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  • You Might Have to Face These Questions from Bankruptcy Trustee

    You Might Have to Face These Questions from Bankruptcy Trustee

    Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.

    Some of the most common questions your bankruptcy trustee might ask to include:

    • If you are familiar with the information provided in your bankruptcy paperwork?
    • If all the information provided in bankruptcy papers is complete and accurate?
    • Have you listed all your property in the papers?
    • Have all your creditors been listed in your bankruptcy schedule?
    • Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
    • Have you filed for bankruptcy earlier?
    • What is your gross monthly income?
    • Do you wish to make any changes in your papers?
    • Are you paying any alimony or child support?
    • Have you filed previous tax returns?
    • Have you made any transfer of property within the last two years?
    • Have you made any new charges to your credit cards?
    • Which creditors have you paid within a year of your bankruptcy?
    • Have you had your property valued?
    • What method did you use to get your property valued?
    • Is your car or home insured?
    • Do you have business, corporation or partnership?

    Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –

    • Gathering documents related to your case.
    • Help to prepare the paperwork essential for the 341 meetings.
    • Submit related documents before the trustee either before, during or after the hearing.
    • Manage financial information for you including your assets and expenses.
    • Ensure that all your paperwork is accurate, complete and compliant with the state laws.
    • Answer all questions asked by bankruptcy trustee during the meeting.
    • Try their best to minimalize your financial loss.


      *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 Making These Mistakes During Bankruptcy Filing

      Avoid Making These Mistakes During Bankruptcy Filing

      A common man does not always think of preparing for the worst. Therefore, many people are often at their wit’s end when difficult financial situation plagues them. Though bankruptcy is the best option to get rid of unsurmountable debts, Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ confirm people are often unaware of what they should or shouldn’t do when filing for bankruptcy. Having an adept bankruptcy attorney by your side can be an asset during tough financial times. Contact 888-297-6023and consult with the best legal minds to know what to do prior to a bankruptcy filing.

      It is very important to keep in mind to avoid doing the following if you are thinking of filing for bankruptcy:

      • Transferring assets (money or property)

      If you are thinking of filing for bankruptcy, it is important that you do not transfer any money or property to relative or friend. Anything and everything you own becomes a part of your bankruptcy estate. The trustee assigned to your case goes through all the documents with a fine comb. Such transfers of assets are considered means of hiding so that the property could not be included in your bankruptcy estate; especially if you give it for free, or at less than the fair market rate, or within a stipulated time frame. If the court feels that you have been hiding assets, it will get them back when you file for bankruptcy. You can make use of various federal and state exemptions to protect your property instead of opting for transferring it.

      • Being selective while paying creditors

      Having a proper payment schedule prior to a bankruptcy filing is important. if the court finds evidence that you have made payments to some creditors while ignoring others, your chances of the bankruptcy case are ruined. Moreover, you could be facing lawsuits from other creditors. Bankruptcy trustee also has the right to sue those creditors who seem to have benefited from preferential payments. All of this can add to your financial woes.

      • Unaware of your income sources

      It is important to have a record of all your income as this forms an integral part of your bankruptcy filing Dallas. Your business and personal account should be separate for clarity of income and expenditure. If you are aware of your income sources and can provide proof supporting your statements, you won’t have much issue during bankruptcy.


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

        *Do you own a home?

        Are you currently working?

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

      • Different Categories of Debts During Bankruptcy

        Different Categories of Debts During Bankruptcy

        Bankruptcy can be a complicated process especially when the filer possesses different kinds of debts. Classifying the debts in the right order or priority might seem simple but is a very complicated process. These debts can be replaced by a phrase called ‘lender claims’ or ‘creditor claim’. The first step to this complicated process is to segregate debt between secured and unsecured debts. Secured means debts which have a lien or a security backing in the form of collateral. You will use Schedule D to list such secured creditors. While unsecured debts are debts which are given without any security or asset backing and are usually offered at a high rate of interest. You will use Schedule E or Schedule F for listing unsecured lenders.

