Get Foreclosure Help

Tag: chapter 7 bankruptcy

  • Involuntary Bankruptcies Are Rarely Filed Against Individuals

    Involuntary Bankruptcies Are Rarely Filed Against Individuals

    Financial disaster doesn’t simply assist those in debt—it protects creditors, too. one of the powers given to creditors is the ability to force an unwilling debtor into involuntary bankruptcy.

    Involuntary bankruptcies don’t arise regularly, and creditors generally bring them in opposition to a enterprise organization in place of an individual. lenders observe a system that includes submitting a financial disaster action on behalf of the individual or employer that owes the money. In this text, you’ll examine extra about the involuntary financial ruin technique.

    Creditors Target Assets for Involuntary Bankruptcy

    Creditors want to get paid—and forcing the financial disaster of a person or enterprise without any assets may be a bad pass. So it shouldn’t come as a wonder that the focal point of involuntary financial ruin will probably be both on:

    • A business with belongings or, in greater unusual cases,
    • A wealthy individual.

    While an individual or enterprise doesn’t own lots, a creditor is higher off seeking to grab all of something cash and assets might be available outdoor of the guidelines of financial ruin. as soon as a debtor is in bankruptcy, the automated live—an order prohibiting series activities—stops lenders from attempting to acquire the debt on their very own, leaving the creditor to share something receives recovered by using the bankruptcy trustee appointed to the case.

    How Involuntary Bankruptcy Works

    An involuntary financial disaster starts off evolved whilst one or more creditors file a petition with the bankruptcy court docket. A creditor can file an involuntary financial ruin case underneath chapter 7 or chapter 11. instances underneath bankruptcy thirteen and bankruptcy 12 cases aren’t accredited.

    The financial ruin petition should imply which of two circumstances justifies the involuntary financial ruin:

    • The debtor isn’t paying money owed as they come due, or
    • Inside the last a hundred and twenty days, a custodian, receiver, or agent took manage of the debtor’s assets to implement alien.

    as soon as filed, the debtor can respond to the petition. If the debtor fails to accomplish that, the court docket will allow the problem to transport forward, and the debtor could have to take part within the bankruptcy.

    If the debtor responds, the courtroom will set a hearing and decide whether or not the financial ruin have to pass ahead. A judge who unearths in choose of the debtor will brush aside the case. The choose may additionally require a submitting creditor to pay the debtor’s expenses and fees.

    Involuntary Bankruptcy Limitations

    Most involuntary bankruptcies are a collaboration among numerous creditors. In reality, if the debtor has greater than 12 unsecured lenders, as a minimum 3 of those creditors need to be a part of the petition, and the three need to have, altogether, at least $15,775 in unsecured debt high-quality from the debtor (as of April 2016).

    A solitary creditor can only report an involuntary petition if that creditor is owed at the least $15,775 (as of April 2016) and if the debtor has fewer than 12 unsecured creditors total. The creditors’ claims for debt cannot be disputed, and that they cannot be contingent—this is, the quantity of the debt must be known and not conditioned on a few destiny occasion, which includes a lawsuit judgment.


      *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.

    • How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

      How can Bankruptcy Attorneys in Los Angeles Help Small Businesses?

      Financial problems resulting in bankruptcy can be threatening, especially for small and medium-sized businesses. Such a situation is not uncommon and many people and organizations can be seen facing similar situations. However, there is absolutely no need to panic as there are provisions available to protect your business interests. Lawyers of Los Angeles based law firm Recovery Law Group enlighten that you can opt for either restructuring of debt under Chapter 11 bankruptcy or opt to liquidate your assets under Chapter 7 bankruptcy to get rid of your dues. Consultation with bankruptcy lawyers can let you be aware of your options.

      Can Bankruptcy Help Small or Medium Business Undergoing Financial Distress?

