Get Foreclosure Help

Category: Debt and Tax Relief

  • Can tax debts be discharged during bankruptcy?

    Can tax debts be discharged during bankruptcy?

    Accumulation of unpaid dues can lead to people being burdened by debts. Bankruptcy is an excellent way to get many debts discharged. However, being able to get all debts discharged is extremely tough, though not impossible. Unsecured debts are often discharged after bankruptcy however debts such as education loan, government taxes, and child and spousal support, etc. cannot be discharged during bankruptcy.

    However, Los Angeles bankruptcy lawyers Recovery Law Group say that even such debts can be discharged depending on the type of bankruptcy.

    For individuals filing chapter 13 bankruptcy, tax debts are paid off as per the repayment plan; while in chapter 7 bankruptcy, some tax debts are discharged depending on the nature of tax and the duration of the debt incurred. To get federal tax debt discharged under chapter 7, you need to fulfill certain requirements.

    These include:

    • The debt must be more than 3 years old
    • The debt must be income tax related and not payroll or fraud penalties
    • Prior to bankruptcy filing, the taxpayer must have filed tax returns properly for more than 2 years
    • It is important that the taxpayer has made no evasion of taxes or any fraud related to tax returns previously
    • Tax assessment by IRS must be performed a minimum of 240 days prior to a bankruptcy filing

    In case the aforementioned taxes are discharged, any penalties assessed on them are also liable to be dischargeable. Post discharging on debts, IRS cannot indulge in wage garnishment or any other action for collection of the debts. In case you need any assistance regarding queries about personal bankruptcy, consult expert bankruptcy attorneys at 888-297-6023 to put a stay on repossession and foreclosure as well as getting 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.

    • Bankruptcy is a Powerful Tool for Debtors

      Bankruptcy is a Powerful Tool for Debtors

      If you’re dealing with extreme debt troubles, submitting for financial ruin can be a powerful remedy. It stops maximum collection moves, inclusive of telephone calls, salary garnishments, and complaints (with a few exceptions). It additionally eliminates many kinds of debt, together with credit score card balances, clinical bills, personal loans, and more.

      However it doesn’t stop all creditors, and it doesn’t wipe out all obligations. as an example, you’ll still need to pay your pupil loans (except you could show a hardship) and arrearages for child support, alimony, and maximum tax debts. examine on to examine more about the matters that financial ruin can and can’t do.

      What Bankruptcy Can Do

      Bankruptcy lets in people struggling with debt to wipe out sure obligations and get a fresh begin. the 2 primary financial ruin kinds filed—chapter 7 and bankruptcy 13 financial disaster—each provides different blessings, and, in some cases, treat debt and property otherwise, too. You’ll pick out the chapter that’s right for you relying on your income, belongings, and dreams.

      Here are some of the things you can expect bankruptcy to do.

      Stop Creditor Harassment and Collection Activities

      After you document, the court places in place an order known as the automatic life. The live stops maximum creditor calls, salary garnishments, and lawsuits, however now not all. for example, lenders can nonetheless acquire support bills and crook instances will continue to continue ahead.

      Stop a Foreclosure, Repossession, or Eviction (at Least Temporarily)

      The automatic stay will stop all of these actions as long as they’re still pending.

      Evictions. An eviction that’s nonetheless inside the litigation method will come to a halt after a financial ruin filing. but the stay will possibly be temporary. remember the fact that if your landlord already has an eviction judgment towards you, a bankruptcy won’t assist in most people of states. (research greater in Evictions and the automatic stay in financial disaster.)

      Foreclosure and repossession. Even though the automatic stay will prevent a foreclosure or repossession, filing for bankruptcy 7 gained assist you to hold the belongings. If you may carry the account current, you’ll lose the house or vehicle once the live lifts. by way of comparison, bankruptcy thirteen has a mechanism a good way to will let you trap up on past bills so you can preserve the asset. (See financial ruin’s automatic live and foreclosure and vehicle Repossession & bankruptcy.)