        The unsecured debts are to be further classified under priority and non-priority debts. Priority debts might include tax debts, utility payment debts, child support, alimony, etc. These priority debts are to be reported in Part 1 of the schedule while all other non-priority debts or non-categorized can be reported in Part 2. To know more such information about bankruptcy and find a suitable attorney for expert advice and solutions, log on to https://bankruptcy.staging.recoverylawgroup.com/

        Secured claims and bankruptcy

        During bankruptcy, the secured creditors enjoy an advantageous position as the lien on the asset pertains after bankruptcy. They can exercise the right to foreclosure or re-access the property labeled as collateral for the transaction. The only benefit the bankruptcy filer gets is extra time to repay the debt if he/she plans to retain the asset or debt settlement if he/she is willing to give away the asset specified as collateral in the loan agreement. Having more equity in mortgage or auto loan will prompt the bankruptcy trustee to sell off the asset. Also, the bankruptcy filer will be entitled to any exemption amount or any equity amount that could be protected in the secured mortgage or auto loan.

        If the bankruptcy trustee cannot realize sufficient funds to set off the exemptions and a good portion of lender claims, the bankruptcy will resist selling off lien assets. If you had like to give away your assets and settle all your debts, Chapter 7 is a good option and if you wish to keep your assets at any cost, Chapter 13 bankruptcy California is the best option for you. You can also gain an advantageous position by relaxing or evading certain liens. Getting rid of any judgment liens that are over and beyond bankruptcy can certainly help. Under Chapter 13, with a skilled attorney, you can also get rid of the unsecured junior lien. These falls under adversary proceedings and only a professional attorney might be able to guide you on this.

        Unsecured claims and bankruptcy

        Unsecured creditors might not be very happy. They might be really-really upset if they are in the non-priority side of claims. The Chapter 7 bankruptcy code is known for eliminating most of the non-priority debts with minimal or no payments. However, the priority debts like any income tax debt, child support, alimony, student loans, penalties, fines, etc., cannot be released or discharged by the bankruptcy court. In such a scenario, you are held liable for all these debts even after bankruptcy and they just don’t vanish or get settled like most debts under Chapter 7 bankruptcy. Medical bills, credit card bills, payday or personal loans, etc., fall into the category of non-priority debts. To know the best possibilities for your bankruptcy case, reach out to 888-297-6203 now!


          *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.

        • Automatic Stay – Way to Stop Your Creditors

          Automatic Stay – Way to Stop Your Creditors

          One of the best advantages that bankruptcy can offer debtors is an automatic stay. this puts an immediate end to all collection actions and any civil lawsuit filed against you by the creditors, government or collection agencies. The upside of the automatic stay as per Los Angeles based bankruptcy law firm Recovery Law Group  is that it can help you prevent being evicted or protect your property from being repossessed or foreclosed on, utilities being disconnected or wage garnishment. For more information on automatic stay, call 888-297-6023 and speak with expert bankruptcy lawyers.

          What can automatic stay prevent?

          The automatic stay can come in handy in several emergencies like:

          • Utility bills. In case you are behind on utilities like water, gas, telephone or electricity and face disconnection, the automatic stay can prevent it for a minimum of 20 days. however, you need to pay a deposit to ensure future payment.
          • Foreclosure. The automatic stay prevents the proceedings of foreclosure. You can catch up on past payments in the Chapter 13 repayment plan if you wish to keep your home. However, if you are behind on your payments in a chapter 7 bankruptcy case, an automatic stay is a temporary relief.
          • If the landlord has a judgment against you, or they allege you are endangering the property then automatic stay cannot help. In other cases, the automatic stay may provide temporary relief, however, the landlord might ask the court to lift the stay and allow eviction.
          • Wage garnishments. the automatic stay puts an end to collection actions like this. You can discharge qualifying debt like credit card or personal loan dues. However, alimony and child support debts cannot be discharged. Priority unsecured debts are dealt with differently in different bankruptcy chapters.
          • Overpayment of public benefits. The agency is entitled to collect any overpayment made from future checks or from you directly. The automatic stay prevents the collection but does not prevent the agency from terminating benefits.

          In what circumstances automatic stay is not of much help?

          An automatic stay cannot help you in some cases like:

          • Tax proceedings. IRS can audit you, issue tax deficiency notice and tax assessment, demand tax return or payment of assessment despite the automatic stay. However, there can be a temporary pause to issue of tax lien by IRS or seizing your income or property. The taxes could get discharged in Chapter 7 bankruptcy Dallas, or you might end up paying the debt in Chapter 13.
          • No respite from legal actions. A lawsuit for paternity establishment, modification or collection of spousal or child support won’t be stopped. Similarly, any criminal proceeding against you (sentence, paying fine, community service, ) won’t be stopped by the automatic stay.
          • A loan from the pension. Money can still be withheld from your income despite automatic stay to repay loans from some pensions like IRAs and job-related ones.
          • Numerous filings. In case you have a pending bankruptcy case from the previous year, the automatic stay lasts only for 30 days unless the creditor or the trustee asks for its continuation. In case any creditor files for a motion to lift the automatic stay, you will need to prove that the bankruptcy case was filed in good faith and the automatic stay protection should continue.

