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  • Wish to File for Chapter 7 Bankruptcy? Here are the Requirements for Qualifying for It

    Wish to File for Chapter 7 Bankruptcy? Here are the Requirements for Qualifying for It

    Call: 888-297-6203

    Unlike chapter 13 where reorganization of debts takes place and a repayment plan is involved, chapter 7 is a no-asset case. However, you can protect some of your property using exemptions provided by state or federal laws. All non-exempt property of the filer is at the disposal of a bankruptcy trustee who can liquidate them to pay your creditors. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say chapter 7 bankruptcy is the best way to get financial relief no matter how much the debt provided you can qualify for it.

    Who can qualify for chapter 7 bankruptcy?

    Debt relief through chapter 7 bankruptcy is available for people having low income. In this case, the monthly income is calculated as an average of the previous 6 months before the bankruptcy filing. If the monthly income is less than the state median income for a household of similar members then you can file for chapter 7 bankruptcy. However, if your income is higher than the state median, you need to pass the means test. This test is used to determine if you have enough disposable money to pay some of your debts. In case you do, you cannot qualify for chapter 7 bankruptcy.

    Presumption of abuse will be considered if the amount available to pay creditors (more than 25% of unsecured debt) to be paid in five years is more than $12,850. However, if you can show that due to certain circumstances you won’t be able to pay this, only then you can file for chapter 7 bankruptcy, else the case will either be dismissed or converted into a chapter 13 bankruptcy.

    Other requirements that can affect your chapter 7 bankruptcy eligibility are the dismissal of a previously filed bankruptcy case (180 days prior to filing) due to failure to appear or comply or because the debtor voluntarily dismissed the petition. Additionally, you should have attended the mandatory credit counseling course from an approved agency within 180 days prior to a bankruptcy filing.

    What do you need to file for chapter 7 bankruptcy?

    After filing a petition in bankruptcy court, the debtor must also file the following documents:

    • Financial account statement
    • List of assets and liabilities
    • Schedule for income and expenditures
    • Any contracts or unexpired leases
    • Proof of any payment received in 60 days prior to a bankruptcy filing
    • Credit counseling certificate and copy of repayment plan etched out
    • Monthly net income along with any expected increase in either income or expenses
    • Any qualified education or tuition accounts the debtor has

    Bankruptcy lawyers are your best bet if you wish to get rid of the huge mountain of debts. Call 888-297-6023 to speak with experienced bankruptcy lawyers regarding your options.


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    • Can Changes in Income or Expenditure Affect Chapter 7 Bankruptcy?

      Can Changes in Income or Expenditure Affect Chapter 7 Bankruptcy?

      Chapter 7 bankruptcy has no debt limit for individual bankruptcy filers. Thus, any increase in debtor decrease in income is not going to affect your Chapter 7 bankruptcy eligibility. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, you are obliged to disclose your finances as well as update them (if there have been any changes) when you file your bankruptcy papers. Chapter 7 requires this more than Chapter 13 as your income is the primary criterion that determines whether you can qualify for this bankruptcy chapter or not.

      In case you are filing for bankruptcy and you anticipate any change in income around your bankruptcy filing, you should intimate it to the court. If you have lost your job, you should add this information to the pertinent documents. Once you have filed the papers, check whether the updated information is included in them or not. You will be asked questions related to income changes by the bankruptcy trustee in the 341 hearing or meeting of creditors. This is important as any increase in income might disqualify you from Chapter 7 eligibility.

      In case you are amending any document, you should intimate the bankruptcy trustee of the amended schedule. The same holds true for property too. According to Section 1306 of Bankruptcy Code, any property which is purchased after the beginning of bankruptcy case but before it ends, is dismissed or converted should be included as a part of the bankruptcy estate. Additionally, you should also report any inheritance, bonus, or life insurance received. If the debtor does not follow the rules of disclosure, there can be serious repercussions with respect to the bankruptcy case. Any discharge obtained by fraud means can be revoked. Also, if you fail to disclose financial assets, this could lead to criminal prosecution too (for bankruptcy fraud).

      Any individual who is filing for Chapter 7 bankruptcy needs to include their statement for current monthly income. If their monthly income is more than the average state median, they have to undergo a means test. This test is used to gauge the ability of the debtor to pay the creditors through their disposable income. Disposable income is calculated by deducting any and every monthly expense essential for surviving like food, clothes, medical, transportation, utilities, taxes, and housing apart from any secured debts (mortgage, car loan) and court-mandated payments like taxes, childcare, alimony, etc. from the monthly income. If your disposable income is enough to make payments towards unsecured creditors your bankruptcy is converted into a Chapter 13 bankruptcy. thus, any change in your income or expenses might affect your bankruptcy chapter. It is therefore important that you consult with expert bankruptcy lawyers. You can call 888-297-6023to to discuss your case with experienced 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.

