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  • How to Get Back After Bankruptcy?

    How to Get Back After Bankruptcy?

    Bankruptcy is a tiring times for people. Even after getting a discharge in their bankruptcy case, it is difficult for people to bounce back from it. Your credit ratings get hit and you might feel down and low. However, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ lawyers say that with hard work and time, you can recover from the hit bankruptcy takes on your life. For a better analysis of your situation, you can contact expert bankruptcy lawyers at 888-297-6023.

    • Though filing for bankruptcy is tough, it is important to take stock of the situations which led to your end up filing for bankruptcy. Though reliving the past is not recommended, it is important that you learn from your mistakes. take counseling sessions to improve your financial management skills in order to avoid falling into a similar situation again.
    • You need to set a goal for yourself if you wish to recover from bankruptcy in Los Angeles. You can start with something simple like getting a healthy credit score. Managing your money properly, living within your means and avoiding unnecessary expenditure can go a long way to help you get back on your feet. Seeking assistance for achieving your goals can ensure that you don’t fall off the track.
    • Accumulated debts over a period are the reason why you end up being bankrupt. recovering from bankruptcy can go smoothly if you are able to avoid debts. Though getting a credit card is a great way to improve your credit rating, opt for a secured one. Ensure that use it for essential expenditures only such as utilities and make a payment on time. Alternately, you could use your bank debit cards for any transaction.
    • At any cost, avoid making huge purchases like a car or home, unless they are essential. Since you will be using credit cards for paying for these assets, you will end up accumulating debt which will lead you towards bankruptcy. Avoid using credit cards if possible and live a simple life until you bounce back.
    • When you file for bankruptcy, you are often flooded with offers from companies which offer you a loan to help repay your debt. However, it is important to steer clear of such companies as you will get yourself out of the frying pan into the fire. You might end up losing whatever assets or money you have.
    • Seeking professional assistance is essential if you wish to recover from the shock of bankruptcy. Seek the counsel of established and trusted financial advisors to avoid making any mistake which might result in bankruptcy.


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

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      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.

    • Get Rid of Private Student Loans During Bankruptcy?

      Get Rid of Private Student Loans During Bankruptcy?

      Getting a good education does not come cheap. People with limited salaries and assets generally must take out loans for getting quality education to improve their chances of a better future. There are two options when it comes to taking loans; you can either opt for a federal student loan or a private student loan. Though private student loan seems easier to get, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, inform that they are not that easy to get rid of. If you are going through a rough financial phase and seek to get your debts discharged, you might need to consult with expert bankruptcy lawyers at 888-297-6023 to know more about your student loan debt.

      Difference between federal and private student loan debt

      Federal student loans are different from private student loans because the government does not generally consider your credit history. Additionally, it does not alter the interest rate depending on your ability to repay the said loan. Moreover, interest rates of federal student loans are capped and generally lower than the market rate for unsecured debts as well as the average interest rate for private student loans. Even repayment of these loans is relatively flexible. You can extend the time frame, reduce monthly payments or even erase some amount of debts (conditional). Sometimes, debtors might pay very less amount with respect to the loan for a number of years and even get the remaining debt forgiven.

      Unlike this, private student loans are more like unsecured debts. Students who are unable to get federal student loans can get those from private lenders. However, the interest rate will be huge. When it comes to repayment, you don’t get benefits similar to federal loans. you can ask the lender for leniency but there is not much that you can force them to do.

      Prior to 2005, private student loans were treated like other unsecured debts (medical bills, credit cards, etc.) and could be discharged during bankruptcy. However, changes in Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, resulted in both federal and private student loans being treated at par. Thus, unless you can prove undue hardship, you cannot get rid of your student loan (federal or private) during bankruptcy. This is unfair as private student loan lenders charge a higher interest rate, decline loan to people with bad credit history, ask for co-signers and yet get respite during bankruptcy.

      Can Congress bring any changes?

      Representatives in Congress started rallying for the Private Student Loan Bankruptcy Fairness Act of 2013 since January 2013. This bill is likely to help people get rid of private student loans in bankruptcy. However, people are divided over the issue as they want to level the playing field between the loan borrowers and private student loan lenders. The passing of this bill would help remove any special treatment which is accorded to private student loans during bankruptcy. Essentially, this will put them at par with other unsecured creditors. If the bill becomes a law, private student loan debts would be discharged during bankruptcy as other unsecured debts are. People can hope for the best as this law will definitely help many unfortunate debtors get rid of their private student loan debts in 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.

      • Can Bankruptcy Affect 401(K) and Retirement Accounts?

        Can Bankruptcy Affect 401(K) and Retirement Accounts?

