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  • Can Bankruptcy Protect You and Your Property?

    Can Bankruptcy Protect You and Your Property?

    Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded.

    Another advantage of filing for bankruptcy is protecting your home against foreclosure. When you have a financial crunch, making payments on a mortgage can become difficult. In case, you have fallen behind on your mortgages, there is a possibility of the creditor foreclosing on your home. However, bankruptcy filing puts an end to the worry of foreclosure too. In fact, bankruptcy is the best tool to save your home. Chapter 13 also offers you a chance to catch up on past arrearage through the repayment plan. Unless a sheriff sale has taken place, bankruptcy can be the best tool to prevent your home from being taken from you.

    Both federal and state government allow certain exemptions in personal property of the bankruptcy petitioner. When you file for bankruptcy, you can effectively save a lot of your assets while getting rid of several unsecured debts. Various exemptions available include automobile, homestead, household items, retirement plans, insurance, tools of trade, etc. In case you wish to protect your property while getting rid of your huge debts, filing for bankruptcy is the best option. Call 888-297-6023 to consult with expert bankruptcy lawyers regarding the protection of your assets while getting rid of your 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.

    • Meeting of the Creditors – Chapter 7 Bankruptcy

      Meeting of the Creditors – Chapter 7 Bankruptcy

      The meeting of creditors has to be formally attended by all the debtors who have filed for bankruptcy within 30 days of the filing. Once a bankruptcy filing has been done, a law firm such as Recovery Law Group puts to work their best attorneys for formalizing the documentation needed for the bankruptcy hearing. These set of documents will be checked by the bankruptcy trustee and meticulously reviewed at the hearing of the case.

      In the hearing, the bankruptcy trustee performs the verification whether the debtor really qualifies for Chapter 7 bankruptcy. Also, the status of the assets of the debtor is checked. There is nothing to worry about this scrutiny as long as all the assets have been divulged and the disclosures of all income/ transfers of the last two years prior to the filing have been shared. There is still a space for an unknown query and it is undeniable that it can get the debtors worrying.

      Clients tend to get nervous and worried about these 341 hearings (meetings of the creditors). They may get assistance from experts in the field, a team of bank attorneys will be a good find. They can brief you about the proceedings in these hearings and have you prepared. Recovery Law Group is a firm of this kind of servicing clients in Los Angeles and Dallas, TX regions. So check out their details and have the best attorney, Los Angeles on-boarded to help you with the meeting of creditors.


        *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.

      • Effect of Bankruptcy on Credit

        Effect of Bankruptcy on Credit

        The effect of filing bankruptcy will remain on your record of credit for a period of ten years. But there is nothing to panic, as this statement doesn’t conclude that you will not be able to further get any debts or finances. In effect, the bankruptcy filing will not be the end of your credit journey.

        A new start to your financial status

        Eliminating the debts through the filing of a bankruptcy will give you the provision to start afresh and start saving too! Routine household expenses of groceries, clothing needs and automobile needs can now be accomplished using the money at hand instead of a credit.

        Remember that prior to the bankruptcy, you have been paying your dues late or in adverse conditions, not paying them. In those circumstances, no one may be willing to give you further credit and that too at a reasonable interest rate. The situation might have gone out of control and may need the gathering back of your financial status.

        Get in touch with Recovery Law Group for their team of attorneys who can help rebuild your financial status after the bankruptcy filing. They support states of California, Nevada, and Texas. Work with the best attorney, Los Angeles and Dallas for your credit worthiness improvement.


          *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.

        • Debts That Can Be Cleared With Chapter 7 Bankruptcy

          Debts That Can Be Cleared With Chapter 7 Bankruptcy

          The main benefit of filing for bankruptcy using Chapter 7 is to be relieved of existing debts. Also known as liquidation bankruptcy, Chapter 7 provides the means to get the debts discharged.

          Here are the debts that can be cleared using Chapter 7

          • Store cards
          • overdraft of checking accounts
          • Credit cards
          • Certain tax debts
          • Personal Loans
          • Parking tickets
          • Social Security and unemployment related overpayments
          • Medical bills (inclusive of dental)

          During a Chapter 7 bankruptcy case, the trustee is entitled to take the control and possession of any property that is not exempt. Hence the debtor needs to understand the asset types that can be exempted in a Chapter 7 bankruptcy filing case.

          • Any clothing or jewellery that is up to the value of $3600
          • Homes that have total equity up to $33,000
          • Household furniture of value up to $3000
          • Bank accounts of value up to $400
          • Automobile possessions with total equity value up to $3400 – this value is higher for a married couple when they file for bankruptcy
          • All retirement accounts from the current or previous employer
          • Personal property that amounts to $2000 (this value can go up to $9000 if the debtor doesn’t own a home)

          Depending on the state that the debtor lives in, the value of every asset type can also vary in the above in a Chapter 7 case for the property exemption. Let your queries related to your location and its specific regulations, be addressed through you search for the ‘best bank attorney near me’. A law firm possesses attorneys to clarify such ambiguities.

          There is also a list of debts which cannot be discharged in Chapter 7 bankruptcy and that one needs to be aware of –

          • Student loans
          • Most of the taxes
          • Debts obtained to treat personal injuries that had been caused by driving while drunk
          • All fines that have been ordered by court and amounts spent for criminal restitution
          • Child Support and Alimony
          • Debts that had been obtained by fraud/ deception

          For more clarity and support with discharging of debts in a Chapter 7 bankruptcy case, seek guidance from the Recovery Law Group. They have diversified clients and have garnered enough experience to handle the Chapter 7 bankruptcy scenarios and work with the debtors for the discharge of their debts. A debtor’s search for their bank attorney, Los Angeles ends with Recovery Law Group who serve locations such as LA and Dallas.


            *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.