      Increasing expenses and loss of revenue are two major reasons why a business can be in financial distress. In case the situation has worsened and you fear closure of the company and the rippling effect it will have on your guaranteed obligation, you need to consult bankruptcy lawyers. They have experience in dealing with different types of businesses like:

      • Corporations
      • Sole proprietorships
      • Partnerships
      • Limited liability partnerships (LLPs)
      • Limited liability corporations (LLCs)

      Due to the various myths associated with bankruptcy, it is often the last option considered. However, it is the best legal solution available to get rid of insurmountable debt. Bankruptcy attorneys can help small and medium business owners get rid of debts using either Chapter 7 bankruptcy or Chapter 11 bankruptcy proceedings.

      Why Choose Small Business Bankruptcy Lawyers?

      Financial difficulties can be quite confounding. Do you have a legal counsel who has experience in dealing with specific needs of businesses? Any problems including long term leases, business loans, and payroll, personal guarantee on business debts or tax problems can be effectively handled by bankruptcy lawyers. They can help map out a strategy to keep your business open or close it with a reduced impact on people involved. Consulting a bankruptcy lawyer is one of the most important steps in handling financial distress.


        *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.

      • Dallas Debts: How can I be getting out of debt?

        Dallas Debts: How can I be getting out of debt?

        While you’re handling debt, it is able to feel such as you don’t have options. You’re afraid which you’re going to end up in courtroom, that can lead to bank account levies, assets seizure, and salary garnishment. happily, that’s not your simplest alternative. Debt doesn’t have to land you in the courtroom.

        Work together with your creditors

        Your first line of defense when coping with debt is to reach out to your lenders. ideally, you need to speak to them as quickly as you understand you’re going to miss a payment. lenders don’t want to visit courtroom, either. It’s high priced and time-ingesting and there’s no assure about the final results. It’s higher for anyone in case you retain to make bills. Your lenders will likely be willing to work with you for your debt.

        A few creditors will assist you to training session a fee plan to capture up on your delinquent payments and keep making bills within the destiny. a few may additionally even be inclined to forgive some of your debt, in particular, if the debt is from a purchase cash mortgage (but, there can be tax effects if they comply with do this).  they may be inclined to provide you a lower hobby rate or a grace duration of a month or in which you don’t need to make your bills, after that you could start making your ordinary bills again.

        If you’re struggling to make your bills, touch your creditor and provide an explanation for your scenario. maybe you or a cherished one had an extreme illness or twist of fate. perhaps there has been a herbal catastrophe. maybe you lost your job. Be sincere and prematurely with them and ask them to try and work something out so that you don’t default at the debt.

        Debt Consolidation

        In case you’re suffering from high-interest debt which includes credit score card debt, you can advantage from debt consolidation. while you consolidate your debt, you borrow from a distinctive supply with a low-interest rate to repay your high-hobby loans. for instance, you can take out a low-interest home equity line of credit score and use it to repay your credit score card debt. You’ll end up paying ways much less in the long run than you would in case you endured to make your regular excessive-interest bills.

        Debt consolidation isn’t for everybody. most importantly, you ought to have a dependable source of earnings to make payments on the new mortgage. in case you nevertheless won’t be able to pay off the debt after consolidation, it may now not make sense to go through the problem and cost of consolidating your debt. you furthermore might need a source of low-hobby debt. A domestic fairness loan may be an awesome alternative, however, that means you have to very own a domestic. you can also be able to take out a bank loan, but approval could be tough in case you’re already struggling with debt.

        When thinking about debt consolidation services, make certain you take a look at into the groups. a few are disreputable and will collect charges handiest to depart you within the lurch. a number of the exceptional debt consolidation agencies providing their offerings in Dallas are countrywide Debt remedy, Crudest, and American Debt Enders. those companies have skilled counselors, truthful fee systems, and splendid song statistics. each debt settlement business enterprise can have special eligibility requirements regarding the sorts and quantities of your debt.  take into account though, in nearly all cases, creditors participate in debt consolidation programs voluntarily.  that means they do now not always must stick with it and may pull out of the agreement once they want.

