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  • Bankruptcy Lawyers Guidance for Debt Relief Options

    Bankruptcy Lawyers Guidance for Debt Relief Options

    At Recovery law Group, we help you deal with in-excessive debt which you may have accumulated over the years. If you are a victim to insurmountable debt, do not worry, as we have experienced lawyers who will be at your service to bring you out of your misery. We will study your case, and support with you with the best available solution as per your case and scenario. Not only will we guide you in coming out of this debt, but also provide alternatives and options to help your overcome your dire days and take a fresh start towards a stable and a better financial future. We provide services in Los Angeles, Dallas, and TX. You can easily get in touch with our lawyers at 888-297-6203.

    Recovery law Firm – The name that is always Trusted

    Our Motto is – “Clients First” and hence we go out of our way, to help you get a positive solution. Our lawyers are experienced and have solved multiple such cases on Debt Relief and will do the same for you. Each case is unique and so is the solution for it. We, at Recovery Law Group, therefore take out time to understand our client’s situation before recommending any proceeding or step based on previous cases.

    Why should you choose recovery law Group over Other Firms?

    Apart from many obvious reasons why should you choose us to handle your case, here are some reasons which prove we are your Right choice-

    1. We are one of the most reputed along with being the largest Bankruptcy cases handling firm.
    2. We have solved more than thousands of cases with a positive outcome in Dallas, Las Angles as well as TX.
    3. We are all ears to understand your case before moving to guidance. Meaning, each case is unique and so are the solutions, so we give you only those solutions which are best suited for your case and beneficial for you and not as per older cases on the same

    Benefits associated with Filing for bankruptcy

    Though filing for bankruptcy should be the last resort, filing for bankruptcy under chapter 7 and chapter 13 can be highly beneficial for people who are in dire need of a solution from their debts. Filing for the above can help you overcome your debt issues. The best option is to consult a Recovery Law Group lawyer, who can guide you about the proceeding and steps involved while filing for the same.

    1. Once you file for bankruptcy, the automatic stay will prevent all the future debt collection efforts.
    2. It will help you discharge the majority of your unsecured debts
    3. It will also help in preventing foreclosure of your home
    4. It will also put an end to auto repossession and wage garnishment
    5. Most importantly, it will clear your bad debts and help you start afresh with a good background.

    Chapter 7 Bankruptcy Explained

    To fall under the category of Chapter 7 and to be able to file for bankruptcy under this chapter, you need to fulfill certain criterion to prove that you actually are in dire debt and unable to repay your debts. A Means Test will be conducted to confirm whether your income falls under the guidelines of Chapter 7. If you are fortunate enough to file for bankruptcy under this criterion, be informed that the majority of the people who have filed for bankruptcy under Chapter 7, often get their debt discharged. This chapter is generally recommended by lawyers when your income is very less and you have no resorts left to repay your debts. This chapter is often termed as the “Liquidation Bankruptcy” since if you qualify under this chapter, it is quite likely that your debts will be discharged, of course at the price of surrendering/selling part of your property to repay the creditors.

    Chapter 13 Bankruptcy

    This is the next resort when you do not qualify to file for bankruptcy under chapter 7. Often termed as “reorganization bankruptcy”, under Chapter 13 you get the opportunity to repay your debts over a period of time viz – 3 to 5 years. Here the bank helps to grant you time when you are not able to pay back your debt immediately. This option is generally selected by people who have adequate income to pay back their debts but cannot do so immediately.

    Step by Step guideline to file for bankruptcy

    Filing for Bankruptcy is not a cake-walk, as it involves complex proceedings. Hiring a professional bankruptcy attorney can make the entire proceedings quite simple for you which involve submitting a plethora of forms, providing all detailed information to the bankruptcy court, attending court hearings, attending legal procedures amongst many others.

    Step by step process includes-

    1. Completion of a credit counseling course

    You need to complete a Credit counseling course approved by the U.S Trustee’s Office. This course generally costs around $25 to $35 and needs to be completed 180 days before you file for bankruptcy. If the above course is out of budget or cannot be afforded by you, you can ask for a free course or discounts.

