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  • Can You Buy a New Car During Chapter 13 Bankruptcy?

    Call: 888-297-6203

    There are many times when misfortune keeps on entering your life. Lawyers of Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/discuss a case where a couple who was in a 5 year Chapter 13 bankruptcy plan had the misfortune of losing their car to fire. Though the insurance declared it a total loss and offered them $13,000; buying a new car while in their 3rd year of bankruptcy can be a big dilemma.

    In case there was no money owed on the vehicle, it is easier for the owners. However, if some money is owed then you need to pay the lender the remaining money before you can get any of the insurance money. before buying a car, it is important to know whether cash will be sufficient, or you will need additional finances. The various options available in this situation include:

    • In case you have enough finance to purchase the vehicle, you can go ahead without any permission. You can opt for a used car or a brand new one if you have the resources.
    • In case you will need financing for your vehicle, things might be a bit complicated. You need the bankruptcy court’s approval prior to getting the loan approval and will also need a keen lender.
    • Court approval is essential before buying anything while under a bankruptcy plan. Since the approval takes 1 months’ time (processing of paperwork, giving permission for financing), it is important that you get permission before approaching any car dealer. For permission, you need to inform the court what happened to your previous car, what amount you will be spending on the new vehicle, how much finance will be done, approximate monthly payments and the effect of the proposal on your chapter 13 bankruptcy plan.
    • Once you get the court order you can shop for your new car. Care should be taken to make the car dealers clear about your financial predicament (bankruptcy).
    • Before signing on the dotted line, negotiate with the car dealer for not just a better price on the vehicle but also the interest rate on a car loan. Choose the best plan from those available.
    • Additional car payments might affect your chapter 13 repayment plan. In case you have money to support the deal, it is good; else ask the court to modify the plan. You can opt to reduce payments being made to unsecured creditors in order to support the car payments.
    • However, sometimes creditor’s payment might not be reduced. In this case, your bankruptcy schedule might have to be amended. You need to update your schedule to disclose changes in your financial situation (loss of vehicle, insurance proceed receipt, purchase of a new car).

    Though there shouldn’t be any issues updating your bankruptcy schedule, however, full disclosure is the best way forward. A bankruptcy lawyer can help you with the finer nuances. In case, you haven’t hired any lawyer, you can call experienced lawyers at 888-297-6023 to discuss your case.


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    • Different Types of Bankruptcies

      Different Types of Bankruptcies

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      Bankruptcy is one of the most sought out ways to get rid of unsecured debts that people have amassed over a period. Finding themselves in a financial soup can cause panic in people. Los Angeles based bankruptcy law firm Recovery Law Group, advises that there are a number of options when it comes to a bankruptcy filing. The most common chapters include Chapter 7 and Chapter 13. While the former is known as Liquidation Bankruptcy and involves the selling of the non-exempt property to pay your dues; the latter, also known as Wage-earner’s plan, makes sure that the creditors get paid some portion of their dues through a repayment plan. Other chapters of bankruptcy have rarely found their due. the various other bankruptcy chapters include:

      • Chapter 9

      This chapter caters to get rid of debts of municipalities, cities, and towns when the conditions turn out to be insolvent.

      • Chapter 11

      It is the 3rd most common type of bankruptcy chapter and is used to reorganize the business debts and assets of the bankruptcy filer.

      • Chapter 12

      This provision is available exclusively to fishermen and farmers for adjusting their debts. Though it is slightly difficult, it is perhaps the best option available.

      • Chapter 15

      This chapter is to assist those debtors who have some debts within the U.S. and some outside the country.

      Considering that several options are available for a bankruptcy filing, consulting with qualified attorneys Los Angeles is important before you decide to file for one. You can call 888-297-6023 to schedule an appointment with the best bankruptcy lawyers.


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

        *Do you own a home?

        Are you currently working?

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

      • Chapter 13 Hardship Discharge

        Chapter 13 Hardship Discharge

        Call: 888-297-6203

        Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, confirm that any debtor who qualifies for Chapter 13 bankruptcy get numerous benefits including protection from collection actions taken by creditors. While people filing for Chapter 7 often end up losing some of their property in order to get a bankruptcy discharge, Chapter 13 bankruptcy filers can keep the non-exempt property if they pay their creditors a portion of the amount. Sometimes, however, unforeseen circumstances might force debtors to face unexpected financial problems which might make it difficult to make payments as per the court approved repayment plan. In such circumstances, they can seek a hardship discharge.

