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  • Worried About Huge Debts? Bankruptcy Help is Available

    Worried About Huge Debts? Bankruptcy Help is Available

    Financial troubles can hit anyone anytime, however, this should not be the cause of worry for you. People have come out of worse conditions unscathed. According to Los Angeles based bankruptcy law firm Recovery Law Group, bankruptcy is one of the best ways to get rid of a huge amount of debts without causing much strain on your life. There can be several reasons why a person ends up accumulating large amounts of debts, such as bad financial decisions, unexpected job loss, huge credit card bills, sudden medical emergencies, etc. Irrespective of the reason, bankruptcy can help you take control of your finances. An experienced bankruptcy attorney can help you deal with the finer nuances of bankruptcy. Call expert bankruptcy lawyers at 888-297-6023 to find out the best possible way of getting rid of debts.

    What to do when facing bankruptcy?
    For people who have been facing bankruptcy for the first time, things may seem a bit daunting. However, the system is available to help first-timers as well as those who have previously had the misfortune of filing for bankruptcy. The government, through the Justice Department, offers basic information regarding bankruptcy in various languages. Several websites also help in providing information regarding matters pertaining to bankruptcy. You can browse through the concerned official and legal websites and opt for a free legal consultation with experienced bankruptcy lawyers to determine which chapter of bankruptcy would suit you best.

    Bad financial conditions can often drive any individual to the extreme. However, help is available in the form of bankruptcy. To get the best possible solution, it is important to consult an expert bankruptcy attorney and discuss your case and finances with them. It is also important to understand what your expectations from the case are. After consultations and keeping your requirements in mind, the appropriate chapter is chosen to file bankruptcy under.


      *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 Effect Does Bankruptcy Have on Your Credit?

      What Effect Does Bankruptcy Have on Your Credit?

      A bankruptcy filing is a tough decision and can often be quite intimidating. Many people fear the worst; ruining their credit history. However, say Dallas based bankruptcy law firm Recovery Law Group, the process is hyped to be more daunting than it is. However, having an expert bankruptcy lawyers by your side can ease things for you. Contact at 888-297-6023 to clear your doubts about how to improve your credit chances after bankruptcy.

      It is important for people to understand that the ill effect of bankruptcy does not last forever. Many people who file for bankruptcy already have a bad credit score, so filing for bankruptcy is not going to make much change to their credit score. However, for people who have had a good credit rating, their credit score might take some time to get back. After bankruptcy, you can start with a clean financial slate and with regular and timely payments you can bounce back in no time. Though bankruptcy stays on your credit report for up to 10 years, your credit can bounce back with continuous efforts.

      After bankruptcy, you get numerous benefits associated with a fresh financial start. The situation varies with people having a differing initial score.

      • Starting with a good score

      When you have good credit and yet end up filing for bankruptcy, the fall in credit score is more drastic in such cases. However, since most of the individuals are financially savvy, they can work hard and improve the credit rating within a few months of getting their bankruptcy discharged.

      • Starting with a bad score

       People with low credit rating do not suffer much from the hit bankruptcy has on the credit rating. Since there is no place lower to go, you can only improve your credit rating after a bankruptcy discharge. Bankruptcy is ideal for such candidates and they can manage their finances better in the future.

      One of the major myths surrounding bankruptcy is that you can never recover from the hit bankruptcy takes on your credit score. However, it is a misconception as bankruptcy is a means to get a clean slate. Though the effect is not seen immediately, in the long run you can rebuild your credit after filing for bankruptcy. Having an experienced lawyer Dallas can help you get through financial problems with ease for a brighter and secure financial future.


        *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 Might Have to Face These Questions from Bankruptcy Trustee

        You Might Have to Face These Questions from Bankruptcy Trustee

        Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.

        Some of the most common questions your bankruptcy trustee might ask to include:

        • If you are familiar with the information provided in your bankruptcy paperwork?
        • If all the information provided in bankruptcy papers is complete and accurate?
        • Have you listed all your property in the papers?
        • Have all your creditors been listed in your bankruptcy schedule?
        • Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
        • Have you filed for bankruptcy earlier?
        • What is your gross monthly income?
        • Do you wish to make any changes in your papers?
        • Are you paying any alimony or child support?
        • Have you filed previous tax returns?
        • Have you made any transfer of property within the last two years?
        • Have you made any new charges to your credit cards?
        • Which creditors have you paid within a year of your bankruptcy?
        • Have you had your property valued?
        • What method did you use to get your property valued?
        • Is your car or home insured?
        • Do you have business, corporation or partnership?

        Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –

        • Gathering documents related to your case.
        • Help to prepare the paperwork essential for the 341 meetings.
        • Submit related documents before the trustee either before, during or after the hearing.
        • Manage financial information for you including your assets and expenses.
        • Ensure that all your paperwork is accurate, complete and compliant with the state laws.
        • Answer all questions asked by bankruptcy trustee during the meeting.
        • Try their best to minimalize your financial loss.


          *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.

        • Avoid Making These Mistakes During Bankruptcy Filing

          Avoid Making These Mistakes During Bankruptcy Filing

          A common man does not always think of preparing for the worst. Therefore, many people are often at their wit’s end when difficult financial situation plagues them. Though bankruptcy is the best option to get rid of unsurmountable debts, Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ confirm people are often unaware of what they should or shouldn’t do when filing for bankruptcy. Having an adept bankruptcy attorney by your side can be an asset during tough financial times. Contact 888-297-6023and consult with the best legal minds to know what to do prior to a bankruptcy filing.

          It is very important to keep in mind to avoid doing the following if you are thinking of filing for bankruptcy:

          • Transferring assets (money or property)

          If you are thinking of filing for bankruptcy, it is important that you do not transfer any money or property to relative or friend. Anything and everything you own becomes a part of your bankruptcy estate. The trustee assigned to your case goes through all the documents with a fine comb. Such transfers of assets are considered means of hiding so that the property could not be included in your bankruptcy estate; especially if you give it for free, or at less than the fair market rate, or within a stipulated time frame. If the court feels that you have been hiding assets, it will get them back when you file for bankruptcy. You can make use of various federal and state exemptions to protect your property instead of opting for transferring it.

          • Being selective while paying creditors

          Having a proper payment schedule prior to a bankruptcy filing is important. if the court finds evidence that you have made payments to some creditors while ignoring others, your chances of the bankruptcy case are ruined. Moreover, you could be facing lawsuits from other creditors. Bankruptcy trustee also has the right to sue those creditors who seem to have benefited from preferential payments. All of this can add to your financial woes.

          • Unaware of your income sources

          It is important to have a record of all your income as this forms an integral part of your bankruptcy filing Dallas. Your business and personal account should be separate for clarity of income and expenditure. If you are aware of your income sources and can provide proof supporting your statements, you won’t have much issue during 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.

          • What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

            What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

            Bankruptcy is a trying time for people who are debt-ridden. Even after getting a discharge through bankruptcy, the secured debts and priority debts remain. If a debtor who has a mortgage on their house but didn’t reaffirm the loan during bankruptcy continues making monthly payments towards the loan but does not receive monthly mortgage statements from the lender, can be in trouble.

            Since sending periodic statements can be construed as a violation of the automatic stay provision of bankruptcy, there exists a debate over it. The automatic stay prevents creditors to take any collection action and these statements could be a reminder of the dues. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, it is not essential for mortgage service providers to give monthly mortgage statements to the debtor, especially after a bankruptcy. However, if you wish to get the same, there are provisions available. Consulting with expert bankruptcy lawyers at 888-297-6023 can help you with your problems.

            Periodic Statement Rule

            Since the mortgage crisis often results in the homeowners being relatively clueless about the current information on their mortgage accounts, the Consumer Financial Protection Bureau (CFPB) made changes in some rules. As of January 10, 2014, mortgage creditors need to provide monthly billing statements to the borrower. This includes the amount the debtor has already paid, the amount they owe as well as other relevant information.

            However, exceptions to this rule also exist. In case your loan is a fixed rate one and your creditor has provided you a payment coupon nook, monthly statements are not required. Additionally, they are also exempted from sending statements during bankruptcy proceedings. If the debt is discharged during bankruptcy, then there is no need to send monthly statements. Though, some bankruptcy lawyers in Dallas insist on getting monthly statements if the mortgage lien exists. In case the creditor enforces the lien, they should oblige with the periodic statement rule.

