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  • How Easy is it To Purchase a Home After Bankruptcy?

    How Easy is it To Purchase a Home After Bankruptcy?

    Though it is an excellent way to get rid of unsurmountable debts, bankruptcy has its downside too. Your credit report can remain affected by your bankruptcy for a long time. Bankruptcy remains on your credit record for a duration of 7 years in case of Chapter 13 bankruptcy and 10 years in case of Chapter 7 bankruptcy. This has a detrimental effect on your ability to get credit in the future. Though you may find it difficult to purchase a home after bankruptcy, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, say, it is not impossible. Certain steps in the right direction can help you realize your goal.

    • Assess your financial situation

    If you want to buy a house, it is important that you avoid making the same mistakes over and over. It is therefore important to assess your financial situation before making any decision. You need to build your credit standing after bankruptcy and taking stock of your finances is where you should start with.

    • Live according to a budget

    Spending more than you can afford to lead you to file for bankruptcy. If you wish to avoid the situation, you need to be careful with your money. Plan your monthly expenses and stick to that budget. This will allow you to build a capital in a substantial amount of time.

    • Get a credit card

    Surprisingly, the best way to rebuild credit is through a credit card! Getting one at your terms might be difficult, especially if you are fresh out of bankruptcy. You can start with a secured credit card which will help in rebuilding your credit. Over a period, you might get a regular credit card at a reasonable interest rate which will help you get a mortgage on the home.

    Though buying a home after bankruptcy is not easy, however, it is not unachievable too. With these tips, you will be able to improve your credit rating enough to get you a mortgage. To help with your bankruptcy, you can consult with expert bankruptcy lawyers Los Angeles at 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.

    • Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

      Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

      Call: 888-297-6203

      Managing finances is a tricky affair. People often find it difficult to keep their finances above board. However, there can come a time, when you might have to consider bankruptcy as an option. Individuals can opt for Chapter 7 or Chapter 13 bankruptcy; however, the former is preferred. According to Los Angeles based bankruptcy law firm Recovery Law Group, the situations where Chapter 7 bankruptcy is the best way out include:

      • Majority of your debts are due to excessive use of credit cards. Heavy reliance on credit cards can lead to an excessive amount of loans which can send anyone down the rabbit hole.
      • Foreclosure notice can be a rude shock for anyone. You could end up losing your home if you are behind mortgage payments. Banks can foreclose on your property if prompt action is not taken. Filing for bankruptcy under Chapter 7 puts an automatic stay in place which prevents any collection action including foreclosure.
      • If you are heavily under debt, wage garnishment is a reality which cannot be avoided. Lenders can garnish your salary to collect against your debt. The automatic stay can put a hold to wage garnishment also.

      Though these reasons aren’t enough, they give you a general idea of when to look for bankruptcy as a way out. It is important to know the pros and cons of bankruptcy before you decide to file for it. You can consult with experienced bankruptcy lawyers Los Angeles about your case at 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.

      • Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

        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 7 to Chapter 13 and vice versa) in case they do not qualify for their chosen one.

        Chapter 7 bankruptcy is preferred because individuals can get all their unsecured debts discharged without losing much of their assets. However, with the change of rules, stringent measures have been included for qualifying for Chapter 7 bankruptcy. The income made by an individual over the past six months prior to a bankruptcy filing is compared with the state mean. This income includes wages, bonus, income from farm or business, monthly retirement, alimony or child support, rental income, disability or unemployment benefits, royalties, and interest earned. Except for SSA retirement funds and tax refunds, each and every earning source is considered. The income is then compared with the state median income. If your income is similar or below the state median, then you are eligible to file for Chapter 7 bankruptcy, however, if the income exceeds the state median, a means test will be performed.

        What happens in means test?