        Debtors can get relief from some or all their debts under hardship discharge without completing the repayment plan. Though it seems unbelievable, it is true. However, there are stringent measures in place since the court cannot hand out complete discharges without payment. In case a debtor seeks hardship discharge they must:

        • Be unable to make payments as per the repayment plan, without any fault of theirs’.
        • Have made substantial payments to the creditors, more than they might have received in case of a Chapter 7 liquidation bankruptcy.
        • Cannot even afford to complete a modified repayment plan.

        Such relief is available to people who have fallen ill and cannot earn enough to repay their debts. In case you find yourself in a situation where a hardship discharge is your only hope, it is important that you consider all factors before making any decision. Having an experienced bankruptcy attorney can surely be an asset in such a case. In case you need to consult your case with adept lawyers, you can call 888-297-6023.


          *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.

        • Consumer Benefits of Chapter 13

          Consumer Benefits of Chapter 13

          Call: 888-297-6203

          While bankruptcy might be traumatic, it is an excellent way to get rid of excessive debts legally. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, most people filing for bankruptcy prefer Chapter 7. This is probably because you get a discharge within a relatively smaller time and with few financial restrictions and probable loss of some personal property, they can get rid of their debts. However, if you have a substantial income to pay off your debts, you might not be able to qualify for Chapter 7. In such a scenario, Chapter 13 is a great way out for people in debt who wish to stop creditor harassment and get rid of their debts.

          In case of Chapter 13, a repayment plan is devised based on your disposable income, through which you end up paying some portion of your debt to the creditors over a specified period (generally 3-5 years). Unlike Chapter 7 where the non-exempt property is sold off to pay the creditors, you can protect your assets from liquidation in Chapter 13 if you pay your creditors a sum equal to the non-exempt property. However, there is a limit capped by the court to saving non-exempt property by the debtor. In case you have enough income to afford the repayment plan, Chapter 13 is ideal for your financial recovery. For details regarding the benefits associated with this bankruptcy chapter and the protections you get when you file for bankruptcy, you can call 888-297-6023 to speak with expert bankruptcy lawyers Los Angeles.


            *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.

          • Why Abiding by Chapter 13 Repayment Plan is Essential?

            Why Abiding by Chapter 13 Repayment Plan is Essential?

            Call: 888-297-6203

            Filing for bankruptcy is probably one of the worst decisions anyone must take. Admitting that you were unable to manage your finances properly can be quite humiliating. However, once you have decided to go ahead with it, you should ensure that you get a discharge for your debts. Chapter 13 bankruptcy offers debtors a chance to reorganize your debts and pay some portion of it over a period of 3-5 years through a repayment plan. The court-approved plan is an excellent way to get rid of debts and get back on track financially.

            Los Angeles based bankruptcy law firm Recovery Law Group, lawyers inform that the repayment plan is based on your disposable income. However, once the plan is approved, it is essential that bankruptcy filer ensures that payment is made to the bankruptcy trustee every month. In case, he/she is unable to follow the repayment plan, they will be facing consequences far worse than before.

            Inability to stick to the repayment plan might result in the dismissal of bankruptcy which will cause creditors to resume all sorts of collection actions (repossession, foreclosure, wage garnishment, etc.). to ensure that things remain on financial track, the debtor must follow financial restrictions and avoid making unnecessary expenses. Certain debts like child support or alimony are not discharged even after bankruptcy. Thus, the debtor must ensure that these obligations are met along with the repayment plan. Adding on new debts is something that debtors should avoid. In case, some urgent requirements arise, consulting with bankruptcy trustee is recommended.

            If, after following the plan for some time, the debtor finds it too restrictive, they can also request the court to modify the repayment plan to a more feasible one. This can be done only if the debtor shows good faith gesture to go ahead with the plan, despite facing financial difficulty.

            In case you have decided to go ahead with Chapter 13 bankruptcy, but are unaware of the finer nuances, it is important you seek consultation with experienced bankruptcy lawyers. You can call 888-297-6023 to discuss your case with qualified professionals.


