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Call: 888-297-6203 Chapter 7 bankruptcy might seem very attractive because of the discharge it promises. But there are obviously some aspects that need to be revisited or thought about before considering chapter 7. These can help in making a sound decision with respect to bankruptcy choices. Learn more about bankruptcy overall by logging on to https://www.recoverylawgroup.com/bankruptcy/. Flaws of chapter 7 bankruptcy Liquidation of assets If the filer has more assets and all of them or most of them are nonexempt, chapter 7 can prove disastrous. The filer might end up with very few assets post-bankruptcy. There are certain [...]

Call: 888-297-6203 Piling up debt can cause immense problems. This can be due to job loss, medical emergency, death in the family, or a divorce. Bankruptcy can be one of the solutions to get rid of that massive debt. However, filing for bankruptcy does not mean you do not have to pay any of your obligations. Certain debts like student loans, child support, alimony, reaffirmed debts, government taxes, fines, etc., do not get discharged in bankruptcy. The debt you end up paying depends on the chapter of bankruptcy you are eligible for and file. However, a bankruptcy filing [...]

Call: 888-297-6203 If you have a stable source of income, filing for bankruptcy under chapter 13 should be your best bet. This way, you can get rid of all your debts without having the fear of foreclosing your property. Under chapter 13, you get to catch up on all your arrears by repaying your debts within a time period of 3-5 years. That is why, this is one of the most preferred ways for most filers. As scary as filing for bankruptcy may be, chapter 13 is considered a safe bet. No doubt that your credit score will [...]

Call: 888-297-6203 Chapter 7 is by far the most preferred and the most common bankruptcy chapter across the years. Chapter 7 bankruptcy might be lucrative, but it does not mean it is the best available option for all the filers. Hence, we need to understand when chapter 7 bankruptcy is appropriate. To learn more about bankruptcies and its complications log on to https://www.recoverylawgroup.com/bankruptcy/ now. When to file for chapter 7 bankruptcy? You have inconsistent income, unstable employment, and no certainty of job and income in the recent past as well as in the near future If there has [...]

Call: 888-297-6203 Chapter 13 is an interesting option facilitated with bankruptcy that allows filers to repay their debt as per a practical payment plan that could last up to 5 years. The program requires consistent income and a good amount of disposable income to be able to accommodate the expenses that could be incurred due to the 3-5 years payment plan. Know more about chapter 13 and bankruptcy in general at https://www.recoverylawgroup.com/bankruptcy/. Features of chapter 13 bankruptcy in a nutshell Consistent income with some disposable income is mandatory The filer should be up to date with tax returns [...]

Call: 888-297-6203 Bankruptcy is an interesting topic of discussion, but it isn’t a good situation to be in. It’s quite interesting to learn bankruptcy definition, description, and its types. These will be discussed further. However, to know more about bankruptcy in detail, log on to https://www.recoverylawgroup.com/bankruptcy/ now. By definition- Any individual or an entity if not able to honor its financial obligations due to various reasons can file for bankruptcy. The individual or the organization should have the intent but no resources to pay off the debt or the financial obligations to file for bankruptcy. If an individual [...]

Call: 888-297-6203 If you are a resident of California and thinking about bankruptcy, you need to be aware of a term called an exemption. An exemption is your shield during bankruptcy to prevent your assets from liquidation. Bankruptcy filers are mandated by a few states to use the state-only exemption while some states make room for using either state exemption rules or the federal one. California belongs to the first category, where the filers need to use state-specific exemption codes while filing bankruptcy. Know more about bankruptcy, and state rules on https://www.recoverylawgroup.com/bankruptcy/. Code 703 The California exemptions are [...]