            Wish the creditor to resume sending periodic statements? Here’s what you should do

            Asking the mortgage service provider to resume sending the statements is the first thing. The creditor might oblige or ask you to reopen the bankruptcy case and reaffirm the loan to resume getting monthly statements. However, this is a bad idea as you cannot get rid of the mortgage if you reaffirm it.  Moreover, in many jurisdictions, this might not be approved in courts. Alternately, you could refer to the periodic statement rule to request the mortgage servicer to send monthly mortgage statements.

            In case you wish to get information about your account (payment amount or interest rate readjustment schedule) but the mortgage servicer is not cooperative, you can request for the information under the Real Estate Settlement Procedures Act (RESPA). Care must be taken to ask for this request within one year of getting a bankruptcy discharge or when both debt and corresponding lien have ended. The written request must include:

            • Your name
            • The information which helps identify your mortgage loan account
            • Information you wish to know with respect to your mortgage loan

            Ensure that your date and sign the letter and send it via certified mail to the designated address of the servicer for proper record of the process.

            On receiving your written RESPA request for monthly mortgage statement via registered mail, the servicer needs to provide a written acknowledgment within 5 days and respond within 30 days with the required information. An additional 15 days can be given to the servicer provided they give a notification, in writing, (before the expiration of the original 30-day timeframe) asking for an extension with reasons for it.


              *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 Happens to Student Loan Debt in Bankruptcy?

              What Happens to Student Loan Debt in Bankruptcy?

              Student debt is one of the debts which does not get discharged during bankruptcy; neither in Chapter 7 nor in Chapter 13 unless you can prove that repaying them can cause undue hardship to you. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, different tests are used by different courts to determine undue hardship. In the undue hardship test, most courts offer you to get either the entire loan discharged or nothing at all; while some courts might allow you a partial discharge of student loan. To get this loan discharged during bankruptcy, either you should have very low income, or the loan should have been from a for-profit trade school.

              The Brunner Test

              According to this test, your student loan can be discharged if you are:

              • poor enough to maintain a minimum standard of living for you and your dependents if you are made to repay the loan;
              • your financial situation is not likely to improve for a significant period (repayment);
              • you have previously made a good faith effort to repay the student loan.

              The court considers all factors before determining if repaying the student loan constitutes an undue hardship in your case. Other tests, apart from Brunner Test food include a special test, Health Education Assistance Loans (HEAL). In this case, you need to show that the repayment of the loan which was due more than seven years ago will result in an immense burden on your life. For more details on which tests are used to get student loan discharged, call 888-297-6023 to speak with expert bankruptcy lawyers.

              What is the procedure to get student loan discharged?

              Hiring an expert attorney is the primary step to get loans discharged during bankruptcy. for getting your student loan discharged, you need to file an adversary proceeding to find out if the loan can be discharged. You need to present evidence of undue hardship to get the loan discharged. You also need to show you made efforts previously to repay your student loan. Additionally, if you attended vocational school and you were deceived due to a breach of contract, fraud or unfair practices, then you won’t owe any debt.

              In most cases of student loan, the federal government is the lender. However, these days, loans are available through private institutions like banks also. To get your student loan debt discharged (whether government or private), you need to show that repayment will cause undue hardship. Apart from the Brunner test, other standardized tests are also used in Chapter 7 and Chapter 13 cases of a bankruptcy involving the discharge of student loan debt. It is therefore advisable to hire a local bankruptcy attorney who is well-versed with the court rulings in similar cases.

              In case your student loan is not discharged, the result varies in Chapter 7 and Chapter 13 bankruptcy Dallas. In the former case, if you are unable to prove undue hardship, the loan survives your bankruptcy and you still owe the money after your bankruptcy discharge. In the case of Chapter 13, if your student loan debt is not discharged, other options are available like paying a reduced amount during the Chapter repayment plan. You will, however, need to pay the entire amount which remains on the loan after your repayment plan ends.


                *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.