        In this test, you are expected to list your essential expenses. These include housing, food, and other necessary expenditures. Your disposable income, i.e. the income which remains after all essential expenditures are deducted from your total income, is calculated based on this. If the disposable income is high enough to work out a repayment plan, then your Chapter 7 bankruptcy Los Angeles case is dismissed, and you are expected to file for Chapter 13 in order to get rid of your debts.

        Though it may seem too complicated, with an experienced bankruptcy lawyer by your side can make things better. Call 888-297-6023 to discuss your options regarding bankruptcy.


          *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 – The Public Record Which Appears on Your Credit Report

          Bankruptcy – The Public Record Which Appears on Your Credit Report

          Call: 888-297-6203

          Earlier three types of public records were reported on the credit report of any individual, however, now just one – bankruptcy is reported in the credit history. Bankruptcy is generally the last resort for people who have tried in vain to get rid of their debts. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, elaborate that different bankruptcy chapters can have different repercussions on your credit history.

          • In Chapter 7, the filer does not pay any debts; any non-exempt property they have is sold off to pay their creditors. This type of bankruptcy remains on the credit report for a period of 10 years.
          • Chapter 13 requires you to repay some portion of your debts through the repayment plan over 3-5 years’ time. This bankruptcy stays on your credit report for 7 years from the filing

          As court records are updated on a regular basis, any information related to bankruptcy also gets automatically updated on the credit report. The information is generally provided either directly from courts or through the credit reporting companies. In case you observe any discrepancy in the information, you could dispute the same by submitting proof via mail, phone or online to any of the credit rating bureaus. Once the information is verified, it is rectified and updated on your credit report. You can ask experienced bankruptcy lawyers to help you with problems related to a bankruptcy filing or discharge 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.

          • Status of Pets in Chapter 7 Bankruptcy

            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 case?
            When a person applies for chapter 7 their entire property is evaluated, which also includes high maintenance pets like horses and dogs. The aim to evaluate the entire assets is to generate a decent amount to pay the creditors. If the pets can fetch good money the court will not shy from putting it in the non-exempted column. Chapter 7 allows the applicant to keep certain assets that will not be sold out. The assets that are exempted may differ from State to Federal system.

            Are pets exempted?
            Some states may allow the applicant to keep the pets. So, if the applicant belongs to those States, he can keep the pets. While other states may offer a wildcard exemption. A wildcard exemption is a gift card by the court that allows the applicant to keep any of their personal objects that may not value more than a certain figure. If the pets’ value falls within that figure the applicant can keep them. The applicant must study the State and Federal rules for exemption in Chapter 7 before applying for bankruptcy. This will give them a clear picture.

            Can the court exempt pets?
            The trustees appointed by the court can exempt the pets without employing wildcard. The trustee if finds, the pets cannot generate much value, it can exempt them. An ageing horse or dog that may not bring much monetary value can be exempted by the trustee. However, a good breed dog or horse that will generate good worth will not be exempted.

            Pet care
            Pets care can be an expensive affair. The applicant needs to fill many forms before filing Chapter 7 Bankruptcy case. The forms have details of the clients’ income, expenses, assets, debts, and the latest financial transactions. Schedule J is the form that shows details of the applicant’s expenses. If the trustee observes that the client is spending far too much on pet care, they can advise the court to dismiss the case. The trustee may feel that the money spent on pet care could have been otherwise used to pay the creditors.

            Day-day living expenses
            The applicant’s day-day living expenses are scrutinized in detail by the trustees. In no way, the applicant can enjoy a luxurious life and be a suitable candidate for Chapter 7 bankruptcy Los Angeles. The court needs to examine whether the case is not a fraud one. Hence, if the applicant’s daily expenses are minimal, despite expensive pet care, the trustee can grant an exemption on pets. Cutting their own cost by using an inexpensive car, abandoning middle-class luxury lifestyle can convince the trustee and allow immunity to pet like horses and dogs.
            Apparently, the court’s major objective is to allow the applicant to enjoy a decent life with their loved ones after the bankruptcy case. For more details on retaining the pets please 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.

