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Tag: Chapter 13 Bankruptcy

  • Which Debts are Cleared by Bankruptcy?

    Which Debts are Cleared by Bankruptcy?

    Bankruptcy is an ideal way to get rid of debts. However, things can be quite confusing for the layman as the terms are often misunderstood. Though bankruptcy is meant to legally get rid of huge amounts of debts, lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that not all debts get discharged during the process. Depending on which chapter of bankruptcy you choose to file bankruptcy under, your debts can be reorganized, discharged or left as such. To know details about your options, consult with expert bankruptcy lawyers at 888-297-6023.

    Chapter 7 Bankruptcy

    If you want a quick discharge of several debts without making any payments towards them, this is your best bet. Also known as Liquidation Bankruptcy, it typically gives the debtor a discharge within 3-6 months of the bankruptcy filing. Majority of the debts discharged in this bankruptcy chapter include unsecured debts such as credit card bills, personal loans, medical expenses, etc. If loans such as these and other nonpriority unsecured debts like business loans, private student loans, and utility bills, etc. constitute a majority portion of your debt, then you should opt for this chapter of bankruptcy.

    It is important to keep in mind that secured debts, such as those against which the creditor has collateral (house mortgage, car loan, etc.) and unsecured priority debts like alimony, student loan, child support, certain government taxes, etc. cannot be discharged. The same holds true for any debts which are related to fraud.

    Chapter 13 Bankruptcy

    This chapter of bankruptcy is known as Reorganisation Bankruptcy. In this case, while filing you can include all kinds of debts. A repayment plan is devised depending on your disposable income and the debts are paid over a period of 3-5 years. Any unsecured nonpriority debts which remain after this are discharged. During the repayment plan, your house cannot be foreclosed, and your vehicle repossessed if you keep making payments towards those loans. This is the best option available if you wish to prevent foreclosure, repossession or want to put a stop to interest build-up on tax debts.

    Though it may seem easy, filing for bankruptcy can be quite difficult, especially if you miss out on any nuances. It is therefore advisable to consult an expert bankruptcy lawyer to help you get out of your huge financial problems by filing for bankruptcy.


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    • Is Bankruptcy an Answer to Debt Relief?

      Is Bankruptcy an Answer to Debt Relief?

      A disability may occur to anyone at any point in time, but the gaping fact is the treatment. The treatment of a person may be quite expensive. The person may not have enough and may have to take loans to get treated. The loan could mount unreasonably making it difficult for the person to clear it off. Getting a disability benefit may help him swing through the daily chores but will not help him clear the loans. With disability, the person cannot be employed for gainful income and hence is left with little or no resources to clear the debt. People stuck in such problems can opt for filing a bankruptcy case. For more detail information visit- Recovery Law Group.

      There are two chapters in the USA court that allows the debtor to file a case under bankruptcy- Chapter 7 & Chapter 13 Bankruptcy. The applicant needs to fill the form describing his situation and the need; as per their requirement, the legal representatives will offer suggestions.

      Chapter 7

      Chapter 7 is a one-shot method of clearing the debt. All debts are cleared in one shot with no liability left for later payment. A trustee is appointed by the court, who assesses the assets of the debtor and lists them under exempted and non-exempted properties. The exempted properties are retained by the debtor, while the non-exempted properties are sold/liquidated to clear the debt. The creditor must settle with whatever amount is gained by selling the non-exempted properties. The client before applying for Chapter 7 must realize that he /she may have to lose their asset/properties.

      Chapter 13

      Chapter 13 is another method of declaring bankruptcy. In chapter 13, a repayment plan is made for 3 or 5 years depending upon the source of income. A debt amount is ascertained by the trustee after evaluating the financial condition of the debtor. The creditor also has to agree on the amount. The amount is then divided into a monthly installment repayment plan that needs to be completed within 3 or 5 years. The time period cannot extend beyond 5 years.

      The client applying for chapter 13 can retain his/her properties but must arrange regular monthly payment to the creditor. The applicant can apply for bankruptcy under any one chapter, depending upon their situation and choice. For more information call on- 888-297-6203.


