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Embezzlement Debts During Bankruptcy

Embezzlement refers to liability occurring from criminal, fraud, litigation and other malpractice. The jury or court usually orders an individual to pay fines or compensation or penalty based on the crime or law/code violation. This kind of debt is referred to as embezzlement debt. The common doubt or question people have is; Will the embezzlement debt be discharged during bankruptcy? It is important to learn that the type of debts held by the person filing bankruptcy is usually arranged on the basis of priority to determine the discharge or release ability. In the array or order, the embezzlement [...]

2019-07-12T12:37:06+00:00
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Social Security Benefits Retention and Bankruptcy

The retired citizens of the USA can enjoy the benefits of social security fund, although it may be a meager sum. Social security funds are a fixed amount that the USA Government obliges its citizens to enjoy after retirement. The social security fund is managed by taxes paid by the citizens. Social security fund is a fixed amount a retired citizen receives every month throughout their life after retirement.  This amount may be substantial, but it is of great help to people who are retired and helpless. Being an old retired person, with no secure income, any amount [...]

2023-01-12T09:10:17+00:00
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Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

The bankruptcy procedure does not start a local state court. Instead, the official bankruptcy papers are usually presented to the clerk at the Federal court. This is because bankruptcy is a federal process and is governed by the Federal rules for bankruptcy. The law allowing the use of Chapters 7 and 13 is as per the bankruptcy code. The Federal laws for bankruptcy procedure act as a guide to the courts to implement the bankruptcy law. What does the bankruptcy code consist of? Bankruptcy code can define the following- Eligibility to file a bankruptcy case, answers for who [...]

2019-07-16T09:48:35+00:00
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Is it Possible to get rid of Tax Debts in Bankruptcy?

Filing for bankruptcy, especially under chapter 7, can help get rid of several unsecured debts like credit card bills, medical bills, etc. However, certain debts like government taxes, or money owed to IRS or state of California, may or may not be discharged during bankruptcy. It is important to seek legal counsel, suggest Los Angeles based bankruptcy law firm Recovery Law Group to know more about this matter. To get your state and federal taxes discharged during Chapter 7 bankruptcy, you need to clear certain hurdles. More than three years have passed from your tax due date. It [...]

2021-12-07T08:51:12+00:00
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Filed for Bankruptcy but don’t know where the Los Angeles Bankruptcy Courts are? This will help you.

Many times, people file for bankruptcy to avoid extreme financial issues, like excessive debt. However, many people are clueless regarding the procedure as well as the location of bankruptcy courts. If you are a resident of Los Angeles and are considering filing for bankruptcy but don't have any idea where a court hearing or meeting of creditors will take place, you are in luck. Bankruptcy cases in Los Angeles are filed with U.S. bankruptcy court for the central district of California. The L.A. division takes care of entire Los Angeles County while other districts have separate courthouses. To [...]

2019-07-16T09:49:06+00:00
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Decoding the four Bankruptcy Chapters

Bankruptcy is a challenging period and there are certain legal and ethical obligations during this period. To standardize the process and to ensure a fair system for all parties involved, there are some predefined codes or chapters that allow for simpler decision making and fair justice. The four chapters in focus today are suitable for businesses as well as individuals. Each chapter can be explained with their application as follows- Chapter 13 Chapter 13 is a bankruptcy code that is specifically designed for individuals or families. The businesses or the sole proprietors shall not be eligible to file [...]

2021-12-07T08:51:51+00:00
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Can you Risk Filing for Bankruptcy Pro se?

People struggling with debts have the option of filing for bankruptcy. You can either choose to file without a lawyer (pro se) or seek assistance from bankruptcy lawyers to handle your case. As per a study by US bankruptcy court, nearly 1/4 of debtors in California file their case “pro se” which has a success rate of merely 0.04% i.e. 1 case in 2,500 filers results in a bankruptcy discharge. The court approved attorney fee for a non-business case is $4000 and that for a self-employed filer is $5000. The court filing fee for bankruptcy is $281. Though [...]

2023-01-12T09:09:41+00:00
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Can Chapter 13 Bankruptcy be the Solution for High-Interest Credit Cards?

Most people survive by using credit cards. Unfortunately, credit cards charge up very high-interest rate somewhere nearly 25%. Ultimately you end up paying much more than your debt. In the long run, you end up in debt for a long period of time. Let's say you owe $20,000 on your credit card bill. You will continue making a minimum payment over a 20-year period and end up paying nearly 5 times more than what you actually borrowed. With a monthly payment of $400, you will be able to clear your debt in 23 years! You also end up [...]

2021-12-07T08:53:01+00:00
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Can Bankruptcy Affect 401(K) and Retirement Accounts?

Bankruptcy has been designed in a way to help people recover from bad financial conditions. Consumers can file for bankruptcy under chapter 7 or chapter 13. In either case, they get to keep their retirement funds. The state, as well as the federal government, has exemption laws that prevent an individua’s property against creditors and bankruptcy trustee. The retirement accounts are part of the exemptions provided by the government. These include: 401(k)s 403(b)s Profit Sharing Plans Defined-Benefit Plans Money Purchase Plans Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs Keoghs In short, all funds in retirement accounts are [...]

2023-05-30T13:34:26+00:00
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Can Bankruptcy Discharge be Denied in California?

Bankruptcy is designed to help people get financial relief from debts. Consumer bankruptcy results in a discharge wherein a federal court order eliminates debts and wipes the slate clean of the bankruptcy filer. Though used effectively by numerous people every year, Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, clarify that discharge can be denied to people if there has been any incidence of fraud or mismanagement of property. Any attempt to hide or transfer property to defraud your creditors is not looked upon kindly by the courts and your bankruptcy discharge can be denied on this basis. What [...]

2019-07-12T12:38:03+00:00
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