    1. File for Bankruptcy petition with the Federal court

    The next step after completing the credit counseling course is to file a petition with the Federal court in your jurisdiction. Along with the petition, you must submit all the relevant information regarding your income, debts, and assets owned by you. Filing for bankruptcy petitions at the Federal Court has a lot of advantages. Once done, you will stop receiving calls, mails, and texts from the creditors, as your bankruptcy attorney will be directly handling that. If you going through foreclosure or repossession, filing for bankruptcy will put a stay on them! Not only this, but all your debt collection efforts via creditors will also stop once the court issues stay order on them. Please note, the above will only be valid if you have not already filed for bankruptcy in the last 12 months.

    1. Attending the Meeting for Creditors

    You also need to attend a “meeting with the creditors”, 60 days from the day you file for the bankruptcy petition. This meeting is generally conducted in a “meeting room” and not the court, between your attorney, bankruptcy trustee and the creditors. This meeting is generally conducted to evaluate the information submitted by you along with your bankruptcy petition along with other questions which the bankruptcy trustee may have for you. The creditors may or may not attend this meeting.

    1. A debt Counseling Course

    Post the meeting of creditors, you need to retake the debt counseling course, to help you understand your budget better along will planning on how to move ahead to manage the debts.

    1. Confirmation by the court regarding your Eligibility to file for bankruptcy

    After you have re-taken the debt counseling course and understood on how to proceed with managing your debt, the court will now review the information submitted by you at the creditors meeting. If you have filed for bankruptcy under chapter 7, the court will ascertain the Means Test score and judge your eligibility. In case you have applied for bankruptcy under chapter 13, your secured and unsecured debts will be reviewed to confirm your qualification.

    1. Debt management by the Court

    If in the above step, the court has accepted your plea for bankruptcy, the court will now handle your debts as per the guidelines of the Chapter you are filing under. If qualified under Chapter 7, you will have to liquidate part of your assets/property to repay your creditors. If qualified under chapter 13, you will have to submit a detailed plan for repayment as per the 3 years or 5 years scheme.

    The court will finally award you a discharge of eligible debts, once you have completed the above steps and paid off the necessary debts as stipulated by the court.

    What types of debts can be discharged?

    There are generally 2 types of debts – Dischargeable and Non-Dischargeable.

    Dischargeable debts are those which can be completely wiped out by the bankruptcy court. Which means, that once the bankruptcy court approves dischargeable debts, you are no longer liable to pay these back and nor can the creditors follow up or harass you regarding them. These include – Medical Bills, Utility Bills, Personal Loans, Credit Card Debt, etc.

    Non- Dischargeable debts cannot be completely waived off, though you can get an extension to repay these via Chapter 13. These commonly include – Student loan, alimony, child support, and tax debt.

    A good and professional attorney like at Recovery law Group can help you review and understand the type of your debt to help you deal with the situation better.

    Alternatives to bankruptcy

    Consulting a good and professional attorney is the best choice while planning to file for bankruptcy. If you will not be getting any benefit via filing for bankruptcy, your attorney can guide you through other alternatives and options like – debt consolidation, restructuring the loans, negotiation for decreasing debt amount, etc.


      *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 and Bitcoin

      Bankruptcy and Bitcoin

      The value of Bitcoin that had been launched in 2009 by Satoshi Nakamoto, has shot up in its value over the years. Gone are the days that close to 10,000 bitcoins were needed to buy a Papa John’s pizza. It now trades at $6,500 and the price of each bitcoin increased to $20,000. Notwithstanding the changes in its trading value, The percentage of buyers or investors in bitcoin money has not declined. That is why we see many people all around the world, own bitcoins or other types of cryptocurrencies. Have you queried what happens to them or the bitcoins that they own when such folks encounter a financial crisis or when they file for bankruptcy?

      Though we do not have a direct answer as to how this is managed by bankruptcy courts, The law firms have a good idea as to how cryptocurrencies are treated in bankruptcy in line with bankruptcy principles. They are assets too and forward need to be disclosed while a debtor files for bankruptcy. It is also likely that Bitcoin can be exempted by bankruptcy principles and hence the borrower may get to retain them too.

      Before we delve into further details of the same, let’s first understand about Bitcoin.

