Many people who are trying to make their ends meet while simultaneously struggling to pay their dues are often worried about how they are going to pass this phase. Since credit ratings are of huge importance, non-payment of dues will result in bad credit ratings which will make things worse. In case you are facing wage garnishments, worried about foreclosure, repossession of your vehicle, etc., then it is time to look for bankruptcy lawyers near me. One of the best Bankruptcy Attorney Los Angeles firm, Recovery Law Group is committed to helping out families and individuals who are going through a bad financial phase and therefore struggling with debt. (more…)
Tag: bankruptcy attorney Los Angeles
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Will Filing Bankruptcy Require Liquidating of Business?
It isn’t uncommon for a business owner encountering situations wherein revenues decline and debts become surplus. Planning and executing business is by itself a challenge and being in junctures of financial instability can be equally worrying. Luckily, the U.S. Bankruptcy Code is a saving grace to address these startling situations of the financial crisis in businesses and in personal front too!
The key question of a business person is whether the business needs to be liquidated in bankruptcy. To throw some clarity to this, here are some important factors that are to be understood while the business owner files for a bankruptcyThe type of bankruptcy filed for your business will be the deciding factor and it determines whether your business/ company needs to be liquidated. Filing for bankruptcy under Chapter 7 clauses of your business requires your company and the other assets to be sold in order to settle your creditors. In cases of companies/ businesses that haven’t been incorporated or under sole proprietorship, the type of bankruptcy to be filed will be a personal Chapter 7 bankruptcy. So discuss it with the right business attorney whether Chapter 7 bankruptcy for business or for an individual is needed for your case.
Filing for Chapter 11 bankruptcy for the financial issues in your business enables the restructuring of those debts so that they can be repaid over time. This scenario is somewhat similar to the bankruptcy filing done by individuals and couples using Chapter 13. Chapter 11 bankruptcy is suited for larger businesses and saves the company and its assets from being sold – the bankruptcy plan should have been presented earlier and approved by the bankruptcy court.
Another view to Chapter 11 bankruptcy for businesses enable the company to liquidate their assets in an orderly or organized way. This is best suited for businesses when they are determined to close operations or if their operating costs are higher than before. This planning created buyer friendly conditions and yield better liquidation outcome.
If the business owners run a business of good value and that assure recovery over the years, then they can repay their debts via an approved bankruptcy plan – this plan should have been in place and approved by creditors & bankruptcy court. They can continue operating their business and save it from liquidation. The bankruptcy trustee determines the value of your company and whether there are assets in your company that can be liquidated in order to benefit creditors
Despite the stated factors above, every business case could be quite unique in its nature. As renowned bankruptcy attorneys, the Recovery Law Group works with every client who has fallen into tough times financially in personal and business fronts. The clientele base that we cater to is from the Los Angeles and Dallas, TX regions.
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Do You Need an Attorney While Filing for Bankruptcy?
Troubled financial times may cause people to make rash decisions, which will throw them further into an abyss. For people who are considering bankruptcy as a mean to get out of a bad financial situation, there are two options available. You can either file “pro se” or use a lawyer to file bankruptcy papers. Many people think, that by avoiding hiring a lawyer, they are actually saving money in legal fees. However, if you are not fully aware of the procedure, you might end up sabotaging your case which might worsen your already bad condition. (more…)
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Benefits of Bankruptcy Consultation
More often than not, people prefer dealing with severe financial problems than opting for bankruptcy as the word has been often been misconstrued. A bankruptcy filing is a legal and one of the best methods to come out of financial problems and start life afresh. However, before you make a decision to file for bankruptcy, it is important to get a consultation with skilled bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group.
What to Expect in Bankruptcy Consultation?
Taking legal assistance for your financial problems is important as sometimes you might not be aware of the best legal recourse to deal with the issues at hand. However, before you meet a bankruptcy lawyer, it is important that you are well prepared so that you are able to save both time and money. Having your financial information on hand is important, therefore collect all information about your finances including:
- Bank statements
- Loan agreements
- Creditor’s information
- Contract information
- Receipts for any payments made
- Foreclosure documents in case proceedings are pending
- Correspondence with creditors (sue notice etc.)
All these and related documents will help the attorney with all background information about your financial problems. With this information at hand, work for the bankruptcy proceedings can be initiated sooner.
It is important to keep in mind that lying about your finances to the bankruptcy attorney is not going to help your cause. You need to be open to the lawyer and should not withhold any information pertaining to your dues or assets as this may get your case dismissed without any discharge of debts.
In case you have any questions pertaining to the impending bankruptcy, it is important that you discuss them with the lawyer during the bankruptcy consultation. This will help alleviate your concerns and also make you aware of the eligibility factors and any other potential issues which could obstruct the chances of your case going ahead.
Taking a bankruptcy consultation with specialized lawyers provides you with a better idea of the concept as well the recourse to be taken to get rid of the financial mess you are currently in.
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How to Recover your Finances After Bankruptcy?
Bankruptcy is a hard chapter in an individual’s life, however, a very long road lies ahead after your case wraps up. Any and all financial decisions you make after the bankruptcy case is over are going to be equally important. For regaining control of your finance, it is important that you consult expert bankruptcy attorneys such as those available at Los Angeles based law firm Recovery Law Group.
Tips to Rebuild Credit after Bankruptcy Case
The most important point to take care of, once you are through with your bankruptcy case is to clear your financial dues and start fresh. It is easy to start a fresh credit score by using the following tips: (more…)
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Know More About Chapter 13 Bankruptcy Exemptions
Bad financial decisions can cause a change of fate. This can happen to anyone, anytime. Filing for bankruptcy offers a way to salvage not just your property but also allows you to get a fresh start. Bankruptcy can be filed by an individual or company under various chapters. Chapter 13 or wage earner’s bankruptcy is for people with a steady source of income. Like other chapters, exemptions are available under chapter 13 reimbursement proposal. They are also helpful in calculating the amount that the debtor will pay. Under chapter 13 bankruptcy, one can keep all their property, but they are required to pay their creditors the value of all things not covered under exemption within a 3-5 years frame. (more…)