        Debt settlement organizations

        In case you don’t have any success operating with lenders your self and debt consolidation is not an alternative, you can pick to paintings with a debt settlement corporation. Debt settlement groups negotiate with creditors to your behalf. They try and get lenders to comply with an agreement in which you’ll pay one lump sum in pride of all your debt. Debt agreement businesses normally propose you to stop making payments on your debt and rather keep the price range for the lump fee. in the event that they reach an agreement with the creditors, you’ll pay the lump sum and the remainder of your money owed will be forgiven.

        Remember that lenders are not obligated to paintings with debt settlement agencies. At any point within the method, specifically, after you stop making payments altogether, your lenders may also sue you for series. Debt settlement agencies are also notorious for defrauding purchasers, gathering hefty costs and promising consequences after which failing to get them. whilst looking for a debt agreement business enterprise, look at the rate shape. a good organization will now not fee you any expenses whatsoever until you reach a settlement. meaning no charges prematurely and no monthly expenses. check the company’s credentials. search for participants of the yank truthful credit Council. study customer reviews online to peer if different humans have been glad about their offerings.

        Chapter 7 Bankruptcy

        The above options all consist of critical risks. lenders won’t be inclined to work out a settlement with you. Debt consolidation might not be an alternative; even if you do qualify, you may simply come to be delaying a default in place of preventing it. Debt settlement is never guaranteed and also you run the risk of being defrauded. there may be the simplest one threat-loose option that includes the entire protection of the law: financial disaster.

        Clients are generally loath to remember financial ruin as a choice. authentic, it does impact your credit score rating. however, your credit score is already dropping if you’re not making full payments in your money owed. financial disaster is a way for borrowers to begin over with a smooth slate.

        Whilst you record for Chapter 7 Bankruptcy, you turn over your nonexempt assets to a court docket-appointed financial ruin trustee. The trustee sells this belonging and gives the proceeds in your creditors in the price of your debt. Dallas gives exceptional sets of exemptions, each of in an effort to defend the general public of your property. In most instances, all the belongings are blanketed and the debtors lose nothing however their debt. In other words, you’ll in all likelihood maintain all of your belongings. when all the nonexempt property has been sold, the court docket discharges the rest of the unsecured debt. That debt is definitely long gone. no one can sue you for series. nobody can garnish your wages or levy your bank bills.

        Bankruptcy offers the extra advantage of automated life. when you file for financial disaster, the automatic live stops all series efforts towards you. Any proceedings for collection forestall, as do repossessions and foreclosure. The court docket wants to make certain that while you document for financial disaster, all your money owed are handled via the financial ruin system, so bankruptcy trumps any out of doors efforts at series.

        Chapter 13 Bankruptcy

        If you have a consistent supply of income, you may be capable of file for Bankruptcy 13 financial disasters. bankruptcy 13 financial ruin cases still get the benefit of the automated live, but none of your own homes is offered. as a substitute, you work with the court docket and your creditors to create a charge plan a good way to final for three to 5 years. The court docket will don’t forget your living prices and make sure that the payment is cheap; it’s based totally on what you may pay and no longer on what you owe. on the give up of the plan, your closing debt is discharged. bankruptcy 13 offers you the time and safety of the court to seize up for your finances.

        If you are capable of maintaining a bankruptcy thirteen payment plan, you’ll be required to document underneath bankruptcy 13 instead of underneath chapter 7.

        What needs to You Do?

        Handling debt is depressing, however, you have got alternatives. you can paintings for your debt on your very own, with the help of an enterprise, or with the help of the court. Don’t allow your debt to go to this point which you turn out to be in court.

        Filing for financial disaster is a critical decision. if you’re suffering from debt, reach out to a skilled financial ruin legal professional to talk about your options and decide on a path of motion that high-quality suits your state of affairs and desires.


          *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.