      Bitcoin

      Bitcoin is one type of cryptocurrency that exists on a blockchain. Blockchain may be interpreted as a digital ledger that is shared between several computers. Since bitcoin exists anonymously and due to the design of the blockchain technology, It becomes difficult to steal the value of this cryptocurrency. Bitcoin is also known as a medium of exchange in digital transactions.

      Bitcoin in Bankruptcy

      Declaration: The foremost question of a debtor who possesses bitcoin is whether he has to list the possession while he records for bankruptcy. The answer to his question is a firm, YES and it is irrespective of whether under Chapter 7 or Chapter 13, You have to provide the court with certain information about your property and finances. Just as the other assets that are disclosed along with other financial information, Immaterial of whether there is a probability of exemption or not. Cryptocurrencies are like Bitcoin and also need to be declared.

      Anonymous existence does not entitle the cryptocurrencies to remain anonymous during a bankruptcy process. The bankruptcy trustee in the case can exercise any mechanism (inclusive of reviewing tax returns, looking through financial statements and researching public records) to discover the assets of the debtor. Do not purposely neglect the possession of bitcoin or another cryptocurrency as it is a bankruptcy fraud to do so. If convicted of this fraud, The debtor can be punished up to $250,000 and held for 20 years. A debtor can also miss the discharge in the bankruptcy process.

      State of bitcoin in bankruptcy: Since bitcoin is also the property, It becomes part of the bankruptcy estate when a debtor files for bankruptcy. The liquidation impacts can incorporate both excluded and non-absolved property. The Chapter of filing decides the property that can be treated as exempted or non-exempt. In Chapter 7 bankruptcy, Typically a “no-asset” bankruptcy, The debtor’s assets are exempted and they do not lose any section in this ordeal. If any non-exempt property is classified in Chapter 7, Later it is sold off to pay the unsecured debts.

      Chapter 13 bankruptcy works through a repayment plan that factors in the value of the non-exempt properties of the debtor. The plan is targeted to pay back creditors in a three or five-year period.

      Exemption Criteria: To further understand the exemption criteria for bitcoins that is one must know the state law and federal law exemption in the bankruptcy filing process. In states like California, There are two types of state exemptions known as 703 or 704 exemption. Bitcoin would best fit under 703 exemptions which are also the wildcard exemption and it exempts under the clause of debtor’s aggregate interest in any property. The limit is changing and depends on the other releases used in the bankruptcy.

      Miscellaneous complexities

      We only discussed the complexities linking to the legal status and the type of exceptions that bitcoins would best fit into. These are quiet areas that the bankruptcy courts are trying to address and have no definite rules until now. There are also many unknown complexities that can arise depending on the value of bitcoin controlled and related financial implications. A good bankruptcy lawyer from a renowned firm like Recovery Law Group would be able to guide a debtor with needed clarity. Stand out to this team in Los Angeles, California or Dallas, Texas for managing of cryptocurrencies in the bankruptcy processes.


        *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 is a Powerful Tool for Debtors

        Bankruptcy is a Powerful Tool for Debtors

        If you’re dealing with extreme debt troubles, submitting for financial ruin can be a powerful remedy. It stops maximum collection moves, inclusive of telephone calls, salary garnishments, and complaints (with a few exceptions). It additionally eliminates many kinds of debt, together with credit score card balances, clinical bills, personal loans, and more.

        However it doesn’t stop all creditors, and it doesn’t wipe out all obligations. as an example, you’ll still need to pay your pupil loans (except you could show a hardship) and arrearages for child support, alimony, and maximum tax debts. examine on to examine more about the matters that financial ruin can and can’t do.

        What Bankruptcy Can Do

        Bankruptcy lets in people struggling with debt to wipe out sure obligations and get a fresh begin. the 2 primary financial ruin kinds filed—chapter 7 and bankruptcy 13 financial disaster—each provides different blessings, and, in some cases, treat debt and property otherwise, too. You’ll pick out the chapter that’s right for you relying on your income, belongings, and dreams.

        Here are some of the things you can expect bankruptcy to do.

        Stop Creditor Harassment and Collection Activities

        After you document, the court places in place an order known as the automatic life. The live stops maximum creditor calls, salary garnishments, and lawsuits, however now not all. for example, lenders can nonetheless acquire support bills and crook instances will continue to continue ahead.