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      • Is Bankruptcy The Right Decision

        Is Bankruptcy The Right Decision

        The debtor may often ask ‘if bankruptcy is the right decision for me?’. This is so because bankruptcy may be seen as a dishonor or disgrace to their reputation. Consequently, a person not able to clear off his loans is more dishonorable than bankruptcy. In bankruptcy, the debtor is trying to clear some part of the debt, which may not be otherwise possible. The debtor when realizes that in no circumstances, he will swim through the loans successfully, and ultimately drown, must take rescue in bankruptcy. Detail information is available on- https://bankruptcy.staging.recoverylawgroup.com/

        Qualifying for bankruptcy

        The government of the USA has designed bankruptcy to help people stuck in bad loans. The law is quite poignant and not all can qualify to file for bankruptcy. This is so because the Government wishes to prevent misuse and help only the genuine needy ones. The debtor can file bankruptcy under two chapter- 7 & 13. Both have their own qualifying terms, that the applicant must clear. Other loans apart from student loans can seek bankruptcy.  Exceptional cases of student loan are only allowed for bankruptcy.

        Qualifying for Chapter 7

        In chapter 7, a percentage of debt amount is fixed to be cleared within 90 days of the hearing. A mean test can be taken by the debtor to verify his suitability. The mean test consists of comparing his past six months monthly salary to the median income of the state in which he/she resides. Median income may differ from State to State in the USA. The client’s income should be less than the median income to qualify for bankruptcy. The client’s non-exempted properties and assets are then sold to clear the debt.

        Qualifying for Chapter 13

        While you may lose some of your properties in chapter 7, you can save it by filing bankruptcy under chapter 13. The process is the same, paying off a designated debt amount, but in installments within 3 to 5 years of the time period. The debtor does not need to clear a mean test for chapter 13. On the contrary, if he fails, i.e. if his income is less than mean income, he may not be suitable for chapter 13 and the case can be dismissed.

        Chapter 13 is good for people with steady income resource, stuck in child support bill or income tax debt. The client can also apply for chapter 13 after applying for chapter 7, within 8 years of hearing. Chapter 13 not only discharges some percentage of debt amount but also helps the debtor retain his assets.

        Taking a decision to file for bankruptcy must be taken after analyzing the pros and cons of both the chapter. Although bankruptcy is a good procedure, it is an individualized decision, suiting one’s own debt profile. A professional help goes a long way in clearing the confusion and arriving at the right decision. For advice and consultation on bankruptcy call on- 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.

        • Questions to Ask a Bankruptcy Attorney Before Filing

          Questions to Ask a Bankruptcy Attorney Before Filing

          Bankruptcy can be trying times for people struggling to make ends meet. Though you can file for bankruptcy on your own, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ suggest that you hire an expert bankruptcy attorney to help you with your case. Despite a lot of information regarding bankruptcy is available online, it is important that you ask the following questions with any potential attorney you wish to hire for handling your bankruptcy case.

          • Which chapter of bankruptcy would work best for you?

          Individuals can file for bankruptcy under Chapter 7 or Chapter 13. To qualify for Chapter 7, you should be able to pass the means test. According to this, your average income should be less than the state median for a household of similar number of members. Chapter 7 is preferred as it takes relatively smaller timeframe to get a discharge. Any non-exempt property you have is liquidated to pay your creditors and remaining unsecured debts are discharged at the end of the bankruptcy case.

          If you are unable to pass the means test, Chapter 13 is an option. For this case, you need to have enough income to support a repayment plan, where your disposable income will be used to clear your debts over a period of 3 to 5-years. Additionally, if you have more equity in the property than can be exempted, Chapter 13 allows you to keep the non-exempt property if you pay unsecured creditors an amount equal to the value of the non-exempt property. An adept bankruptcy attorney can help in determining which chapter would be best for you.

          • Which assets can be protected during bankruptcy?

          Anything you own including your property and any assets becomes part of your bankruptcy estate. However, federal and state government provide exemption through which you can protect your property. A qualified bankruptcy attorney Los Angeles can help you in protecting most of your assets when you file for bankruptcy. This includes any foreclosure or repossession from creditors.

          • What happens in the case of preferential payment?

          If you pay any creditor at the expense of another, this might be considered a case of preferential payment, which is not looked upon kindly by the court. An experienced bankruptcy lawyer can distinguish between the payments made by you to all creditors, to determine whether any of them can be considered preferential. If there are any such payments made, they might also find ways to rectify them.

          • What is the 707B objection?