        • Find Out How Bankruptcy Help You Get Rid of a Personal Guarantee

          Find Out How Bankruptcy Help You Get Rid of a Personal Guarantee

          Ever for the reason that 2008 housing crisis, obtaining a private loan is more complicated than it was—basically because economic institutions have tightened their lending standards. to enhance the odds of getting a mortgage, you can ask a person to be a guarantor (an person or company that pays an responsibility if the borrower fails to achieve this). Or, if you’re making use of for a commercial enterprise mortgage, you may conform to assure the mortgage with your personal property. If the non-public assure comes due, and the guarantor doesn’t have the finances to pay it off, in a few cases the assure can be worn out (discharged) in financial disaster.

          What Happens When the Borrower Defaults on a Guaranteed Loan?

          If you default to your loan (typically by missing a payment), the lender has the proper to invite the guarantor to soak up the bills or to repay the mortgage. At that factor, the guarantor is issue to the same collection activities you will face underneath nation law: phone calls, letter needs, lawsuits, or even garnishment and assets seizures.

          Just due to the fact the bank turns to the guarantor doesn’t suggest that you may be off the hook, but. The lender can pursue you till the loan is paid in complete (or you discharge it in financial disaster). also, if the guarantor pays the debt, the guarantor also can seek repayment from you. however, filing for financial disaster will probably cut off the guarantor’s right to recover towards you, as nicely.

          Who Can Be a Guarantor?

          Pretty much any inclined character can agree to guarantee a mortgage was taken out through a person else. In fact, most of the time while the borrower is an individual and the money is for non-public or instructional purposes, the guarantor is a discern, any other relative, or an excellent friend.

          Additionally, creditors often require a person to for my part guarantee a loan taken out with the aid of an enterprise (frequently due to the frequency in which small groups fail). The guarantor will publish to a credit score check at the least as rigorous because the borrower’s, have enough earnings and assets to pay the loan lower back if that turns into essential.

          In a few institutional lending programs, like student loans and small business loans, banks and other monetary establishments make the loans, however the guarantor is the federal or country government. in case you default, the authorities enterprise pays off the bank and takes ownership of the mortgage. you will then need to cope with the authorities agency to rehabilitate the loan or to pay it off.

          In spite of a government guaranty, the lender can still request which you deliver someone to offer additional surety. while the borrower is a small business, the lender will mechanically expect the owners or principals of the business to individually assure the commercial enterprise mortgage. Doing so offers the bank and the institutional guarantor added safety in the event the company falters. In reality, when the mortgage is guaranteed via the Small business management, anybody with a possession hobby of 20% or more ought to in my opinion assure the loan. In a few cases, the lender may ask spouses of guarantors to signal also to ensure that the parties maximum affected are privy to their responsibilities and of the outcomes they could face.

          Effect of a Guaranty on a Loan

          Obtaining a guarantor can save borrower money because banks occasionally will lessen the hobby rate on assured loans if it lowers the bank’s hazard of loss. It’s no longer continually the case, though. lenders regularly ask for guarantors when the original borrower has credit issues, which may additionally mitigate in prefer of a higher hobby rate. a few monetary institutions will let you borrow greater if you have a guarantor. For mortgages, the lender might allow you to finance ninety% of the cost of the house or make a smaller down fee.

          Considerations for the Guarantor

          If you’re thinking about whether or not to guarantee a mortgage, you would possibly need to reply to those questions before you sign on the dotted line:

          •  Is Will agreeing to be a guarantor affect my credit rating?
          • If the financial institution forecloses at the borrower’s belongings, will it appear on my credit document?
          • Why is the financial institution requiring a guarantor?
          • Do I have the sources to pay the entire mortgage again, if essential?
          • If the borrower is a great friend or relative, am I organized to go through the friction that could result if the borrower can’t make bills?

          Can a Guarantor Wipe Out a Guarantee in Bankruptcy?

          In many cases, yes (however no longer all—as an instance, a assure for an educational mortgage received go away until you could show undue hassle). In fact, it’s a common reason that humans report for bankruptcy.