      Wipe Out Credit Card Debt and Most Other Nonpriority Unsecured Debts

      Financial ruin is very good at wiping out unsecured credit card debt (the debt is unsecured in case you didn’t promise to give lower back the bought property if you didn’t pay the invoice), medical payments, late application payments, personal loans, fitness center contracts. (when you have a secured credit card, together with from a jewelry, furnishings, or electronics shop, you’ll deliver the purchased item again.) In reality, submitting for bankruptcy can wipe out most nonpriority unsecured money owed other than college loans.

      How quickly your debt will get wiped out will depend on the chapter you file:

      Chapter 7 bankruptcy. This bankruptcy takes a mean of  3 to 4 months to complete. (study more on your Debt in chapter 7 financial ruin.)

      Chapter 13 bankruptcy. In case you file for chapter thirteen in preference to chapter 7, you’ll probably have to pay lower back some part of your unsecured money owed thru a 3- to the 5-yr compensation plan. however, any unsecured debt stability that remains after completing your compensation plan can be discharged. (See Your money owed in chapter 13 bankruptcy.)

      Wipe Out Secured Debt (But You’ll Have to Give Up the Purchased Property)

      If you couldn’t afford a charge that you secured with collateral—consisting of a mortgage or vehicle payment—you can wipe out the debt in bankruptcy. however, you received It be capable of hold the residence, automobile, pc, or different item securing price of the mortgage (extra underneath beneath “What bankruptcy Can’t Do”).

      What Only Chapter 13 Bankruptcy Can Do

      Chapter 7 and thirteen every provide particular solutions to debt problems. chapter 7 is in most cases for low-income filers, and consequently, it received help you hold assets if you’re at the back of on payments. but, if you have the income to pay at the least something to lenders, then you definitely be capable of taking benefit of the additional blessings offered by means of chapter thirteen.

      Here are some of the things that Chapter 13 can do.

      Stop a mortgage foreclosure. Submitting for chapter 13 bankruptcy will stop a foreclosure and force the lender to accept a plan that will let you make up the missed bills over time (you’ll additionally stay contemporary on your normal month-to-month bills). To make this plan paintings, you must be able to exhibit that you have enough income to aid the sort of repayment plan. (For greater data, see your house and loan in chapter thirteen bankruptcy.)

      Allow you to keep property that isn’t protected with a bankruptcy exemption. No person gives up the whole lot that they very own in bankruptcy. You’re allowed to protect (exempt) gadgets you’ll want to paintings and stay using financial disaster exemptions. A bankruptcy 7 debtor gives up nonexempt assets, however no longer a chapter thirteen filer. This doesn’t imply which you get to maintain extra belongings, but. You’ll want to pay the value of any nonexempt assets on your creditors on your reimbursement plan.

      “Cram down” secured debts when the debt balance is more than the value of the property that secures them. Chapter 13 has a procedure that lets in you to reduce a debt to the substitute price of the belongings securing it (however you’ll repay the debt in full thru your plan). for instance, in case you owe $10,000 on an automobile mortgage and the auto is really worth most effective $6,000, you could suggest a plan that will pay the creditor $6,000 and discharge the rest of the loan. however, exceptions exist. for instance, you can not cram down a vehicle debt if to procure the auto at some stage in the 30-month length before you filed for financial ruin. also, you received be capable of use the cramdown provision at the loan of your residential domestic. (To research extra about cramdowns, test out reducing Mortgages and Loans in bankruptcy 13 (Cramdowns).

      What Bankruptcy Can’t Do

      Bankruptcy doesn’t cure all debt problems. Here’s what it can’t do for you.

      Prevent a secured creditor from foreclosing or repossessing property you can’t afford.  A bankruptcy discharge gets rid of money owed, but it doesn’t take away liens. Alien permits the lender to take belongings, sell it at public sale, and practice the proceeds to a mortgage balance. The lien stays at the belongings until the debt gets paid. when you have a secured debt (a debt in which the creditor has a lien on your home), bankruptcy can cast off your obligation to pay the debt, however, it won’t take the lien off the property—the creditor will still be capable of getting better the collateral. as an instance, in case you report for chapter 7 financial ruin, you can wipe out a domestic mortgage; but, the lender’s lien will stay on the house. as long as the loan stays unpaid, the lender can foreclose on the house (as soon as the automatic live lifts, of course).

