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  • Contemplating Bankruptcy? Choose The Correct Bankruptcy Chapter To File

    Call: 888-297-6203

    Struggling with debts? Thinking of filing for bankruptcy? You’ll be surprised to know that there is more to bankruptcy than most people are aware of. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy code has 6 chapters, four for individual debtors residing in the U.S. and the remaining two for non-residents who wish to file for international bankruptcy case or for municipalities which need a reorganization of debts.

    Chapter 7 bankruptcy is one of the most common bankruptcy chapters. In this case, you can keep exempted property and liquidation of non-exempt property takes place to pay your creditors on a pro-rata basis. Any unsecured debts which remain are discharged. The entire process takes place in 4-5 months. However, this option is available for people who have a monthly income below the state median. People with income more than the state median need to take the means test to qualify for this bankruptcy chapter.

    Chapter 13 is the 2nd most common bankruptcy chapter. In this case reorganization of debts takes place. Debts are organized on a priority basis and disposable income is used to come up with a repayment plan through which all creditors including unsecured ones are paid over a period of 3-5 years time. Any unsecured debt which survives after this time is discharged. You can catch up on past arrearage in this bankruptcy chapter. This chapter of bankruptcy is opted by debtors who either make more money or wish to keep non-exempt property.

    Apart from the above-mentioned chapters, there is Chapter 12 which is a bankruptcy chapter available for farmers and fishermen. The basic principle is like Chapter 13 bankruptcy; however, the debt ceiling is relatively higher (in millions). Chapter 11 also offers reorganization of debt but there is no debt ceiling or limit on income, but there is a catch. Your creditors need to vote on the proposed repayment plan; depending on the number of the creditors and what is owed to them individually. This bankruptcy chapter is one of the most expensive chapters to be filed and is generally used by businessmen and celebrities.

    If you are concerned about which bankruptcy would be ideal for you, you should contact experienced bankruptcy lawyers at 888-297-6023 and discuss the possibilities.


      *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.

    • Bankruptcy Violations Land Lawyer’s Office In Soup

      Call: 888-297-6203

      Malpractice can brew trouble for attorneys too. This was discovered by Keith D. Collier when a lawsuit was filed against him by Elena Escamilla, a staff attorney for Donald F. Walton, the U.S. Trustee. This was for breaches which included sanctions for violation of the automatic stay, discharge injunction, injunctive relief and conflict of interest due to disgorgement of fees. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group this isn’t the first time such an action has been taken against lawyers.

      In case you had opted for a deferred payment plan through which you made payments after Chapter 7 bankruptcy filing or made any post-petition payments outside the repayment plan in case of Chapter 13, you didn’t have any obligation to make those payments. If you have made any payments, you can get a full refund of the money paid. This is something that your lawyer should help you with. To make this happen, you need to consult your bankruptcy attorney. Alternately, you could 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?

        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 To Do With Your Secured Assets In Bankruptcy?

        Call: 888-297-6203

        Those assets against which the creditor has collateral (mortgage, car loan) are known as secured assets. When you file for bankruptcy, bankruptcy filers have 3 options with respect to secured debts say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. You can either surrender the asset. When you opt for this choice, you give your interest in the asset back to the creditor.

        You can reaffirm the debt in which case you and your creditor draw a new contract with similar terms, and you get to keep your asset/property. In this case, you can keep your car or home even during bankruptcy. However, there is absolutely no guarantee that the creditor might agree to your debt reaffirmation offer. This is especially the case if you are behind on your payments. Bankruptcy attorneys generally suggest debtors to have their payments up-to-date, especially on secured debts if they wish to opt for debt reaffirmation.

        The last option available for debtors with respect to secured debts is redemption. In this case, the debtor can purchase the asset for its fair market value which might be lower than what you owe to the creditor. This can be one of the best options, especially in case of an underwater mortgage or car loan (depreciated value); however, for a person who is filing for bankruptcy, to come up with this amount is often difficult. Hence, it is often the least taken option. There are some financing companies that offer to pay the redemption amount in lieu of a secured note, but this will result in you starting your bankruptcy with fresh debt.

        If you are worried about your impending bankruptcy and your secured assets, you should consult with 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.

        • Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

          Call: 888-297-6203

          When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending.

          Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is generally for 7 years. If the bankruptcy was filed many years ago, it is probably going to have no effect on your credit rating; however, if the bankruptcy was filed recently, it might affect your mortgage and other loans you might take as a couple.

          Unfortunately, your spouse’s previous bankruptcy might affect you if you need to file for bankruptcy. As per 11 U.S.C. 727, a debtor cannot get a Chapter 7 bankruptcy discharge if they have had a discharge 8 years before. In the case of Chapter 13, this duration is 6 years before filing a new petition unless they had paid 100% claims previously or a minimum of 70% claims offered good faith and made best efforts towards it.

