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  • Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

    Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

    When any person is finding it difficult to make ends meet and has a huge debt piling on, there are two options available for them; either opt for bankruptcy or for a debt repayment plan. People in difficult financial situations should make it a point to consult either a financial counselor or a bankruptcy attorney to find the best possible way to get out of their financial mess. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , the various factors to consider to decide which option will work for the client include:

    • Your income and debts

    The primary consideration is what is the amount of debts that you owe and if you have enough income to pay them back. In case our income is not enough to pay back your debts, bankruptcy will be the best option. However, if you can make a decent amount of money and can pay back your debts, then you need to find out alternate ways to get rid of debts.

    • Your assets

    Many times, there is a crunch of free cash which results in a person being in debt. However, if you have several assets, filing for bankruptcy will result in selling off non-exempt property to clear your debts. You could, alternately, do this (sell your assets) on your own without filing for bankruptcy and get rid of your debts.

    • Types of debts

    Certain debts like secured debts (car loan, house mortgage) cannot be discharged. Similarly, unsecured priority debts like a student loan or certain government taxes won’t be discharged during bankruptcy. If these kinds of loans constitute your major debt, filing for bankruptcy is futile. However, if the major portion of your loans comprises of credit card debts, personal loan, medical bills, etc. then bankruptcy is ideal for you.

    If you are considering bankruptcy to get rid of your debts, then you might need to consult expert bankruptcy lawyers regarding various aspects of bankruptcy. You can call 888-297-6023 to schedule an appointment for a consultation.


      *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.

    • Protect Yourself Financially by Avoiding These Mistakes

      Protect Yourself Financially by Avoiding These Mistakes

      Nobody wishes to fall on bad financial times. However, almost every single individual who has filed for bankruptcy due to an excessive amount of debts has made a few common mistakes and taken unnecessary risks which have resulted in them looking for a bankruptcy attorney. If you wish to avoid such a situation, it is important to learn from the mistakes made by others. According to Dallas based bankruptcy law firm Recovery Law Group, if you have filed for bankruptcy and gotten a discharge for your debts, you need to ensure that you make amends and improve your credit rating. This can be done by avoiding making the same mistakes over and over. Some of the most common mistakes which lead people towards bankruptcy include:

      • Keeping a monthly balance on credit cards

      Most credit card companies charge clients 15%-28% interest on monthly balances. When you compare this to mortgage loans (nearly 4%) or car loans (2%-6%) you will find the rate exorbitantly high. Most people filing for bankruptcy owe huge credit card debt for their condition. In case you do not clear your monthly balance, you end up paying much more than you can afford. The balance keeps on adding every month eventually leading to bankruptcy.

      Avoid using the credit card and instead, use a debit card. This will not only reduce the interest but will also prevent you from making unnecessary splurges.

      • Spending without realizing the total cost

      Most people buy stuff without realizing the actual cost of running and maintaining it. though a car loan doesn’t come at a high rate of interest, you need to add fuel, service, insurance, repairs and other additional costs and things go out of hand. The same holds true for property too. You can avoid making these purchases unless it is essential.

      • Not having a monthly budget

      One of the fundamentals of bankruptcy is a mandatory course in financial management. This is because people rarely plan and live on a budget. People should cut back on needless expenses and save the disposable income for a rainy day if they wish to avoid bankruptcy.

      • No planning for retirement

      Most people think that their social security benefits will help them in their old age. However, the amount you get will not be enough to live comfortably. Thus, it is important to save regularly if you wish to avoid falling into debt in your later years.

      • Using retirement funds to repay loans

      Most people are unaware that exemptions provided by state and federal government protect their retirement funds. Using money from retirement accounts to clear credit card debts will leave you without an asset and yet in debt. Moreover, credit card debts are discharged during bankruptcy.

      • Not buying insurance

      One of the worst things that you can do is not taking health or accident insurance. Generally, people don’t like to spend on things which are not likely to happen. However, when misfortune strikes, you end up accumulating a huge amount of medical debts which can send you spiraling down the road.

      • Not looking for other earning options

      Considering the economic condition prevailing currently, not looking for opportunities to earn extra money is a crime, literally. You should consider alternate earning options to support your lifestyle and save money.

      • Neglecting health

      Neglecting physical and mental health in order to improve your financial health will prove detrimental eventually. Not only will you end up harming your body and end up spending a huge amount of money on medical expenses.

