loss of revenue are two major reasons why a business can be in financial distress. In case the situation has worsened and you fear closure of the company and the rippling effect it will have on your guaranteed obligation, you need to consult bankruptcy lawyers. They have experience in dealing with different types of businesses like:

                • Corporations
                • Sole proprietorships
                • Partnerships
                • Limited liability partnerships (LLPs)
                • Limited liability corporations (LLCs)

                Due to the various myths associated with bankruptcy, it is often the last option considered. However, it is the best legal solution available to get rid of insurmountable debt. Bankruptcy attorneys can help small and medium business owners get rid of debts using either Chapter 7 bankruptcy or Chapter 11 bankruptcy proceedings.

                Why Choose Small Business Bankruptcy Lawyers?

                Financial difficulties can be quite confounding. Do you have a legal counsel who has experience in dealing with specific needs of businesses? Any problems including long term leases, business loans, and payroll, personal guarantee on business debts or tax problems can be effectively handled by bankruptcy lawyers. They can help map out a strategy to keep your business open or close it with a reduced impact on people involved. Consulting a bankruptcy lawyer is one of the most important steps in handling financial distress.


                  *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.

                • How can an Inheritance affect my chapter 7 Bankruptcy?

                  How can an Inheritance affect my chapter 7 Bankruptcy?

                  The announcing “timing is the entirety” applies to many things in life, and that consists of how financial ruin can have an effect on your inheritance in Dallas. if you received an inheritance before filing for a chapter 7 financial disaster, it can become part of your financial ruin property much like any of your private home unless you can defend it with a bankruptcy exemption. but what in case you declare financial ruin after which your notable Aunt Estelle dies suddenly and leaves you a fortune? well, that could be a exclusive rely depending whilst she died.

                  Article at a glance

                  If a person dies and leaves you an inheritance inside a hundred and eighty days after you file bankruptcy, that property will become a part of the financial disaster estate until it falls beneath an exemption.

                  The one hundred eighty days is measured from the date of submitting until the date of loss of life, now not while you acquire the inheritance.

                  you’ve got alternatives, but you have to speak them together with your lawyer as soon as you could. Your lawyer will need to amend your financial ruin files that were submitted to the court.

                  The 180 Day Rule

                  A Chapter 7 bankruptcy forgives most of your money owed, however the bankruptcy trustee can promote your belongings so that you can pay off creditors except for those assets that fall beneath an exemption. normally,  after you document for bankruptcy, any belongings you purchased cannot be touched by the financial ruin trustee. but, this isn’t always authentic for inheritances. If someone dies inside one hundred eighty days when you document for financial ruin and leaves you an inheritance, it turns into a part of your financial ruin estate except it falls beneath an exemption.

                  The critical date is the date of demise; it does now not depend whilst you definitely acquire the belongings. If top notch Aunt Estelle dies and leaves you a fortune 181 days once you filed for bankruptcy, you’re inside the clear and might maintain the entire inheritance. however if remarkable Aunt Estelle dies within one hundred eighty days of the time you filed for financial ruin, you’re out of good fortune unless the belongings is exempt underneath financial ruin law. The purpose the law adds 180 days for inherited assets is to prevent human beings from putting forward bankruptcy proper earlier than they get an anticipated inheritance, due to the fact they do no longer want to pay lenders with that inheritance.

                  What to Do if your Inheritance Falls inside a hundred and eighty Days After Your financial disaster submitting

                  1 The primary factor you have to do whilst you learn of the inheritance is to name your Dallas financial ruin lawyer, who can lay out your options. Your lawyer additionally must amend your financial disaster submitting with the courtroom. Don’t even reflect on consideration on not reporting it, due to the fact that could be criminal fraud, which can land you in jail. And there is a very good chance your financial disaster trustee would find out.

                  2 If the inheritance is a massive one, you’ll be capable of pay your creditors with it and keep away from financial disaster all together. likely your attorney can negotiate a settlement of much less than you owe with them.

                  3 As already stated, component or even the inheritance if it isn’t a massive one, may additionally fall underneath bankruptcy exemptions, which might permit you to maintain the exempt portion. In Dallas, in case you favor to use Dallas exemptions under Dallas Code of Civil manner segment 703 instead of federal exemptions or those under Dallas Code of Civil method section 704, you may declare a wildcard exemption, that may permit you to protect over $28,000 of your inherited assets or any other property. Of course, you can need to apply that exemption for every other motive which includes protecting your house.

