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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.


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      *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.

    • Recover from the Setback of Bankruptcy and Lead a Successful Life

      Recover from the Setback of Bankruptcy and Lead a Successful Life

      Call: 888-297-6203

      Failures are a stepping stone to success. The adage could be used for life after bankruptcy too. Despite the ill-conceived notions people have about bankruptcy, it is not the end of the world. In fact, bankruptcy is one of the best ways to get rid of bad financial decisions or bad luck that have held you back from achieving a lot in life. Lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ suggest that the best way forward after getting your bankruptcy discharge is to learn from past mistakes. You can lead a successful life even after bankruptcy if you follow these tips:

      • Learn from past mistakes

      Something somewhere went wrong. It is time to remember what mistakes you made which drove you towards bankruptcy and avoid making them a second time. Though it is not essential to beat yourself up for what you had to go through, as unfortunate circumstances could also have added to your misery, it is important that you avoid falling into the same trap again.

      • Plan your budget

      It is important for people to live according to a budget, not just after coming out of bankruptcy, but also as a rule. This way, they can end up saving quite a bit of money for rainy days and avoid bankruptcy.

      • Strive hard to achieve your goals

      Yearning for more is a desire that can make you succeed in life. However, it could also throw you under debt if you don’t manage your finances properly. It is therefore important to set realistic goals and work towards achieving them without adding to debts.

      • Make continuous efforts to improve your credit

      Re-establishing credit after bankruptcy may take time and continuous effort on your part. Initially, you might find it difficult to get an unsecured credit card. You could opt for a secured credit card and use it to pay for utilities, groceries, etc. However, set a limit to the card and ensure that you pay monthly bills on time. this goes a long way to build your credit score, which ultimately results in you getting more favorable terms on subsequent credit cards. You might even get a mortgage or car loan at a reasonable interest rate before 7-10 years.

      • Staying positive

      Losing your morale when everything is going against you is quite easy. however, you need to stay focused if you want to get through this. You must realize that bankruptcy will wipe out your bad debts and give you a fresh financial start. A change in your attitude will make you determined enough to succeed the second time.

      Bankruptcy has turned the fortunes of many people. You too could take charge of your finances and script a success story. Discuss your case with experienced bankruptcy attorneys at 888-297-6023 to know how fast you can recover after 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.

      • Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

        Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

        Call: 888-297-6203

        Uncertainty is something people are not comfortable with. Being in financial distress and not knowing what to do can be extremely distressing for people. There are several ways to get rid of debt, bankruptcy often being the last resort. However, once you have decided the option, there are many other things to consider. The various facets of bankruptcy can be quite confusing, primarily being the numerous proceedings associated with bankruptcy. A bankruptcy trustee is appointed to oversee the accounts in case of bankruptcy chapters. According to Los Angeles based bankruptcy law firm Recovery Law Group, a bankruptcy trustee is an unbiased person who handles your bankruptcy case.

        Why is a trustee required?

        When you file for bankruptcy, any property you own becomes a part of the bankruptcy estate. This is a separate entity for you and thus needs to be handled separately. To take care of it, a separate individual is appointed by the court. Different chapters of bankruptcy require different duties from the bankruptcy trustee. In the case of Chapter 7 bankruptcy, the bankruptcy trustee is involved in the liquidation of assets and distribution of the proceedings to the creditors. Various duties of a bankruptcy trustee include:

        • Collecting of non-exempt property of the bankruptcy filer
        • Liquidation of the non-exempt assets
        • Distribution of the proceeds to the creditors
        • Challenge any claims made by creditors who object to your bankruptcy filing
        • Object to discharge of debts if certain debts are non-dischargeable

        The role of the bankruptcy trustee is, thus, an extremely important one. Since many of the proceedings are complicated, it is advisable to have an attorney by your side. You can call 888-297-6023 to speak with experienced bankruptcy lawyers Los Angeles regarding 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.

        • Need to Update Your Bankruptcy Information? Here’s What You Should Do

          Need to Update Your Bankruptcy Information? Here’s What You Should Do

          Bankruptcy involves a lot of paperwork, both while filing for it and even after discharge. It is therefore important to have legal representation to get through with it smoothly. In case you are looking for legal representation, you can call 888-297-6023 to know more about bankruptcy and its discharge. Generally, post-bankruptcy discharge, creditors update information in their accounts which are eventually displayed on the credit reports. However, many times creditors don’t update the information. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, there are options available for individuals if their creditors haven’t updated the bankruptcy discharge information on the credit report.

          Since bankruptcy becomes a public record, the accounts listed in your bankruptcy are reflected in your credit report. In the case of the bankruptcy discharge, the same should be reflected in your credit report as well as bankruptcy record. Filing for bankruptcy involves mentioning all your creditors. Once the knowledge of your bankruptcy is provided to your creditors, they should ensure that the account is updated on the credit report to reflect its status. After you get your bankruptcy discharged, the accounts should also display the updated status. In case it does not, you can contact the creditor through the information provided on your credit report to ask them to update the accounts as discharged.

          Bankruptcy paperwork includes “Schedule” which lists all debts included in the bankruptcy filing. You can alternately send a copy of Schedule A, Schedule D or Schedule F to the address listed in credit report along with a copy of your bankruptcy discharge statement and a request to update the information in your credit report. Alternately, you can verify the information through the courts and update it online. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. In the case of the former, no debts are repaid, and discharge is granted within a few months. This type of bankruptcy remains on credit report for 10 years from the filing date. Chapter 13 on the other hand, involves paying some portion of the debt over a course of 3-5 years. This bankruptcy remains on the credit report for a duration of 7 years from filing date.


            *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.

          • Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

            Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

            When any person is finding it difficult to make ends meet and has a huge debt piling on, there are two options available for them; either opt for bankruptcy or for a debt repayment plan. People in difficult financial situations should make it a point to consult either a financial counselor or a bankruptcy attorney to find the best possible way to get out of their financial mess. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , the various factors to consider to decide which option will work for the client include:

            • Your income and debts

            The primary consideration is what is the amount of debts that you owe and if you have enough income to pay them back. In case our income is not enough to pay back your debts, bankruptcy will be the best option. However, if you can make a decent amount of money and can pay back your debts, then you need to find out alternate ways to get rid of debts.

            • Your assets

            Many times, there is a crunch of free cash which results in a person being in debt. However, if you have several assets, filing for bankruptcy will result in selling off non-exempt property to clear your debts. You could, alternately, do this (sell your assets) on your own without filing for bankruptcy and get rid of your debts.

            • Types of debts

            Certain debts like secured debts (car loan, house mortgage) cannot be discharged. Similarly, unsecured priority debts like a student loan or certain government taxes won’t be discharged during bankruptcy. If these kinds of loans constitute your major debt, filing for bankruptcy is futile. However, if the major portion of your loans comprises of credit card debts, personal loan, medical bills, etc. then bankruptcy is ideal for you.

            If you are considering bankruptcy to get rid of your debts, then you might need to consult expert bankruptcy lawyers regarding various aspects of bankruptcy. You can call 888-297-6023 to schedule an appointment for a consultation.


              *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.