          Irrespective of your spouse’s bankruptcy history, your credit report won’t be affected. However, if there is a chance that you yourself might have to file for bankruptcy (and it happens to be within 8 years of your spouse’s bankruptcy filing) you might need to consult with experienced bankruptcy lawyers. Call 888-297-6023 to discuss all possible options available to you. If your spouse had previously filed for bankruptcy but never got a discharge, then it won’t have any effect on your bankruptcy filing.


            *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 Can Keep Personal Property During Bankruptcy

            You Can Keep Personal Property During Bankruptcy

            Call: 888-297-6203

            When bankruptcy seems the only way out for getting rid of debts, people become concerned about their assets including home, car and other personal property. Los Angeles based bankruptcy law firm Recovery Law Group lawyers say that many people are concerned whether they will end up losing all of their personal possession during bankruptcy. Generally, thanks to bankruptcy exemptions provided by federal and state governments, people can protect some amount of assets. The amount of property you can exempt depends on the state you live in and how long you have been living there.

            The state of Florida allows bankruptcy filers to use state exemptions if they have lived in the state for a minimum of 2 years. With some changes in the state exemptions, people can protect many of their assets. Earlier (till 2007), Florida residents could exempt vehicles with $1,000.00 equity and personal property worth $1,000.00 apart from homestead property. Since many debtors lacked homestead property, this exemption went waste. With CS/SB 2118 bill being passed a change was made in the homestead exemption portion. With this change, the “homestead” was changed to allow “homestead or $4,000.00 worth of additional personal property.” This became possible thanks to Douglas Neway who is the Chapter 13 trustee. His job, incidentally, is to collect money from the debtor to distribute it amongst creditors.

            In case of a Chapter 7 bankruptcy, if your personal property exceeds the exemption amount, the option of a “buy-back” plan is available. Through this plan, the trustee is provided with a practically possible monthly payment so that you can keep the property. In case you can’t make the agreed-upon the monthly payment, you have the option of either surrendering the property or having your discharge revoked. In the case of Chapter 13, this is a routine part of the repayment plan.

            Personal property can also be kept safe from the trustee by getting it exempted through “Tenancy by the Entireties.” This is a unique form of owning a property which requires a couple to be married and debts be allotted in a specific way.

            If you wish to know more about the ways to protect personal property during bankruptcy, you should schedule a consultation with 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.

            • Twice Unlucky – Divorce And Bankruptcy

              Call: 888-297-6203

              Whether you like it or not, divorce and bankruptcy are connected. Financial troubles can lead to bankruptcy as well as divorce. Attorneys of Dallas based bankruptcy law firm Recovery Law Group reveal that nearly 14% of Jacksonville population filed for divorce at least once while nearly 11,000 people filed for bankruptcy in a year. Considering these statistics, there are bound to be some overlaps.

              When you file for Chapter 7 bankruptcy, the combined income of the couple must be less than the state median income for a household of similar size. If both the partners are earning, living in the same house increases the average household income due to which they might fail to qualify for Chapter 7 bankruptcy. This converts into an even more stressful situation.

              One of the primary things while considering bankruptcy is whether it is essential for both partners to file for bankruptcy. If all debts are in one spouse’s name, then bankruptcy can be filed by that person thereby protecting their partner’s credit rating. If, however, both have debts, filing for a joint bankruptcy makes much more sense as you can save on filing fees, credit counseling costs, etc. Another option available for a couple is that one of them files for Chapter 7 bankruptcy and wipes off all their unsecured debts, while the other opts for Chapter 13 bankruptcy and manages to reduce the principal amount and interest rate on the debts.

              A divorce comes with its own set of financial problems. Often, divorcing couples have joint mortgages. Trying to keep the property might be unsuccessful because of inadequate financing. If they opt to “Short Sell” the property, they are still liable for any deficiency. Unfortunately for them, if they do not have strong financial backing, bankruptcy is the only way out for them.

              Though it may not seem so initially, bankruptcy might be the best way out for you. If you are contemplating divorce or bankruptcy, it is important that you seek counsel from experienced 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.

              • Different Kinds Of Debts In A Bankruptcy

                Call: 888-297-6203

                Debts in bankruptcy can be classified into three categories, namely, secured debts, unsecured debts, and priority debts.

                Priority debts include IRS debts, domestic support agreements and penalties for personal injuries or death occurred due to DUI offenses. These debts are generally non-dischargeable. Priority debts are still owed even after Chapter 7 or a Chapter 13 bankruptcy until they paid off.