          Can creditors resume collection action?

          Creditors can ask the court to lift the automatic stay sanction by filing a motion in bankruptcy court. This is generally done in case of a foreclosure, tenant/landlord dispute or a lawsuit in a different court. If the creditor can show that they will lose money with automatic stay in place and no benefit/harm will come to other creditors, the court might agree.


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

            *Do you own a home?

            Are you currently working?

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

          • What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

            What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

            Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues.

            Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee to ensure that it complies with bankruptcy laws. The repayment plan needs to be approved by the court before it is finalized. For that to take place, you need to prove that you will use your best efforts to repay your unsecured creditors using your disposable income. Any amount which remains after deduction of allowed living expenses and mandatory payments (secured and priority debts) is termed as disposable income.

            Debts are classified into three types:

            • Secured debts – collateral exists against such debts; e.g. car payment or mortgage.
            • Priority debts – these debts need to be paid, no matter what; e.g. tax debts and domestic support obligations.
            • Unsecured debts – these are generally considered non priority debts; e.g. credit card and medical bills, personal loans.

            How non priority unsecured creditors are paid using disposable income in Chapter 13 repayment plan?

            While filing forms for Chapter 13 bankruptcy, you are required to provide your average monthly income for a 6-month period prior to a bankruptcy filing. This is compared to the average income against the state median income for a household of the same size. The amount you end up paying your non priority unsecured creditors depends on whether your income is above the state median or below it and on how much significant property you own.

            • If income is below the state median

            In this case, you do not need to calculate your monthly disposable income. The payment plan is based on your budget and is usually approved by the bankruptcy court, even if you pay little or nothing to nonpriority unsecured creditors. In this case, the plan exists for 3 years only.

            Example. If a single person makes $40,000 a year and the median state income for a single household in that state is $45,000, then the individual does not need to calculate the disposable income. In fact, they may not pay anything to nonpriority unsecured creditors. Such a case is known as “zero percent plan.”

            • If income is above the state median

            Your disposable income will be calculated by deducting these expenses from your income – living expenses (as per local and national standards), secured debts, and priority debts. The amount which remains is the minimum payment which needs to be made to unsecured creditors every month for a period of 5 years.

            Example. A married couple with a combined annual income of $ 95,000 and a state median income of $60,000 for a household of two must come up with a repayment plan by calculating their disposable income. If the monthly disposable income comes to $600, they need to pay an amount of $36,000 ($600 multiplied by 60 months) to their nonpriority unsecured creditors as part of their Chapter 13 repayment plan.

            • If bankruptcy filer has significant property

            Prior to confirmation of the repayment plan, the judge also considers whether your creditors are getting paid as much in Chapter 13 as they would in case of Chapter 7. In the case of Chapter 7, all non-exempt assets are sold off to pay creditors (priority and then nonpriority). However, Chapter 13 allows you to keep non-exempt property, but it should not be at the loss of creditors. To give justice to the creditors, you must pay the greater of- either the total amount of priority debts plus your disposable income or the value of the non-exempt property.

            Example: An individual does not make much money but has significant property. Though the disposable income is $300 only, the ancestral property has non-exempt equity worth $165,000 and there exists a tax debt of $6,000 too. In this case, the debtor must pay either $24,000 ($6,000 priority debt plus monthly disposable income of $300 times 60), or $165,000 (value of non-exempt property which comes to $2,750 per month for 60 months). Since the income is relatively low, the debtor will not be able to support this Chapter 13 repayment plan.

            Bankruptcy can be quite confusing. It is important to consult with lawyers if you are thinking of filing for bankruptcy. Call 888-297-6023 to know more about your case.


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

              *Do you own a home?

              Are you currently working?