      Eliminate child support and alimony obligations.Infant help and alimony responsibilities continue to exist bankruptcy so that you’ll maintain to owe those debts incomplete, simply as if you had never filed for bankruptcy. And if you use chapter 13, you’ll have to pay this money owed in full via your plan.

      Eliminate student loans, except in very limited circumstances. Student loans can be discharged in financial ruin best if you could show that repaying the loan could purpose you “undue difficulty,” that’s a totally hard wellknown to fulfill. You have to show that you couldn’t have enough money to pay your loans presently and that there’s little or no chance you could accomplish that inside the destiny. (For details on the undue hassle popular, see scholar loan Debt in financial ruin.)

      Eliminate most tax debts. Removing tax debt in a financial disaster isn’t smooth, however, it’s once in a while possible for older unpaid tax money owed. (discover the requirements in casting off Tax money owed in financial ruin.)

      Eliminate other nondischargeable debts. the subsequent debts aren’t dischargeable under either chapter:

      • money owed you neglect to list on your financial disaster papers (except the creditor learns of your financial disaster case)
      • money owed for personal injury or death due to intoxicated using, and

      fines and penalties imposed as a punishment, including traffic tickets and crook restitution.

      – if you file for bankruptcy 7, this money owed will stay when your case is over. In bankruptcy thirteen, you’ll pay this money owed in full thru your reimbursement plan.

      Debt related to fraud might, or might not get eliminated. A fraud-related debt won’t be discharged if a creditor files a lawsuit (called an adversary proceeding) and convinces the judge that the debt ought to continue to exist your financial ruin. Such money owed is probably the end result of mendacity on a credit utility or passing off borrowed assets as your very own to use as collateral for a loan. (analyze more in what’s financial disaster Fraud?)


        *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.

      • Possibility of Bankruptcy Relief – Marijuana Businesses?

        Possibility of Bankruptcy Relief – Marijuana Businesses?

        It is widely known that California has expanded its legitimacy to the California Marijuana business. Hence the question pops up whether the Marijuana or other licensed cannabis businesses will enjoy equal/ same rights under federal law as in the case of other California businesses. That’s is the not case and reading through the below will explain in detail the background of these businesses and how they are restricted from declaring bankruptcy in their businesses.

        Cannabis businesses and the California Law

        Since 1996, possession of a small amount of marijuana has been decriminalized. Also, medical marijuana has been legalized from the same year. By making recreational marijuana legal in California, the state has become the largest legal market in the country since last year. The Office of Administrative Law (OAL) in the state of California recently approves of certain regulations with regards to the Cannabis businesses. Even though these laws now make the operation clearer and are able to impart stability to the operating vendors, the cost of operating marijuana businesses has shot up significantly. Hence the California Cannabis businesses face several challenges economically and they include regulations related to packaging, high state and local taxes, supply chain issues and loss of the business due to illegal sellers in the market.

        Because of the aforementioned challenges, the marijuana market is struggling and running a business is turning tougher than expected. Irrespective of being part of the community that grows marijuana, or distribute or have any role to contribute to the Cannabis sector, it is tough to declare bankruptcy due to operating constraints and start afresh.

        Marijuana businesses and the Federal Law

        Possessing or selling marijuana is still a violation under the Federal Law, Controlled Substances Act 21, U.S.C. 801 and this is notwithstanding additional state licenses. So in the eyes of federal law, this is still a crime (if you are in accordance with your California state rules and are operating state-licensed marijuana business). The body of Federal court is yet to pursue these businesses that run with the support of state rules and are still violating their law.

        A memo released in the last year January by Jeff Sessions indicates that there could be a change in this too. But as of now, the marijuana businesses cannot seek bankruptcy relief since they violate the Controlled Substances Act (CSA) and this has been approved by the Office of the United States Trustee (the OUST). In addition, the OUST also takes the position that if anyone who is renting to a seller or a grower of marijuana is also violating the CSA. So take caution, if you are operating cannabis businesses under the state law or if you are renting to the dealers/ suppliers/ growers of marijuana – you cannot seek bankruptcy relief.