              *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.

            • Missed Bankruptcy Payments? Can Creditors Resume Collection in This Case?

              Missed Bankruptcy Payments? Can Creditors Resume Collection in This Case?

              Living beyond limits, using credit cards frequently can land you in huge debt. In such a case, people often find bankruptcy to be a great way out of debts. Chapter 13 bankruptcy offers debtors a chance to stop collection action while repaying some portion of their debt through a court mediated repayment plan. This plan is developed based on the disposable income of the bankruptcy filer. Disposable income puts certain financial restrictions on the debtor, eliminating all unnecessary expenses to accommodate the repayment plan. However, inform Dallas based bankruptcy law firm Recovery Law Group, people sometimes end up missing the payments. The consequences of this can be quite hard.

              If an individual debtor misses’ making the payments as per the repayment plan, the bankruptcy trustee should examine why the lapse occurred. In case, they find no justifiable reason, they can recommend the dismissal of the bankruptcy case to the court. Dismissal of the case by the court will land you in a soup as the creditors whom you owe debts can resume collection actions to get their money back.

              If the bankruptcy trustee recommends dismissal of the case, the bankruptcy filer has legal rights to file a petition in order to reinstate the plan. This can be approved if there is evidence convincing enough to prove that they can continue with the payment plan. Another option available is to file a petition to the court for a more reasonable repayment plan which can be easily managed by the debtor. Remaining engaged in the process by the bankruptcy filer shows their intent to pursue the repayment plan in order to get rid of their debt. This can work in their favor; else the court might end up dismissing the case leaving the debtor in a lurch.

              It is important that while working out a repayment plan in Chapter 13, you wisely inspect your circumstance before agreeing to the repayment plan. Bankruptcy can be quite confusing and should best be handled by experienced bankruptcy lawyers. If you wish to get rid of your debts through Chapter 13 bankruptcy, it is important that you call 888-297-6023 and consult with the best attorneys of the field.


                *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.

              • Everything You Wanted to Know About the Chapter 13 Repayment Plan

                Everything You Wanted to Know About the Chapter 13 Repayment Plan

                Call: 888-297-6203

                Filing for bankruptcy is often the last option taken by people who have been struggling with debts for a long time. According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, people have the option of filing under Chapter 7 or Chapter 13. Ideally, Chapter 7 is preferred as it gets rid of all unsecured debts without losing many assets of the bankruptcy filer. If, however, you fail to qualify the means test, you are stuck with Chapter 13. It is therefore important to know what happens in this chapter so that you are prepared to handle what comes your way.

                Here are some of the key facts related to Chapter 13 bankruptcy:

                • Chapter 13 involves a repayment plan where you are expected to pay back your creditors some portion of your debt.
                • The repayment plan lasts for 3 or 5 years depending on whether your average monthly income for the past six months prior to bankruptcy filing was less than or more than the state median respectively.
                • The repayment to creditors is done using your disposable income, i.e. the income which is left after deducting all essential monthly expenses such as housing, food, etc.
                • If your financial situation deteriorates during the repayment plan (loss of a job, unexpected medical expense, ) which results in non-payment of the dues, you can ask for a modification in your agreement by consulting your bankruptcy trustee.
                • After completion of the repayment plan in 3-5 years, you can get a fresh financial start.

                For more details regarding bankruptcy procedure and filing, you can contact experienced bankruptcy lawyers Los Angeles, at 888-297-6023.


                  *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.

                • Who Can File for Chapter 13 Bankruptcy?

                  Who Can File for Chapter 13 Bankruptcy?

                  Call: 888-297-6203

                  When you realize that there is no way out of debts, bankruptcy might be the logical conclusion. Though, people prefer Chapter 7, very few manage to qualify for it. The other option for people is filing for bankruptcy under Chapter 13. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group, say that it is essential that you qualify for the same.