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

            • Foreclosure and Bankruptcy

              Foreclosure and Bankruptcy

              Foreclosure is a very stressful condition and it requires immediate assistance. Foreclosure is not always right and there can be scenarios when it can be easily prevented. A talk or a piece of advice from an experienced attorney can do wonders on most days. Log on to Recovery Law Group to reach out the best attorneys in town to help you or your friend out in case of a foreclosure. The consultation offered is not only confidential but is very professional too. Foreclosure basically means an exercise of a right by the lender to acquire, liquidate or sell off the asset has a lien on. This can happen in case of secured debts if the debtor misses multiple payments. This might also happen in case of unsecured debts under certain circumstances wherein a judicial lien or foreclosure is applied.

              What are the causes of a foreclosure?

              Foreclosure can occur due to personal or financial situations. Some of the potential reasons for foreclosure could be due to the following-

              • Divorce

              This is a very common reason for mortgage foreclosure. Due to divorce, the mortgage is no longer borne by two people but is levied on a single person, which always is a very big expense to handle with the existing paycheck. Alimony, child support, etc., can cripple the disposable income available for paying important debts like a home mortgage. So, divorce can be a very big potential reason for foreclosure.

              • Death

              As is divorce, death plays a significant role especially if it is associated with the higher earning spouse. While most of the household expenses creep up on the shoulders of a single person, it can be very difficult for one to keep up with all secured or unsecured loans pursued earlier. Apart from being a financial crisis, it can lead to an emotional breakdown which is a very difficult situation to be in.

              • Illness

              Some health disorder or too huge medical bills with large out of pocket expenses can really shake you off your financial track. Being ill will not only reduce the flow of income, cut down your pay slip, but also increase the burden on your savings and the available disposable income. Prolonged illness could also hence lead to foreclosures, bankruptcy, and similar unhealthy financial situations.

              Solutions for foreclosure

              Foreclosure is not the end of the world. It can be safeguarded and if you are worried about your residence or any other particular asset, you need not be. There are solutions to this foreclosure problem. Some of them can be listed as follows-

              • Filing for bankruptcy

              Filing for bankruptcy is a great option if you are about to face foreclosure. Not only do you get automatic stay but if you are eligible for filing bankruptcy under Chapter 13, none of your assets will be disturbed and your future disposable income will be used to settle the debts. This is one of the easy and effective formulae to prevent foreclosing.

              • Opting for judicial foreclosure

              The nonjudicial foreclosure requires a notice of at least 30 days prior initiating the foreclosure. It is important for you to make the lender understand your situation and provide a solution or a plan to pay off the debt in a suitable time frame. If the lender is not convinced, you may have to fight it out in the court and request for judicial foreclosure. There are several benefits offered for judicial foreclosure in states like California however, it proves to be really expensive for the lenders.

              Depending on the agreement terms, there can be more ways of dealing with the situation efficiently. An expert mortgage lawyer is just a phone call away from you. Don’t let foreclosure haunt you. Dial 888-297-6203 right now!


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

                *Do you own a home?

                Are you currently working?

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

              • What Impact Does Low Bankruptcy Filing in Los Angeles has?

                What Impact Does Low Bankruptcy Filing in Los Angeles has?

                Most of the people living in cities like Los Angeles and Dallas, TX face the dilemma of whether to file for bankruptcy or not. In the last decade, there were quite a large number of people who used to file up for bankruptcy to overcome their debt. However, this number has rapidly declined in the past few years to such an extent that it has reached to lowest of the past 10 years. According to the statistics shown by the United States Bankruptcy Court, the number of bankruptcy filings in Central district of California has dropped down to 9415 in the first three months of the year 2017 and this number is the lowest ever since the year 2007.

                Here we will present some of the statistics based on the local trend shown in the filing of bankruptcy that will help you to understand the impact of reducing filing bankruptcy numbers and hence to decide whether it would be favorable to you or not.

                Latest trends in bankruptcy filing:

                It can be easily deciphered by seeing the above-mentioned figures the filing of bankruptcy has enormously declined in the past 10 years and it has hit a historic low. However, this does not mean that people have overcome the problem of debts completely. Still, there is a large crowd that is filing for bankruptcy to overcome their debts. According to the data presented by the central district of California’s federal bankruptcy court which involves Los Angeles, Riverside, Orange, San Luis Obispo, San Bernardino, Ventura, and Santa Barbara it can be observed that still their bankruptcy filing is one of the most popular ways to get rid of debts.

