Chapter 7 Bankruptcy

What to Do with Your Checking Account in Case of a Chapter 7 Bankruptcy Filing?

When you file for bankruptcy all your assets are divided into the exempt and non-exempt property. While you can keep your exempt property, the non-exempt property is used to pay back your creditors. In the case of Chapter 7 bankruptcy, the trustee liquidates your non-exempt property to repay unsecured debts. In Chapter 13 bankruptcy, you can keep non-exempt property too, but you need to pay an equivalent amount to your unsecured creditors. According to Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, funds in your checking account can be used to repay your creditors, or kept by the bank [...]

2019-08-06T11:21:11+00:00
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What is No-Asset Chapter 7 Bankruptcy?

While the Chapter 7 is known as the bankruptcy code which sets off debt from the liquidation of assets, it can be surprising to learn about No-Asset Chapter 7 bankruptcy. It could be even more surprising to note that most of the Chapter 7 bankruptcy California cases are No-Asset cases. The no-asset case is a scenario where, the filer does not give in any asset or cash to the bankruptcy trustee for liquidation. The filer instead keeps possession of all the assets, he/she owns. The lenders or creditors will not expect any proceeds or debt settlement, as there [...]

2019-09-18T11:25:24+00:00
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Under what circumstances is Chapter 7 bankruptcy better than Chapter 13?

Chapter 7 is not often recommended by experts as people tend to lose their valuable assets with this type of bankruptcy. However, there are many situations when Chapter 7 can be beneficial than Chapter 13. These benefits can be interpreted as reasons for opting for Chapter 7 over Chapter 13. To learn more about bankruptcy, Chapter 7, Chapter 13 and other Chapters log on to https://bankruptcy.staging.recoverylawgroup.com/. List of some benefits of Chapter 7 Less time-consuming- The process of applying for bankruptcy under Chapter 7 and receiving a court judgment is relatively quick. An average case could take 3-6 [...]

2019-08-06T11:20:41+00:00
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Under What Circumstances Can Debt Discharge be a Problem with Chapter 7 bankruptcy

Debt discharge or release can be regarded as one of the major benefits of chapter 7 bankruptcy San Antonio. However, it can be so that the debt discharge might be limited, or one might not get any discharge. Why does this happen, how to avoid this? All these questions will be addressed below. Meanwhile, address all other worries or questions about bankruptcy and their chapters on https://bankruptcy.staging.recoverylawgroup.com/. Legal reasons for not qualifying for a discharge The two common legal barriers for not qualifying for a debt release can be listed as follows- Error in procedure The bankruptcy court [...]

2019-08-06T11:19:46+00:00
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Relief from Credit Card debt through Chapter 7 Bankruptcy

Chapter 7 Bankruptcy law in the USA offers people to declare bankruptcy to elicit relief from the debts. The debtor seeks this law when he/she is unable to clear the debts. People may file for bankruptcy when they have little or no assets to clear the debt. The creditor must be content with little or no payment. To know more about bankruptcy and its implication on the debtor and creditor, log on to https://bankruptcy.staging.recoverylawgroup.com/. How can Chapter 7 help to clear credit card debt? A client can file a case under chapter 7 when he is unable to [...]

2019-08-06T11:19:29+00:00
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The Means Test For Chapter 7 Bankruptcy Eligibility

Bankruptcy has different Chapters which can have certain benefits or disadvantages depending on the specific financial condition of an individual. The first step before deciding on filing for bankruptcy is to analyze the eligibility aspects. An individual can qualify for one or more Chapters simultaneously or there could be some adjustments made based on the suggestions of reliable attorney to qualify for beneficial bankruptcy code. Recovery Law Group can not only help you find an excellent attorney but can also guide you through with some basics of bankruptcy and its Chapters. Chapter 7 ideology Chapter 7 is based [...]

2019-08-02T08:00:47+00:00
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How to Determine if Chapter 7 is Suitable For You or Not?

If you are confused about whether Chapter 7 is appropriate for you or not, the solution can be found right here. By finding answers to the following questions, you can determine if Chapter 7 is the right choice for you or not. To know more about other benefits and alternatives to Chapter 7 log on to Recovery Law Group. Are you ‘Judgement proof’? This is the first question that will determine the threat of your lenders or creditors. ‘Judgement proof’ is the term used to determine the degree of impact a Chapter 7 judgment could make on your [...]

2019-08-02T08:00:58+00:00
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How Much Should You Pay Your Attorney For a Chapter 7 Bankruptcy?

Attorney fees are one of the important considerations when filing bankruptcy because it has to be paid 100% and any type of expense during bankruptcy could be burdening. Establishing a relativeness between what you had expected from an attorney on a price bracket helps you determine and adjust your attorney needs. To learn more about bankruptcy, attorneys and law log on to Recovery Law Group. How does the attorney fees vary based on location? It is obvious to see a difference in pricing based on location. For instance, an attorney in California will be far more expensive than [...]

2019-08-02T08:01:07+00:00
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How does a credit report react to Chapter 7?

Bankruptcy can have several benefits, like wiping off your debt, giving you a fresh start, helping you with all the financial mess, offering some breather to recollect your finances, etc. However, it does impact your credit score, which is interlinked to your loan taking ability in the future. In fact, as per some of the latest reports, it might take over 10 years of worthy credit trust to repair the damage caused by filing for bankruptcy once. To know more such facts and to keep up yourself with the most current bankruptcy related aspects, log on to. What [...]

2019-08-02T08:01:19+00:00
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Do You Own a House and are Filing for Chapter 7 Bankruptcy? Here Are Your Options

When you file for bankruptcy to get rid of your debts, there are certain concerns regarding your assets, especially your house. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, you have the option of retaining your house, delaying foreclosure or letting the house go when you file for Chapter 7 bankruptcy. However, you can only keep your home in a liquidation bankruptcy if you are current on your mortgage payments and there isn’t significant equity in the home to pay creditors. What happens to your home during bankruptcy depends a lot on various other [...]

2019-08-02T08:01:30+00:00
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