      • Important Facts About Chapter 7 Bankruptcy

        Call: 888-297-6203

        If you are facing harassment from credit card companies due to non-payment or delay in bill payment, then bankruptcy might be a good option to get rid of the constant stress. According to Dallas based bankruptcy law firm Recovery Law Group Chapter 7 bankruptcy is the best way to get rid of your debts if you can qualify for it. Filling for Chapter 7 bankruptcy will get rid of the following debts:

        • Private student loans
        • Medical bills
        • Personal loans
        • Credit card debt
        • Lawsuit claims and judgments

        However, there are specific rules regarding the discharge of certain debts especially court judgments and federal taxes. The debts which won’t be eliminated in Chapter 7 bankruptcy include alimony and childcare payments, court fines, recent taxes, criminal restitution, and any debts which the debtor incurs after filing bankruptcy papers. If you are worried about debts and wish to get rid of them, you need to hire qualified bankruptcy lawyers. Call 888-297-6023 to know which debts can be eliminated through bankruptcy by consulting with experienced bankruptcy attorneys.

        Qualifying for Chapter 7 Bankruptcy

        Everyone cannot opt for chapter 7 bankruptcy. The monthly income should be less than the state median to qualify for this bankruptcy chapter. In case the monthly income is higher, you need to pass the means test. This test is used to determine whether you have enough disposable income to pay your debts through a repayment plan.

        Apart from the means test, you should not have any dealing in bankruptcy court within 180 days prior to filing for bankruptcy. Additionally, you should have completed the mandatory credit counseling course before filing papers. In case you fail to qualify for Chapter 7, chapter 13 is another option available to get rid of your debts. However, if you qualify for chapter 7 bankruptcy, you will need to submit certain documents with the bankruptcy court. A bankruptcy lawyer can help you gather all relevant financial information and file for bankruptcy.

        Both federal and state government provide exemptions to bankruptcy filers. You can choose between either of those sets of exemptions to protect your property. Any non-exempt property you have is liquidated to clear your debts to your creditors.


          *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.

        • Filing for Chapter 7 Bankruptcy? Your Timeline is Very Important

          Call: 888-297-6203

          A bankruptcy filing can be a scary affair for many since they are already worried dead about the repercussions, they could face due to it. However, all of this fear is unfounded say Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. With experienced attorneys by your side, you will be guided regarding when to file and what to expect after the filing of bankruptcy. Additionally, they will also inform you what to do and avoid before filing for bankruptcy. If you need to discuss your case with experienced bankruptcy attorneys, you can call at 888-297-6023.

          According to bankruptcy lawyers, if you are thinking of bankruptcy, it is important that you are well versed with the timeline of bankruptcy.

          • 6 to 8 years before Chapter 7 bankruptcy filing – In case you have previously filed a Chapter 7 bankruptcy and got your debts discharged, you cannot file another Chapter 7 petition before 8 years. If you had previously filed for a Chapter 13 bankruptcy and received a discharge, then you can file a Chapter 7 bankruptcy petition, after 6 years, if you had paid almost 70% of your unsecured debts.
          • 1 year before filing – While going through your financial records, a bankruptcy trustee can look up to 1 year back for any debts paid to relatives or close associates. Any such payment can be construed as preferential payment and can be reversed. This will then be paid to other creditors. in case you tried to hide any asset by transferring it or hiding it within 1 year of the bankruptcy filing, then you might be denied a discharge and the property recovered. It is therefore recommended that you wait for 2 years to be sure that no such thing happens.
          • 90 days prior to filing – You are required to have residential status in the state of the bankruptcy filing. If not, you should have lived for at least 90 days in the state before filing bankruptcy there. If the minimum duration is also not fulfilled, then you should file for bankruptcy where your main assets were located for the most part of 180 days prior to a bankruptcy filing. Additionally, you should neither make any new debts ($500 or more), nor pay any creditor in full during this period.
          • Filing of bankruptcy – Once you have filed for bankruptcy, the automatic stay is enforced. This prevents your creditors from pursuing any collection action including harassing phone calls. a Notice of Commencement is drafted by the court and mailed to your creditors informing them of your bankruptcy filing. It also provides information regarding the time of 341 Hearing which is the deadline for your creditors, for filing their claims and who will be the bankruptcy trustee.
          • 30 days after filing for bankruptcy – you need to inform the court of your secured assets which you intend to keep or reaffirm. This is done by filing a Statement of Intentions in Court. This also helps in informing the Court which secured assets you are turning over to your bankruptcy estate.
          • 3-6 weeks after bankruptcy filing – Meeting of Creditors takes place by now. You need to provide all financial documents to the Bankruptcy trustee a minimum of 7 days prior to this meeting.
          • 30 days after Meeting of Creditors – Any objection that any of your creditors or your bankruptcy trustee has to your petition must be filed within these 30 days.
          • 90 days after Meeting of Creditors – Creditors should file their Proof of Claim with Court which tells how much you owe them. Unless a Proof of Claim is submitted by a creditor, they won’t get paid from your Bankruptcy Estate.