        Stop a Foreclosure, Repossession, or Eviction (at Least Temporarily)

        The automatic stay will stop all of these actions as long as they’re still pending.

        Evictions. An eviction that’s nonetheless inside the litigation method will come to a halt after a financial ruin filing. but the stay will possibly be temporary. remember the fact that if your landlord already has an eviction judgment towards you, a bankruptcy won’t assist in most people of states. (research greater in Evictions and the automatic stay in financial disaster.)

        Foreclosure and repossession. Even though the automatic stay will prevent a foreclosure or repossession, filing for bankruptcy 7 gained assist you to hold the belongings. If you may carry the account current, you’ll lose the house or vehicle once the live lifts. by way of comparison, bankruptcy thirteen has a mechanism a good way to will let you trap up on past bills so you can preserve the asset. (See financial ruin’s automatic live and foreclosure and vehicle Repossession & bankruptcy.)

        Wipe Out Credit Card Debt and Most Other Nonpriority Unsecured Debts

        Financial ruin is very good at wiping out unsecured credit card debt (the debt is unsecured in case you didn’t promise to give lower back the bought property if you didn’t pay the invoice), medical payments, late application payments, personal loans, fitness center contracts. (when you have a secured credit card, together with from a jewelry, furnishings, or electronics shop, you’ll deliver the purchased item again.) In reality, submitting for bankruptcy can wipe out most nonpriority unsecured money owed other than college loans.

        How quickly your debt will get wiped out will depend on the chapter you file:

        Chapter 7 bankruptcy. This bankruptcy takes a mean of  3 to 4 months to complete. (study more on your Debt in chapter 7 financial ruin.)

        Chapter 13 bankruptcy. In case you file for chapter thirteen in preference to chapter 7, you’ll probably have to pay lower back some part of your unsecured money owed thru a 3- to the 5-yr compensation plan. however, any unsecured debt stability that remains after completing your compensation plan can be discharged. (See Your money owed in chapter 13 bankruptcy.)

        Wipe Out Secured Debt (But You’ll Have to Give Up the Purchased Property)

        If you couldn’t afford a charge that you secured with collateral—consisting of a mortgage or vehicle payment—you can wipe out the debt in bankruptcy. however, you received It be capable of hold the residence, automobile, pc, or different item securing price of the mortgage (extra underneath beneath “What bankruptcy Can’t Do”).

        What Only Chapter 13 Bankruptcy Can Do

        Chapter 7 and thirteen every provide particular solutions to debt problems. chapter 7 is in most cases for low-income filers, and consequently, it received help you hold assets if you’re at the back of on payments. but, if you have the income to pay at the least something to lenders, then you definitely be capable of taking benefit of the additional blessings offered by means of chapter thirteen.

        Here are some of the things that Chapter 13 can do.

        Stop a mortgage foreclosure. Submitting for chapter 13 bankruptcy will stop a foreclosure and force the lender to accept a plan that will let you make up the missed bills over time (you’ll additionally stay contemporary on your normal month-to-month bills). To make this plan paintings, you must be able to exhibit that you have enough income to aid the sort of repayment plan. (For greater data, see your house and loan in chapter thirteen bankruptcy.)

        Allow you to keep property that isn’t protected with a bankruptcy exemption. No person gives up the whole lot that they very own in bankruptcy. You’re allowed to protect (exempt) gadgets you’ll want to paintings and stay using financial disaster exemptions. A bankruptcy 7 debtor gives up nonexempt assets, however no longer a chapter thirteen filer. This doesn’t imply which you get to maintain extra belongings, but. You’ll want to pay the value of any nonexempt assets on your creditors on your reimbursement plan.

        “Cram down” secured debts when the debt balance is more than the value of the property that secures them. Chapter 13 has a procedure that lets in you to reduce a debt to the substitute price of the belongings securing it (however you’ll repay the debt in full thru your plan). for instance, in case you owe $10,000 on an automobile mortgage and the auto is really worth most effective $6,000, you could suggest a plan that will pay the creditor $6,000 and discharge the rest of the loan. however, exceptions exist. for instance, you can not cram down a vehicle debt if to procure the auto at some stage in the 30-month length before you filed for financial ruin. also, you received be capable of use the cramdown provision at the loan of your residential domestic. (To research extra about cramdowns, test out reducing Mortgages and Loans in bankruptcy 13 (Cramdowns).