              • Secured Debt and Its Technicalities

                Secured Debt and Its Technicalities

                Secured debt is the troublesome part during bankruptcy. There is a fear of foreclosure, lien and various other threats when it comes to secured loans. Whether opting for bankruptcy under Chapter 7 or under Chapter 13, there is a good percentage of risk with respect to the secured assets. To begin with, let’s understand secured debt. A secured debt is any debt that is backed up with collateral or an asset, which acts security for the lender. To know the meaning of more such technical terms and to understand them better, log on to https://bankruptcy.staging.recoverylawgroup.com/. Home mortgage and car loans can be the best examples of secured debts.

                What do you mean by voluntary liens?

                Voluntary liens are something that has been created by choice instead of an order or request. While availing a home mortgage, you might get into an agreement, offering the lender rights to auction, use or dispose of your home in case you default or are unable to make regular pre-defined payments. This is referred to as voluntary lien. The same can be true for any other personal asset also apart from home and automobile. This lien is exercisable only to real property assets and is usually not used for intangible assets. The voluntary lien is usually specified in the mortgage deed or loan agreement.

                What do you mean by involuntary liens?

                Involuntary liens are liens which are created out of a judgment or a particular scenario. These are usually not mentioned in the deed or any agreement. As the owner or possessor of the asset, you might not be fully willing to opt for a lien and hence, this has been named as ‘involuntary lien’. Some of the examples for the same can be listed as follows-

                • Real estate/income tax liens by the state / federal or county jurisdictions
                • Mechanic’s lien
                • Judgment liens
                • In a few states, there is something called landlord liens

                Lien Perfection by the creditor

                In case of default or missed payments, one of the common things a creditor or lender might consider would be lien correction. The process of lien correction is to notify all interested parties, including the debtor, other lenders, courts, etc., about the lien on the asset. This is usually done through notice. The process varies based on the type of asset. Perfection can be essential when more than one lender grants loans on the same secured asset. The following list will help analyze the process based on the type of secured asset-

                • In case of a real property, the agreement or trust deed has to be registered in the local jurisdiction country or state where the real property is situated.
                • When the collateral or secured asset is a vehicle, a notification or change in title certificate has to be filed with the motor vehicle department of the state or country in order to perfect the lien
                • In case of other tangible assets like stocks, furniture, equipment, tools, etc., a financing statement has to be filed with state secretary.

                Actions the lender or creditor can pursue

                A lender can consider different options once the debtor has defaulted or missed several payments. Repossession of a secured asset is one of the options, however, it can be eligible only with respect to an automobile or similar class of assets. Breach of peace and privacy might not allow direct repossession of homes or houses. The lender might have to approach the court and get the judgment in favor to evict the debtor or repossess such an asset.

                For homes and similar assets, there is an option of foreclosure. Majority of states do not require a judgment for foreclosing on an asset due to payment delays or defaults. However, you might want to check some of the states who require judgment for foreclosure especially a home mortgage. To get more assistance on this aspect and bankruptcy in general, reach out to some of the best lawyers in Dallas at 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.

                • How to Determine if Chapter 7 is Suitable For You or Not?

                  How to Determine if Chapter 7 is Suitable For You or Not?

                  If you are confused about whether Chapter 7 is appropriate for you or not, the solution can be found right here. By finding answers to the following questions, you can determine if Chapter 7 is the right choice for you or not. To know more about other benefits and alternatives to Chapter 7 log on to Recovery Law Group.

                  1. Are you ‘Judgement proof’?

                  This is the first question that will determine the threat of your lenders or creditors. ‘Judgement proof’ is the term used to determine the degree of impact a Chapter 7 judgment could make on your financial position. If your lenders and creditors can legally access your cash, assets, or any other property, you should definitely consider Chapter 7. If they aren’t able to access your assets before and after Chapter 7, you are referred to as ‘judgment proof’.

                  When the debtor is ‘judgment proof’ the lender usually approaches the court for a lawsuit proceeding. This is true for most of the unsecured lenders. If you think you are going to be held liable in the lawsuit, it is better to apply for Chapter 7 bankruptcy to release all unsecured debts (under most circumstances) to prevent further action.