          Though this provides an approximate idea of what happens when you file for bankruptcy, you should consult hiring an experienced bankruptcy attorney to get all your questions answered.


            *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.

          • Does Social Security Income Play a Part in the Chapter 7 Means Test?

            Call: 888-297-6203

            Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration.

            Every state has a different limit. In case the median income is below the numbers specified for your household size, a “short-form means test” needs to be completed. If, however, your median income is above the median income, you have another option available. This test determines whether your income and expenses make you eligible for Means Test. Mortgage or car loan can lower monthly income so that you can probably qualify for Chapter 7 bankruptcy.

            Which incomes are included in Means Test?

            Considering that your average household income is important for you to pass the Means test, you should be aware of which incomes are included in this test. In Schedule, I, all types of incomes including your expected monthly income are listed. However, all of them are not included in the Means Test. The incomes which matter include:

            • Income generated through regular employment, business, retirement, pension, etc. You should also include any child support or alimony income that you receive in Means Test.
            • Disability income including Social Security Disability and Veteran Affairs Disability is not included for Means Test.

            If your income becomes high enough (due to Social Security or VA benefits) to disqualify your Means Test, you can avoid including them and thus qualify for Chapter 7 bankruptcy. If you are thinking of getting rid of debts through Chapter 7 bankruptcy, qualifying the Means Test is a necessity. You should consult an experienced lawyer regarding whether you can qualify for Chapter 7 or not. Discuss your case with skilled bankruptcy attorneys 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.

            • Which Deductions are Allowed in Means Test for Chapter 7 Bankruptcy?

              Which Deductions are Allowed in Means Test for Chapter 7 Bankruptcy?

              Call: 888-297-6203

              If you have a huge backlog of debts that you have been unable to get rid of, Chapter 7 bankruptcy is ideal for you. However, Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ says that to be able to get your debts discharged through Chapter 7 bankruptcy, you need to pass the Means test. Passing the Means test is an essential requirement for qualifying for Chapter 7 bankruptcy. Since Chapter 7 bankruptcy gets rid of the majority of the debts, prevention of its misuse by high-household income people is essential. Certain expenses are deducted from the income which might help you qualify the Means test. It is also used to calculate your disposable income in case of a Chapter 13 bankruptcy.

              The expenses which are deducted from the household income are essential expenses like food, housing, utilities, and other monthly expenses. These expenses have a predetermined fixed amount as per IRS local and national standards. Apart from these, other expenses which are considered essential and deduction of which can allow you to pass Means test include:

              • The mandatory court-ordered payments including alimony and child support.
              • Childcare expenses such as day-care, babysitting, etc. can be used for deductions.
              • Any expense incurred while taking care of an elderly, ill or incapacitated family member which may include nursing care, personal attendant, medicines, etc.
              • Any monthly amount that you must pay for your term life insurance policy can also be deducted.
              • You can also deduct the monthly mortgage and/or car loan payments you make. However, it is important to keep in mind that the amount allowed is the average of what is due over the next 60 months.
              • If you are expected to pay for compulsory retirement contributions, union dues, etc. by your employer, you can claim that these amounts should be deducted from Means test as these are involuntary employment expenses.
              • Any educational expenses incurred for a disabled child or that required for employment can also be deducted.
              • If you have been regularly contributing for any charitable foundation, these contributions too can be deducted from Means test.

              It is, however, mandatory for you to prove your long history of these expenses if you wish to have some rebate and qualify for Chapter 7 bankruptcy. though individually, the expenses might not be huge, cumulatively, they can add up to an amount which may help you pass the Means test if your income is just above the state median income. If you wish to get rid of your debts through Chapter 7 bankruptcy, experienced lawyers can help find out whether you can qualify for Means test or not. you can schedule an appointment with qualified bankruptcy attorneys by calling 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.

