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  • The Mobster Museum Files For A Chapter 11 Bankruptcy

    Call: 888-297-6203

    The Las Vegas Mobster Museum has gone bankrupt with a debt of 5.8 million dollars and has filed for a Chapter 11 bankruptcy. The museum, after the FBI evidence room, has the world’s largest collection of crime artifacts.

    The debt owed by the museum is proportionally more than the amount that Capone had owed to the IRS. Capone owed $215,000 to the IRS, at the time of his arrest in 1931, which is equivalent to almost 3 million dollars in today’s time. It had lead to 11 years’ imprisonment for Capone.

    JVLV Holdings LLC purchased the Mobster Museum for 2 million dollars. The former developer, Jay Bloom, was accused of having overstated potential daily visitors and for paying credit card bills, personal automobile bills and grocery bills with corporate money. Depending on Mr. Bloom’s testimony, these payments might be violating the bankruptcy code under 18 U.S.C. § 152. In such a case, this statute states imprisonment of only five years, which is not as cruel as Capone’s imprisonment of 11 years.

    Thus, it is worst to lie to the IRS than in a bankruptcy court and to avoid landing in such a problem, it is better to hire an expert bankruptcy attorney for proper aid and guidance. The Recovery Law Group provides the best bankruptcy attorneys of Los Angeles & Dallas, TX. You can contact them at www.staging.recoverylawgroup.com or on 888-297-6203.


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    • Can Bankruptcy Affect Your Chance of Getting Mortgage?

      Can Bankruptcy Affect Your Chance of Getting Mortgage?

      Call: 888-297-6203

      Overwhelming debts require you to take some action if you wish to avoid repossession, foreclosure or lawsuit. Bankruptcy can be a way out, but you pay the price for it. You end up hurting your credit rating for as long as ten years in case of a Chapter 7 bankruptcy and seven years in case of Chapter 13 bankruptcy. Getting credit after bankruptcy can be extremely difficult. Thus, if you wish to get a mortgage, bankruptcy can be bad!

      According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy lowers your credit score considerably, making it difficult for people to get mortgage loans, especially post-bankruptcy. After some time, the negative effects of bankruptcy lessen, and lenders might consider your credit building efforts before agreeing to your mortgage. It is important to ensure that your credit-building efforts are reported to the credit bureaus so that your credit report is updated. Any incorrect or outdated information displayed on the credit history can hamper your chances of getting any kind of credit, including the mortgage.

      Effect of different bankruptcy types on mortgage loans

      The type of bankruptcy and discharge affect the establishment of a new line of credit. Here’s a look at various bankruptcy types:

      • Chapter 7

      In this liquidation bankruptcy, the non-exempt property is sold off to pay your unsecured debts like credit card debt, etc. This bankruptcy stays on credit report for 10 years. After waiting some time has passed since bankruptcy discharge and with a large down payment, you might get a mortgage loan.

      • Chapter 11

      Usually meant for businesses, it can also be used by individuals. People who have more money to qualify for Chapter 7 and more debt than allowed in Chapter 13 can choose this option. The chapter is complex and expensive. After some time, post-bankruptcy discharge, you can qualify for a mortgage.

      • Chapter 13

      Debtor repays some portion of the debt through a court-approved repayment plan over 3-5 years. Any remaining unsecured debt is discharged. The bankruptcy remains on credit report for 7 years. People who wish to take mortgage after this should consult their bankruptcy trustee.

      Mortgage loan varieties

      Different types of mortgage loans are available after bankruptcy, each with a unique requirement.

      • Federal Housing Administration (FHA) Loans

      Managed by the federal government, they require very low down-payment. However, you must pay for mortgage insurance which increases the monthly payments. There is a waiting period associated with different bankruptcy chapters. For Chapter 7, two years from discharge date, for Chapter 13, one year from discharge date while no waiting period for Chapter 11 bankruptcy.

      • USDA Loans

      U.S. Department of Agriculture loans are for rural borrowers. People who aren’t eligible for conventional loans, with modest income can opt for this loan for a house in a rural area. no-down-payment and low-interest rates are a great reason to choose it. you need to wait three years from discharge date in Chapter 7 bankruptcy, one year from discharge date for Chapter 13, and no waiting period for Chapter 11 bankruptcy.

      • VA Loans

      This one is for veterans and personnel currently serving in the military. There is no down-payment in the Department of Veteran Affairs loan. They do not charge private mortgage insurance and offer loan at low-interest rate too, however, a funding fee (percent of home price) is required. The waiting period in case of Chapter 7 is two years from discharge date; one year from discharge date for Chapter 13, while no waiting period for Chapter 11 bankruptcy.

