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Tag: Keep my car in bankruptcy

  • What are the Homestead Exemptions in Your State?

    What are the Homestead Exemptions in Your State?

    People under huge debts are often unaware of whether they can protect their house or any other asset when they file for bankruptcy. Most states allow Chapter 7 bankruptcy filers to protect some or all equity in their home. This is termed as a homestead exemption. This exemption is also available in the case of Chapter 13 too. As per Los Angeles based bankruptcy law firm Recovery Law Group if you are able to get all or most of your home equity exempted, this lowers the minimum amount you need to pay your unsecured creditors. This makes your repayment plan considerably affordable. However, the homestead exemptions vary in each state. Few examples include:

    • Some states allow exemptions of all home equity, irrespective of the size of the home; while others protect only a small amount of equity.
    • Few states allow married couples (who are filing for bankruptcy jointly) to double the homestead exemptions.
    • Some states require debtors to file homestead declaration if they wish to take advantage of homestead exemptions in bankruptcy.
    • Most states allow you to use the state homestead exemption, while a few allow you the choice between federal and state homestead exemption.

    If you wish to know more about the homestead exemption in your state, it is important to consult an experienced bankruptcy attorney. Call 888-297-6023 to discuss your case and get to know what type of property and to which amount you can have exempted using homestead exemption.


      *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.

       

    • Should I Keep My Car during Bankruptcy?

      Should I Keep My Car during Bankruptcy?

      Bankruptcy is a name which often causes people to panic. This is so because most of the time, it is associated with the image of being thrown on the streets penniless. However, nothing could be farther than truth. More often than not, the financial situation of an individual is tight, which has led them to file for bankruptcy. Since financial problems can affect a number of areas of your life including your job, property, and vehicle, many people question whether it is appropriate to keep their vehicle if they plan to file for bankruptcy. (more…)

    • Benefits of Bankruptcy Consultation

      Benefits of Bankruptcy Consultation

      More often than not, people prefer dealing with severe financial problems than opting for bankruptcy as the word has been often been misconstrued. A bankruptcy filing is a legal and one of the best methods to come out of financial problems and start life afresh. However, before you make a decision to file for bankruptcy, it is important to get a consultation with skilled bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group.

      What to Expect in Bankruptcy Consultation?

      Taking legal assistance for your financial problems is important as sometimes you might not be aware of the best legal recourse to deal with the issues at hand. However, before you meet a bankruptcy lawyer, it is important that you are well prepared so that you are able to save both time and money. Having your financial information on hand is important, therefore collect all information about your finances including:

      • Bank statements
      • Loan agreements
      • Creditor’s information
      • Contract information
      • Receipts for any payments made
      • Foreclosure documents in case proceedings are pending
      • Correspondence with creditors (sue notice etc.)

      All these and related documents will help the attorney with all background information about your financial problems. With this information at hand, work for the bankruptcy proceedings can be initiated sooner.

      It is important to keep in mind that lying about your finances to the bankruptcy attorney is not going to help your cause. You need to be open to the lawyer and should not withhold any information pertaining to your dues or assets as this may get your case dismissed without any discharge of debts.

      In case you have any questions pertaining to the impending bankruptcy, it is important that you discuss them with the lawyer during the bankruptcy consultation. This will help alleviate your concerns and also make you aware of the eligibility factors and any other potential issues which could obstruct the chances of your case going ahead.

      Taking a bankruptcy consultation with specialized lawyers provides you with a better idea of the concept as well the recourse to be taken to get rid of the financial mess you are currently in.


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

        *Do you own a home?

        Are you currently working?

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

      • How to Avoid Falling Back and Accumulating Loans After Your Bankruptcy Proceedings?

        How to Avoid Falling Back and Accumulating Loans After Your Bankruptcy Proceedings?

        The decision to file for bankruptcy is a tough one. However, clearing up the financial mess is not easy for many unless they choose to file for bankruptcy. Once you have repaid your dues as per court-mandated programme, you get a clean financial slate, meaning, you can easily start over. It will be surprising to know that soon after their bankruptcy is discharged, many debtors start receiving calls from credit card companies, mortgage finance companies or car loan lenders, offering them a variety of credit offers. It will be surprising to know that many of these creditors are subprime lenders that are interested in preying on people who have just cleared their bankruptcy-related dues and wish to improve on their credit score. (more…)