                As per the data presented in the year 2017, the following numbers can be noted:

                • A decline of 7.6% in chapter 7 filing in which 11769 filings are new.
                • A decline of about 4.1% in chapter 13 filings with 4070 new filings
                • The overall decline of 6.7% in bankruptcy filings with total 15996 new entries

                These numbers were much larger as compared to the ones in the last decade. According to the data of the year 2007, there were about 9400 bankruptcy filings under chapter 7 in Los Angeles which accounts for a 60% increase since the year 2006. There was further an increase of 72% in the next year which is 2008 and it continued till the year 2011 but after that, it gradually started to decline and touch the lowest trend in the year 2017.

                What is the reason for reducing bankruptcy filings?

                It can be inferred that the number of bankruptcy filings has rapidly declined in recent years. Hence it is very vital to analyze and determine the reasons behind this decline. This reduction is not only in Los Angeles and California but is prevalent in the entire United States.

                One of the most speculated reasons behind this decline as stated by the specialists is the decline in medical debts which accounted for potential debts for most of the Americans. Since it is a well-known fact that medical bills accounted most of the expenses by people of United States, it is obvious that reduction in Medicaid bills due to affordable care act and touted economic recovery, have significantly affected the bankruptcy filings.

                The working mechanism of bankruptcy explained:

                The main purpose of bankruptcy is to discharge the debts. As per the provisions of chapter 7 which is termed as the liquidation bankruptcy, an indebted person has to make zero repayments if he is found eligible for it and files for the bankruptcy under chapter 7. He can also keep is property if he uses the exemption law of this chapter. Hence he is able to get rid of various debts via the bankruptcy discharge. However, if you fail to meet the eligibility to file bankruptcy under chapter 7, then you have another option- chapter 13. Filing for bankruptcy under chapter 13 helps you to make a repayment plan and also to reorganize the debts which will eventually prevent you from problems like foreclosure. One of the most amazing benefits of filing bankruptcy is that it helps you to get rid of the creditors and exasperating money collectors by providing an automatic stay.

                Is filing bankruptcy a boon or a bane?

                To know whether it would be beneficial for you to file for bankruptcy or not, you must first consult a well learned and wise bankruptcy attorney like Recovery Law Group and discuss your case with them. You can contact the team on 888-297-6203 and take advice for your case. A good bankruptcy attorney would be able to precisely tell you if you should file for bankruptcy or not and whether you should file for chapter 7 or chapter 13 depending on your account and debt status. You must not fall into the trap of temptations of filing bankruptcy yourself as there are many terms and conditions that you might not be aware of.


                  *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.

                • Increase in Bankruptcy Filings Among Retirees

                  Increase in Bankruptcy Filings Among Retirees

                  It is rather a sad state of affairs that Los Angeles is one of the cities that has an increase in the number of bankruptcy filings from the citizens who are above 55 years of age. This number has only doubled since 1994. Despite the need to rest after years of employment, the country witnesses this stupendous rise of close to twenty percent of the total bankruptcy filings to be of the retirees. But experts say that it isn’t surprising – the failure of the individuals (close to 32%) in setting aside a retirement amount is the major contributing factor.

                  The key reasons why seniors file for bankruptcy are medical expenses and credit card bills. Let’s discuss this more:

                  Medical Expenses:

                  Here’s a fact that may startle you!

                  In 2015, the Kaiser Family Foundation uncovered that approximately 1 million people have declared bankruptcy citing the piled up medical bills and expenses. This probably includes the majority of the Americans who have health coverage for the complete year and yet are unable to pay off their medical bills.

                  With age, the income sources decline but yet the medical expenses post-retirement will rise exponentially. The Employee Benefit Research Institute did a study in 2015 and the outcome mentions that a married couple would require $392,000 if they are on regular prescription drugs and that they are able to cover 90% of the related expenses post their retirements. Please note that the exorbitant amount is not accounting for long-term health care that is needed in old age. Many believe that Medicare will be their ultimate savior but it is quite unfortunate that there are exclusions in Medicare – eye care, dental care, and long term health care is not covered by Medicare. If you are looking at a semi-private room in a nursing home for long-term treatment, it costs about $225 per day and hence the high medical expenses that are needed to be borne by the individual. Besides, all high deductibles are to be paid by the seniors before the insurance starts for them.

                  Credit card Debts:

                  High credit card debts are another major reason for the senior folks to file for bankruptcy. Most of the crowd would have accrued larger debts on their credit card prior to their retirement. Now that there is a decline in the income, they struggle and fall back on their payment schedules. Not just this, but there are very minimal savings for the retirement time of the seniors and they don’t do a good job in planning well in advance for the same.