      • Conventional Loans

      These loans are not guaranteed by any government agency; hence the norms are stricter than the others. You require a good credit score, should put 20% of house’s cost as down-payment and additional private mortgage insurance. Even the waiting requirements are longer. For Chapter 7 and Chapter 11, it is four years from the discharge date; while it is 2 years from discharge date or 4 years from dismissal date for Chapter 13.

      The best way to get approval for a mortgage after bankruptcy is by focusing on rebuilding credit. The basic steps involved are creating a budget and avoiding spending more than your limit; paying your bills on time to avoid getting into debt and getting a secured credit card which reports your payments to the credit bureaus. Once you get your credit rating in order, getting mortgage won’t be tough. bankruptcy might prove to be a hurdle in your search for the perfect home, but with experienced lawyers by your side, things are smooth. To consult with qualified bankruptcy lawyers, you can call 888-297-6023.


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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.

      • Chapter 11 or Chapter 13: What is Best For a Small Business?

        Chapter 11 or Chapter 13: What is Best For a Small Business?

        Small businesses, when comes under acute pressure of financial liabilities, do not have many options with them. Filing for bankruptcy can be the only option if you had like to revive your small business or wrap up the same. Chapter 7 bankruptcy will lead to winding up of the small business while Chapter 11 or Chapter 13 (if qualified) can help you in keeping the business running. To learn more about Chapter 7 and its benefits, log on to https://bankruptcy.staging.recoverylawgroup.com/.

        How does Chapter 11 or Chapter 13 help?

        The concept or logic used in Chapter 11 or Chapter 13 is similar. They deal with the restructuring of business/individual debt in order to make the payout more practical and feasible for all parties involved. Some key benefits of this concept can be listed as follows-

        • Allows for business continuity by retaining most business assets
        • Helps you buy time to settle the crisis, extremely beneficial if the business has been struck with some temporary obstacles
        • Helps in arriving at a negotiated agreement with the secured lenders
        • Helps in releasing some of the debts, especially non-priority unsecured debts that cannot be paid of during the length of the proposed repayment plan

        Eligibility and benefits

        In comparison, if eligible, Chapter 13 is always a better option. Most small business owners especially sole proprietors are eligible for Chapter 13 and opt it straight away even before evaluating Chapter 11. Chapter 13 is less expensive and less complicated compared to Chapter 11, which makes it a straight choice. Eligibility criterions for Chapter 13 are listed as follows-

        • As discussed earlier any individual who has a sole proprietorship is eligible for Chapter 13.
        • In certain cases, based on case to case scenarios, small enterprises below the debt threshold can be facilitated under Chapter 13.
        • This, however, is completely in discretion of the bankruptcy court and is pretty rare.
        • If you are a sole proprietor and have debts below the threshold, you would not have to worry about the rarest of rare scenarios.

        Unlike Chapter 13, Chapter 11 does not have any eligibility criterion. Anyone can usually file under Chapter 11 for bankruptcy. Individuals, corporations, small businesses, partnerships, etc. There isn’t any debt threshold either. It is a sort of blanket bankruptcy chapter that is slightly more expensive and complicated than other alternatives.

        Advantages of Chapter 11

        • The first advantage of Chapter 11 is with respect to the modification in terms with the secured lenders. This negotiation and change in terms make it more likely for a business to retain its assets and function well in order to recover from the state of bankruptcy.
        • The usual concept of discharge or release of debt occurs only when the payment plan has ended. The payment may vary as per disposable income in Chapter 13, which means if the income increases over the duration of payment’s plan, you might end up paying more and have fewer debts discharged or released. The debt in the case of Chapter 11 bankruptcy, is released with the start of the payment plan. Once, the payment plan has been approved, the unpayable debt as per the payment plan is released.
        • The cost or commission towards a bankruptcy trustee can be saved when using Chapter 11. As per laws, bankruptcy trustee appointment is optional and is usually appointed only with respect fraudulent or mass mismanagement cases.

        Advantages of Chapter 13

        • Unlike Chapter 11, the tenure of repayment is limited to 5 years under Chapter 13. If the secured debts and disposable income fail to meet during the 5 years, a small business might have to lose some of its assets during the course Chapter 13 bankruptcy.
        • The liability to turnover disposable income irrespective of the payment plan obligations, lower debt release percentages and compulsory appointment of a bankruptcy trustee are some disadvantages of Chapter 13. However, in spite of all these, the Chapter 13 bankruptcy Los Angeles process tends to be quicker and cheaper compared to Chapter
        • The making and approval of payment plan is a lot of quicker compared to Chapter 11

        To know more about eligibility, possibilities and best roundabouts for your small business organization, reach out to some of the vastly skilled and experienced attorneys@ 888-297-6203.