            • Bankruptcy and Business Continuity

              Bankruptcy and Business Continuity

              The common illusion about bankruptcy is that a business might have to wrap up after bankruptcy or business will not be able to continue after bankruptcy. However, this might not be true in most scenarios. There are different sections under which bankruptcy could be filed, these maybe Chapter 7 or 11 or 13. The company structure, business activity, assets and the fixed or probable income available to fund a repayment schedule can help in determining the right section to file bankruptcy.

              Factors of consideration for business continuity

              • Is the business really making money?

              Not every startup idea is a great venture, if your business is resulting in losses for a consistent period of time, you might want to reconsider if winding up is a better option. If nothing is going as per planned and this is for a longer period than you predicted, then it is time to wrap up the business. However, if the business did yield significant profits previously and this is just a bad phase due to temporary internal or external factors, it is worthwhile to consider letting the business flow until the external or internal factors are resolved.

              • Assets and liabilities balance

              The balance between assets and liabilities determines the sustainability of a business in the long run. If your calculation of assets is larger than liabilities, then it can be interpreted as a bad phase in business and removing the plug might not be the right option. On the other hand, if the liabilities exceed considerably over the assets, it is time to pull the plug. Instead of retaining such a business one can prefer starting a new one altogether, as growing liabilities, only create a bigger pothole that keeps sucking all potential assets and growth opportunities.

              • Personal liability for business debts?

              Personal liability on business debts can be a case with proprietary businesses or partnerships. The lenders might have access to personal assets for business debts. If there is potential to revive the business without seeking additional debts and buying time from lenders, that is the best option. However, if that seems to be difficult and if you already have your back to the wall, bankruptcy and business wrap up could be the only choice available.

              Chapters under which business bankruptcy can be filed-

              • Chapter 7

              Chapter 7 bankruptcy Los Angeles is usually used by proper companies and businesses who are looking to wind up their business. There usually isn’t any exemption to prevent sale or liquidation of any company asset during business bankruptcy under Chapter 7 and hence, all the assets are usually liquidated for an equal share amongst the lenders. In a straightforward liquidation case, with minimum argument or dispute regarding creditor’s share, the liquidation can be settled outside court as it saves a lot of effort, cost and time.

              However, in the case of complex debt arrangements and lender disputes, there is no choice but to opt for a legal procedure. This chapter is certainly not recommended for partnership or sole proprietors as their personal properties to the extent of secured debts could be attached for repayment. This can be prevented by the use of other chapters.

              • Chapter 13

              Chapter 13 is only for individuals so only sole proprietors qualify for this chapter. The process of qualifying for Chapter 13 or Chapter 7 also for that matter becomes a lot easier with business debts. This is the best alternative for the sole proprietors who wish to keep their business running and do not want to give up on any business or personal assets. By filing affordable Chapter 13 bankruptcy Los Angeles, you might discharge part of your unsecured debts and also maintain your business assets. As per stats, sole proprietors filing Chapter 13 may end up losing some of their business assets as they are short on cash and it isn’t the most feasible thing to carry around so much debt for 4-5 years of the repayment plan. That is another thought to be considered when filing for Chapter 13 as not all of your assets will be safe.

              • Chapter 11

              The partnerships, Limited Liability Corporations, general Corporations, etc., usually opt for Chapter 11 bankruptcy. The concept of Chapter 11 is based on Chapter 13. It emphasizes on a restructuring of debt with a feasible repayment plan that helps in business continuity. Being based on Chapter 13, Chapter 11 is not that straightforward as Chapter 13. It can get complicated and it is strictly recommended for use of an attorney specifically for Chapter 11. The prospective payment plan has to be feasible, practical and needs to be approved by all creditors on board. Apart from the complicated procedure, the overall expense is a lot higher and not recommended for small businesses. Reach out to 888-297-6203 for more intriguing facts and options in business bankruptcy.


                *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.