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Category: Chapter 7 Bankruptcy

  • Should You Reaffirm Your House And Car In Chapter 7 Bankruptcy?

    Call: 888-297-6203

    When you are struggling with debts, you have the option for debt reaffirmation, debt consolidation, surrendering of property or bankruptcy. Dallas based bankruptcy law firm Recovery Law Group says that when you reaffirm any debt, you reach an agreement with the creditor who holds secured lien on collateral previously purchased by you. this way you reaffirm the debt you owe to the creditor. When you file for Chapter 7 bankruptcy, you can either surrender the property (car or home), redeem the collateral (refinance it with another finance company) or reaffirm the collateral (sign an agreement with the creditor and file it in court).

    When you reaffirm any debt, you will be responsible for paying it back irrespective of bankruptcy. in case you fail to do so, the property will be repossessed by the creditor. This can take place for both car and home. If you are filing for bankruptcy under Chapter 7 and you wish to keep your property, you need to reaffirm the debt with the creditor or mortgage company.

    To know more about the debt reaffirmation agreement, call 888-297-6023 to speak with experienced bankruptcy lawyers.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

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      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.

    • Can I File For Chapter 7 Despite Having An Annual Income Of $1,000,000?

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      It is possible for a debtor to file for a Chapter 7 bankruptcy despite an annual income of a million dollars, but they will have to pass all sorts of criteria mentioned in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed by Congress in 2005. The most common eligibility is to pass the Means Test.

      Under 11 USC § 707(b), the Means Test requires a debtor to prove that their gross income is less than the average income meant for their family size in their state. Most people ignore the first part of this paragraph and focus only on family size and income. However, you can bypass your means test altogether by proving that you owe non-consumer or business-related debts despite having a gross income far more than the median income (stated by IRS).

      Congress had incorporated this loophole in order to encourage businesses. Stories of failure of small businesses in their first year are not uncommon. Thus, Congress decided to allow the filing of Chapter 7 for business debtors, instead of the costly and time taking Chapter 13, so that people are not scared of taking risks and opening businesses. However, whether it is beneficial for the economy or not is debatable.

      To get expert advice on bankruptcy-related problems, 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.

      • Stripping Second Mortgages In A Chapter 7 Case

        Call: 888-297-6203

        This blog post is about getting an effect in a Chapter 7 case which is similar to lien stripping in a Chapter 13 case. In a Chapter 7 bankruptcy case, the filers get an opportunity of keeping their debts on a secured loan until they are keeping up with their payments. This, together with the Florida Constitution, allows the keeping of financed homes through bankruptcy.

        But, most of the people, these days, are struggling with the problem that their house is underwater and the equity does not secure their second mortgage anymore. For example:

        Home Value      Mortgage Amount            Secured Amount

        $110,000           1st Mortgage $120,000             $110,000

                                    2nd Mortgage $80,000               $0

        Here, the amount owed on the home by the debtor is $120,000 + $80,000 or $200,000, but its worth is now only $110,000. Thus, the debtor is underwater by $90,000. Since the home is horribly underwater, a smart debtor might think of giving up the home in bankruptcy, as he or she would not want to pay $90,000 more than the home is worth. Now, if the debtor surrenders the home, $110,000 will be entirely paid to the first mortgage holder (they are always paid first) and the second mortgage holder will get $0.

        The second mortgage is aware of getting $0, in case of a bankruptcy filing by the debtor, and also that filing for bankruptcy will be a sensible choice for the debtors when they are underwater. Now, in such a situation, a bankruptcy attorney will negotiate a settlement of the lien with the second mortgage holders for a paltry sum of money. In case they agree, the remaining unpaid amount can still be written off on their taxes by the bank and can get the cash in the meantime. After this, the debtor can avoid the classification of the transaction as a ‘Preferential Payment’ by waiting for 90 days. He or she can then file for a Chapter 7 bankruptcy, reaffirm that they are current on the first mortgage, and get a discharge on their other unsecured debts.

        For further assistance and guidance on getting stripping in a Chapter 7 case, contact the Recovery Law Group at www.staging.recoverylawgroup.com or call them 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 7 Bankruptcy Used by Former Adult Film Actress to Get Rid of Debts

          Call: 888-297-6203

          Bankruptcy can hit anyone, anytime and there are numerous examples of even the high and mighty falling into bad times leading to a bankruptcy filing by them. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group brought to attention the case of Patricia Kluge, an adult film star who got one of the largest divorce settlements when she divorced her husband of nine years. The annual interest rate on the settlement was calculated to be $1.6 million per week! However, in the past 22 years, the 1-billion-dollar settlement was blown away, leaving the actress with less than $2.6 million worth real estate and personal property.

          When Mrs. Kluge and her husband filed for bankruptcy, they listed personal property worth $123,000 as an exemption. This included their wine collection worth $5,000 and their engagement/wedding ring set valued at $80,000. Incidentally, the state of Virginia allows unlimited exemption when it comes to wedding rings and bands. Considering that their annual income was reported at $188,376 a year, which is much higher than the state median, their being able to qualify for Chapter 7 bankruptcy might have required assistance from skilled lawyers. If you wish to have your debts cleared, you should hire experienced bankruptcy lawyers by calling 888-297-6023.