                  The eligibility criteria for Chapter 13 bankruptcy include:

                  • Only individuals and not business entities can file for Chapter 13 bankruptcy.
                  • If you had previously filed for a Chapter 13 or Chapter 7 bankruptcy and got a discharge, you cannot proceed with Chapter 13 bankruptcy before two years and four years respectively.
                  • It is mandatory to attend credit counseling
                  • There is a limit capped on your debts in case of Chapter 13 bankruptcy filing in Dallas. You should not have more than $1,010,650 secured debt and $336, 900 unsecured debt. These figures, however, change every three years factoring for inflation.
                  • Filing of state and federal income tax returns is mandatory.
                  • The repayment plan should include all required debts.
                  • Sufficient disposable income must be present to pay the debts through the repayment plan proposed.

                  In case you fulfill all the above-mentioned criterion, it is pertinent that you consult with experienced bankruptcy lawyers at888-297-6023 before pursuing the plan further.


                    *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.

                  • Beware of the Emergency Bankruptcy Scam

                    Beware of the Emergency Bankruptcy Scam

                    Agreeing to bankruptcy is a decision which takes time. people generally look for options to work out their debts in order to avoid bankruptcy. This is probably because bankruptcy appears on your credit report for 7-10 years. Though it is an excellent way to get rid of debts as well as put a stop to collection actions, lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that you should be aware of unscrupulous lawyers who are out to get your money in the name of emergency bankruptcy filing.

                    Filing for bankruptcy can help you if you are facing repossession or foreclosure on your property. Generally, the procedure involves a lot of paperwork which takes time, even for the most experienced lawyers. When any individual files for bankruptcy, they are required to submit the following documents to the court –

                    1. Paystub for the last 6 weeks or longer
                    2. Certificate of your successful completion of credit counseling course
                    3. Complete list of all your debts and creditors including their addresses
                    4. A list of all your assets, your accounts, an approximate value of your assets, etc.
                    5. A repayment plan for paying back your creditors in case of Chapter 13 bankruptcy.

                    All these documents require time to assimilate, prepare and file. Any mistake in the documents (omission of an important document, missing a creditor name or debt, etc.) can have grave consequences; sometimes leading to the dismissal of the case. If this happens, you are in a worse condition than before. Generally filing for bankruptcy takes 7-10 days’ time.

                    Emergency bankruptcy filing option is available in case you are facing imminent repossession or foreclosure issues. In this case, you can file a two-page petition which puts an automatic stay in action preventing all sorts of collection actions. However, you are expected to file the remaining documents within fifteen days of filing the emergency bankruptcy petition.

                    This procedure has become a way to earn money by corrupt bankruptcy lawyers who make use of the system to con gullible filers out of their money. These lawyers ask for money to file an emergency bankruptcy petition on your behalf but do not follow it up with the remaining documents. Filing of the petition puts collection actions like threatening phone calls on hold, till your petition is dismissed because of lack of proper documents. This leaves you in a condition worse than before.

                    It is therefore important to be vary of advocates who suggest emergency bankruptcy filing when you first meet them. Competent bankruptcy attorneys will take their time to study the case and come up with a suitable plan of action benefiting their client. If you are looking for experienced bankruptcy lawyers for your case, you can call 888-297-6023.


                      *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.

                    • Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

                      Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

                      Call: 888-297-6203

                      Managing finances is a tricky affair. People often find it difficult to keep their finances above board. However, there can come a time, when you might have to consider bankruptcy as an option. Individuals can opt for Chapter 7 or Chapter 13 bankruptcy; however, the former is preferred. According to Los Angeles based bankruptcy law firm Recovery Law Group, the situations where Chapter 7 bankruptcy is the best way out include:

                      • Majority of your debts are due to excessive use of credit cards. Heavy reliance on credit cards can lead to an excessive amount of loans which can send anyone down the rabbit hole.
                      • Foreclosure notice can be a rude shock for anyone. You could end up losing your home if you are behind mortgage payments. Banks can foreclose on your property if prompt action is not taken. Filing for bankruptcy under Chapter 7 puts an automatic stay in place which prevents any collection action including foreclosure.
                      • If you are heavily under debt, wage garnishment is a reality which cannot be avoided. Lenders can garnish your salary to collect against your debt. The automatic stay can put a hold to wage garnishment also.

                      Though these reasons aren’t enough, they give you a general idea of when to look for bankruptcy as a way out. It is important to know the pros and cons of bankruptcy before you decide to file for it. You can consult with experienced bankruptcy lawyers Los Angeles about your case at 888-297-6023.


                        *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.