          *Are you more than 60 days past due on your mortgage?

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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 and Business Continuity

          Bankruptcy and Business Continuity

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

          Factors of consideration for business continuity

          • Is the business really making money?

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

          • Assets and liabilities balance

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

          • Personal liability for business debts?

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

          Chapters under which business bankruptcy can be filed-

          • Chapter 7

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

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

          • Chapter 13

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

          • Chapter 11

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


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Can You Convert Your Bankruptcy Chapter?

            Can You Convert Your Bankruptcy Chapter?

            Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, therefore, advised that you consult a qualified attorney to get your bankruptcy discharged and get a fresh start.

            Type of bankruptcy which can be filed in California 

            Chapter 7 (liquidation bankruptcy) and chapter 13 (wage earner’s plan) are the major bankruptcy types available for consumers. In the case of chapter 7, your assets will be sorted into the exempt and non-exempt property. In the state of California, two exemption systems exist which cover different amounts of properties like home, furniture, care,  etc. System 1 exempts $75,000 and $175,000 of equity in the home and $3,060 in case of a vehicle; whereas according to system 2, you can avail $26,800 in home equity and $5,350 for your car. Due to the difference in exemption amount, it is best to work with a financial advisor or bankruptcy attorney to protect most of your assets.

            The exempt property is safe during the bankruptcy process while any non-exempt property you have is sold off to repay your loans. In the majority of cases, bankruptcy filers are able to get most of their property exempted and therefore don’t have to surrender any. The unsecured debts (credit card, etc.) are discharged after bankruptcy. With secured debts, you have the choice of making payments to keep the assets or surrendering the assets if you cannot afford to pay the debts. To qualify for chapter 7 bankruptcy, you need to pass the complicated means test which compares your income to the average income of a family your size. In case you fail to pass the means test, chapter 13 is the bankruptcy option available for you.

            In the case of chapter 13 bankruptcy, a repayment plan is devised keeping your debts, assets and average income as well as expenses. According to this plan you are expected to make monthly payments from your disposable income to your bankruptcy trustee who then distributes it amongst your creditors for a period of 3-5 years. Any unsecured debts which remain after the repayment plan are discharged. You can continue making payments for secured debts throughout and even after the repayment plan.

            The automatic stay provision is available in both chapters of bankruptcy. Thanks to it, your creditors cannot contact you to demand any payments, any foreclosure or repossession actions cease and so does wage garnishment and bank account levies. Thus you get some respite from constant creditor harassment while the court goes through the bankruptcy process.

            Converting a chapter 7 bankruptcy to Chapter 13

            Most debtors prefer chapter 7 if they are able to qualify for it. This is so because you get to keep almost all your assets, all your unsecured debts are discharged sooner since typically this bankruptcy takes less time than chapter 13. It, therefore, is difficult to comprehend why someone would convert from chapter 7 to chapter 13.

            If you wish to keep your property, you might wish to convert. Chapter 7 allows you to keep your home if you continue making regular payments on your mortgage. Any failure to do so might result in foreclosure. Any non-exempt property you have needs to be surrendered in this bankruptcy chapter. But in the case of chapter 13, you don’t have to give up any property while making mortgage payments through the repayment plan. Thus if you wish to protect all your property, chapter 13 is a better option.

            Conversion of Chapter 7 bankruptcy to chapter 13 can be done once without court approval provided that it is done in good faith. If you follow the rules and do not attempt to hide property then you won’t face any problems. Since there are no court fees involved while converting from chapter 7 to chapter 13, you are not required to pay any conversion fees. Since chapter 13 involves a repayment plan, if you do not have the income to support the repayment, your conversion won’t be permitted. In this situation, you might need to file a motion in the court.

            Converting a chapter 13 bankruptcy to Chapter 7

            All your disposable income is used to repay your creditors in this bankruptcy chapter. Debts like a child and spousal support need to be paid in full. All of this might take a toll on you. A change in circumstances like losing a job, prolonged illness, etc. can make your repayment plan slightly difficult to manage. Converting to chapter 7 might be a good option in this case.

            If you haven’t received a chapter 7 discharge within the past 8 years, you can seek to convert your bankruptcy from chapter 13 to chapter 7. If you have, bad luck! You are stuck with chapter 13. Since chapter 7 requires you qualifying the means test, you can convert your bankruptcy chapter only if you earn less than the state’s mean income. If nothing works for you, you remain stuck with chapter 13. The only recourse available is to ask for a dismissal of your case, which has serious consequences like losing the automatic stay benefit. What’s more is that if you ever file for bankruptcy again, the automatic stay benefit might not be readily available for you. You will be handling your creditors on your own without the help of any bankruptcy court. Conversion from chapter 13 to chapter 7 has a conversion fees of $25 which has to be deposited when you file for a motion in the court.