          As an example, assume which you took out a business loan to pursue your lifelong dream of opening a cupcake bakery. due to the fact, your commercial enterprise became new, the financial institution requested you to execute a personal guarantee. by means of signing the assure, you agreed to apply your non-public belongings to pay off the loan if the enterprise becomes unable to accomplish that. If the cupcake commercial enterprise dried up and the bakery closed, you’d probably be able to wipe out the assure in chapter 7 or Chapter 13 financial disasters.


            *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.

          • Avoid Foreclosures with the Help of Bankruptcy Attorneys

            Avoid Foreclosures with the Help of Bankruptcy Attorneys

            Your home is your prized possession. Huge efforts go into making your house and the mere thought of losing it due to non-payment of dues can be simply devastating. Tough financial times may often result in irregular mortgage payments. However, missing on payments can result in severe consequences. In case you have missed more than a couple of payments and are on the verge of losing your home due to foreclosure, filing for bankruptcy is the best way to get out of this sticky situation. According to Dallas based law firm https://www.bankruptcyreliefcenter.com, there are a number of options to avoid foreclosure, such as:

            Chapter 7 Bankruptcy

            Mortgage debts cannot be discharged through Chapter 7 but you can wipe out unsecured debts like personal loans, credit card debts or medical bills through it. Without these payments to take care of, you can concentrate on catching up on mortgage payments. The state law offers 2 sets of property exemptions, thanks to which you can hold on certain assets after bankruptcy. With the Homestead exemption, you can exempt the equity of your house to a certain amount. Bankruptcy attorneys can help assess your financial situation to find out if Chapter 7 is ideal for helping avoid foreclosure.

            Chapter 11 Bankruptcy

            This chapter helps keep struggling businesses afloat while avoiding foreclosure too. Initially, it was intended to help large corporations to file for bankruptcy, it can also be used as an alternative by individuals who cannot qualify for Chapter 13 due to income limitation or debt. Filing for bankruptcy results in the automatic stay which protects all your assets thereby stopping any repossession, foreclosure proceedings, lawsuits, liens or any other collection activities. Bankruptcy attorneys can also help eliminate 2nd or 3rd mortgage through lien stripping.

            Chapter 13 Bankruptcy

            In case you are too far behind on payments, the best option is Chapter 13 where a reasonable monthly repayment plan can help reorganize your debts. You get 3-5 years’ time to catch up on mortgage payments. With the reorganization of debt, you can catch up on overdue payments over the time frame of Chapter 13 repayment plan. With automatic stay in place, any collection effort of creditors including foreclosure is halted. In case your house is not worth your 1st mortgage and there is no equity in your 2nd mortgage, Chapter 13 can strip the latter mortgages from the loan amount.

            It is important that you are aware of your rights especially those regarding your house during bankruptcy proceedings. Consulting with a bankruptcy attorney can put things into perspective as well as making you aware of the options available to you.


              *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.

            • Meeting of the Creditors – Chapter 7 Bankruptcy

              Meeting of the Creditors – Chapter 7 Bankruptcy

              The meeting of creditors has to be formally attended by all the debtors who have filed for bankruptcy within 30 days of the filing. Once a bankruptcy filing has been done, a law firm such as Recovery Law Group puts to work their best attorneys for formalizing the documentation needed for the bankruptcy hearing. These set of documents will be checked by the bankruptcy trustee and meticulously reviewed at the hearing of the case.

              In the hearing, the bankruptcy trustee performs the verification whether the debtor really qualifies for Chapter 7 bankruptcy. Also, the status of the assets of the debtor is checked. There is nothing to worry about this scrutiny as long as all the assets have been divulged and the disclosures of all income/ transfers of the last two years prior to the filing have been shared. There is still a space for an unknown query and it is undeniable that it can get the debtors worrying.

              Clients tend to get nervous and worried about these 341 hearings (meetings of the creditors). They may get assistance from experts in the field, a team of bank attorneys will be a good find. They can brief you about the proceedings in these hearings and have you prepared. Recovery Law Group is a firm of this kind of servicing clients in Los Angeles and Dallas, TX regions. So check out their details and have the best attorney, Los Angeles on-boarded to help you with the meeting of 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.