          Sometimes, the bankruptcy trustee might object to Chapter 7 filing of a debtor. This may be due to the high income of the debtor, which makes them a better candidate for Chapter 13 bankruptcy. Generally, your income and the type of your debts are considered while deciding on the bankruptcy chapter. Higher-income generators have a better chance of paying their debts and therefore in such cases, Chapter 7 bankruptcy is rejected in favor of a Chapter 13 bankruptcy. Expert bankruptcy lawyers at 888-297-6023 can help you with your bankruptcy.


            *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.

          • Get Rid of Private Student Loans During Bankruptcy?

            Get Rid of Private Student Loans During Bankruptcy?

            Getting a good education does not come cheap. People with limited salaries and assets generally must take out loans for getting quality education to improve their chances of a better future. There are two options when it comes to taking loans; you can either opt for a federal student loan or a private student loan. Though private student loan seems easier to get, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, inform that they are not that easy to get rid of. If you are going through a rough financial phase and seek to get your debts discharged, you might need to consult with expert bankruptcy lawyers at 888-297-6023 to know more about your student loan debt.

            Difference between federal and private student loan debt

            Federal student loans are different from private student loans because the government does not generally consider your credit history. Additionally, it does not alter the interest rate depending on your ability to repay the said loan. Moreover, interest rates of federal student loans are capped and generally lower than the market rate for unsecured debts as well as the average interest rate for private student loans. Even repayment of these loans is relatively flexible. You can extend the time frame, reduce monthly payments or even erase some amount of debts (conditional). Sometimes, debtors might pay very less amount with respect to the loan for a number of years and even get the remaining debt forgiven.

            Unlike this, private student loans are more like unsecured debts. Students who are unable to get federal student loans can get those from private lenders. However, the interest rate will be huge. When it comes to repayment, you don’t get benefits similar to federal loans. you can ask the lender for leniency but there is not much that you can force them to do.

            Prior to 2005, private student loans were treated like other unsecured debts (medical bills, credit cards, etc.) and could be discharged during bankruptcy. However, changes in Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, resulted in both federal and private student loans being treated at par. Thus, unless you can prove undue hardship, you cannot get rid of your student loan (federal or private) during bankruptcy. This is unfair as private student loan lenders charge a higher interest rate, decline loan to people with bad credit history, ask for co-signers and yet get respite during bankruptcy.

            Can Congress bring any changes?

            Representatives in Congress started rallying for the Private Student Loan Bankruptcy Fairness Act of 2013 since January 2013. This bill is likely to help people get rid of private student loans in bankruptcy. However, people are divided over the issue as they want to level the playing field between the loan borrowers and private student loan lenders. The passing of this bill would help remove any special treatment which is accorded to private student loans during bankruptcy. Essentially, this will put them at par with other unsecured creditors. If the bill becomes a law, private student loan debts would be discharged during bankruptcy as other unsecured debts are. People can hope for the best as this law will definitely help many unfortunate debtors get rid of their private student loan debts in 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 the Chapter 13 Bankruptcy Plan be Extended Beyond Five Years?

              Can the Chapter 13 Bankruptcy Plan be Extended Beyond Five Years?

              People going through a bad financial phase often opt for bankruptcy to get rid of their debts. Individuals can either opt to liquidate their non-exempt property to pay their creditors under Chapter 7 bankruptcy or choose to repay their loans over a period of 3-5 years in Chapter 13 bankruptcy. However, if some claims persist even after the repayment plan is over, does the individual have the option of extending the repayment plan? According to Dallas based bankruptcy law firm Recovery Law Group, such a provision is not possible. However, expert bankruptcy lawyers at 888-297-6023 inform that you can always find a way around to get things done.

              Chapter 13 bankruptcy involves a repayment plan which is devised based on your disposable income. However, some debts might survive despite the repayment plan. Unless these dues are cleared, you cannot get your bankruptcy discharge. In case of such a situation, the bankruptcy trustee might file a motion to dismiss your bankruptcy case. If your repayment plan is over and you lack the additional money to pay, your case might be dismissed which will result in your unpaid interest on credit cards due. Fresh out of bankruptcy and with a huge amount of debts, you will not be able to file for respite also. It is therefore important to look for alternative solutions.