            Should I convert my bankruptcy chapter?

            Sometimes the court might force you to convert your bankruptcy chapter from 13 to 7. This can happen if you don’t get your payment plan approved or miss making payments on it. Any unnecessary delay in the case which can harm your creditors can also be the reason for the conversion of your bankruptcy chapter. If a discrepancy is observed in your means test and it is found that you don’t qualify for chapter 7 bankruptcy, then your bankruptcy chapter will be converted.

            Since the conversion of the chapter is a complicated process involving a number of motions, forms, and schedules, it is important if the process is handled by competent bankruptcy attorneys. Discuss with your attorney whether conversion of bankruptcy chapter might be beneficial for you. You can call 888-297-6203 for a consult regarding your bankruptcy 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.

            • Here’s what you need to know about Chapter 11 bankruptcy

              Here’s what you need to know about Chapter 11 bankruptcy

              Chapter 11 bankruptcy is for businesses to get their debts reorganized and also gain enough financial stability so as to avoid any liquidation of their business assets. Though there could be scenarios in which we encounter individuals who qualify for Chapter 11 bankruptcy, this filing mostly involves the businesses. The features of Chapter 11 bankruptcy are as below:

              • Chapter 11 bankruptcy allows the regular operation of the business that is undergoing the crisis and still works on ways towards repaying the creditors in the business
              • This type of filing can be voluntarily initiated by the debtor. In a few cases, involuntary initiation of Chapter 11 bankruptcy is done by the creditors
              • In Chapter 11 bankruptcy, the debtor under question should share all information to the court – list of assets, list of liabilities, contracts that have continuing obligations involving other parties, unexpired leases, disbursements, income and financial statements relating to the business are part of this information
              • Chapter 11 bankruptcy includes the filing charges and also administrative fees. These have to be paid as soon as the bankruptcy is filed or in installments as agreed by the court
              • Chapter 11 bankruptcy petition of a business should bear information of the Tax Identification Number of the debtor and also the details about the location of the principal assets
              • While the petition is filed, the petitioner shares a plan for restructuring the business debts. This will enable the court and the creditors to take appropriate actions according to the plan. In case the plan isn’t shared while filing, the debtor needs to indicate that a plan will be shared soon for addressing the creditors’ concerns

              A debtor may be unable to file a Chapter 11 bankruptcy just like any other Chapter if:

              • There is an occurrence of bankruptcy dismissal within the previous 180 days because the debtor wasn’t available to appear in court or ignored the court orders
              • The previous filing for bankruptcy had been enjoined by lien holding creditors

              There are some permitted exemptions for individuals citing emergency situations, but the debtor should submit proofs of undergoing credit counseling from an accepted source.

              On the outset, the plan for the restructuring of debts is complex and will need the oversight of a bankruptcy attorney. Work with Recovery Law Group in Los Angeles or Dallas. They can be reached at 888-297-6203 – their expertise will guide businesses through the Chapter 11 filing 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.

              • Bankruptcy Trustee’s Role in Chapter 11 Filing

                Bankruptcy Trustee’s Role in Chapter 11 Filing

                Almost all bankruptcy filings get a trustee assigned to their case by the court. Chapter 11 is no different in this regard and the role of the bankruptcy trustee in the Chapter 11 scenario is as follows:

                • The U.S Trustee assigned by the court for Chapter 11 bankruptcy will oversee the entire case as it progresses and also review how the case is being administered
                • The Trustee will also be responsible for monitoring the debtor under purview, while his business continues to operate normally
                • The Trustee will be responsible for collecting the fee from the debtor. This is in line with the expectations of the court to pay a quarterly fee to the trustee until the case is dismissed or converted to another chapter (conversion from one chapter to another is carried out when there is non-compliance from the debtor’s side)
                • The Trustee will coordinate with the creditors and also organize the meeting of creditors according to the Chapter 11 bankruptcy needs. The meeting is imperative in cases where the intentions/ actions of the debtor need to be questioned under the oath

                In most of the Chapter 11 filings, the business that has filed for bankruptcy will still continue to function in order to repay the creditors. The debtor whose business is going through the current crisis need to keep the trustee informed about the operations of his business – this is accomplished through the reports that are shared to the trustee. The trustee will aid in setting down the guidelines for this reporting (reports on income & expenses in the business). Reports on specific issues involving bank accounts or payment of taxes also need to be reported to the trustee.