              • These Questions About Bankruptcy Can Make You Understand it Better

                These Questions About Bankruptcy Can Make You Understand it Better

                Call: 888-297-6203

                Bankruptcy can be quite specific and technical for a common person to understand. This has caused many problems as people fear the repercussions more than understanding the benefits it offers. You will be surprised to know that unlike other forms of debt relief, bankruptcy is quite simple. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, answer some of the prominent queries raised by people regarding bankruptcy.
                1. Will I end up losing all my possessions?
                Liquidation of assets takes place in the case of Chapter 7 bankruptcy. In that case, too, most assets of bankruptcy filers are exempted through state or federal exemptions, and only non-exempt property can be sold off to repay creditors. Most people can save almost all their assets through exemptions, though they may have to let go of luxury items.
                2. Can the creditors sue me?
                Filing for bankruptcy puts an end to all collection actions including repossession and foreclosure. It also protects you against any possible lawsuit filed by creditors. The creditors cannot sue you in the future too if the debts were included in your bankruptcy and discharged. However, for jointly held debts that were not discharged in bankruptcy, you or your spouse could be sued by the creditors.
                3. Can my taxes be discharged in bankruptcy?
                Some debts can survive a bankruptcy discharge. These include student loan debt and taxes. Certain taxes like some income tax can be discharged in bankruptcy while taxes like property and sale tax are not discharged during bankruptcy.
                4. Is it mandatory for my spouse to file for bankruptcy too?
                It is not essential for spouses to file for bankruptcy jointly. However, if the majority of the debts are jointly held, then filing jointly would be helpful. You can save on filing fees and attorney charges. However, the best judge of the situation would be a qualified lawyer. You can discuss this issue with experienced bankruptcy attorneys 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.

                • Know More About Bankruptcy Exemptions

                  Call: 888-297-6203

                  When in doubt consult experts, is a popular saying. It is of extreme importance, especially in the case of bankruptcy. With so many myths surrounding bankruptcy, it is obvious that people who are struggling with debts are bound to be confused. A bankruptcy filer’s assets and debts are their most important concern, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. What happens to both depends on the chapter of bankruptcy chosen by the bankruptcy filer.

                  Individual debtors have the option of filing under Chapter 7 or Chapter 13 bankruptcy. Both these chapters have a different set of rules regarding debt discharge and asset protection. Federal and state government offer exemptions to protect the personal property of the debtor, for them to get the fresh start they deserve after bankruptcy. Each chapter of bankruptcy has its own set of exemptions and rules. An experienced bankruptcy attorney can help select the chapter which will offer to protect as many assets as possible.

                  When you file for bankruptcy, everything you own becomes part of the bankruptcy estate. A court-appointed bankruptcy trustee oversees handling the bankruptcy estate. You have a choice between opting for state or federal exemptions to protect your property. Generally, exemptions cover equity in your home, vehicle, personal property, tools of the trade, certain pension accounts, etc. Since each bankruptcy chapter has its own merits, you need to consult a qualified attorney to help select the best option for you. If you need to discuss your case, you can call at 888-297-6023 to schedule an appointment.


                    *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.

                    • Child and Spousal Support in Chapter 13 Bankruptcy

                      Child and Spousal Support in Chapter 13 Bankruptcy

                      Call: 888-297-6203

                      If you have ended up accumulating large amounts of debts, bankruptcy might be a great way to get rid of those debts. However, while you decide to file for bankruptcy, it is vital to understand that not all debts get discharged during bankruptcy. According to Los Angeles based bankruptcy law firm Recovery Law Group, secured debts, as well as priority debts, survive bankruptcy. Secured debts are those debts against which the creditor has some asset (mortgage, auto loan, etc.) while priority debts include those like child support and alimony payments.

                      Chapter 13 bankruptcy offers a great chance for people with large amounts of debts and sufficient income to put a hold to collection tactics of creditors. Automatic stay is put in force when any individual files for bankruptcy, and this provides debtors with enough time to restructure their finances in order to pay their debts in time. Sometimes, debtors might also place a stay on the collection of child or spousal support. However, it is vital to remember that these debts are not discharged in bankruptcy.

                      Usually, support obligations (child and spousal support) are not affected by Chapter 13 bankruptcy. Individuals who file for bankruptcy under this chapter continue to make payments towards this obligation throughout their bankruptcy course. However, if they request to put a halt on the support collection during chapter 13 bankruptcy recourse, the court can allow it.

                      Since support obligations are considered priority debt which though unsecured is never discharged in case of bankruptcy, the debtors are expected to make payments towards this debt, even after their bankruptcy discharge. In case a debtor is successfully able to halt collection actions on these debts during their bankruptcy chapter, completion of Chapter 13 bankruptcy discharge will result in them having to pay for the obligations, till the support order requires them to. Chapter 13 bankruptcy discharge, therefore, has no effect on the payment of child and spousal support.

                      If you find all this too mind-boggling, it is best you consult with experienced bankruptcy lawyers Los Angeles who are aware of the various nuances of the law. You can call 888-297-6023 to seek expert guidance regarding the best approach to get back on track financially.


                        *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.