Bankruptcy

Call: 888-297-6203 Once you have decided to get rid of your debts through bankruptcy, you need to consult with your lawyer regarding whether chapter 7 or chapter 13 would be your best way to get rid of debts. Once you are through with a bankruptcy, it is important that you develop a strategy to avoid financial strain like this. Dallas based bankruptcy law firm Recovery Law Group provides you with a few simple steps that could make a huge difference after bankruptcy. 1. maintain records Despite them reminding you of bad financial times, you need to keep your [...]

Call: 888-297-6203 If you are in financial stress, constantly being threatened by creditors and cannot deal with the piling bills, then bankruptcy might be the best option to get rid of your debts, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. Bankruptcy offers a great way to start your life afresh. One of the most common questions that bankruptcy lawyers face is whether filing for bankruptcy will cause people to lose their personal property? When you file for bankruptcy under Chapter 7, you can protect several assets. Bankruptcy laws exempt personal property to a specified [...]

Call: 888-297-6203 When you file for bankruptcy under Chapter 7, you can get rid of several debts including homeowner Association (HOA) fees. Chapter 7 bankruptcy is a great way if you wish to get rid of your home. However, says Dallas based bankruptcy law firm Recovery Law Group the HOA fees which accumulate after a bankruptcy filing cannot be discharged. When you file for Chapter 7 bankruptcy, you are expected to sign a statement regarding your secured debts. You must inform the court as well as bankruptcy trustee whether you wish to keep your property or surrender it. [...]

Call: 888-297-6203 People who are struggling with multiple debts often find it difficult to balance them. The general perception is that you should close any many debts possible before you end up filing for bankruptcy. However, Dallas based bankruptcy law firm Recovery Law Group informs that when you file for bankruptcy, payments made to any creditor at the cost of denying other creditors are considered preferential payment. This is because you decided to pay one creditor in full while giving nothing to others. While filing for bankruptcy, the debtor cannot show any preference to creditors. The assets of [...]

Call: 888-297-6203 Filing for bankruptcy is a great way to get rid of your debts. However, when you file for bankruptcy, everything you own becomes a part of your bankruptcy estate, says Los Angeles based bankruptcy law firm Recovery Law Group. Being part of your bankruptcy estate ensures that the property is safe from foreclosure. However, just like creditors cannot foreclose on the property, you also cannot sell the house without the court’s permission. In the case of chapter 7 bankruptcy, selling home can be a bit difficult. You are required to convince the court that the sale [...]

Call: 888-297-6203 When you file for bankruptcy, there are certain debts that are either liquidated (Chapter 7 bankruptcy) or reorganized (chapter 13 bankruptcy); however, Dallas based bankruptcy law firm Recovery Law Group informs that some debts cannot be discharged completely. Some debts are non-dischargeable unless the debtor can prove to the court that payment on these debts will cause them to undergo extraordinary stress. These debts can include any debt which the bankruptcy filer failed to include in their bankruptcy petition. other debts which are always non-dischargeable include child support, alimony, payroll taxes, federal tax liens, fraud penalties, [...]

Call: 888-297-6203 Just like individuals, businesses can also go through rough patches. Sometimes, taking control of finances is not easy and you might have to let go of your business to cut your losses. If you are facing financial issues in your small business and have no hope of reorganizing the debts, then Chapter 7 bankruptcy is the best way to get rid of your debts, says Los Angeles based bankruptcy law firm Recovery Law Group. Small businesses can be either a partnership, a corporation or a limited liability company (LLC). If, you don't wish to continue your [...]

Call: 888-297-6203 It can be very difficult for couples to decide the best time for filing for bankruptcy, especially for the ones who are planning to get married. Although married couples can file for joint or separate bankruptcy, marriage does make it difficult for them to qualify for the bankruptcy which they wish to file for. A joint bankruptcy filing is a better option for couples, as it allows them to get rid of their debts together in one bankruptcy. Thus, they will not have to go for hearings separately. The filing fees for an individual filing or [...]