            *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 7 Bankruptcy Filing of William Gary Busey

            Call: 888-297-6203

            On February 7, 2012, a famous actor of Malibu, California, William Gary Busey, had filed for a Chapter 7 bankruptcy. He had cited that he had assets of less than $50,000 and liabilities for more than $500,000.

            Gary had claimed that he had snorted cocaine off with a straw of his dog, Chili, in 2008. Though such a history would have made an average citizen unemployable, Gary had still continued to make films. He had starred alongside Danny Glover and Mel Gibson in the original Lethal Weapon movie. His other famous titles include Piranha 3DD and Mansion of Blood. He was lucky enough to pull off an image of a “Vincent Price-Esq” for himself.

            When Gary had filed for a Chapter 7 bankruptcy, his documents did not have his original signature. Moreover, he had filed a bare-bones petition. Thus, the court had to wait for him to submit his remaining paperwork. Though this might sound like a possibility of the submission of fraudulent papers, it was not the case, as many bankruptcy lawyers do without original signatures on the majority of the related papers.

            If you are planning to file for a Chapter 7 bankruptcy, it will be better to hire an experienced bankruptcy attorney to counsel and guide you correctly throughout the process. You can contact the best bankruptcy lawyers of Los Angeles & Dallas, TX, at www.staging.recoverylawgroup.com or by calling 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.

            • Citizens of Florida Can Retain Many Cars in a Chapter 7 Bankruptcy

              Citizens of Florida Can Retain Many Cars in a Chapter 7 Bankruptcy

              Call: 888-297-6203

              Many citizens of Florida, who are thinking about filing for bankruptcy, believe that they are allowed to keep only one of their cars in bankruptcy because the statutes of Florida have an exemption of up to $1,000 for only one motor vehicle. There is also a wildcard exemption of $1,000 and also a house or an additional wildcard exemption of $4,000, available in Florida. The debtor can use these exemptions for retaining a vehicle also. So, in case the debtors own vehicles worth less than $4,000, they can keep all of them with themselves. Remember that the exemption amounts can only be used on vehicle equity. A car worth $4,000 and with a balance of $5,000 on the note will have no equity, and thus, the debtor can keep it without any exemptions in bankruptcy.

              In Chapter 7 bankruptcy, a vehicle with too much equity can be kept using two ways. The first way is to take a loan from a bank and keep the vehicle as a security. The loan money can be utilized to pay for the necessary and reasonable living expenses, including the attorney’s fees. After this, the debtor can reaffirm the car debt and keep the vehicle in bankruptcy.

              Another way to keep a vehicle is to sign a buyback agreement with the bankruptcy trustee. In case you are unable to exempt your vehicle, the trustee will be responsible for auctioning off your car. Thus, they might be willing to re-sell the car to you for a lesser amount than the original value of the car. This way they won’t have to pay any fees for action or repossession. You will also be allowed to make these payments over a reasonable period of time, often as long as a year.

              In order to know more about your chances to keep your vehicles with yourself in a bankruptcy filing, 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.

              • Filing A Bankruptcy Would Probably Be Beneficial For Casey Anthony

                Filing A Bankruptcy Would Probably Be Beneficial For Casey Anthony

                Call: 888-297-6203

                Casey Anthony was barraged by civil law suits since she was declared not-guilty in 2008 in a first-degree murder case. One of those suits was brought by a meter man, Mr. Roy Kronk, who had found the remains of Casey’s daughter. Miss Anthony’s defense team had charged Kronk with the child’s murder, and thus, Kronk sued her for defamation of character. Later, Casey had told the court that her daughter drowned in the family pool.

                Defamation is a defamatory and untrue statement about a plaintiff which because of the fault of a defendant is heard by a third party that must result in some kind of damage. In this case, the defendant Casey took her lawyer’s help and charged the plaintiff, Roy Kronk, with her daughter’s murder which was listened to by third parties across many news stations. Consequently, his reputation suffered damage. If Casey is unable to prove Kronk’s crime, he will surely win the suit. This will mean that she lied under oath by saying that the child drowned in the family pool, but there had already been perjury suits against her in the past.

                There is still a possibility for Casey to file for a Chapter 7 and get the debt discharged despite being found responsible for damages to Kronk’s reputation. Debts owed to private citizens get almost always discharged, in contrast to the ones owed to the government. However, under 11 USC § 523(6), an intentional and malicious damage is done to the plaintiff by the debtor, can be the cause of no discharge. In the case of Casey Anthony, her ability to benefit from the filing of a bankruptcy will depend on Kronk’s inability to prove her malice, i.e. her evil intentions. This leaves us with an interesting question about Casey’s motivation behind accusing Kronk. Did she really believe that Kronk was guilty? No, it wouldn’t be possible if she knew that Caylee had drowned in the pool. But since Casey and Kronk were strangers, why would she frame him for a non-committed crime?

                These answers will have to be determined by a judge. If the judge of a state court finds Casey’s malice in defaming Kronk, she will not be able to discharge the debt. However, she will be able to file for a Chapter 7 bankruptcy as well as discharge the debt, if the judgment of defamation is found to be without malice.