      Consult expert bankruptcy lawyers at 888-297-6023 to know more about the bankruptcy process.


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

        *Do you own a home?

        Are you currently working?

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

      • Who Can Qualify for Bankruptcy?

        Who Can Qualify for Bankruptcy?

        Misfortune can come calling to anyone. None can save themselves when bad luck strikes. There are several examples of wealthy and influential people having to file for bankruptcy because they had accumulated many bad loans. Bankruptcy has been used by both individuals and organizations to get rid of various debts. According to Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, a good bankruptcy lawyer knows that to judge a person under heavy financial debt is futile because there are a number of reasons apart from the obvious, which can lead to a person accumulating huge debts. Some of the common reasons include unexpected medical expenses, loss of a job, messy and costly divorce, natural calamities, etc. A good lawyer will never judge you for falling back on making payments and accumulating a huge amount of debts. It is their job to ensure that you come out of bankruptcy with a chance for a better future.

        Irrespective of the financial condition of the individual, anyone can face bankruptcy. People from affluential families too can accumulate huge amounts of debts, owing to lifestyle and spending habits. Your income and expenses, as well as your debts, are considered when you are filing for bankruptcy. A bankruptcy attorney can be an asset in such cases as they can help sort out the bankruptcy-related paperwork. For people of any financial strata, bankruptcy is an option for getting rid of debts.

        Having an asset is not a liability if you are contemplating bankruptcy. Both federal and state government offer exemptions through which you can protect the equity in your assets. Bankruptcy even helps you in case of foreclosure and repossession cases. Having an experienced bankruptcy attorney by your side can be an asset when you are looking for debt relief options. In case you are looking for expert bankruptcy lawyers to consult for your case, 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.

        • Is it Possible to get rid of Tax Debts in Bankruptcy?

          Is it Possible to get rid of Tax Debts in Bankruptcy?

          Filing for bankruptcy, especially under chapter 7, can help get rid of several unsecured debts like credit card bills, medical bills, etc. However, certain debts like government taxes, or money owed to IRS or state of California, may or may not be discharged during bankruptcy. It is important to seek legal counsel, suggest Los Angeles based bankruptcy law firm Recovery Law Group to know more about this matter. To get your state and federal taxes discharged during Chapter 7 bankruptcy, you need to clear certain hurdles.

          1. More than three years have passed from your tax due date.

          It is important that it has been more than 3 years since your taxes were due for getting a chance at having tax debts discharged. In case your 2014 taxes were due on April 15, 2015, the discharge date for 2014 taxes is pushed back to April 15, 2018. An extension could further delay the timeline.

          1. Your tax returns have been filed for more than 2 years.

          IRS and California State, both taxing authorities ensure that they have enough time to study the tax return papers and collection process. Filing of late tax returns and then filing of Chapter 7 bankruptcy case the same time will not provide them with enough time to evaluate your income, assets, and your claims. Filing tax returns at least 2 years prior to filing provides ample enough time to ensure that everything is in order. If your tax returns are filed and sorted for two years or more, you have a better chance of getting rid of tax debt during bankruptcy.

          1. Tax debt has been assessed for 240 days prior to filing.

          State and federal taxes are assessed at different times. While IRS assesses taxes within 6 weeks of return filing, every state has a different timeframe. Thus, your tax debts must have been assessed at least 240 days prior to bankruptcy filing to improve your chances of getting rid of tax debts.

          1. You haven’t committed fraud.

          Everyone deserves a second chance. In case you have a legitimate reason for not filing of taxes, you don’t have to worry much; however, if you made any attempt to cheat the system (like filing false tax returns, etc.) you reduce your chances of getting a discharge abysmally.

          Can you get rid of tax debts using Chapter 13 bankruptcy?

          In this case, a repayment plan is drafted keeping in mind your disposable income, your assets, and your debts. Priority taxes (tax debts due for less than 3 years) need to be paid in full, generally without penalties, during Chapter 13 repayment plan. Any non-priority taxes (tax debts) are treated in a similar fashion to unsecured debts like credit cards, etc. They are paid according to the debtor’s disposable income as per the repayment plan. Thanks to the automatic stay, IRS and the state authorities cannot initiate any collection actions including wage garnishments, threatening phone calls, lawsuits or foreclosure.

          People are often confused regarding which chapter of bankruptcy would suit their case. It is therefore important to consult expert bankruptcy lawyers at 888-297-6023 to find out if bankruptcy or debt negotiation is a better option for 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.