              Dismissal of a bankruptcy case will allow your unsecured creditors to stake claim to their dues. Since Chapter 13 bankruptcy repayment plan cannot be extended beyond 60 months, and dismissal of the case by the trustee is something you cannot afford, you need to file an opposition to the bankruptcy trustee’s motion of dismissing your case. Your bankruptcy attorney can ask the court for additional time to pay the remaining money.

              If the court agrees to continue a hearing on this matter you get time to pay your debts. Your lawyer can also ask the bankruptcy trustee to agree for continuing the hearing. This will provide you extra time to clear the debts. Though officially you cannot modify or extend your repayment plan, no law prevents a trustee from accepting voluntary payments with respect to your debts beyond your repayment plan. In case the trustee does not agree, the proposal can be presented to a judge who might agree if your Chapter 13 repayment record is excellent.


                *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.

              • What Are the Possible Ways to Settle a Credit Card Judgment?

                What Are the Possible Ways to Settle a Credit Card Judgment?

                There are enough cases of credit card debts in Los Angeles. People have a surmounting amount to be paid as credit card loans. Most of these credit card loans are unsecured loans; which means the creditors cannot seize credit card owners’ assets if he/she fails to pay the loans. However, the creditor can take rescue and file a case against the debtor. Once he gets a judgment against the debtor, he can propel the debtor to respond in court and take steps to seize the debtor’s assets. For good advice on how to settle a credit card judgement, the debtor can connect to https://bankruptcy.staging.recoverylawgroup.com/

                There are three possible ways to settle a credit card judgment-

                1. Vacate the judgment

                Vacate a judgment means filing a case in court against the creditor to dismiss the judgment. When a debtor files to vacate a judgment, the judgment stands null and void. For proposing to vacate a judgment the debtor will need a lawyer. A lawyer files a legal motion against the creditor to vacate the judgment. He can make the case strong by convincing the court that the client was not rightly served with the judgment.

                The client can win the case and the judgment will be vacated. Apparently, the client is still liable to pay the creditors; because if the case stands true there is no way the client is excused. On top of that, the client will have to shell an extra sum as the lawyer’s fee. So, vacating the judgment may not be the best approach.

                1. Settle the judgment

                The client can seek a unanimous settlement with the creditor.  The creditor usually settles for a lesser amount than the actual loan amount to arrive at a settlement. The client must seek a written document to avoid future complications. The lawyer can help the client retrieve a written settlement document to clear the case.

                However, despite settling the judgment the client may have to bear with the judgment on his credit record for many years. This may not go well with the client’s reputation and may wish to avoid it. Hence, settling the judgment may not appeal to the client.

                1. Apply for bankruptcy

                The creditor can file a chapter 7 bankruptcy case in the court. This will although save the settlement amount, but the lawyer’s fees need to be paid by the client. This again will damage the reputation of the client and will stay on his credit card record for more than 10 years.

                Is there any other option?

                There is one good option that will retain the reputation of the client as well as settle the judgment. The client can ask the creditor to vacate the judgment in good faith and dismiss the lawsuit. This way the client is clear off the record and is able to save his reputation. Apparently, the creditor’s lawyer may not be happy with the deal. The debtor can make some effort to convince the lawyer by offering an extra package to the creditor’s lawyer. The small amount will be like a drop in the ocean to save and secure the client’s reputation with an upgraded credit card report.

                Things to keep in mind while settling a debt amount

                The entire procedure of settling the debt must be covered well in a written document signed by both parties. Without the written document there will be no strong proof of settlement. Hence the client must agree on a written document before paying the money. Secondly, the client must take into notice that despite settlement the client is not excused of tax on the forgone debt amount. He may need to pay the tax against the actual debt amount. To understand more call on 888-297-6203.


                  *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 is Not Eligible to File for Chapter 7 Bankruptcy?

                  Who is Not Eligible to File for Chapter 7 Bankruptcy?