        Further to Cannabis related Bankruptcy Restrictions

        As per the Section 843(a)(7) of the CSA, “it is a federal crime to “manufacture” or “distribute” any “equipment, chemical, product or material which may be used to manufacture a controlled substance . . . knowing, intending, or having reasonable cause to believe, that it will be used to manufacture a controlled substance.” This was recently seen in the case of Way to Grow, Inc. who sought bankruptcy relief. The bankruptcy court in Colorado declined their petition even though, they were provisioning horticultural supplies to legalized marijuana businesses – this proved that the filers were also violating the CSA.

        The court dismissed the case of Way to Grow, Inc. quoting that the filers cannot also make any further changes to amend the violations to the CSA as that would have adverse effects on the income that they are generating. This was a unique situation since the filing business was neither a grower/ supplier of marijuana directly nor were they renting the premises where the marijuana businesses ran. They were just merely supplying the equipment, that will help similar customers also grow other crops.

        A different angle – where do the limits stop?

        Another queer angle is seen with the Garvin v. Cook Investments case, where the bankruptcy trustee is not favoring a bankruptcy filing of a landlord who has leased the property to a tenant in the marijuana industry. This is a topic of debate where the power of the OUST and the court is questioned with regards to extending the restrictions of bankruptcy relief to beyond the distributors and sellers in the cannabis industry.

        Working with bankruptcy attorneys from renowned firms such as Recovery Law Group will aid the process of seeking relief. They have the experience of dealing with clients of the varied portfolio in Los Angeles and Dallas.


          *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.

        • Getting out of Debt has Never Been Easier!

          Getting out of Debt has Never Been Easier!

          Financial problems which seem to be spiraling out of hand are not uncommon. There are many rowing in the same boat. In case you find yourself overwhelmed with the enormous debt, you need to find a solution at the earliest. Since most creditors and debt collectors want you to remain under debt, they will never let you know that bankruptcy is one of the best solutions for huge financial debts. You need to consult a bankruptcy attorney to find out which alternative suits your condition best.

          Chapter 7 Bankruptcy

          People who find themselves buried under a huge debt due to credit card bills, medical bills or any other unsecured debt can get a fresh start through Chapter 7 bankruptcy. In most Chapter 7 bankruptcy cases, an automatic stay is put in effect as soon as the case is filed. This is the biggest asset as it puts a freeze on all collection initiatives taken by creditors and debt collectors including foreclosure, repossession, wage garnishment and even threatening phone calls and letters. This is the biggest relief one could get as these collection and harassment initiatives take a toll on debtors.

          Getting a discharge order in Chapter 7 bankruptcy case (within 4-5 months of filing) eliminates most of the unsecured debts (credit card debt etc.). In case collection agencies or creditors try collecting that money, they will be violating court orders which is a punishable offense.

          Chapter 13 Bankruptcy

          Apart from Chapter 7, other alternatives are also available. People having a large income, many secured debts and high-value assets cannot opt for Chapter 7 bankruptcy. For such people, Chapter 13 is the available alternative. In this case, a 3-5 year repayment plan is devised which allows individual debtors time to catch up on due amounts without any harassment from collection agencies or any mounting dues, repossession or foreclosure threats. Post the repayment plan, any unsecured debts that remain are eliminated.


            *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.

          • Dallas Debts: How can I be getting out of debt?

            Dallas Debts: How can I be getting out of debt?

            While you’re handling debt, it is able to feel such as you don’t have options. You’re afraid which you’re going to end up in courtroom, that can lead to bank account levies, assets seizure, and salary garnishment. happily, that’s not your simplest alternative. Debt doesn’t have to land you in the courtroom.

            Work together with your creditors

            Your first line of defense when coping with debt is to reach out to your lenders. ideally, you need to speak to them as quickly as you understand you’re going to miss a payment. lenders don’t want to visit courtroom, either. It’s high priced and time-ingesting and there’s no assure about the final results. It’s higher for anyone in case you retain to make bills. Your lenders will likely be willing to work with you for your debt.