              • Debts That Can Be Cleared With Chapter 7 Bankruptcy

                Debts That Can Be Cleared With Chapter 7 Bankruptcy

                The main benefit of filing for bankruptcy using Chapter 7 is to be relieved of existing debts. Also known as liquidation bankruptcy, Chapter 7 provides the means to get the debts discharged.

                Here are the debts that can be cleared using Chapter 7

                • Store cards
                • overdraft of checking accounts
                • Credit cards
                • Certain tax debts
                • Personal Loans
                • Parking tickets
                • Social Security and unemployment related overpayments
                • Medical bills (inclusive of dental)

                During a Chapter 7 bankruptcy case, the trustee is entitled to take the control and possession of any property that is not exempt. Hence the debtor needs to understand the asset types that can be exempted in a Chapter 7 bankruptcy filing case.

                • Any clothing or jewellery that is up to the value of $3600
                • Homes that have total equity up to $33,000
                • Household furniture of value up to $3000
                • Bank accounts of value up to $400
                • Automobile possessions with total equity value up to $3400 – this value is higher for a married couple when they file for bankruptcy
                • All retirement accounts from the current or previous employer
                • Personal property that amounts to $2000 (this value can go up to $9000 if the debtor doesn’t own a home)

                Depending on the state that the debtor lives in, the value of every asset type can also vary in the above in a Chapter 7 case for the property exemption. Let your queries related to your location and its specific regulations, be addressed through you search for the ‘best bank attorney near me’. A law firm possesses attorneys to clarify such ambiguities.

                There is also a list of debts which cannot be discharged in Chapter 7 bankruptcy and that one needs to be aware of –

                • Student loans
                • Most of the taxes
                • Debts obtained to treat personal injuries that had been caused by driving while drunk
                • All fines that have been ordered by court and amounts spent for criminal restitution
                • Child Support and Alimony
                • Debts that had been obtained by fraud/ deception

                For more clarity and support with discharging of debts in a Chapter 7 bankruptcy case, seek guidance from the Recovery Law Group. They have diversified clients and have garnered enough experience to handle the Chapter 7 bankruptcy scenarios and work with the debtors for the discharge of their debts. A debtor’s search for their bank attorney, Los Angeles ends with Recovery Law Group who serve locations such as LA and Dallas.


                  *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.

                • Worried About Your Debt Problems? Trust Bankruptcy Lawyers to Resolve These Issues for You

                  Worried About Your Debt Problems? Trust Bankruptcy Lawyers to Resolve These Issues for You

                  Many people who are trying to make their ends meet while simultaneously struggling to pay their dues are often worried about how they are going to pass this phase. Since credit ratings are of huge importance, non-payment of dues will result in bad credit ratings which will make things worse. In case you are facing wage garnishments, worried about foreclosure, repossession of your vehicle, etc., then it is time to look for bankruptcy lawyers near me. One of the best Bankruptcy Attorney Los Angeles firm, Recovery Law Group is committed to helping out families and individuals who are going through a bad financial phase and therefore struggling with debt. (more…)

                • Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

                  Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

                  A Chapter 7 Bankruptcy trustee is appointed by the court for every Chapter 7 bankruptcy filed with them. These trustees mostly work in favor of the creditors. The prime responsibility is to go over all the paperwork to ensure that they have been submitted in order, to reverse any recently performed financial transactions that may be invalid in the context of bankruptcy and for liquidating viable assets in order to repay the creditors.

                  A bankruptcy trustee is paid a fee by the court for examining all the associated paperwork. In addition to this, if the trustee is able to find assets that can be liquidated, then he can claim a percentage of it too – the assets under purview include those that have been sold or transferred ahead of the bankruptcy. Hence it indicates that the trustee will be more inclined towards the creditors and not the petitioner who is dealing with the bankruptcy situation.

