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Filing Bankruptcy When Unemployed

Filing for bankruptcy does not specifically mention the requirement of an income source. But, directly or indirectly there is a significant impact of employment on eligibility for Chapter 7 and Chapter 13. If you have lost a high salary job recently, you might end up qualifying for Chapter 7 and at the same time, if you just lost the job and are unemployed while filing bankruptcy, you won’t qualify for Chapter 13. It's really tricky when it comes to employment and bankruptcy. To know more such interesting stuff about bankruptcy, log on to Recovery Law Group. What are [...]

2023-04-21T12:26:59+00:00
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FAQs Related to Chapter 7 Bankruptcy

Bankruptcy can be quite confusing. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, confirm that there are numerous questions that people have regarding bankruptcy process and discharge. You can ask bankruptcy lawyers at 888-297-6023 about issues related to various bankruptcy chapters. Here are some FAQs related to Chapter 7. What is Chapter 7 bankruptcy? Also known as “Liquidation Bankruptcy”, Chapter 7 bankruptcy is an ideal way to get a fresh start as it wipes off most types of debts. In this case, any non-exempt property that you have is liquidated by the bankruptcy trustee and [...]

2021-12-07T08:13:56+00:00
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Chapter 13 Bankruptcy Cost and Effectiveness

When you are struggling with debts, you are probably considering bankruptcy via Chapter 7 or Chapter 13. Once, after assessing different eligibility criterions, you lock upon Chapter 13, the next question is to determine how effective it is and what would be an estimated cost for the same. We will try to explore an estimate of some of the costs and effectiveness of the whole process using the survey results of the readers. If you have still not determined whether to go for Chapter 13 or Chapter 7, consider logging in to Recovery Law Group for information about [...]

2023-06-13T04:48:16+00:00
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Chapter 13 Bankruptcy and Tax Refunds

When you file for bankruptcy, any property you own becomes a part of the bankruptcy estate which is overseen by the bankruptcy trustee. Many people are worried about any tax refund or personal injury claim they receive during their bankruptcy since it could be used to pay your creditors. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that bankruptcy laws allow you to modify your Chapter 13 plan in some cases to excuse payment of tax refunds. You are expected to list your income, your assets, and your debts when you file for a [...]

2023-03-22T08:36:49+00:00
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Basic Steps for Filing Chapter 7 Bankruptcy

Filing for bankruptcy is a complex process and needs professional guidance to deal with the nuances. Call 888-297-6023 to discuss your case. Although you could file for bankruptcy without lawyer too, Dallas based bankruptcy law firm Recovery Law Group inform, it is not likely to end up with a discharge. The basic steps involved in Chapter 7 bankruptcy are: Analyzing your debt Before filing for bankruptcy, find out which debts will remain even after bankruptcy. These debts include student loan, child and spousal support and any recent tax debts. Any collateral pledged for debt is likely to be [...]

2023-04-11T08:37:18+00:00
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The Bankruptcy Filing By An Undocumented Immigrant

An undocumented immigrant can file for bankruptcy if he/she has a Social Security Number. In lieu of a social security number, Individual Taxpayer Identification Number can also be used to file for bankruptcy. There can be a negative impact on the immigration status of the bankruptcy filer when filing for bankruptcy as an undocumented immigrant. For best assistance and more insight on bankruptcy, log on to Recovery Law Group now. What do the rules indicate? The bankruptcy code does not have a specific mention for the bankruptcy to be filed by a citizen of the United States or [...]

2019-07-29T09:57:57+00:00
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Bankruptcy by Chapter 13 FAQs

Sometimes, the best way to address all queries is FAQs. By listing some potential doubts or questions and answering them in the best way possible can give enlighten people better. Chapter 13 bankruptcy one of the most popular bankruptcy code especially for people who had wished to safeguard their assets. By answering a few FAQs below, we try to enlighten you about most aspects of Chapter 13. To know more about bankruptcy, Chapters, and legal assistance, log on to Recovery Law Group. How much debt has to be repaid if I file for Chapter 13 bankruptcy? This is [...]

2023-04-11T08:41:31+00:00
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Can Chapter 13 Bankruptcy help prevent Car Repossession?

One of the major concern people have when they file for bankruptcy is what will happen to their car and house – will they be safe from collection actions or not? Lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that when an individual files for bankruptcy, whether Chapter 7 or Chapter 13, the court orders for an automatic stay which prevents any collection attempts including foreclosure, repossession and threatening phone calls. However, any criminal proceedings like visitation proceedings or child custody and even some eviction proceedings continue as per the state law. Chapter 13 automatic [...]

2021-12-07T08:16:32+00:00
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An Overview of Chapter 7 Bankruptcy Process

If you are looking to file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group, suggests Chapter 7 as one of the best ways to get rid of your debts, provided you are able to qualify for the same. A typical Chapter 7 bankruptcy process consists of six steps: You are required to complete a mandatory credit counseling course before you file your bankruptcy papers. This can be one either online or by phone. You need to fill your bankruptcy forms. These are available online. Along with the forms you are expected to provide a list [...]

2023-05-05T05:47:04+00:00
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What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues. Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee [...]

2019-07-24T09:29:04+00:00
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