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  • Information Essential for Filing of Bankruptcy

    Information Essential for Filing of Bankruptcy

    Once you have concluded that bankruptcy is probably the best way to get rid of your debts, it is time to consult an experienced bankruptcy lawyer. Most lawyers will ask you for a detailed account of your income, assets, and debts. This is because while filing for bankruptcy, you are required to disclose all this information as per Federal Law. For a person struggling with finances, reliving their failures can be quite overwhelming, however, this is something you cannot avoid if you wish to have your debts discharged. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, a bankruptcy attorney will require these documents for preparing your bankruptcy petition:

    • Questionnaire

    The questionnaire helps in gathering information about the income, assets, and debts of the prospective bankruptcy filer. You are also required to provide information regarding any assets you had held or transactions done within the past 2-5 years. The attorney can determine an outline of your finances from these questions and assess which would be the correct time to file for bankruptcy.

    • Proof of income

    Individuals can file for either Chapter 7 or Chapter 13 bankruptcy depending on their average income. To calculate this, a record of your income for the previous 6 months is required. In case of a salaried person, pay-stubs or cheques of the last six months; for a business owner, the profit and loss statements for the same duration and for a retiree, their social security or retirement income award letter will be needed.

    • Credit report

    Since many people might end up forgetting how much they owe to whom, using their credit report is ideal. This gives an idea of the debts you need to include in your bankruptcy. To be on the safer side, you should get your credit report from all three credit reporting bureaus so that you do not forget to include any debt when you file for bankruptcy.

    • Other documents

    Apart from these, your lawyer might also need –

    • your tax return information for the past two years
    • your bank statements for a minimum duration of six months
    • titles to assets (vehicle, real estate, )
    • latest mortgage statement, etc.

    It is important that you are honest about the information provided when you file for bankruptcy. Since federal law requires complete transparency, any hiding of information could lead to your case being dismissed without a discharge. This will send you in a position worse than when you had started. If you are not sure of anything, ask your bankruptcy lawyer Los Angeles. If you haven’t hired one, you can call 888-297-6023 to schedule an appoint with qualified attorneys to discuss 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.

    • Business Recovery Through Bankruptcy is Possible

      Business Recovery Through Bankruptcy is Possible

      Call: 888-297-6203

      In a time when the economy is struggling everywhere, it is not uncommon to find that many small businesses find it hard to stay afloat. Any change in customs duties, fluctuation in prices can send the cost escalating which cuts into the profit margin. Moreover, the high-interest rate can be a huge reason for the escalating debt of small business owners. If you find yourself struggling to manage the finances of your business, it is time to consider bankruptcy as a way out, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers.

      Though Chapter 7 bankruptcy is usually used by individuals to get rid of their debts, this option is available for small business owners too. Filing for bankruptcy under this chapter not only helps get rid of your debts but also provides financial freedom. Other benefits associated with this bankruptcy chapter include:

      • You can continue operating your business despite filing for bankruptcy. This chapter provides a discharge of unsecured debts within 3-6 months of filing. Since most property is protected through exemptions, you might not lose any assets while getting rid of your debt burden.
      • If you are a sole proprietor of the business, filing for bankruptcy and getting subsequent discharge will allow you to get increased cash flow. This can be invested in the business to be used for the growth of the company.
      • All personal unsecured debt including credit card bills, medical bills and overdue utility bills can be discharged through bankruptcy.

      However, before jumping the gun, it is important that you seek consultation with experienced bankruptcy attorneys Los Angeles at 888-297-6023. They can ensure that all the paperwork is in order and that you get the fresh start that could help be the foundation stone of a successful enterprise.


        *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 ORAP?

        What is ORAP?

        Call: 888-297-6203

        Filing for bankruptcy to get rid of your debts can make you aware of several legal terms previously unknown to you. When you choose to file for bankruptcy, you have probably run out of options to stop creditors from collecting their amount. ORAP is a procedure which is known to be quite helpful during bankruptcy proceedings, especially to your creditors. ORAP is called order for appearance and examination of judgment debtor. According to Los Angeles based bankruptcy law firm Recovery Law Group, ORAP requires that the debtor appears in the court in order to answer questions pertaining to the availability of their assets to pay for the judgment. When ORAP is put in place, an automatic lien against all your personal property is placed for a duration of one year.

        This can be problematic to some extent, especially if you are going to declare bankruptcy. ORAP is a form of action which any potential creditor can take against you. In case you find yourself in deep debt, you should file for bankruptcy by consulting best lawyers. If you wish to seek counsel from qualified bankruptcy lawyers, you can call 888-297-6023. While discussing your case, it is vital that you discuss all your creditors as well as ORAP and its effect. Bankruptcy lawyers Los Angeles can help you get out of the tricky financial situation and offer feasible debt relief options for you to get a fresh financial start.


          *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 Bankruptcy End Child Support Obligations too?

          Does Bankruptcy End Child Support Obligations too?

          Call: 888-297-6203

          Despite being one of the best ways to get rid of debts, bankruptcy does not clear you of all your financial obligations. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, elaborate that certain debts survive bankruptcy, no matter which chapter of bankruptcy you have filed under. These obligations include child support debt and alimony. Whether you chose to file for bankruptcy under Chapter 13 or Chapter 7, you will not be off the hook for paying child support and alimony dues to your spouse. Additionally, any fines due to restitution order by a judge, compensation for injuries and damage caused by DUI, etc. are also not negated. Bankruptcy does not affect any of these debts and they need to be paid in full despite bankruptcy discharge.