        Bankruptcy has been designed in a way to help people recover from bad financial conditions. Consumers can file for bankruptcy under chapter 7 or chapter 13. In either case, they get to keep their retirement funds. The state, as well as the federal government, has exemption laws that prevent an individua’s property against creditors and bankruptcy trustee. The retirement accounts are part of the exemptions provided by the government. These include:

        • 401(k)s
        • 403(b)s
        • Profit Sharing Plans
        • Defined-Benefit Plans
        • Money Purchase Plans
        • Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs
        • Keoghs

        In short, all funds in retirement accounts are protected with a few exceptions, like, an IRA account is exempted up to $1,245,475 per person. Bankruptcy lawyers of Dallas based firm (https://bankruptcy.staging.recoverylawgroup.com/) inform that during your bankruptcy you should not make these mistakes –

        1. Don’t take money out of your retirement account. Taking money out of your retirement account essentially converts it from an exempt property into a non-exempt property. The money is no longer protected and is treated like regular cash, which can be collected by creditors.
        2. Don’t use money from your retirement account to pay debts. Many people think that using a 401(k) to pay their debts can help avoid bankruptcy. However, after filing for bankruptcy, take get to know that they could have saved their retirement fund and emerged from bankruptcy intact.
        3. Don’t deposit money from other accounts into your retirement account. Trying to convert your non-exempt assets into exempt assets is not look kindly during bankruptcy. Moving of funds from other accounts into your retirement account can be conceived as a fraud. In case this happens, your retirement account could lose the exempted status. you might even end up losing your 401(k) during bankruptcy.

        Excluded Retirement Plans

        Apart from the exempted retirement plans, there are some which are “excluded” in bankruptcy, i.e. they do not form a part of the bankruptcy estate. Almost all pension and 401K savings plans, which are qualified under ERISA, the federal savings act, are excluded from the bankruptcy estate. However, as always, there are exceptions to the rule. Retirement plans with the only single participant (single employee corporate plans) and plans originating in self-employment may become part of the bankruptcy estate unless subjected to an exemption. Creditors can stake claim to those funds unless efforts are made to protect them. The list of excluded retirement accounts includes:

        • Educational Individual Retirement Accounts (IRA) under IRC 530(1)(b)
        • Pension and Retirement Plans that are qualified under the Employee Retirement Income Security Act (ERISA)
        • IRC 414(d) Government Retirement Plans
        • IRC 567 Deferred Compensation Plans
        • IRC 403(b) Tax Deferred Annuity Plans

        However, their excluded status might have some limitations. Consulting with a bankruptcy attorney is recommended for a clearer picture.

        You must list your retirement accounts on the bankruptcy schedule (though you can keep the money in those accounts). Bankruptcy schedules provide your financial information to the court. In case you are having trouble with your finances and are thinking of filing for bankruptcy, call 888-297-6023 to discuss your case with expert bankruptcy lawyers. They can guide you on how to protect your retirement accounts in case of 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.

        • Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

          Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

          Bankruptcy is the best legal recourse available to people who are struggling with financial debts which they are simply unable to pay off. Though it is essentially designed to provide respite to people, there are rules attached to it. One of them is about the transfer of property prior to a bankruptcy filing. Many people transfer assets (jewelry, shares, property, etc.) to family and friends in order to avoid them becoming a part of the bankruptcy estate. However, the court doesn’t look too kindly on such transfers. Moreover, inform bankruptcy lawyers of Los Angeles based firm Recovery Law Group mixing of bankruptcy and civil lawsuits can be quite horrible as seen in the case of Catherine, a California resident who was handling two lawsuits and two bankruptcies.

          Catherine did not get along with her neighbors and often there was discord among them due to her behavior. She used to play loud music in the middle of the night which disturbed her neighbors; took her dogs to defecate in front of neighbors’ front lawns, and even released her vicious dogs into her yard to scare small kids and grandchildren of her neighbors. She even posted signs making outrageous claims defaming her neighbors. The signs accused neighbors of criminal and civil misdeeds and tanked their reputation, resulting in a loss of business for them. All of this behavior resulted in the neighbors’ filing a defamation lawsuit against Catherine.

          While the defamation lawsuit was still pending, Catherine transferred the deed of her house to her daughter, with simply a “life estate” in the house. A life estate means that a person can reside in the property until they die. Catherine’s daughter agreed to return the deed on request, thereby becoming the legal owner of the house. After one year of this transfer of property, Catherine filed for Chapter 13 bankruptcy. The automatic stay benefit resulted in seizing of all collection actions including putting a stop to the defamation lawsuit of the neighbors since they were asking for monetary damages. With the dismissal of her bankruptcy after a couple of months, the automatic stay benefit was also lifted.