            A few creditors will assist you to training session a fee plan to capture up on your delinquent payments and keep making bills within the destiny. a few may additionally even be inclined to forgive some of your debt, in particular, if the debt is from a purchase cash mortgage (but, there can be tax effects if they comply with do this).  they may be inclined to provide you a lower hobby rate or a grace duration of a month or in which you don’t need to make your bills, after that you could start making your ordinary bills again.

            If you’re struggling to make your bills, touch your creditor and provide an explanation for your scenario. maybe you or a cherished one had an extreme illness or twist of fate. perhaps there has been a herbal catastrophe. maybe you lost your job. Be sincere and prematurely with them and ask them to try and work something out so that you don’t default at the debt.

            Debt Consolidation

            In case you’re suffering from high-interest debt which includes credit score card debt, you can advantage from debt consolidation. while you consolidate your debt, you borrow from a distinctive supply with a low-interest rate to repay your high-hobby loans. for instance, you can take out a low-interest home equity line of credit score and use it to repay your credit score card debt. You’ll end up paying ways much less in the long run than you would in case you endured to make your regular excessive-interest bills.

            Debt consolidation isn’t for everybody. most importantly, you ought to have a dependable source of earnings to make payments on the new mortgage. in case you nevertheless won’t be able to pay off the debt after consolidation, it may now not make sense to go through the problem and cost of consolidating your debt. you furthermore might need a source of low-hobby debt. A domestic fairness loan may be an awesome alternative, however, that means you have to very own a domestic. you can also be able to take out a bank loan, but approval could be tough in case you’re already struggling with debt.

            When thinking about debt consolidation services, make certain you take a look at into the groups. a few are disreputable and will collect charges handiest to depart you within the lurch. a number of the exceptional debt consolidation agencies providing their offerings in Dallas are countrywide Debt remedy, Crudest, and American Debt Enders. those companies have skilled counselors, truthful fee systems, and splendid song statistics. each debt settlement business enterprise can have special eligibility requirements regarding the sorts and quantities of your debt.  take into account though, in nearly all cases, creditors participate in debt consolidation programs voluntarily.  that means they do now not always must stick with it and may pull out of the agreement once they want.

            Debt settlement organizations

            In case you don’t have any success operating with lenders your self and debt consolidation is not an alternative, you can pick to paintings with a debt settlement corporation. Debt settlement groups negotiate with creditors to your behalf. They try and get lenders to comply with an agreement in which you’ll pay one lump sum in pride of all your debt. Debt agreement businesses normally propose you to stop making payments on your debt and rather keep the price range for the lump fee. in the event that they reach an agreement with the creditors, you’ll pay the lump sum and the remainder of your money owed will be forgiven.

            Remember that lenders are not obligated to paintings with debt settlement agencies. At any point within the method, specifically, after you stop making payments altogether, your lenders may also sue you for series. Debt settlement agencies are also notorious for defrauding purchasers, gathering hefty costs and promising consequences after which failing to get them. whilst looking for a debt agreement business enterprise, look at the rate shape. a good organization will now not fee you any expenses whatsoever until you reach a settlement. meaning no charges prematurely and no monthly expenses. check the company’s credentials. search for participants of the yank truthful credit Council. study customer reviews online to peer if different humans have been glad about their offerings.

            Chapter 7 Bankruptcy

            The above options all consist of critical risks. lenders won’t be inclined to work out a settlement with you. Debt consolidation might not be an alternative; even if you do qualify, you may simply come to be delaying a default in place of preventing it. Debt settlement is never guaranteed and also you run the risk of being defrauded. there may be the simplest one threat-loose option that includes the entire protection of the law: financial disaster.

            Clients are generally loath to remember financial ruin as a choice. authentic, it does impact your credit score rating. however, your credit score is already dropping if you’re not making full payments in your money owed. financial disaster is a way for borrowers to begin over with a smooth slate.