                Secured debts are the debts with a purchase contract such as a house with a mortgage or a car with purchase money as security. In Chapter 7 bankruptcy, a debtor gets three choices in terms of secured debts:

                • The secured asset can be surrendered to the creditor in order to satisfy the debt.
                • The debtor can offer to re-enter the contract with the creditor, with the initial terms of the original contract intact. If the creditor agrees to the offer, the debtor might be allowed to keep the property, as long as he or she is current with the payments.
                • To pay the market value of the secured debt to the creditor and keep the asset. This is often an attractive choice, as the value in the secured instrument is more than the market value of the asset.

                The treatment of secured debts is different in a Chapter 13 bankruptcy than in Chapter 7. In Chapter 13, the debtor can either use their bankruptcy plan to continue to make payments or surrender the asset. There is no need for the debtor to be up to date with the payments in a Chapter 13 case, as it allows the debtor to make the payments over the life of the plan. Even the creditor cannot make an issue of it. Cram-Down is also one of the possibilities.

                Unsecured debts include no security interest like payday loans, credit cards, etc, which are eliminated in a Chapter 7 case. In a Chapter 13 case, the repayment plan of the debtor based on their debt and disposable income will decide whether the secured creditors get the full payment or will they get very little.

                In order to know more about the kinds of debts in and their dischargeability in bankruptcy, and to take guidance from an experienced bankruptcy attorney, 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.

                • Creditors Can Bring Involuntary Bankruptcy

                  Call: 888-297-6203

                  The English Statute of Bankrupts was enacted in 1542 during the reign of Henry VIII. This act allowed the creditors to drive the debtors to involuntary bankruptcy by taking actions against them, sell their property and get themselves imprisoned to satisfy the debts. A lot of modifications have occurred over the last 450 years. Debtor’s prisons have been removed, but involuntary bankruptcy still exists.

                  If a creditor proves that the debtor owes an unsecured debt of at least $14,425 to less than twelve creditors, he can bring an involuntary bankruptcy against the debtor. If more than twelve creditors are owed money, action must be brought by at least three of them in concert.

                  Although in an involuntary bankruptcy, only Chapters 7 and 11 are available, mostly every individual debtor is a fair game, excluding family and commercial farmers. Involuntary bankruptcy has many defenses that are strongest if brought to the attention of the court as soon as possible.

                  If you are also one of the debtors who is driven to involuntary bankruptcy and wants to fight it, you can contact the Recovery Law Group at www.staging.recoverylawgroup.com or call on 888-297-6203, for their guidance in navigating through the process.


                    *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.

                  • Debt Classification In A Bankruptcy

                    Call: 888-297-6203

                    Priority, secured and unsecured are the three classifications of debts in a bankruptcy. A secured debt needs a property as collateral, which can be confiscated by the creditor in case the debtor fails to pay off the debts. Mortgage loans are mostly secured by homes. Car loans usually have the car as collateral.

                    An unsecured debt does not have any collateral as a security. Thus, in case of failure to pay the debts, the creditor will not be able to take the debtor’s property without getting any judgment.

                    Priority debts are required to be paid before any other owed debts. Such debts include taxes and some attorney fees. 11 U.S.C. §507 has a list of all the priority debts.

                    You can contact the Recovery Law Group for any bankruptcy and debt related queries. They are the best bankruptcy attorneys of Los Angeles & Dallas, TX. 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.

                    • A Bankruptcy Filing By An Ex-Spouse May Affect You

                      Call: 888-297-6203

                      Marital debts will not vanish because of a divorce. The creditor can still make attempts to collect from you despite the statement in the divorce decree that your ex will keep you harmless from creditors.

                      Property division in divorce means the division of property. Often, the party, who is not liable for a different debt, gets an upside down home in exchange for it. Each party is supposed to pay the debts allocated to them and keep the other party harmless from them. In a county court, this order is enforceable as a ‘Contempt Action’. It can provide remedies like attorney’s fees, court fines and even imprisonment, but it can’t provide the removal of your name from that debt. Thus, the creditor can make attempts of collecting from you in case your ex ceases to pay since your name still exists on the debt. To remove your name from the debt, you can either refinance the collateral or get your personal liability removed by bankrupting on the debt.

                      After the possession of the house by the ex-spouse, they often lack sufficient income for refinancing, as they don’t have sufficient income for making payments on their own. This often leads them on the verge of foreclosure or bankruptcy, sometimes without informing the other party. Many debtors remain unaware of their ex-spouse’s non-payment until the house lands in serious arrears. In such a case, the debtor can sue the ex-spouse for contempt.

                      The risk of liability persists for a long time, as home mortgages are often extended for as long as thirty years. In such cases, if, after a divorce, a house is left unpaid for decades, it can still benefit from the credit of the innocent ex. Under such circumstances, full payment of the note or the payment in bankruptcy is the only way of avoiding foreclosure.

                      You can schedule a meeting with the best bankruptcy attorneys of Los Angeles & Dallas, TX, for expert guidance and consultation on bankruptcy-related matters. 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.