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Chapter 7 or Chapter 13? Which is Better if Wish to Keep Your Home?

Chapter 7 and Chapter 13 are the preferred routes taken by individuals filing for bankruptcy. Each has specific requirements that you must meet if you wish to get your debts discharged. According to Los Angeles based bankruptcy law firm Recovery Law Group , you need to be current on your payments and protect all home equity through bankruptcy exemptions in the case of Chapter 7. While in Chapter 13, you get a chance to catch up on missed mortgage payments through arrearage in the repayment plan. Both state and federal government offer exemptions to protect your equity in [...]

2023-04-11T08:19:01+00:00
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Chapter 7 Bankruptcy and Medical Debt

Considering the rampant spread of diseases across the world, having health insurance is mandatory. However, despite the assurance of insurance, people still end up accumulating a huge amount of medical debt. Getting rid of the unsurmountable medical debt is a reason why many people file for bankruptcy. However, the fate of any debt during bankruptcy depends on which kind of debt it is, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. Debts are classified broadly into four categories: Secured debts If the creditor has a lien on your property, such as home or car, [...]

2021-12-07T07:44:12+00:00
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Common Avoidable Mistakes for Chapter 7 Means Test

A Means test is an eligibility test that is carried to assess the eligibility for Chapter 7 bankruptcy. However, means test is not one of the simplest tests to carry out, which creates possibilities of multiple errors. Some of them could be avoided and the eligibility for Chapter 7 can be made much easier. To learn more about Chapter 7, eligibility, alternatives, and best attorneys in your town to help you deal with this financial crisis, log on to Recovery Law Group . Some quite common avoidable errors can be listed as follows- Do you really need to [...]

2023-03-31T14:30:41+00:00
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Automatic Stay – Way to Stop Your Creditors

One of the best advantages that bankruptcy can offer debtors is an automatic stay. this puts an immediate end to all collection actions and any civil lawsuit filed against you by the creditors, government or collection agencies. The upside of the automatic stay as per Los Angeles based bankruptcy law firm Recovery Law Group  is that it can help you prevent being evicted or protect your property from being repossessed or foreclosed on, utilities being disconnected or wage garnishment. For more information on automatic stay, call 888-297-6023 and speak with bankruptcy lawyers. What can automatic stay prevent? The [...]

2023-06-27T05:02:22+00:00
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Are There Alternatives to Bankruptcy?

When faced with huge financial problems, people often resort to filing for bankruptcy. Undoubtedly, it offers great respite for people, especially when it comes to harassing collection actions from the creditors. However, bankruptcy can negatively affect your credit report. According to Dallas based bankruptcy law firm Recovery Law Group, there a number of other viable options are also available for people struggling with debt. To know more about them you can call 888-297-6023 and speak with bankruptcy lawyers. The alternate options depend largely on what your primary objective for filing bankruptcy is. If you wish to get respite [...]

2023-04-11T08:20:41+00:00
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Chapter 7 bankruptcy: An Assessment of Cost and Debt Discharge

If there is too much debt piled up, the only option available might be to file for bankruptcy. Before filing for bankruptcy, it will be worthy to find out what could be an estimated cost and what would be some of the debts that you could get rid off by filing for bankruptcy versus by not filing. Most of the stats indicated below are availed from reader’s surveys. To know more statistical information and technical aspects of bankruptcy, log on to Recovery Law Group. Attorney fees Keeping everything aside, the most difficult and common question to answer is [...]

2019-08-02T08:03:28+00:00
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Which Debts Survive Chapter 13 Bankruptcy?

People often opt for bankruptcy to get control over the spiraling debts they have accumulated over a period. While in case of Chapter 7, your non-exempt property is liquidated to pay off your creditors and any remaining unsecured debts are discharged; Chapter 13 helps you to reorganize your debts and make payments towards them over a period of 3 to 5-years’ time. Your unsecured nonpriority debts are paid off through the repayment plan and any subsequent debts are discharged at the end of the period. Los Angeles based bankruptcy law firm Recovery Law Group, lawyers inform that there [...]

2023-03-31T09:30:45+00:00
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Which Debts Need to be Paid in Chapter 13 Bankruptcy?

When you file for bankruptcy, all debts are not supposed to be paid in a similar fashion in Chapter 13 bankruptcy case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the amount you need to pay depends on whether the claim is a secured, priority or an unsecured claim. In case you are confused regarding the aspects of bankruptcy, contact with bankruptcy lawyers at 888-297-6023 to clear your doubts. Secured claims Those debts in which the creditor has collateral, These include car loans and mortgages. Payments of the secured loan depend on how long the [...]

2023-04-11T08:25:14+00:00
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When is Chapter 13 More Advantageous Than Chapter 7?

The common tendency of bankruptcy filers is to believe that Chapter 7 is better than Chapter 13. Yes, Chapter 7 has many benefits, but it can outrightly not be regarded as the best alternative compared to Chapter 13. There are many scenarios when Chapter 13 can prove more advantageous than Chapter 7. Every bankruptcy chapter has some or the other benefits and flaws. To learn more about all the Chapters and their technicalities log on to Recovery Law Group. Some of the Chapter 13 benefits over Chapter 7 can be listed as follows- When you are not eligible [...]

2019-08-02T08:02:51+00:00
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What happens to Your Vehicle in Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows you to catch up on previous dues and make arrangements to clear your secured, priority and unsecured debts through a repayment plan. Unlike Chapter 7, you can keep all your property in Chapter 13 bankruptcy if you pay your unsecured creditors the amount of non-exempt property you are keeping. This chapter of bankruptcy, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, can help you catch up on mortgage and car loan payments and also help in reducing the amount owed in the latter case. Sometimes, even Chapter 13 bankruptcy might [...]

2023-04-11T08:22:08+00:00
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