        What Bankruptcy Can’t Do

        Bankruptcy doesn’t cure all debt problems. Here’s what it can’t do for you.

        Prevent a secured creditor from foreclosing or repossessing property you can’t afford.  A bankruptcy discharge gets rid of money owed, but it doesn’t take away liens. Alien permits the lender to take belongings, sell it at public sale, and practice the proceeds to a mortgage balance. The lien stays at the belongings until the debt gets paid. when you have a secured debt (a debt in which the creditor has a lien on your home), bankruptcy can cast off your obligation to pay the debt, however, it won’t take the lien off the property—the creditor will still be capable of getting better the collateral. as an instance, in case you report for chapter 7 financial ruin, you can wipe out a domestic mortgage; but, the lender’s lien will stay on the house. as long as the loan stays unpaid, the lender can foreclose on the house (as soon as the automatic live lifts, of course).

        Eliminate child support and alimony obligations.Infant help and alimony responsibilities continue to exist bankruptcy so that you’ll maintain to owe those debts incomplete, simply as if you had never filed for bankruptcy. And if you use chapter 13, you’ll have to pay this money owed in full via your plan.

        Eliminate student loans, except in very limited circumstances. Student loans can be discharged in financial ruin best if you could show that repaying the loan could purpose you “undue difficulty,” that’s a totally hard wellknown to fulfill. You have to show that you couldn’t have enough money to pay your loans presently and that there’s little or no chance you could accomplish that inside the destiny. (For details on the undue hassle popular, see scholar loan Debt in financial ruin.)

        Eliminate most tax debts. Removing tax debt in a financial disaster isn’t smooth, however, it’s once in a while possible for older unpaid tax money owed. (discover the requirements in casting off Tax money owed in financial ruin.)

        Eliminate other nondischargeable debts. the subsequent debts aren’t dischargeable under either chapter:

        • money owed you neglect to list on your financial disaster papers (except the creditor learns of your financial disaster case)
        • money owed for personal injury or death due to intoxicated using, and

        fines and penalties imposed as a punishment, including traffic tickets and crook restitution.

        – if you file for bankruptcy 7, this money owed will stay when your case is over. In bankruptcy thirteen, you’ll pay this money owed in full thru your reimbursement plan.

        Debt related to fraud might, or might not get eliminated. A fraud-related debt won’t be discharged if a creditor files a lawsuit (called an adversary proceeding) and convinces the judge that the debt ought to continue to exist your financial ruin. Such money owed is probably the end result of mendacity on a credit utility or passing off borrowed assets as your very own to use as collateral for a loan. (analyze more in what’s financial disaster Fraud?)


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

          *Do you own a home?

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

        • Duties of a Bankruptcy Trustee – Chapter 13 Bankruptcy

          Duties of a Bankruptcy Trustee – Chapter 13 Bankruptcy

          The notice of appointment of a bankruptcy trustee is sent to the debtor after the filing of bankruptcy has been received by the court. The notice carries the information about the name, address and phone number of the trustee. Moreover, if your trustee needs additional financial information, such as bank statements, and details of tax returns, and cancelled checks, it is intimated to the debtor in this notice along with the date on which these are due.

          Here’s a detailed description of the duties of a bankruptcy trustee:

          Administration of the bankruptcy estate– The assets and properties of the debtors are cumulatively referred to as a bankruptcy estate. In a Chapter 13 filing, the trustee manages the claims that are aimed at the estate, and it indicates that all the assets are now under the direct control of the court. The liquidation or any action on this estate needs to be approved by the bankruptcy trustee. Other important notes on the bankruptcy estate.

