Chapter 13 Bankruptcy

Duties of a Bankruptcy Trustee – Chapter 13 Bankruptcy

The notice of appointment of a bankruptcy trustee is sent to the debtor after the filing of bankruptcy has been received by the court. The notice carries the information about the name, address and phone number of the trustee. Moreover, if your trustee needs additional financial information, such as bank statements, and details of tax returns, and cancelled checks, it is intimated to the debtor in this notice along with the date on which these are due. Here’s a detailed description of the duties of a bankruptcy trustee: Administration of the bankruptcy estate– The assets and properties of the debtors are cumulatively [...]

2019-05-09T12:28:36+00:00
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Chapter 13 Bankruptcy in California, Nevada, and Texas

High secured debts such as mortgaging of home or car payment can pose a problem around repayment for some of the citizens. Initially, the bank that has lent the money contacts the debtor regarding the payment updates after it has defaulted for a month or two – the bank resorts to persistent phone calls (low-level adverse proceedings). They can steer towards high-level adverse proceedings such as foreclosure or repossession if the debtor continues to default. The debtor in certain scenarios may just need some extra time as he can facilitate the means to pay the moneylender. Chapter 13 [...]

2019-05-09T12:27:56+00:00
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What are the Benefits of Chapter 13 Bankruptcy?

A bankruptcy filing is a federal way out for people who are struggling with finances due to unforeseen circumstances. Individuals who are going through a tough financial phase can opt for filing bankruptcy under either Chapter 7 or Chapter 13. While many debts are discharged in Chapter 7, there are a number of benefits associated with Chapter 13 bankruptcy too. The latter has a court-approved repayment plan through which the bankruptcy filers are allowed to make payments to the debtors over a period of 3-5 years. The repayment plan is devised keeping in mind the debt owed to [...]

2019-05-06T10:09:41+00:00
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Role of your Chapter 13 Bankruptcy Trustee

When a Chapter 13 bankruptcy is filed, the debts are generally reorganized and repaid within five years. The creditors receive the dues over a three to a five-year term and the administration of this plan is monitored by an appointed trustee, exclusively for Chapter 13 filings. Here is a brief list of the bankruptcy trustee’s duties with regards to Chapter 13 bankruptcy filing – Reviewing all associated paperwork of the filing Reviewing of the repayment plan for its compliance to bankruptcy laws Collecting the payments as per the plan and distributing the same to the creditors Executing the [...]

2019-05-06T10:13:56+00:00
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How to Decide the Bankruptcy Filing Chapter?

Bankruptcy is a common occurrence with many people in America turning to it to save themselves from overwhelming debts. Despite unique financial situations, many individuals, couples or even businesses are looking for options to file for bankruptcy. However, since situations are different for each of them, they need to choose the best-suited Chapter of the U.S. Bankruptcy Code under which they can file for bankruptcy. […]

2019-05-09T12:47:30+00:00
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Dealing With Business Debt? Can Chapter 13 Bankruptcy Help?

Many people wish to turn entrepreneurs and often succeed in their endeavors too. However, not every business idea takes you to the zeniths of the sky, some fight falls flat and leave you with a huge debt to clear. In case you belong to the latter category, there is no need to worry if you are looking to reorganize your debts. U.S. federal laws have come up with Bankruptcy Code to help individual and organizations to overcome their financial losses by filing for bankruptcy under various chapters. Small business owners in need of financial assistance can consider Chapter [...]

2019-05-06T13:39:07+00:00
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Bankruptcy – Get a Fresh Start

People often end up spending more than they earn making them unable to pay their dues. One of the best ways to protect yourself, according to Los Angeles based law firm Recovery Law Group is to file for bankruptcy. This offers a fresh start to people who are unable to pay their dues. They can liquidate their assets to clear their dues or form a repayment plan. Bankruptcy laws can be used to help protect financially unstable businesses too. […]

2019-05-06T10:13:58+00:00
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All You Wanted to Know About Bankruptcy Basis Process

The Bankruptcy Code is a uniform federal law which is used to govern all bankruptcy-related cases. According to U.S. Constitution Article I, Section 8, Congress is authorized to enact “uniform Laws on the subject of Bankruptcies”. The “Bankruptcy Code” (title 11 of United States Code) was thus enacted by the Congress in 1978 and has undergone several amendments since then. The bankruptcy process proceedings are governed by the Bankruptcy Rules (Federal Rules of Bankruptcy Procedure) and local rules of each bankruptcy court. As per bankruptcy rules, a certain set of official forms are to be used in bankruptcy [...]

2019-05-06T10:15:15+00:00
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Know More About Chapter 13 Bankruptcy Exemptions

Bad financial decisions can cause a change of fate. This can happen to anyone, anytime. Filing for bankruptcy offers a way to salvage not just your property but also allows you to get a fresh start. Bankruptcy can be filed by an individual or company under various chapters. Chapter 13 or wage earner’s bankruptcy is for people with a steady source of income. Like other chapters, exemptions are available under chapter 13 reimbursement proposal. They are also helpful in calculating the amount that the debtor will pay. Under chapter 13 bankruptcy, one can keep all their property, but [...]

2019-05-06T09:28:07+00:00
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Here’s How We Can Help You With Chapter 7 And Chapter 13 Issues

Bankruptcy has been a serious concern since forever, however many homeowners, families and individuals throughout the U.S. consider it the right choice. To understand bankruptcy protection or liquidation process does require an experienced and comprehensively knowledgeable legal professional, who further will guide you through its system. Recovery Law Group is committed to guiding you as you prepare for bankruptcy and protection. […]

2019-08-12T04:33:19+00:00
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