                  The new trend, as reported by Demos National Survey on Credit Card Debt, is the increase in the credit card debts among the people of age 50 or more compared to the younger Americans. These seniors also fall under the category of middle-income earners. In other cases, retirees turn afresh toward credit cards when they encounter the income decline – especially for basic expenses involving food and gasoline. Seniors have also been benevolent to their children and grandchildren – pampering them with financial help with their own credit cards. Some seniors resort to paying off the medical bills using credit cards as they fall short of the amount during their illnesses.

                  Here are some tips to plan the future that every citizen hopes for – well secured and free of debts. Planning and securing the future will be the best course of action for seniors to adopt.

                  Financial Planning

                  The advised course of action, especially if retirement is fast approaching, is to plan ahead of what will be needed financially for your future. The medical expenses are to be considered as every person faces unforeseen emergencies even in the best of their health conditions. The expenses for the future may not be predicted when you are living a simple and healthy life currently – life may throw medical emergencies at you as well as other expenses that need immediate attention.

                  Whilst you are earning, plan on a budget that includes saving for the phase of retirement. It is wise to keep an emergency fund that will help you manage toward situations of unemployment, health needs, vehicle demands for at least six months. This amount will only increase as we age and plan to double the emergency fund value in a year of saving. Health Savings Account (HSA) is also a recommended idea and they come in handy for those expenses that are generally not covered by Medicare – preventive healthcare like eye exams and dental procedures. The money in the HSA can be withdrawn without any tax.

                  Further assistance for Seniors in Debt

                  Are you seeking further assistance as a senior citizen and who is challenged by debts in California state? Recovery Law Group can work with you to resolve the issues at hand. Their team of bank attorneys who operate from Los Angeles and also Dallas, Texas are aware of the common problems that seniors and retirees face with debts.

                  Here are some tips to aid and direct you better:

                  • All high-interest rate debts need to be cleared off on priority
                  • A payment plan that is effectively negotiated between hospitals and medical providers can help you clear off all medical debts that you owe. Don’t compromise for a medical credit card as you may incur more debts with it.
                  • Be vigilant of your expenses and maintain the same meticulously within budget. There are articles and apps that will help you do the same.
                  • If there are piled up credit card bills, check the feasibility of a repayment plan without interest or penalties. This needs to be negotiated with the bank who has issued your credit card.
                  • A non-profit credit counselor is someone who can help you with more insights – consult one if possible
                  • A reverse mortgage can also be a viable option to consider but it depends on the financial situation that you are in
                  • Plan for the worst and plan well ahead

                  You can reach out to this team at 888-297-6203 and they are sure to come to your assistance!


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                    *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.

                  • Criminalizing Private Debts

                    Criminalizing Private Debts

                    There are criminal proceedings on defaulters on the debts that they owe to creditors. Let’s take a scenario where the debtor has fallen sick and has missed out on the payments that he/ she regularly makes. The notices about missed payments have just been ignored since the debtor is away on treatment. The piled up debt now invites court hearings – the intimations of these too have not been attended to and this eventually turns out to issuing of warrants for the arrest of the debtor for the failed payments.

                    This is not a surreal scenario and can happen to any of the debtors who fail on his private debts. It is not the question about a debtor’s prison that needs to put you into a tight spot but the private debt collectors who cause enough agony. Whether they are just a few dollars or even larger sum of debts, they use the justice system to prey on the debtors and force them towards paying the debts. A report titled, “A Pound of Flesh: The Criminalization of Private Debt”, claims that one out of three Americans are facing the pressure from collections agencies as their private debts are turned to them. The report has been collated by the American Civil Liberties Union (ACLU). As per the reports, the number of Americans who are arrested and face imprisonment is 77 million people and the majority of them are the black and Latino community folks who battle poverty and wealth issues.

                    What leads to the arrest in private debt?

                    The debts are criminalized when there is a default in payments and even after issuing of notices to appear in court, the debtor fails to appear. Subsequently, the warrant of arrest is issued by the judge. There have been scenarios that the debtors are not notified of appearances or of the lawsuit.

                    The creditors can seek the assistance of collection firms (there are approximately 6,000 of them in the U.S.) for this process of debts collections from the debtors. These debt collectors file lawsuits asking for the repayment. Close to 95% of these cases turn out favorable for the collector as the debtors don’t defend their case, as reported by the ACLU. The debtors report their unavailability due to work, or illness, or childcare, or disability, or lack of transportation, or that they weren’t aware of the lawsuit. The count of issued arrest warrants for unpaid student loans & utility bills is several thousand. Since these warrants are tracked as arrest warrants by the court, the exact number is quite unknown. It might be shocking to know that there have been arrests for amounts as low as $28, and more than half of the U.S. states (including California) witness the scenarios with arrest warrants for private debts.