          The neighbors filed again to set aside the transfer of her house as dishonest. Since they had filed a defamation lawsuit expecting to win, the move by Catherine to transfer her house was probably an attempt to make her “judgment proof.” In case a person is judgment proof, the plaintiffs, even after winning their case won’t be able to collect any compensation. Catherine lost the defamation suit and was expected to pay $320,000 to the neighbors, but she appealed against the verdict. One year after filing the appeal (and waiting for an update on the same), she filed for a Chapter 7 bankruptcy. By then, the judgment for $320,000 was affirmed.

           After two months the court ruled that the transfer of Catherine’s house to her daughter was void. With this ruling, she became the legal owner of the house and that the property could be sold off to pay her dues to the neighbors. Catherine again filed for an appeal against the verdict, but unfortunately passed away before it could be decided. Her death resulted in the transfer of the ownership to her daughter as per the terms of transfer. This resulted in her estate having no money to pay off the neighbors’ debts. In case the transfer was deemed void, the property will be handed over to Catherine’s bankruptcy trustee who would then sell it off to pay the debts.

          Catherine had transferred the house to her daughter’s name in order to protect it. However, since the transfer was considered fraud, it was voided. Thus the legal claim of the house remained with Catherine (and eventually her bankruptcy trustee). The law restricts people from transferring property to family and friends prior to bankruptcy filing since this is an attempt to prevent the sale of the said property during Chapter 7 bankruptcy. With the court holding on to the appeal, the transfer was declared void and after 20 long years’ Catherine’s neighbors received the compensation.

          Often courts are able to see through the elaborate schemes people concoct to trick their creditors. Bankruptcy trustees are required to see through all paperwork to ensure that no asset goes unaccounted for. Any transfer of property to family and friends within a specified time frame, without proper compensation, is generally considered fraud. Such activity may result in dismissal of your bankruptcy case too. If you are going through a tough financial phase, feel free to call at 888-297-6023 to discuss your case with expert bankruptcy lawyers.


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

            *Do you own a home?

            Are you currently working?

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

          • Taxes in Bankruptcy

            Taxes in Bankruptcy

            People with overwhelming debts often seek bankruptcy as a viable solution. However, even in bankruptcy, certain debts such as secured debts like mortgage and car loan as well as government taxes and child and spousal support cannot be avoided. Apart from federal taxes, certain states like California also impose state income tax on its citizens. Similar to credit card debt, tax debt also gets added up and often becomes difficult to manage. A bankruptcy filing can definitely get rid of your unsecured debts but many people are confused regarding its effect on their taxes.

            What to know before filing for bankruptcy?

            According to Los Angeles based bankruptcy law firm Recovery Law Group , a number of options are available for dealing with income tax debts prior to bankruptcy filing such as “offer in compromise” (OIC), installment agreements, or filing a previous tax return. Since every financial obligation and individual circumstances are different, the solution also needs to be tailor-made for every client, after careful consideration of all factors.

            OIC option is available to taxpayers with no delinquent returns, who have made all tax payments and are not involved in active bankruptcy. OIC is similar to debt settlement, you offer to pay IRS less than what you owe and if the terms are agreed, you will be able to satisfy your debts. This option is excellent for those people having a higher tax liability and lower income to pay off debts. Initial high payment is expected from the taxpayer in OIC apart from complete compliance with the terms and conditions during the tenure and an additional 5 years after that.

            You can also avail to pay your taxes in installment if the IRS agrees. An installment agreement makes you compliant in the IRS’s eyes and prevents any possible debt collection steps. Additional benefits include reduction of harassed phone calls and letters from IRS while the downside to the agreement is that you continue accumulating interest on the tax obligation for the amount of time it takes to pay the debt.

            Another way of addressing this delinquent tax debt is to file for amended past due to tax return. This option is preferred as filing for it results in a direct reduction in tax liability due to preparer error. It is essential to weigh all the options with your bankruptcy lawyer or financial/tax expert who is aware of statutes of limitations as well as applicable tax codes.

            Viability of bankruptcy 

            Filing for bankruptcy might relieve you of some tax liability from both federal income tax as well as the state tax. However, the tax debt discharge depends on a number of factors like:

            1) duration of tax debt, depends on the date tax returns were due when bankruptcy papers were filed.

            2) the date when tax assessment was due.

            3) whether you are guilty of avoiding (willful or fraudulently) any tax debt.

            4) apart from this, to discharge federal and California state tax during bankruptcy, you need to fulfill these requirements –

            * tax debt is due for over past 3 years from the more recent of either an extension or the original filing date;

            * taxpayer had filed returns in a timely fashion or it has been a minimum of 2 years since the tax returns were filed;

            * taxpayer has not attempted to commit any fraud or tax evasion and the taxes have not been assessed in the past 240 days (240-day rule)

            Benefits of the automatic stay in bankruptcy 

            Consumers can file for bankruptcy under either chapter 7 or chapter 13. In the case of former, all unsecured debts are discharged including income tax if you meet the above-mentioned conditions. During chapter 13 a repayment plan is devised to make payments to all your creditors including IRS if you have included them. You can also enter in an agreement with the IRS to get a rebate in your debts. Any remaining debts are discharged after the duration of your repayment plan. This may include income tax debts if you meet the criteria.