                  A bad financial situation can affect anybody anytime. Bankruptcy is one of the most viable solutions to get out of huge financial debts. A person or company can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 or liquidation bankruptcy is generally preferred as it takes comparatively less time and gets rid of unsecured debts. However, qualifying for Chapter 7 is one of the primary requirements to get a discharge. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, an individual filing for consumer bankruptcy needs to pass the means test, which requires you to have income less than an average household with a similar number of members. Disabled veterans or debtors whose debts arise mainly due to a business operation are exempted from the means test. There are other criteria to consider regarding eligibility for Chapter 7 bankruptcy. These include:

                  Your income

                  If your monthly income (average of the last six months) is less than the state median income, then you are eligible for Chapter 7 bankruptcy. If your income is more than the average income, you need to pass the means test. The bankruptcy trustee checks your disposable income to find out if you can repay your debts. Disposable income is calculated by deducting certain essential monthly expenses and required debt payments (secured and priority debts) from your total income. This disposable income is used to pay unsecured nonpriority debts such as credit card bills, personal loans, medical bills, etc. over a period of your repayment plan. Documents submitted while filing for bankruptcy include Schedule I where your income is mentioned and Schedule J which lists your expenses. These are used to calculate your disposable income. If there is enough disposable income, you can opt for Chapter 13 bankruptcy instead of Chapter 7.

                  Any previous bankruptcy discharges

                  There is a time limit to filing for bankruptcy and getting a discharge in Chapter 7 bankruptcy case. A Chapter 7 bankruptcy case discharge within 8 years or Chapter 13 bankruptcy case discharge within the previous 6 years you cannot get a discharge in Chapter 7. Additionally, if a previous Chapter 7 or Chapter 13 case was dismissed by the court in the past 6 months due to:

                  • your violation of a court order;
                  • your filing was an abuse of bankruptcy system;
                  • you asked for dismissal when a creditor sought relief from the automatic

                  Defrauding creditors

                  Your case might also be dismissed if you tried to cheat your creditors. Concealing assets so that you do not have to pay your creditors or transferring them to family or friends in order to prevent the non-exempt property from being liquidated, is considered fraud by the court. The court might dismiss your bankruptcy case if the trustee finds evidence of:

                  • a huge amount of debts for luxury items within a stipulated time frame of bankruptcy filing;
                  • selling of assets to relatives or friends at less than fair market rate;
                  • hiding money or property from your business partner;
                  • lying about your debts or income on your credit application.

                  Failure to disclose any pertinent information regarding your financial affairs or hiding assets to defraud your creditors might get your case dismissed. You might also be prosecuted for fraud.

                  Incorporated entity

                  In case the filer is a Corporation or LLC, they cannot get a discharge of their debts in a Chapter 7 bankruptcy case. In this case, the assets of the company are liquidated by the trustee and the fund so generated is distributed among the creditors. For further inquiry, call 888-297-6023 to speak with expert 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.

                  • What is Emergency Bankruptcy Filing?

                    What is Emergency Bankruptcy Filing?

                    Creditors can go to any lengths to get their money back. This may include threatening phone calls, foreclosure, repossession, wage garnishment, collection lawsuit, etc. If you are on the verge of getting evicted or any similar situation, bankruptcy can come in handy. When you file for bankruptcy in court, the automatic stay provision protects you from all collection actions by creditors. However, bankruptcy filing requires you to fill several forms. This requires time, which you don’t have. Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, suggest an alternative. You can opt for an emergency bankruptcy filing, also known as skeleton filing, where you need a few documents. This will result in an automatic stay, while you can submit remaining documents within the next 14 days. Call 888-297-6023 to know more about the procedure from expert bankruptcy lawyers.

                    When would you need emergency bankruptcy filing?

                    A bankruptcy petition comprises of numerous forms and details regarding your income, assets, your creditors, etc. However, when faced with immediate foreclosure or repossession action, there might not be time enough to get everything in order. You can, however, file bankruptcy forms online quickly using the emergency bankruptcy filing. You can access the online filing system anytime and start the online bankruptcy process by uploading some of the required forms. These include your bankruptcy petition specifying the chapter you are filing under and other relevant information like the creditor mailing list; mandatory credit counseling certificate or a request for its waiver and form B121 providing information about your Social Security number. You also need to pay a filing fee or submit a request for its waiver or request paying the fee in installments. You will need to submit all additional documents within 14 days of online filing of your skeleton bankruptcy case or it will be dismissed.