          • If the debtor receives any property or becomes entitled to receive it within 3 months from the filing of bankruptcy, then it needs to be reported as inherited property/ entitled to inherit, property from a marital settlement or a divorce or the benefits after a death or life insurance proceeds
          • In cases of the inherited property to be non-exempt, then the repayment plan needs to be revised to pay off the unsecured creditors as appropriate as needed

          Collecting of Proof of Insurance–The trustee needs to ensure that there is enough proof on the insurance of the collateral that the debtor will use to pay off the creditors, specifically on mortgage dues and car loans. This proof is needed and is an advantage to the creditor if the collateral is damaged

          Payment collection– The first payment that the debtor needs to facilitate is within 30 days from the filing of bankruptcy. This first payment is mandated by the trustees to be done by cashier’s check or through money order. The payment of the first due confirms the capability of the debtor to clear off his dues in the stipulated period using the repayment plan. Subsequent plan payments are expected to be facilitated directly from the wages of the debtor – the trustee will file a wage order for the same shortly after the case

          Creditors meeting–  The trustee ensures that the submitted financial facts are detailed and question the debtor who attends the meeting with any queries regarding the same. The trustee can also challenge the feasibility of the repayment plan especially if the expenses are high or not reasonable

          Confirmation Hearing– The trustee is part of the confirmation hearing of the bankruptcy case and this meeting is scheduled approximately twenty to forty-five days after the creditors meeting. He shares the approval on the repayment plan to the judge and also raises concerns if there are objections from his end or from the creditors. The Confirmation Hearing can be rescheduled if the trustee’s requirements haven’t been met by the debtor or his attorney

          Fulfilling the court order–All approved plans by the court are effectively dealt for its complete and effective fulfilment by Chapter 13 bankruptcy trustee. The financial affairs of the debtor are reorganized and the payments to the creditors are channelized. The trustee will closely work to prevent any activities of abuse or fraud towards the debtor’s estate. And at the end of the case, after all, obligations are fulfilled, the final filing with the court is done by the trustee and the remaining debts are recommended to be discharged

          Debtor’s advocate–Though it may sound very stringent about the trustee’s role in the bankruptcy filing case, the trustee still acts quite fair and favourable for the debtor. The professional costs are made reasonable while the assets get liquidated and also protect any harassments that can probably be targeted towards the debtor by the creditors. They also refer to all violations to the U.S. Trustee’s office and secure the bankruptcy arrangements.

          When debtors co-work effectively with the trustee for following the terms on the repayment plan, then they are assured that the debtors will have complete control over their assets. They can also seek the services of a bank attorney who works diligently for the debtor’s sake and to adhere to the trustee’s expectations. Recovery Law Group’s team of bankruptcy attorney, Los Angeles, Dallas and in the state of Nevada can be approached.


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

            *Do you own a home?

            Are you currently working?

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

          • Will Filing Bankruptcy Require Liquidating of Business?

            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 bankruptcy

            The 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.


              *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.

            • Source of Bankruptcy Money

              Source of Bankruptcy Money

              Bankruptcy is the process through which, individuals or businesses who are in conditions of surplus debts and in the situation of financial struggles, get relief of this scenario and regain their stability with finances. In order that this process be debtor beneficial, the type of Chapter against which bankruptcy is filed will be important (more…)

            • Should I Keep My Car during Bankruptcy?

              Should I Keep My Car during Bankruptcy?

              Bankruptcy is a name which often causes people to panic. This is so because most of the time, it is associated with the image of being thrown on the streets penniless. However, nothing could be farther than truth. More often than not, the financial situation of an individual is tight, which has led them to file for bankruptcy. Since financial problems can affect a number of areas of your life including your job, property, and vehicle, many people question whether it is appropriate to keep their vehicle if they plan to file for bankruptcy. (more…)

            • Bankruptcy’s Impact on Credit Worthiness

              Bankruptcy’s Impact on Credit Worthiness

              Credit scores reflect on the financial history of an individual or a business and are meticulously built over time. When there are moments of financial crisis and debts pile up, the individuals ultimately opt to file for bankruptcy. The biggest fear when the individual’s file for bankruptcy is how it impacts their credit scores. There are many reasons why credit scores will not be impacted in cases of bankruptcy as every individual commences their financial status afresh and they have time to rebuild their credit history

              Checking with a bankruptcy attorney or a law firm such as Recovery Law Group, who serve the Los Angeles and Dallas regions, is a recommended option for individuals who seek guidance on building their credit history. They have the experience to share the best practices and impart the guidance in order to avoid any further mishaps in the financial arena of the individuals. The below points will also be a guideline to understand how your credit worthiness stands when you have filed for bankruptcy.

