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What is Contingent, Disputed or Unliquidated Bankruptcy?

Bankruptcy filing involves the submission of accurate information in order to ensure the process is fair and transparent. The information submitted plays a very vital role in the bankruptcy court decision making. The common focus of information can be listed as follows- What is the amount of money do you make from all your consistent sources? How much dues do you have pending? What are the different assets/properties owned by you? What is your monthly expenditure budget? Was there any transfer of asset recently? These are some critical questions which are to be addressed before filing for bankruptcy. [...]

2021-12-07T08:21:42+00:00
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What Happens to Retirement Plans in Bankruptcy?

When you file for bankruptcy, certain assets are protected under exemptions. Apart from the equity in the home, a vehicle, and household necessities, your pension and retirement funds are included in such exemptions. However, there are limitations attached to them too, inform experienced bankruptcy lawyers of Dallas based firm Recovery Law Group . It is important to know the rules prior to a bankruptcy filing. After overhauling of bankruptcy laws by the Congress in 2005, nearly all ERISA-qualified retirement accounts and pension plan funds are protected from collection action of creditors, with some exceptions. In the case of [...]

2023-03-31T09:07:09+00:00
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What Happens in a Chapter 13 Confirmation Hearing?

Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan. [...]

2023-03-31T09:12:41+00:00
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What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]

2023-03-31T09:03:56+00:00
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What Do You Understand by Disposable Income?

Many people find bankruptcy a great way out of spiraling debts. Consulting a bankruptcy attorney to find out which bankruptcy chapter suits your condition the best is important. However, people come across the term ‘disposable income’ too often during bankruptcy discussions and are often confused as to what it means. According to bankruptcy lawyers of Los Angeles based firm Recovery Law group, disposable income is the amount of your monthly gross income which remains after all essential bankruptcy expenses are subtracted from it. Disposable income is important to decide which chapter of bankruptcy you qualify; Chapter 7 to [...]

2023-04-11T08:44:06+00:00
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What are the Homestead Exemptions in Your State?

People under huge debts are often unaware of whether they can protect their house or any other asset when they file for bankruptcy. Most states allow Chapter 7 bankruptcy filers to protect some or all equity in their home. This is termed as a homestead exemption. This exemption is also available in the case of Chapter 13 too. As per Los Angeles based bankruptcy law firm Recovery Law Group if you are able to get all or most of your home equity exempted, this lowers the minimum amount you need to pay your unsecured creditors. This makes your [...]

2023-06-05T12:09:35+00:00
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Trustee’s Role in Chapter 7 Bankruptcy

Bankruptcy is a great way to get rid of a huge amount of debts. People can file under chapter 7 or chapter 13. When any individual files for bankruptcy under chapter 7, a trustee is appointed by the court to oversee the proceedings of the case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee has various responsibilities including evaluating paperwork, selling of non-exempt property, etc. What does a trustee do? The bankruptcy trustee is appointed by the court as an independent evaluator for the case. The trustee gets paid to examine your [...]

2019-07-24T09:26:25+00:00
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Real Property and Bankruptcy

Filing of bankruptcy requires the filer to list the real properties he/she owns or possesses. This is done to assess the seriousness of bankruptcy and various other financial aspects to resolve the issue in the best possible manner. The ownership or interest has to be disclosed in legal language which can often be tough. To learn more about world-class attorneys and some interesting bankruptcy and related topics, do check out Recovery Law Group. Owning, possessing, having an interest, etc., are different terms associated with property ownership. There can be different ways of holding a property. The most common [...]

2019-07-23T12:50:53+00:00
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Role of Bankruptcy Exemptions in Chapter 7 & Chapter 13

When a person takes a loan from a lender or creditor and is unable to pay back, he can file Bankruptcy in the USA. Filing Bankruptcy allows the debtor some relief in paying the loans. The debtor can file Bankruptcy under Chapter 13 & Chapter 7. While the debtor files bankruptcy he is granted exemptions. The exemptions may vary depending upon the law under which the debtor has filed bankruptcy- chapter 13 or chapter 7. Chapter 7 Under Chapter 7 the debtor can be relieved or could be asked to clear partial or small amount of unsecured debt. [...]

2023-01-12T09:14:20+00:00
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Mortgage Foreclosure in California

It takes significant effort and hard work to be able to afford a home mortgage in California. The news across Roseville which is about loan foreclosing is very saddening. The thought of losing home can be worrying for anyone. Residents despite several efforts are not being able to safeguard their home due to mortgage foreclosure in Roseville, California. To know more about mortgage, secured/unsecured loans and other important financial aspects, log on to Recovery Law Group for complete a to z knowledge. Types of home mortgage and lien Even millionaires and billionaires have a mortgage for their homes [...]

2023-07-03T07:17:37+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.