Chapter 7 Bankruptcy

Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

Call: 888-297-6203 Uncertainty is something people are not comfortable with. Being in financial distress and not knowing what to do can be extremely distressing for people. There are several ways to get rid of debt, bankruptcy often being the last resort. However, once you have decided the option, there are many other things to consider. The various facets of bankruptcy can be quite confusing, primarily being the numerous proceedings associated with bankruptcy. A bankruptcy trustee is appointed to oversee the accounts in case of bankruptcy chapters. According to Los Angeles based bankruptcy law firm Recovery Law Group, a [...]

2019-09-10T11:55:00+00:00
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Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

Call: 888-297-6203 Filing for bankruptcy is a decision that takes time. Earlier, until 2005, the bankruptcy chapter was decided by the bankruptcy judge. If they found that the debtor was unable to repay the debts, then they could file for Chapter 7 bankruptcy and get a discharge of all their debts. However, if there was scope to repay debts, they were required to file for Chapter 13 bankruptcy. With streamlining of the process, things have become much easier to understand, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. People can convert their bankruptcy chapter (Chapter [...]

2019-09-10T11:52:43+00:00
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Can a Discharged Chapter 7 Bankruptcy Affect Your Credit Score?

Call: 888-297-6203 Bankruptcy becomes public record and finds mention on your credit report, even after the discharge. In case of a Chapter 7 bankruptcy, since no loans are paid back, it is mentioned on your credit report for a duration of 10 years from the date of the bankruptcy filing. According to Dallas based bankruptcy law firm Recovery Law Group, when the bankruptcy filing is discharged, the credit report should be updated to show the status. This discharge status should be extended to include all accounts included in bankruptcy. The update should also be done by the lenders [...]

2019-09-04T09:58:21+00:00
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All You Need to Know About Chapter 7 Bankruptcy

Call: 888-297-6203 People with limited income who have accumulated a huge amount of credit card and personal loan debt have the option of filing for bankruptcy under Chapter 7. Dallas based bankruptcy law firm Recovery Law Group lawyers elaborate that in this liquidation bankruptcy, your non-exempt property is sold off to repay your debts. In case you wish to protect your assets, Chapter 13 bankruptcy is a better option. This type of bankruptcy is known as a reorganization plan, where, in a court-approved repayment plan is used to pay off your debts over 3-5 years’ timeframe. What effect does [...]

2019-09-02T12:46:41+00:00
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What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

The two most common chapters under which bankruptcy is filed are Chapter 7 and Chapter 13. Chapter 7 is known as liquidation bankruptcy where non exempted assets are liquidated or sold off to pay your creditors. This chapter of bankruptcy typically results in discharge within 3 months of filing without making any further payments. While in Chapter 13 bankruptcy case, a court approved repayment plan is devised to clear your debts with the creditors. According to Dallas based bankruptcy law firm Recovery Law Group, partial payment based on your disposable income is made to creditors over a period [...]

2019-08-29T13:10:58+00:00
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The Means Test Calculator in Chapter 7 Bankruptcy

Chapter 7 or liquidation bankruptcy is preferred by most people since it enables people to get a discharge within a smaller time frame (3-6 months) compared to Chapter 13 bankruptcy (3-5 years). Moreover, with various exemptions available, people are often able to protect almost their entire equity in their assets and get away with paying little towards their debts before getting them discharged. However, the catch is that if you wish to file under Chapter 7 bankruptcy, you need to pass the means test. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the [...]

2019-08-29T09:27:22+00:00
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Is Chapter 7 Bankruptcy Deleted?

Filing for bankruptcy can be quite an emotional experience for people. It is difficult to admit that you have been unable to manage your finances in a proper fashion. What is worse is that bankruptcy becomes public record and is reflected on your credit history. This makes it difficult for people to obtain new credit at reasonable rates or even get a job. However, Los Angeles based bankruptcy law firm Recovery Law Group informs that bankruptcy records are deleted ten years from filing date in case of Chapter 7 and seven years from the filing date in case [...]

2019-08-29T09:27:09+00:00
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What is Befitting for you- Chapter 7 or Chapter 13?

Each to his own’ rightly suits about the two bankruptcy laws. While both are good, which is apt for the client depends upon his situation - The type of debt, their financial situation and the resources with the debtor. A professional practitioner in bankruptcy can help the client in deciding which is best for their situation. For detail information about chapter 7 & 13, visit Recovery Law Group. Chapter 7  Chapter 7 bankruptcy law requires eligibility of the applicant. The applicant needs to prove his eligibility. For proving the eligibility for chapter 7, five factors are assessed. Budget [...]

2019-08-22T13:04:44+00:00
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Status of Pets in Chapter 7 Bankruptcy

People in Los Angeles love to keep pets like horses and dogs. When they need to file bankruptcy, the fear of losing them in the procedure is quite high. Most of them shy off from applying for chapter 7 bankruptcy since they do not want to lose their pets. They love their pets and treat them like family members. However, the court needs to investigate many things before allowing pets to be exempted. Applicants looking for some valuable advice to keep their pets must visit- Recovery Law Group. How can an applicant exempt their pets in a bankruptcy [...]

2019-08-07T11:32:31+00:00
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Who is Not Eligible to File for Chapter 7 Bankruptcy?

A bad financial situation can affect anybody anytime. Bankruptcy is one of the most viable solutions to get out of huge financial debts. A person or company can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 or liquidation bankruptcy is generally preferred as it takes comparatively less time and gets rid of unsecured debts. However, qualifying for Chapter 7 is one of the primary requirements to get a discharge. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, an individual filing for consumer bankruptcy needs to pass the means test, which requires you to have income [...]

2019-08-06T11:21:22+00:00
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