              • If an individual has filed for Chapter 7 bankruptcy, the filing will remain on their credit report for up to 10 years of tenure. If good efforts are expended on rebuilding the credit over time, then the filing & the discharged debts have very less impact. It is assessed that most of the discharged debts drop off a credit report in approximately 7 years.
              • If the bankruptcy filing is of Chapter 13 type, then it is displayed on the consumer’s credit report for seven years. It is the similar condition for discharged debts too even though they may be repaid within three to five years through a formalized repayment plan – discharged debts appear on the credit report even beyond the repayment tenure.

              Credit worthiness will eventually improve as the time goes by – the impact of repayment and your rebuilding of credit worthiness will enable you to get offers from the creditors at large. So besides the amount of time that the bankruptcy filing remains on the credit report, the impact of the filing may reflect in high-interest rates (direct/ hidden) of new credit offers or may put individuals to deal with subprime lenders. Some of the mortgage lenders will view bankruptcy filing differently – say the eligibility of an individual to obtain an FHA mortgage can be one year if filed for Chapter 13 bankruptcy and will be two years if Chapter 7 filing is done. Few factors such as income, current debts, and down payment amount work beyond the bankruptcy filing and may affect the wait periods.

              It is understood that individuals leverage bankruptcy filing to regain their financial stability. Though the impact to credit worthiness is there when you have filed for bankruptcy, it isn’t permanent!


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

                *Do you own a home?

                Are you currently working?

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              • Why Hold Back from Bankruptcy Filing?

                Why Hold Back from Bankruptcy Filing?

                Many times, people who owe creditors money, lead a life that is full of threats and harassment. Debt collection agencies do not leave any stone unturned to get back the money that you owe them or the creditors. In case you too are plagued with incessant phone calls, urgent notices or demands for financial settlements, why are you hesitating to file for bankruptcy? More often than not people are afraid of filing for bankruptcy due to the various myths surrounding it. Lawyers of Sacramento based law firm Recovery Law Group provide a number of common reasons why people restrain themselves from filing for bankruptcy:

                • Bankruptcy Hurts You Financially: Credit card companies allow you to make purchases now and pay the money later while charging heavy interest on the amount of transaction. Since you are paying for a long period of time, the loans never get paid off while you keep on increasing your debt by continuous usage of credit cards. In the long run, this causes you to have poor credit, which can be eliminated by filing for bankruptcy. With the bankruptcy filing, you can get your old debts discharged (completely or partly) and start fresh. In this manner, you can rebuild your credit score in a couple of years compared to struggling with bills for a long time.

                • Your Credit Gets Ruined for a Decade: It won’t be incorrect to say that getting loan or credit card becomes slightly difficult after bankruptcy, but getting one with poor credit score is highly unlikely too. It is important to note that filing for bankruptcy provides you with a chance of getting a fresh slate to start anew. When you make regular and timely payments on your mortgages, utilities, rents and any other debts, your credit ratings will improve. This will ultimately get you approval for secure credit cards and loans within a couple of years of filing for personal bankruptcy

                • Lose Your Home by Filing for Bankruptcy: Though there are chances in case of personal bankruptcy (Chapter 7) where personal assets including property are sold off to clear the creditors’ dues, however, the possibility of this happening is slim. This is because of strong federal exemptions. Moreover, if you are eligible and file for bankruptcy under Chapter 13, you won’t be losing your home at all.


                  *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.

                • Should I Avoid Summons if I Plan to File for Bankruptcy?

                  Should I Avoid Summons if I Plan to File for Bankruptcy?

                  Recurring debts and overspending, as well as some ill-fate, can cause financial problems in anyone’s lives. If you are facing issues regarding the shutdown of utilities or foreclosure, repossession, etc. or are at the receiving end of legal actions due to non-payment of dues and similar debts, then you might be in for some tough time. Creditors and debt collectors can resort to legal actions wherein they can file summons with the court so as to make a debtor answerable in the court, often with the intention to get a garnishment. (more…)