            Whichever chapter of bankruptcy you choose to file under, both come accompanied with the benefit of the automatic stay. This puts all collection actions including foreclosure, wage garnishment and repossession on hold.

            Though you might not be able to get all your tax liabilities discharged when you file for bankruptcy, you might be able to come to a working agreement with the tax credit on a repayment plan within the bankruptcy.

            In case the IRS has obtained tax lien against your property, bankruptcy won’t be able to help you much. Though they will retain the claim on your property, your personal liability will be wiped out. In this case, if the IRS sells the property and gets less than what you owe, you cannot be held for any deficiency. Bankruptcy ensures that none of your assets are seized by the IRS without court permission.

            To fully understand your rights when it comes to taxes and bankruptcy you need to be aware of IRS bankruptcy tax guide. In case you are struggling with tax debts and are considering bankruptcy as an option, call 888-297-6203 to consult with expert bankruptcy lawyers regarding 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.

            • Read the Fine Print on Credit Cards and Avoid Going Bankrupt!

              Read the Fine Print on Credit Cards and Avoid Going Bankrupt!

              Often people take debts to meet their financial requirements. These debts can be either secured ones (where a property is kept as collateral) such as a home loan or car loans; or unsecured like credit cards, etc. Since most credit card debts do not have any property which can be claimed in case you don’t pay, they can be discharged during bankruptcy. However, sometimes, some fine print on the card can make them secured without you having any knowledge of this. In such cases, these debts will not be discharged during bankruptcy. It is therefore important to be aware of any such development prior to a bankruptcy filing.

              Credit cards and bankruptcy

              While using a credit card you agree to all terms which come with the agreement specifying how to use the card, how to pay for it, the interest rate you will be paying etc. Since the agreement is worded with extensive legal terms many people skip going through it, focusing only on how much you have to pay and what interest you will be paying. Since credit card companies also realize that people skip over the terms and conditions, they have started incorporating clauses which can affect your rights. Sometimes, clauses which give credit card companies the permission to seize property which you purchased using the credit card in case of failure to pay, might be incorporated. With the integration of such clauses the loan converts from an unsecured one to a secured one.

              Incorporation of clauses similar to the one stated above can make a huge difference in the way your credit card loans are seen. Unpaid credit card loans may result in repossession of your property which was not possible in earlier cases. As per the standard agreement, in case a person defaults on credit card payments, the company can either negotiate for payments or sue you to get them. But, with the clause, any item you purchase using the credit card can turn into collateral on non-payment of dues!

              Generally secured loans can be determined easily, like a car loan or a house mortgage loan as it is specified that the lender will take possession of the property on non-payment of dues. However, this is not expected from credit card companies. Lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that the threat of repossession is not the only issue at hand in such case. During bankruptcy, secured and unsecured debts are treated differently, with the latter being wiped out after bankruptcy. The secured debts, however, are treated differently. You either have to give up the property to pay the dues or agree to a repayment plan if you wish to keep the property. Chapter 7 is the preferred way to wipe out unsecured debts while if you wish to retain the property linked to secure debts, Chapter 13 should be your choice. It is therefore important to know more about your credit card debts before filing for bankruptcy.

              Does your credit card come with a fine print clause?

              Many credit card companies are securing their card loans with the items purchased by the cardholders. Despite the practice becoming unpopular in the 1990s, credit card companies continue with the practice. Since most people do not go through the entire agreement with their credit card company, they also might end up losing any purchases made using their credit card, if they are unable to pay for them.

              Many times, the time and money involved in repossessing your purchases made with the card is too much for the credit card company to pursue. However, it can be used as a threat (which can be followed through) so that you make payments towards them. In case you have used the credit card to make a big purchase, the company might get it repossessed. It is important in such a situation to bear in mind of your rights. As per California Commercial Code Section 9609, a creditor can collect collateral without breaching the peace, i.e. people who come to repossess your property cannot enter your home without permission. In case you deny it, the only recourse available is through the court.

              Whether a credit card company goes to the court depends on the cost of the item purchased. It is not worth spending time and money if the purchase is of a small amount. Consumer Financial Protection Bureau organizes a database of card agreements which can be consulted to find out if your credit card contract has a similar provision. You could also consult expert bankruptcy lawyers at 888-297-6203 to find out more about your options. However, the best way to avoid such a situation is to not take such a credit card. Before getting a new credit, do complete research about the company and their policies. It makes no sense to get a credit card which has difficult terms and conditions attached to it. In case you already have such a card, the best option will be to pay off the dues and close it at the earliest.


                *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.