          Before filing for bankruptcy, it is important to be aware of what debts can be discharged under bankruptcy and which of those will survive bankruptcy. This is vital because if you are filing for bankruptcy to get rid of debts that will end up survive bankruptcy, the entire process will be in vain. To know more about debts which can be discharged in bankruptcy Los Angeles, you should consult qualified attorneys. For consulting with experienced bankruptcy lawyers, you can call 888-297-6023.


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

            *Do you own a home?

            Are you currently working?

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

          • Late Claims in Chapter 13: Ohio Court Rules Against This Practice

            Late Claims in Chapter 13: Ohio Court Rules Against This Practice

            Call: 888-297-6203

            When a person chooses to get rid of their debt by filing for bankruptcy, the best way is to hire a lawyer. This is so because bankruptcy is a complicated process involving several legalities and documents. Experienced lawyers such as those of the Los Angeles bankruptcy law firm Recovery Law Group, make it a point to inform every creditor mentioned in the list of the impending bankruptcy filing of their client. In case the client chooses to file under Chapter 13, any secured creditor can claim against the debtor getting a discharge. However, there is a catch. They should file the claim prior to the deadline mentioned in the notice informing them of the impending bankruptcy. Many times, creditors neglect the deadline and file claims as per their fancy. This has been restricted by the Ohio Court in the latest ruling.

            In the abovementioned case, the couple filing for Chapter 13 owed property tax, but the company which held the debt failed to file a claim against the couple despite being informed of the deadline through the bankruptcy intimation notice. After the deadline had passed, the court declined the company’s claim to receive payment from the Chapter 13 repayment plan. Though the company had a lien on the home, which would have survived the Chapter 13 bankruptcy, the court’s decision is seen as a step in the right direction by consumers trying to get rid of their debt through Chapter 13 bankruptcy.

            In case you decide to pursue this chapter of bankruptcy to get rid of your debts, you should seek the counsel of experienced bankruptcy lawyers Los Angeles at 888-297-6023.


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

              *Do you own a home?

              Are you currently working?

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

            • Everything You Wanted to Know About the Chapter 13 Repayment Plan

              Everything You Wanted to Know About the Chapter 13 Repayment Plan

              Call: 888-297-6203

              Filing for bankruptcy is often the last option taken by people who have been struggling with debts for a long time. According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, people have the option of filing under Chapter 7 or Chapter 13. Ideally, Chapter 7 is preferred as it gets rid of all unsecured debts without losing many assets of the bankruptcy filer. If, however, you fail to qualify the means test, you are stuck with Chapter 13. It is therefore important to know what happens in this chapter so that you are prepared to handle what comes your way.

              Here are some of the key facts related to Chapter 13 bankruptcy:

              • Chapter 13 involves a repayment plan where you are expected to pay back your creditors some portion of your debt.
              • The repayment plan lasts for 3 or 5 years depending on whether your average monthly income for the past six months prior to bankruptcy filing was less than or more than the state median respectively.
              • The repayment to creditors is done using your disposable income, i.e. the income which is left after deducting all essential monthly expenses such as housing, food, etc.
              • If your financial situation deteriorates during the repayment plan (loss of a job, unexpected medical expense, ) which results in non-payment of the dues, you can ask for a modification in your agreement by consulting your bankruptcy trustee.
              • After completion of the repayment plan in 3-5 years, you can get a fresh financial start.

              For more details regarding bankruptcy procedure and filing, you can contact experienced bankruptcy lawyers Los Angeles, at 888-297-6023.


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

                *Do you own a home?

                Are you currently working?

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

              • Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

                Which Financial Situations Could Warrant a Chapter 7 Bankruptcy?

                Call: 888-297-6203

                Managing finances is a tricky affair. People often find it difficult to keep their finances above board. However, there can come a time, when you might have to consider bankruptcy as an option. Individuals can opt for Chapter 7 or Chapter 13 bankruptcy; however, the former is preferred. According to Los Angeles based bankruptcy law firm Recovery Law Group, the situations where Chapter 7 bankruptcy is the best way out include:

                • Majority of your debts are due to excessive use of credit cards. Heavy reliance on credit cards can lead to an excessive amount of loans which can send anyone down the rabbit hole.
                • Foreclosure notice can be a rude shock for anyone. You could end up losing your home if you are behind mortgage payments. Banks can foreclose on your property if prompt action is not taken. Filing for bankruptcy under Chapter 7 puts an automatic stay in place which prevents any collection action including foreclosure.
                • If you are heavily under debt, wage garnishment is a reality which cannot be avoided. Lenders can garnish your salary to collect against your debt. The automatic stay can put a hold to wage garnishment also.

                Though these reasons aren’t enough, they give you a general idea of when to look for bankruptcy as a way out. It is important to know the pros and cons of bankruptcy before you decide to file for it. You can consult with experienced bankruptcy lawyers Los Angeles about your case at 888-297-6023.


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

                  *Do you own a home?

                  Are you currently working?

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