                In order to know more about getting a discharge in a debt, contact the best bankruptcy attorneys of Los Angeles & Dallas, TX, the Recovery Law Group at www.staging.recoverylawgroup.com or by calling 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.

                • Warren Sapp, Former Tampa Bay Buccaneer Star Files for Bankruptcy

                  Warren Sapp, Former Tampa Bay Buccaneer Star Files for Bankruptcy

                  Call: 888-297-6203

                  The former NFL star, Warren Sapp filed for bankruptcy in Florida Federal Bankruptcy Court. As per the Chapter 7 bankruptcy application filed by his lawyers, the player owed approximately $7 million in child support, alimony and to other creditors. The assets mentioned in the application include his collection of rings, watches, and Jordan athletic shoes. However, there was no mention of his Super Bowl ring and his national championship ring as he claimed both were lost. The current income of the star is listed at around $116,000.00. This includes a final payment of $45,000 from Showtime, an appearance fee earning him $48,000, and approximately $19,000 advance he got from a book. Warren is currently hired by the NFL Network as an analyst. The contract will end in August and any renewal of the contract is still unclear.

                  Warren Sapp was a famous player for Tampa Bay Buccaneers as well as Oakland Raiders. With 13 years in NFL, he had earned a sizeable income. Yet, despite the income, the debts could not be paid off and as a result, he was forced to file for bankruptcy. Dallas based bankruptcy law firm Recovery Law Group says that such a situation is not uncommon and can happen with even the best of people. In fact, Sapp is not the 1st athlete to have filed for bankruptcy. Many professional athletes and big businessmen and women have struggled to manage their finances and as a result had to file for bankruptcy. Unless money is managed properly, even rich people can end up being broke.

                  If you find yourself in a situation where paying your debts is not possible, filing for bankruptcy can be a good way to get rid of your debts. You might need the assistance of experienced lawyers. Call 888-297-6023 to discuss your case with experienced bankruptcy lawyers and find the best way to get rid of your debts.


                    *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.

                  • Can Second Mortgages be Stripped in Chapter 7 Bankruptcy?

                    Can Second Mortgages be Stripped in Chapter 7 Bankruptcy?

                    Call: 888-297-6203

                    As per the latest ruling by the Eleventh Circuit Court of Appeals, second mortgages can be stripped off in a Chapter 7 bankruptcy case. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say, this means that if the amount on 1st mortgage is more than the current market value of the home, the 2nd mortgage is considered as good as unsecured and therefore can be discharged as other unsecured debts are discharged in a chapter 7 bankruptcy. Earlier, this discharging of second mortgage was possible only in case of Chapter 13 bankruptcy cases as 11 USC §506(d) did not apply in case of Chapter 7 cases. The ruling of Supreme Court was modified by the Court of Appeals as despite Supreme Court saying that §506 didn’t apply in Chapter 7 in case of partially secured “cram down” of any bankruptcy filer’s main residential property, this opinion of Supreme Court does not mention any other ways in which it could be applied in a Chapter 7 case.

                    Sooner or later, a petition will be filed in the Supreme Court regarding whether the statute of discharging second mortgages in case of primary mortgage being higher than current market value of property can be applied in case of Chapter 7 bankruptcy case. However, till this happens, people can protect themselves by getting rid of additional loans. In case you need assistance from best legal minds, you can call 888-297-6023 to discuss your case with experienced bankruptcy lawyers.


                      *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.

                    • You May Take Help From Your Bank For Your Bankruptcy

                      You May Take Help From Your Bank For Your Bankruptcy

                      Call: 888-297-6203

                      Tough times had fallen upon most of the United States and Florida was no exception. People were hardly filing for bankruptcy and it was not because they did not need it any longer, but it was because they could not afford the cost of filing any longer.

                      Generally, filing a Chapter 7 bankruptcy costs around $1,500 which must be paid before the filing. Many people are struggling with their financial situations, and thus lawyers are coming up with creative ways for their clients to pay the fees.

                      Debtors with equity in their home are rare to find these days. However, we can easily find debtors who have vehicle equity. Due to high rates of interest and low pay-off amount, debtors frequently pay off their car note early, often with an excess of $2,000 of car equity.

                      There are many lenders who are ready to loan money to debtors on such cars with equity, but the debtor will have to give them interest of security in the vehicle. This will assure the lenders that despite the debtor having a poor credit, they will be able to use the collateral to recover their investment in case the debtor fails to repay. The debtor will also be able to pay the lawyer’s fees and file for bankruptcy using the loan money.

                      However, this method is scrutinised. The bankruptcy court considers every appearing transaction suspiciously to make the property uncollectable, which would have otherwise been collected by the creditors. For example, in case of this transaction, equity of $2,000 would be removed from the estate of the bankrupt person. This will be appropriate to do, only if the person gone bankrupt has property exemptions sufficient enough to allow them to keep the full car value before the loan. As long as this is fulfilled, there will be no complications in the transfer.

                      If you have any queries about affording a bankruptcy, visit Recovery Law Group 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.