                Business owners can reach out to Recovery Law Group at 888-297-6203 for discussing their options on Chapter 11 bankruptcy. The team at Recovery Law Group, either from their Los Angeles or Dallas locations, will support the businesses for every question concerning the procedure in the bankruptcy filing and also guide on dealing with the bankruptcy trustees during the bankruptcy case journey.


                  *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.

                • Your reorganization plan after Chapter 11 bankruptcy

                  Your reorganization plan after Chapter 11 bankruptcy

                  Chapter 11 bankruptcy, also known as reorganization bankruptcy, is exclusive for corporations, partnerships and individuals to work on their reorganization strategy in the midst of financial struggles. They work on reorganizing their finances and restructuring of their debts. Since this bankruptcy has no debt ceiling (different from Chapter 13 bankruptcy), it is much preferred by small and large businesses for the restructuring of their open debts. (more…)

                • What are the Debt Relief Options for Small Businesses and their Owners?

                  What are the Debt Relief Options for Small Businesses and their Owners?

                  Starting a business in uncertain times can go anywhere. Whether you reach the zeniths of success or taste failure, it is a matter of chance. The odds are stacked against you no matter which business you wish to start. A lot of financial capital, overhead expenses, and advertising are involved to make any business a successful venture. However, sometimes, business owners might find themselves struggling with these expenses, trying to stay afloat or make a profit. In case small business owners or start-ups are facing problems in managing their finances (personal or business) they might find themselves under heavy debt. This is more often seen when the business is a sole propriety one, wherein the personal finances and assets are tied up with business ones. For such situations, Sacramento based law firm Recovery Law Group provides an insight into the debt relief options for small businesses and business owners.

                  Since a lot of emphases is being given to people who wish to become independent by turning entrepreneurs, the legal system also supports them during the time of financial crisis. Business owners facing economic issues at work and under financial stress have a number of viable options to take care of financial matters. A consultation with lawyers specializing in bankruptcy can help clear the problems. It is important to seek legal assistance to sort out the financial mess so that you can improve the position of your business and continue operating it, while simultaneously improving on your personal finances.

                  What are the Debt Relief options Available for Businesses?

                  Just like every individual’s circumstances are different, so do the problems in businesses. Your debt relief options will depend on your unique situation. Factors influencing debt relief include – a type of business, the aim of business owners and the nature of the financial problem. The different ways in which business owners can utilize bankruptcy is elaborated below:

                  Chapter 7 Bankruptcy – Small businesses especially those with single proprietorships may use this chapter of bankruptcy. The unique circumstances which prompt the usage of this chapter are when the business has no future and the owner wishes to liquidate it, without any plans of restructuring. This is usually chosen when the businesses have overwhelming debts, the business is being operated due to an extension of a particular skill set and the owner has very few or limited assets.

                  Chapter 11 Bankruptcy – This option is generally chosen when business owners wish to remain in business. This chapter allows reorganization and thus creates plans for paying the creditors’ off, over a fixed time period. A drawback to choosing this chapter is that it is a complicated and lengthy process which may not always be ideal for small business owners.

                  Chapter 13 Bankruptcy – The reorganization bankruptcy is generally used as a form of personal bankruptcy. This is generally ideal for small businesses, especially when companies wish to pay back a percentage of their debt. The repayment plan suggested by the bankruptcy court is followed by business owners who have invested personal funds in their business venture. This chapter of bankruptcy can, however, not be used by corporations and businesses which do not have sole proprietorships.

                  If you wish to get over the financial troubles that your business is currently facing, it is important to make a consultation with specialized bankruptcy lawyers. The legal minds can help guide you through the financial problems and suggest the best legal recourse available for you.


                    *Are you more than 60 days past due on your mortgage?

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                  • All You Wanted to Know About Bankruptcy Basis Process

                    All You Wanted to Know About Bankruptcy Basis Process

                    The Bankruptcy Code is a uniform federal law which is used to govern all bankruptcy-related cases. According to U.S. Constitution Article I, Section 8, Congress is authorized to enact “uniform Laws on the subject of Bankruptcies”. The “Bankruptcy Code” (title 11 of United States Code) was thus enacted by the Congress in 1978 and has undergone several amendments since then. The bankruptcy process proceedings are governed by the Bankruptcy Rules (Federal Rules of Bankruptcy Procedure) and local rules of each bankruptcy court. As per bankruptcy rules, a certain set of official forms are to be used in bankruptcy cases. Thus, both Bankruptcy Code and Local Bankruptcy Rules are used to conduct legal proceedings while dealing with debt issues of both individuals and businesses. (more…)