                  1. Is Chapter 7 discharged debt enough for your financial situation?

                  There are basically two types of debts one is non-dischargeable debts and the other type is dischargeable. There are some debts which cannot be released even during bankruptcy. These types of debts are classified as non-dischargeable debt. These can be listed as follows-

                  • Child support and alimony payments
                  • Student loan payments
                  • Income tax dues from three recent years
                  • Debts relating to any luxury spends
                  • Fines, penalties, arising from lawsuit, accident injury payments, drinking & driving cases, arising from Court judgments

                  In certain situations, some debts which are otherwise dischargeable can be subjected to a full repayment by the bankruptcy court. These debts can be listed as follows-

                  • Any debt incurred by providing for incorrect information or by writing a bad check, which is otherwise referred to as fraud
                  • If there are debts that have been caused due to willful destruction of other’s property or a malicious injury, such debts will be judged as non-dischargeable
                  • Debts developed from theft, embezzlement and/or breach of trust
                  • Debts mentioned in the form of a marital settlement agreement, which could otherwise be discharged.

                  If a large chunk of your debts is in the above categories, you would not want to consider Chapter 7.

                  Determining the assets, you will have to give up under Chapter 7?

                  The assets are classified under two categories exempt and non-exempt for Chapter 7 bankruptcy. Under most states, there are certain exempt properties, which you can safeguard even when you file for Chapter 7. The list goes as follows-

                  • Automobiles up to a specific value, the value varies from state to state but certainly does not allow for a luxury vehicle though
                  • Clothing, which is extremely essential
                  • Reasonable household stuff
                  • Household appliances
                  • Jewelry up to a specific value
                  • Personal assets
                  • Wedding ring
                  • Proceeds or cash value or any loan value of life insurance up to a certain value
                  • Pensions
                  • A portion of the equity in your home
                  • Tools required for job/profession or business up to a specified value
                  • Part of unpaid yet earned wages
                  • Public benefits which blanked social security, unemployment comp, etc.

                  After assessing the stuff, you can save, let’s list the assets, which fall under the category of non-exempt assets. These assets under most circumstances will have to liquidated to pay off the arrears. In order to resist the sell-off of these assets, one has to pay the debt in full. Non-exempt assets can be listed as follows-

                  • Musical instruments, which are expensive in nature. This can be exempted for professional musicians.
                  • Collections of coin, stamps, or others with significant value
                  • Investments like stock, bonds, and liquid assets like cash, bank accounts, etc.
                  • A second car or an automobile as only one automobile is exempt and the second one will be attached for liquidation
                  • Second home or vacation home if any will be attached too

                  Will your case be an asset case or a non-asset case?

                  The understanding of an asset or non-asset case is very simple. If your case involves liquidation of an asset, then it is regarded as the asset case. If your case does not have any non-exempt assets and the bankruptcy trustee has no assets to sell to recover the debt, then it is regarded as a no-asset case. It is happy to note that more than 80% of Chapter 7 cases are no-asset cases. This is primarily because most people would have already turned in all their non-essential assets before applying for bankruptcy to repay as much as they can.

                  Under certain circumstances, applying for Chapter 7 bankruptcy and losing a lesser value asset for a significant rebate in total debt owed. For instance, if you own an asset worth $30,000 and owe $50,000 towards child support and alimony and $40,000 towards a credit card bill. The asset worth $30,000 will reduce your debt towards child support and alimony to $20,000 and release your credit card debt completely provided you do not have any other non-exempt asset.

                  What about your cosigned debt?

                  A cosigner acts as a guarantor who is liable to pay off debts if the debtor fails to repay or defaults. Applying for bankruptcy can create a troublesome circumstance for the cosigner. The cosigner remains liable for the whole debt even after you file for Chapter 7 bankruptcy. The credit score of the cosigner also is affected if the debtor defaults or applies for a Chapter 7 bankruptcy Dallas. Basically, the liability has shifted from the debtor to the cosigner in the event of Chapter 7, which is not a desirable scenario for sure. To know more about the tricky aspects of bankruptcy, cosigner, Chapters, etc., from the experienced, qualified professionals dial 888-297-6203 right now!


                    *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 Much Should You Pay Your Attorney For a Chapter 7 Bankruptcy?

                    How Much Should You Pay Your Attorney For a Chapter 7 Bankruptcy?