                  4 At one point, in case you were expecting an inheritance, extremely good Aunt Estelle ought to have set up a spendthrift believe naming you as inheritor as opposed to leaving you the properly directly in her will. within the beyond, lenders couldn’t touch spendthrift trusts in Dallas. however in 2017, the ninth Circuit opened spendthrift trusts to lenders.

                  Seek advice from Your Dallas financial disaster lawyer

                  In case you assume there’s even a risk you could inherit money or property inside six months when you record for financial ruin, be sure to inform your bankruptcy legal professional. if you document for financial disaster comfort and a person passes away and leaves you an inheritance within 180 days when you document for financial disaster contact your legal professional straight away. take into account, the critical date is the date the individual surpassed away. The date you really received the assets is of no result to the financial ruin courtroom.


                    *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.

                  • How Bankruptcy Lawyers can Help People Get out of Debts?

                    How Bankruptcy Lawyers can Help People Get out of Debts?

                    Debts can be daunting, especially if they are huge and have been accumulated without ever getting reduced. In such circumstances, it is extremely difficult to make any plans for the future as a majority of the time is spend trying to find a balance between averting crisis involved debt collectors. In order to break this vicious cycle and get ahead in life, you need to consult bankruptcy lawyers to know how bankruptcy can be of assistance for you in these tough financial times.

                    One of the primitive steps that you should take regarding your finances is to be aware of your options. People who are overwhelmed with the staggering debt often find it difficult to manage things despite working hard. For such people, bankruptcy provides a fresh start. To know whether bankruptcy is the best option for you, you need to consult bankruptcy lawyers.

                    A free case evaluation by them can help you become aware if bankruptcy can be the way for said relief. This can be enough to restore your peace of mind. Once you are aware of how to control your finances, you can rest with ease.


                      *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.

                    • Details of the Bankruptcy Process in Los Angeles

                      Details of the Bankruptcy Process in Los Angeles

                      The economic situation all over the world is dire. This has resulted in many people undergoing severe financial stress. Business organizations, as well as individuals, are facing problems regarding huge debts which makes it difficult to remain afloat. Many people find it tough to manage debts incurred and mortgage payments. If you are facing a similar situation, it is time to consider bankruptcy.

                      Many people often have the wrong idea about bankruptcy, often because of the myths associated with it. Consulting adept bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group can make you aware of the benefits of bankruptcy and how it can help you rebuild your credit. There are various chapters under which a debtor could file for bankruptcy, each with its own merits. Consulting an expert lawyer can help you with not only stopping wage garnishments, bank levies, and foreclosure but can also guide you on the best way to save assets, discharge your debts and rebuild your credit.

                      What Happens During Bankruptcy?

                      Despite many people being aware of bankruptcy as an option to get rid of financial problems, not many actually understand what happens during bankruptcy. While consulting with bankruptcy lawyers, you get to know about the different types of bankruptcies as well as the stipulated timeline associated with each one. Lawyers also make you aware of the benefits and repercussions of these different types, ultimately choosing one which best suits your personal case.

                      Opting for consultation with bankruptcy attorneys can also help you with:

                      • Determining the best course of action for your financial issues. You can either get your debts discharged via liquidation bankruptcy (Chapter 7) or reorganize them through repayment plans (Chapter 11 or Chapter 13)
                      • In case you opt for Chapter 7 bankruptcy to get your debts discharged, it is important to determine whether you qualify for the mean test which entails that your income must be below the state median. Apart from this, you also need to prove that you do not have the ability to repay the debts over a 3-5 year time frame.
                      • Determining which debts can be discharged. Not all debts can be cleared even after bankruptcy.
                      • Coming up with a repayment plan. In case you opt for the reorganisation of debts under Chapter 11 or Chapter 13 bankruptcy a repayment plan needs to be presented to the creditors.

                      As soon as debtors file for bankruptcy, automatic stay helps protect against various actions of creditors including threatening phone calls, wage garnishment, repossession, etc. If you too wish to get out of the vicious cycle of never-ending debts and threatening debt collectors; and want to make efforts to clear your debts, you need to consult bankruptcy lawyers to determine the best course of action.