                  Here is a sneak peek of the tasks that are generally carried out by your Chapter 7 Bankruptcy Trustee

                  1. Meticulous review of the bankruptcy petition – Every detail in the bankruptcy petition is revisited by the trustee. Verification of your claims is also their responsibility and a part of this job requires them to check if you have recently transacted a valuable asset for a lesser price or no money. The trustee also requests that claims are to be backed up with pay stubs, tax returns, bank statements or a list of all assets expenses. They will also need to know which debts are expected to be discharged

                  2. Chair of the meeting of creditors – The 341 hearing or the meeting of creditors is presided by the bankruptcy trustee after the Chapter 7 bankruptcy case has been filed. The majority of the questions on your provided paperwork is generally asked by the trustee as the creditors generally do not attend these hearings. If the paperwork is in place, the meeting is generally conducted concisely

                  3. Evaluating the viable assets for liquidation – A Chapter 7 bankruptcy trustee evaluated all assets of the petitioner to understand if there are any that can be liquidated so as to pay the creditors. The advantage is that they enjoy a percentage of the money from this liquidation. It has to be noted that Chapter 7 permits certain properties to be exempted from liquidation – home and car equities are common exemptions. The trustee has to work around these exemptions. As most of the cases are ‘no asset’ cases, which means that there are no properties for liquidation, a trustee has the power to question an exemption given to an asset. In those situations, the judge has the final say to determine whether the debtor can avail exemption or not

                  The need for a right bankruptcy attorney

                  Since the bankruptcy laws are complicated, it generally takes time to process a bankruptcy filing. Loss of time eventually amounts to a loss of money – hence the right guidance helps debtors save time. A right law firm like Recovery Law Group puts to use their experience of streamlining and handling of Chapter 7 bankruptcy filing cases and in turn, save a lot of time for their clients. They regulate the entire ordeal of filing with the correct paperwork, gaining an exemption for their most important assets and also protecting their properties from liquidation.


                    *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 filing bankruptcy relieve you of debts?

                    Does filing bankruptcy relieve you of debts?

                    It is probably a myth that many of us have come to believe that bankruptcy relieves one of all debts. Although it may sound attractive about not being obliged about settling your creditors and make a new start with your business, there are some facts to the discharge of debts that one needs to clearly understand about – it may be a surprise that bankruptcy conditions when filed do not eliminate all debts.

                    When filing for bankruptcy using Chapter 7 or Chapter 13, the U.S. Bankruptcy code doesn’t enforce you to pay certain outstanding debts. The code was primarily designed for the benefit of honest debtors who struggle with huge debt loads. It benefits them by discharging certain debts at the culmination of a bankruptcy case. Let’s understand further about discharges and what debts can be cleared and what cannot be

                    • Non-Dischargeable Debts: There is a category of debts that are directly ineligible for a discharge. Payments ordered by a family court (Alimony/ Child Support), Tax Debts and Secured Debts (involving collateral) fall under this category. In most cases, student loan debts are also non-dischargeable
                    • Liens: Though debts associated in a property are discharges, the liens on the property held by a creditor cannot be eliminated. This will end in a condition of repossessing the property by your creditors who have liens
                    • Unsecured Debts: These are debts without collateral – commonly includes a credit card debt. In these cases, the creditor cannot take possession of the property if you fail to make any payments
                    • Chapter 7 & Chapter 13 bankruptcy debts: These codes allow a discharge of certain debts at the end of the bankruptcy case but the nature of the discharge will differ depending on the code. To cite an example of Chapter 13 personal bankruptcy scenario, the individual will continue to pay the creditors for three to five years using a repayment plan. At the end of the plan, the pending debts are eligible to be discharged. On the other hand, the scenario with Chapter 7 bankruptcy eliminates larger debt loads as the people who file for bankruptcy do not make any payments – they may liquidate their assets to pay their creditors.

                    At Recovery Law group, we work with individuals and companies towards the discharge of debts after a case of the bankruptcy filing. The needed guidance and assured steps towards a positive outcome in terms of debts discharge are meted out to our clientele in Dallas and Los Angeles areas.


                      *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.