                    Attorney fees are one of the important considerations when filing bankruptcy because it has to be paid 100% and any type of expense during bankruptcy could be burdening. Establishing a relativeness between what you had expected from an attorney on a price bracket helps you determine and adjust your attorney needs. To learn more about bankruptcy, attorneys and law log on to Recovery Law Group.

                    How does the attorney fees vary based on location?

                    It is obvious to see a difference in pricing based on location. For instance, an attorney in California will be far more expensive than an attorney in Dallas. The cost of living and the overall expense of the city plays an important role in attorney pricing. Apart from this, there might be the availability of skilled attorneys in abundance in some areas like New York, New Jersey, for instance, however, there might be a lack of attorneys in a small town like Galveston. That too influences attorney pricing. The average range is between $1,200 to $2,500. If you are lucky you might find a decent attorney for $700 also if your case is pretty straightforward and isn’t a mind boggler. Cases that are tricky and require ways to protect your assets can increase attorney fees.

                    Bankruptcy court interference on attorney fees

                    There is a phrase called presumptively reasonable or no-look fee. Since the case is related to bankruptcy, this is a way how bankruptcy court makes sure the bankruptcy filers are not exploited with high attorney fees. It is usually not a cap or a threshold of fees, but the bankruptcy court will look into the fees charged by the attorney if it is beyond the presumptively reasonable fee to determine the reason for it. If the bankruptcy court is not satisfied with the reasoning, it can ask the attorney to refund a part of the fees to the bankruptcy trustee, who will use the same for settling the debts.

                    Such investigation or look in by the bankruptcy court is more often seen for filers filing for Chapter 13 bankruptcy. Also, the bankruptcy court can look into the fees even if it is presumptively reasonable. If the case is tricky, the attorneys can charge higher than the presumptively reasonable but will need to convince the court with regards to the same. A set procedure based on the court has to be followed to justify the high fees.

                    Low fees advertisements, trap or deal?

                    A lot of advertisements on social media as well as outside through banners and hoardings are visible for low-cost attorneys. Are these traps or an unmissable deal? Under most circumstances, these advertisements are deceptive. The advertisement may state ‘starting from’ in small letters under the low-cost banner. These attorneys usually use an a-la-carte system of service, wherein they keep increasing the amount based on requirement and it ends up higher than a normal attorney would charge. Many attorneys are seen to follow this kind of fee system especially around Los Angeles, Dallas, etc.

                    On the other side, there are a few attorneys who provide services at the price promised in the advertisement. It is about collecting reviews, feedback, and testimony from different sources before opting for one. Advertisement solely should not be a decision influencer.

                    Attorney fees do not necessarily correlate to their qualifications

                    It is a basic tendency to interpret high fees with higher experience and qualifications. It might not be the case with respect to bankruptcy attorneys. Different attorneys follow different ways of pricing. While some charge a small fee or offer a free initial consultation. Considering these attorneys to get some legal advice as well analyze the prospects of the attorney for your case can be an ideal option.

                    The other option to get hold of an excellent attorney is through referral. Based on prior experiences if you seek any referral of an attorney from your friends, family members or relatives, it can just prove a lot easier. The approach to identifying a good doctor is what you need to identify a good doctor. While one is important for health, the other one is important for wealth.

                    Roles and responsibilities of an attorney

                    A bankruptcy trustee has to follow a procedure and put forward the best solution to offer a beneficial and legally correct position for the filer. The blueprint of the attorney process could be listed as follows-