                    Emergency bankruptcy filing steps

                    Emergency bankruptcy filing involves the following steps:

                    1. You must check with the court clerk or the official website to find out which forms are required for an emergency
                    2. You need to fill the voluntary petition for individuals filing for bankruptcy.
                    3. Ensure that you include the names and addresses of all your creditors, collection agencies, attorneys, sheriffs and any other person who can collect a debt from you.
                    4. Fill form B121 providing information about your Social Security number.
                    5. Complete all forms required by the court. This can vary in every jurisdiction.
                    6. File the original form along with the necessary number of copies with the court clerk. This should be accompanied by the bankruptcy filing fee, request for paying the fee in installments or a fee waiver application, along with a self-addressed envelope. Always ensure that you have a copy of every document for your records.
                    7. File all remaining bankruptcy forms within 14 days to avoid dismissal of the 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.

                    • Under What Circumstances Can Debt Discharge be a Problem with Chapter 7 bankruptcy

                      Under What Circumstances Can Debt Discharge be a Problem with Chapter 7 bankruptcy

                      Debt discharge or release can be regarded as one of the major benefits of chapter 7 bankruptcy San Antonio. However, it can be so that the debt discharge might be limited, or one might not get any discharge. Why does this happen, how to avoid this? All these questions will be addressed below. Meanwhile, address all other worries or questions about bankruptcy and their chapters on https://bankruptcy.staging.recoverylawgroup.com/.

                      Legal reasons for not qualifying for a discharge

                      The two common legal barriers for not qualifying for a debt release can be listed as follows-

                      • Error in procedure

                      The bankruptcy court is a legal framework and it has a pre-defined methodology of getting things done. For instance, filing of the form, passing of motion for different scenarios and presenting the case in front of the court has a set procedure and experienced attorneys can best handle the documentation and presentation part. A small error in this process could create a legal barrier for availing debt discharge.

                      • It is a non-dischargeable debt

                      There are some debts which have been categorized under non-dischargeable. There are almost 19 types of debts which cannot be discharged. If your debt falls under this category, it is very unlikely to get a discharge. However, under certain circumstances, with a good attorney, you may be able to get some relief for these 19 categorized debts also.

                      Debts that are normally non-dischargeable

                      Under most scenarios, there is some type of debts which are not subject to discharge most often than not. The list below consists of some common non-dischargeable debts-

                      • Any unscheduled debt, which the debtor fails to list in the bankruptcy petition and for which creditor does not receive a notice because of not being on the mailing list, shall not be discharged
                      • Tax Debts
                      • Child support and alimony
                      • Fines, penalties and other directive fees to government agencies
                      • Student loans
                      • Drink and drive debts
                      • Debts from tax benefited retirement plans
                      • Debts arising from Condo or HOA fees
                      • Attorney fees
                      • Criminal restitution

                      On what basis can the Court deny a qualifying release of debt?

                      The basis for court denial for release of debt can make you more complaint and vary about the process and you can avoid such scenarios. Few of them can be listed as follows-

                      • Not facilitating requested tax documents
                      • Did not complete financial counseling course, which is a mandatory requirement for filing a bankruptcy court
                      • Any transfer or nondisclosure of a property or an asset to manipulate the court and the creditors
                      • Tampering with the book records, agreements and any other records of value
                      • Any fraudulent act in relevance to the bankruptcy case
                      • No or incomplete records for lost/sold/disposed assets
                      • Violation of court order during the bankruptcy process
                      • Have received a bankruptcy discharge in the recent years

                      Debts that can be subject to a strong release objection

                      These are debts that can create controversy amongst the lenders and can lead to strong objection if the filer appeals for release of such a debt. Such debts have a 50-50 chance of being released. They can be listed as follows-

                      • Use of credit card for the purchase of luxury goods – In 99.9% cases, such a debt is a non-dischargeable debt and every credit card lender will surely object release or discharge of such a debt
                      • Cash advances – If a bankruptcy filer has received any cash advance from a lender within 70 days of the bankruptcy filing, especially above $1,000, it can be regarded as a fraudulent transaction. Hence, the cash advance could be a non-dischargeable debt.
                      • Any debt that is obtained by providing for incorrect or false documentation
                      • Any debt that has been incurred due to willful damage to other’s property of causing injury to someone else is also subject to a non-discharge.

                      It is still not something which straightforward to interpret as there are a lot of ifs and buts when it comes to the type of debts that can be wiped out versus debt that shall prevail even after bankruptcy. Dial in 888-297-6203 for more information and get all your questions answered from the subject matter experts.


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