            Whilst you record for Chapter 7 Bankruptcy, you turn over your nonexempt assets to a court docket-appointed financial ruin trustee. The trustee sells this belonging and gives the proceeds in your creditors in the price of your debt. Dallas gives exceptional sets of exemptions, each of in an effort to defend the general public of your property. In most instances, all the belongings are blanketed and the debtors lose nothing however their debt. In other words, you’ll in all likelihood maintain all of your belongings. when all the nonexempt property has been sold, the court docket discharges the rest of the unsecured debt. That debt is definitely long gone. no one can sue you for series. nobody can garnish your wages or levy your bank bills.

            Bankruptcy offers the extra advantage of automated life. when you file for financial disaster, the automatic live stops all series efforts towards you. Any proceedings for collection forestall, as do repossessions and foreclosure. The court docket wants to make certain that while you document for financial disaster, all your money owed are handled via the financial ruin system, so bankruptcy trumps any out of doors efforts at series.

            Chapter 13 Bankruptcy

            If you have a consistent supply of income, you may be capable of file for Bankruptcy 13 financial disasters. bankruptcy 13 financial ruin cases still get the benefit of the automated live, but none of your own homes is offered. as a substitute, you work with the court docket and your creditors to create a charge plan a good way to final for three to 5 years. The court docket will don’t forget your living prices and make sure that the payment is cheap; it’s based totally on what you may pay and no longer on what you owe. on the give up of the plan, your closing debt is discharged. bankruptcy 13 offers you the time and safety of the court to seize up for your finances.

            If you are capable of maintaining a bankruptcy thirteen payment plan, you’ll be required to document underneath bankruptcy 13 instead of underneath chapter 7.

            What needs to You Do?

            Handling debt is depressing, however, you have got alternatives. you can paintings for your debt on your very own, with the help of an enterprise, or with the help of the court. Don’t allow your debt to go to this point which you turn out to be in court.

            Filing for financial disaster is a critical decision. if you’re suffering from debt, reach out to a skilled financial ruin legal professional to talk about your options and decide on a path of motion that high-quality suits your state of affairs and desires.


              *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.

            • What are the Debt Relief Options for Small Businesses and their Owners?

              What are the Debt Relief Options for Small Businesses and their Owners?

              Starting a business in uncertain times can go anywhere. Whether you reach the zeniths of success or taste failure, it is a matter of chance. The odds are stacked against you no matter which business you wish to start. A lot of financial capital, overhead expenses, and advertising are involved to make any business a successful venture. However, sometimes, business owners might find themselves struggling with these expenses, trying to stay afloat or make a profit. In case small business owners or start-ups are facing problems in managing their finances (personal or business) they might find themselves under heavy debt. This is more often seen when the business is a sole propriety one, wherein the personal finances and assets are tied up with business ones. For such situations, Sacramento based law firm Recovery Law Group provides an insight into the debt relief options for small businesses and business owners.

              Since a lot of emphases is being given to people who wish to become independent by turning entrepreneurs, the legal system also supports them during the time of financial crisis. Business owners facing economic issues at work and under financial stress have a number of viable options to take care of financial matters. A consultation with lawyers specializing in bankruptcy can help clear the problems. It is important to seek legal assistance to sort out the financial mess so that you can improve the position of your business and continue operating it, while simultaneously improving on your personal finances.

              What are the Debt Relief options Available for Businesses?

              Just like every individual’s circumstances are different, so do the problems in businesses. Your debt relief options will depend on your unique situation. Factors influencing debt relief include – a type of business, the aim of business owners and the nature of the financial problem. The different ways in which business owners can utilize bankruptcy is elaborated below:

              Chapter 7 Bankruptcy – Small businesses especially those with single proprietorships may use this chapter of bankruptcy. The unique circumstances which prompt the usage of this chapter are when the business has no future and the owner wishes to liquidate it, without any plans of restructuring. This is usually chosen when the businesses have overwhelming debts, the business is being operated due to an extension of a particular skill set and the owner has very few or limited assets.

              Chapter 11 Bankruptcy – This option is generally chosen when business owners wish to remain in business. This chapter allows reorganization and thus creates plans for paying the creditors’ off, over a fixed time period. A drawback to choosing this chapter is that it is a complicated and lengthy process which may not always be ideal for small business owners.