                    1. Analyze the right chapter to file – The attorney shall analyze which is the right chapter to file. He can ask the following questions to suggest the best option-
                    • Marital status and number of dependents
                    • Income and work location
                    • History of living, if you have relocated in the recent 2 years
                    • Have you filed your state and federal income taxes in the recent 4 years?
                    • Have you filed for bankruptcy in the last 8 years?
                    1. The urgency of the bankruptcy – Sometimes, time is the most vital aspect of filing bankruptcy. If your basic needs are being impacted and you need to determine the best alternative and probably file for bankruptcy right away. Below are some questions attorney may use to make or suggest a wise option-
                    • Affected by a lawsuit?
                    • Are you facing any foreclosure, especially home mortgage foreclosure?
                    • Are you seeing wage garnishment?
                    • Has any lender or creditor withdrawn any money from your account?
                    • Concerned about potential vehicle possession by the lender or any other asset which is collateral?
                    • Any other pressing issue that needs to be addressed to the earliest?
                    1. Property status – The attorney would not know if your property is at risk unless and until you disclose your fears and property details. Under Chapter 7, more often than not, most filers are able to secure most of their properties. However, if you are about to lose some of your assets, the attorney can evaluate the net benefit out of debt release and compare it with the value of property lost and then help you make a wiser decision. Some of the questions that an attorney should ask to better assist can be listed as follows-
                    • Have you been injured in an accident in the recent 2 years?
                    • The money in all of your bank accounts
                    • Any stocks held, profit sharing investments, and/or retirement balances
                    • Do you have any anticipated inheritance in the near future?
                    • The fair market value of personal property like jewelry, vehicles, real estate, sports equipment, collections, etc.
                    1. Will bankruptcy set off the debts – This is an important question an attorney has to address especially when filing for bankruptcy under Chapter 7. There can be scenarios where you might not get any debt release because all the debts are non-releasable in nature. Still, filing bankruptcy can be a masterstroke under some circumstances. The attorney can also suggest you, alternatives to Chapter 7, if it isn’t proving to be that beneficial. For addressing this question, the attorney can puzzle you with the following questions-
                    • Do you have any unsecured debts like payday loans, credit card debts?
                    • Any tax payments which are due?
                    • Alimony or child support arrears?
                    • Any student loan liabilities?
                    • Mortgage and/or vehicle loan balances

                    Challenge analysis

                    After determining the best approach, the attorney shall analyze potential challenges in attaining the goal. The bankruptcy trustee might raise several objections and might also suspect possible fraud. The attorney has to proactively prepare himself or herself and his client for the prospective problems or challenges. From the process of initiating bankruptcy, paperwork, advocating the client in the bankruptcy court, offering legal/financial advice, etc., are some basic responsibilities of an attorney. To get the assistance of some of the best attorneys in your town just dial in +1 888-297-6203.


                      *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.

                    • Chapter 7 Bankruptcy and Medical Debt

                      Considering the rampant spread of diseases across the world, having health insurance is mandatory. However, despite the assurance of insurance, people still end up accumulating a huge amount of medical debt. Getting rid of the unsurmountable medical debt is a reason why many people file for bankruptcy. However, the fate of any debt during bankruptcy depends on which kind of debt it is, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group.

                      Debts are classified broadly into four categories:

                      • Secured debts

                      If the creditor has a lien on your property, such as home or car, and can foreclose or repossess the said property in case of non-payment of dues, then, the debt is known as, secured debts. In this case, the property acts as collateral. Examples include car loan and mortgages.

                      • Unsecured debts

                      Any debt which is not secured, by a property is termed as unsecured debt.

                      • Priority debts

                      Priority debts are non-dischargeable, i.e. they are not wiped off during bankruptcy. These include domestic support (child support or alimony) and certain taxes owed to the government. Priority debts are also unsecured but cannot be discharged during bankruptcy.

                      • Nonpriority unsecured debts

                      These debts are generally the last to be paid in a Chapter 7 bankruptcy. Most of these debts, apart from a student loan, are discharged without repayment in bankruptcy. Example of such debts is credit card, medical debts, and unsecured personal loan.

                      What happens to medical debt in Chapter 7 bankruptcy?

                      Medical debts are nonpriority unsecured debts and treated accordingly. In the case of Chapter 7 bankruptcy Dallas, your bankruptcy trustee uses your non-exempt property to pay off your creditors. The payment is made first towards your secured debts, then your priority debts and finally towards nonpriority, unsecured debts. Any remaining unsecured debts are discharged in Chapter 7 bankruptcy. It is thus, the best option to get rid of a large amount of unsecured nonpriority debts. However, qualifying for Chapter 7 bankruptcy is difficult. You need to pass the disposable income means test, i.e. your income must be less than the average income of a household of similar strength in your state. This chapter of bankruptcy is not ideal for debtors who have a significant amount of non-exempt property as that will be sold off to repay your loans. It is therefore important to contact expert bankruptcy lawyers at 888-297-6023 to know whether Chapter 7 bankruptcy is ideal to get rid of medical debts in your case.


                        *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.