                    Agonized with threatening letters & creditor lawsuits

                    The ACLU has reviewed the situation around private debts and concludes that more than 1 million consumers get threatened by their credit via letters demanding the payments. The district attorneys in the U.S. have also allowed the debt collectors from private agencies to utilize their seal and signature on these letters. The repayment demand letters have only confused and agonized these debtors. Several of them are people who have suffered a loss of a job, or a divorce or even the death of a family member. While some battle illness and have medical bills that have piled up causing them debts. Hence they survive on the Social Security and unemployment related insurance. There are retirees with disabilities or on veteran’s benefit.

                    ACLU’s recommendations on Debt practices

                    The ACLU has concerns over the process of debt collection and calls it abusive considering that it affects human rights and equal protection. The regulations that govern the debt collectors have to be improved a lot.

                    ACLU’s report suggests the below recommendations:

                    • Judges shouldn’t be issuing the arrest warrants in cases of contempt or failure to appear in court related to debt collections
                    • State Legislatures to enact laws that prevent arrest warrants in debt collection lawsuits
                    • Forbid the contracting between district attorneys and private debt collection firms
                    • State attorneys to oversee the work of a district attorney & their contracts – mainly their involvement in debt collection practices. In lieu of this, they should sue unfair means of debt collection and protect the consumers.

                    Recovery Law Group, operating in Los Angeles, California and in Dallas, Texas are in concurrence with the above recommendations and work with consumers who suffer at the hands of collection agencies.

                    Assistance to pay off debts

                    Debtors do not immediately step up for assistance to pay off their debts. It is several years that they try to tackle the burden and then land themselves in situations of facing threats, arrests and pressurizing phone calls. For some, Chapter 7 or liquidation bankruptcy could be an option and for the other debtors, Chapter 13’s repayment plan can come to their aid. In order that they get ample support, the debtors can dial 888-297-6203 for the expert team of attorneys at Recovery Law Group. Their clientele in Los Angeles and Dallas are numerous and they have proven records of assisting debtors who are amidst financial challenges involving their private debts.


                      *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.

                    • Foreclosure, Bankruptcy and Creditor Harassment

                      Foreclosure, Bankruptcy and Creditor Harassment

                      Who wouldn’t want a guide on how to handle bankruptcies and make wise decisions with their financial struggles? The book, Consumer Defense: A Tactical Guide to Foreclosure, Bankruptcy, and Creditor Harassment: The Luxury of the Informed, is a guide that is greatly welcomed by individuals and business owners. The authors, Ahmad T. Sulaiman, and Matthew H. Hector have laid down the concepts of consumer law in such a simplified format that it is easily understood by anyone. Lawyers and non-lawyers find this guide to be quite beneficial and it isn’t an understatement to say that this guide has been getting good reviews too!

                      Consumers who encounter financial setbacks and see themselves in crisis situations generally panic and act in fear! This guide is primarily intended for them to help them make some important and informed decisions – on the basis of important consumer law oriented concepts. With the knowledge of consumer law, the consumers or individuals can be prepared to face their crisis moments without anxiety or fear! They will also know to protect their consumer rights appropriately.

                      It is important to mention that one of the authors Ahmad T. Sulaiman has also written Managing Foreclosure Cases in a Recession (Thomson) and Illinois Foreclosure Defense Strategies (Aspatore Books). He practices law and specializes in real estate law, student loan law, bankruptcy law, mortgage foreclosure law, and the civil litigation law (special focus on FCRA, FDCPA, TCPA, and RESPA). His clientele includes individual investors, individual homeowners, business owners, and commercial property owners.

                      Grab a copy of this of Consumer Guide on Amazon.com and the consumers are best assured of some expert guidance through it. In situations that go beyond your capability and if you seek some guidance on creditor harassment or foreclosures, Recovery Law Group will come to your aid with their adept team. Based in Los Angeles and Dallas, the team of bank attorneys will standby to handle your financial crisis situation and help you with great advice. So speak with them – 888-297-6203 for a quick consultation and talk about your bankruptcy queries.


                        *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.