              Chapter 13 Bankruptcy – The reorganization bankruptcy is generally used as a form of personal bankruptcy. This is generally ideal for small businesses, especially when companies wish to pay back a percentage of their debt. The repayment plan suggested by the bankruptcy court is followed by business owners who have invested personal funds in their business venture. This chapter of bankruptcy can, however, not be used by corporations and businesses which do not have sole proprietorships.

              If you wish to get over the financial troubles that your business is currently facing, it is important to make a consultation with specialized bankruptcy lawyers. The legal minds can help guide you through the financial problems and suggest the best legal recourse available for you.


                *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.

              • Rules for Debt Collectors – When and How They Can Contact You?

                Rules for Debt Collectors – When and How They Can Contact You?

                Debt collection attorneys can inform you that as per FDCPA norms, any debt collector can contact you by mail, in person, by telegram or telephone only during “appropriate hours” i.e. generally between 8 a.m. and 9 p.m. Also, within 5 days of 1st contact with you, the debt collector is expected to send you a written notice informing you: (more…)

              • How to Prevent Bank Levies

                How to Prevent Bank Levies

                In case you have incurred huge debts and are in no financial condition to pay them off, the best resource available to you is to file for bankruptcy. To do the same you can either use one of the bankruptcy lawyers to file bankruptcy for you or you can do it yourself. However, as Sacramento based law firm Recovery Law Group explains, many times debtors filing for bankruptcy without any help from lawyers, end up into financial troubles like post-bankruptcy filing bank levies. (more…)

              • Live the American Dream without any Debts

                Live the American Dream without any Debts

                The quintessential American dream has brought many people to the country where everyone has equal opportunity to make it big. Before economic recessions caused financial distress to numerous people, the American dream meant having a huge house, big car, access to a large number of credits to spend like the rich and famous. However, stagnation has caused many Americans to lose their jobs to business contractions, their homes to foreclosure and overspending to the credit crisis. This has caused disillusionment in many people leading them to question whether the American dream can be realized without incurring huge debts.

                Many people have either filed for bankruptcy as a result of amassing huge amounts of debts or are contemplating it. However, it is important for people to realize that the American dream can be realized without running a large number of debts. As per Sacramento based lawyers of Recovery Law Group law firm, to enjoy a fresh financial start, it is important for debtors to understand that they should avoid acquiring any unnecessary debts and minimize whenever possible to live the proverbial American dream.

                Tips for Debtors Emerging from Bankruptcy
                • Post-bankruptcy, to live the American dream, you have to make efforts to create a fresh credit history. Good credit is not just about getting credit cards and loans. It is the difference in being employed or unemployed, living in a good or bad neighborhood. Credit reports are often looked by prospective employers before hiring anyone. Simply put, a debtor wishing to rent a house will need a good credit score to get one.
                • Rebuilding credit value gives you access to a new credit line. However, it is important to realize that if you wish to live the American dream, you need to be careful about how you use your credit cards. Good credit can open avenues for good jobs, neighborhood and mortgage is and when you decide to purchase a home. On the other hand, bad mortgages can lead to mortgages which are harmful in the long run, leading to foreclosure and eventually bankruptcy. Avoid falling into the vicious cycle and keep your credit rating high.
                • If you are educated about debt and money management, you will find that realizing your American dream is not too far away. Find out options to resolve any financial issues without incurring debt. If you have to take debt, find out the best interest rates that you can get with your credit ratings.


                  *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.

                • How to Protect Yourself from Harassing Debt Collectors and Autocalls

                  How to Protect Yourself from Harassing Debt Collectors and Autocalls

                  Telephone Consumer Protection Act (TCPA) had been formulated to protect debtors from the malpractice of collection agencies and creditors to autodial the debtors. Not only is the practice problematic, annoying and repetitive, but they can also be quite inconvenient at times. However, thanks to TCPA, you are no longer to put up with these auto calls. As per Los Angeles based lawyers belonging to Recovery Law Group law firm, in case you have denied permission or added yourself to the Do Not Call Registry and are yet receiving autocalls, you need a debt attorney. Some of the steps you can take to protect yourself include – (more…)