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What Happens to Your Home in Chapter 13 Bankruptcy?

Individual debtors can opt for either Chapter 7 or Chapter 13 of bankruptcy. According to Dallas based bankruptcy law firm Recovery Law Group, Chapter 13 bankruptcy offers people to prevent foreclosure and also catch up on the arrearage through the repayment plan. If you wish to keep your home during and after bankruptcy, consult with bankruptcy lawyers at 888-297-6023 to discuss your case. Chapter 13 allows you to pay your debt entirely or some portion of it over a period of 3 to 5-years through a repayment plan. You can pay mortgage arrearage including interest while staying current [...]

2023-04-11T08:27:03+00:00
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Tips to Qualify For Chapter 13 Bankruptcy Code

There is a specific debt threshold for filing Chapter 13 apart from the regular income criteria. The debt of the filer has to be under the threshold in order to qualify for Chapter 13. Additionally, he/she has to possess sufficient income in order to sponsor his/her future payment plan. This is only possible if there is a considerable amount of disposable income, which is the net of income and some basic expenditures. To know more amazing stuff about bankruptcy and eligibility criterions, log on to Recovery Law Group now. If you just compared your debts with the Chapter [...]

2019-08-02T08:02:21+00:00
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Save Your House with Chapter 13 Bankruptcy

People worried about bankruptcy might find it difficult to believe that it can help you out of financial distress. Chapter 13 bankruptcy, say Dallas based bankruptcy law firm Recovery Law Group lawyers, offers you to catch up on mortgage payments, reduce some secured debts, pay a small amount of your unsecured debts while getting rid of the remaining through its repayment plan. Apart from this, you can also contest foreclosure proceedings, claims for costs for missed payments and get rid of liens on your home through bankruptcy! Contemplating filing for bankruptcy? Consult with bankruptcy lawyers at 888-297-6023 to [...]

2023-04-11T08:28:30+00:00
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Responsibilities when filing bankruptcy under Chapter 13

Chapter 13 filing forms are pretty similar to the forms used for Chapter 7. The information and objectives are the same in both cases. This procedure includes detail of income, assets or properties, expenses, and debts. Along with this information, you shall also provide for a plan that shall manage all the debts in the future 3-5 years. Along with these information pieces, you also need to enclose your latest federal and state tax returns. There has to be proof for income tax filing for the last 4 years. You also have to avail a certificate for credit [...]

2019-07-29T09:54:51+00:00
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Paying off Chapter 13 Debts Earlier

The financial situation sometimes can get better with time and it so can happen that you have been halfway through your Chapter 13 repayment plan duration only to realize that your financial situation is a lot better now. In such circumstances, it is very tempting to pay off all pending Chapter 13 payments in advance and get rid of the cycle. However, it is not one of the most beneficial attempts as you might end up owing more to the lenders as creditors are entitled to all or most of the disposable income. As the disposable income increases, [...]

2019-07-29T09:55:04+00:00
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Is Keeping All Your Property in Chapter 13 Bankruptcy a Wise Decision?

Filing for bankruptcy is a decision that people are reluctant to take because many times it involves letting go of your property. According to exemptions provided by state and federal government, lawyers of Dallas based bankruptcy law firm Recovery Law Group, explain that you can keep only the amount of property which is exempt. Any non-exempt property is sold to pay off your unsecured creditors in a Chapter 7 bankruptcy case. Contrary to this, Chapter 13 bankruptcy allows you to keep the non-exempt property if you pay your unsecured nonpriority creditors an amount equal to the non-exempt property [...]

2023-04-11T08:34:48+00:00
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Is it Possible for a Legal Citizen (noncitizen) to file for a Bankruptcy?

It is possible for a legal citizen (not a US Citizen) to file for bankruptcy, but you must check with your attorney before doing so, to ensure that it is not affecting your citizenship application in any way. To find out in details regarding how to file, contact Bankruptcy attorney at 888-297-6203 or Recovery Law Group. Legal Residents are Eligible to File for bankruptcy If you are a Legal Resident (noncitizen) and reside in the United States or have a domicile or a business in the United States, then you can file for bankruptcy as any other citizen [...]

2019-07-29T09:55:31+00:00
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Impact of Chapter 13 on your credit score

The credit score takes a solid beating when bankruptcy is filed in general. But the common question is to know which Chapter impacts the credit scores the most. The impact may also last for several years when bankruptcy is filed. Filing for bankruptcy under Chapter 13 is slightly more beneficial and lighter on your credit score, especially when compared to Chapter 7. If it is possible not to file for bankruptcy, that shall be the best option. To know if you need to file for bankruptcy or not, log on to Recovery Law Group to get a host of [...]

2023-04-11T08:36:04+00:00
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How to Protect Your Home During Bankruptcy?

Most people take mortgages when they purchase their house. With time the property value might appreciate or depreciate. Being unable to make mortgage payments might send you in debt. When you file for bankruptcy, you have options to save your home. However, an accurate assessment of what your home is worth is essential. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , when you file for bankruptcy, some equity of homestead exemption is available to protect your home. Individuals can opt for federal or state exemptions (if the choice is available in their [...]

2023-05-19T06:59:23+00:00
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How to Determine Chapter 13 Bankruptcy Eligibility?

Chapter 13 can be a very good option for many people, especially those who are struggling to keep up their assets intact even after filing bankruptcy. However, not all filers are eligible to apply for Chapter 13 bankruptcy code. There some basic requirements to be eligible for filing under Chapter 13. These can be listed as follows- No lag with respect to income tax filing whether federal or state The debt is within the predefined threshold Should be employed or should have some income source to fund the payment plan to be determined under Chapter 13 Should be [...]

2023-05-05T05:45:11+00:00
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