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Can any 3rd Party Take Advantage of Automatic Stay in Chapter 13 Bankruptcy?

Bankruptcy is confusing and terrifying to most common people. Though there are benefits associated with it like automatic stay and discharge of unsecured debts at the end of the bankruptcy, sometimes, a bankruptcy case might be ‘hijacked’ by another debtor who wishes to take advantage of your bankruptcy case and the subsequent automatic stay. Automatic stay helps in putting arrest to all collection actions by creditors including repossession, foreclosure, threatening emails, phone calls, etc. However, Los Angeles bankruptcy lawyers https://bankruptcy.recoverylawgroup.com/ inform, creditors may request a relief from the automatic stay clause. This happens in case debtor “participated in [...]

2023-03-13T08:52:51+00:00
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Bankruptcy Trustee Characteristics and Counter Approach

Bankruptcy trustee plays a crucial role by representing the debtor’s case in court. A bankruptcy trustee is delegated by the United States Trustee to closely examine the case to bring forth hidden assets of the debtor. The trustee investigates the debtor’s assets, funds and other resources that can be utilized to pay the creditor. In short, it is a government body that mediates between the debtor and the creditor to obtain the best results for both creditor and debtor. How can the debtor make his case strong? The debtor must abide by and cooperate with the Bankruptcy trustee [...]

2023-03-13T07:59:21+00:00
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Bankruptcy Basics of Chapter 9

The bad financial situation can affect not just individuals but also organizations (both government and private). However, the rules for getting a fresh start differ slightly in both cases. While consumers can opt for Chapter 7 or Chapter 13 bankruptcy to get their debts discharged, Chapter 9 bankruptcy helps municipalities (cities, towns, villages, counties, taxing districts, municipal utilities, and school districts) reorganize their debts. This bankruptcy chapter helps protect debt-ridden municipalities from creditors, while a reorganization plan is being developed for adjusting their debts. Reorganization mainly takes place by extension of debt maturities, reduction of the principal or [...]

2021-12-07T08:55:10+00:00
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Bankruptcy Basics of Chapter 7

Bankruptcy is designed as a means to give a debt-free fresh start to honest individuals who have fallen on bad times. Post-bankruptcy, debtors cannot be held liable for discharged debts. Consumers can file for bankruptcy under chapter 7 where all your non-exempt property is liquidated, and the proceeds are distributed among creditors as per Bankruptcy Code. Part of the property may be subject to mortgages and liens, while any unsecured debts (credit card bills, medical bills, etc.) which remain after the process are discharged. Though it sounds too good, there are other options available. According to Los Angeles, [...]

2023-04-11T08:49:07+00:00
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Bankruptcy and Payday Loans

Payday loans are a very innovative concept which is running around the United States quite contagiously today. It provides instant cash by keeping your future paycheck as collateral. Payday loans are a common point of discussion during bankruptcy as they can make the procedure complicated. While most people take payday loans to clear their existing debts, which may be credit card bills, utility bill payments, personal expenses, etc., the amount is usually limited to about 70-80% of the average paycheck. Just like credit cards, the interest charged on a payday loan is very high. It is an unsecured [...]

2023-03-22T08:05:35+00:00
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Bankruptcy and Median Income Calculation

Bankruptcy is not a very exciting position to be but there are a lot of choices, questions, problems that have to be addressed almost instantaneously. The first is to identify which Chapter are you looking to file your bankruptcy in. Either Chapter 7 or Chapter 13. Then you have to figure out if you are eligible for Chapter 13 or Chapter 7. If you are eligible, you have to understand the implications of the same and approach the bankruptcy court. Tests, Chapters and eligibility There are eligibility factors for each Chapter, and one cannot simply select the Chapter [...]

2021-12-07T08:58:08+00:00
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Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Bankruptcy is the best legal recourse available to people who are struggling with financial debts which they are simply unable to pay off. Though it is essentially designed to provide respite to people, there are rules attached to it. One of them is about the transfer of property prior to a bankruptcy filing. Many people transfer assets (jewelry, shares, property, etc.) to family and friends in order to avoid them becoming a part of the bankruptcy estate. However, the court doesn’t look too kindly on such transfers. Moreover, inform bankruptcy lawyers of Los Angeles based firm Recovery Law [...]

2021-12-07T08:58:43+00:00
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Who is Notified of Your Bankruptcy Filing?

Despite being one of the best legal options to get rid of accumulated debt, people refrain from filing for bankruptcy probably because they fear being judged. One of the major concerns people have is that their bankruptcy will be announced to their family and friends, which probably is shameful for them. While considering bankruptcy, and to quell any fear, it is important that people are aware of who will be aware of their bankruptcy filing. According to Dallas based law firm Recovery Law Group, there are two chapters under which individual debtors can file for bankruptcy – Chapter [...]

2023-06-13T07:08:32+00:00
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What Happens if You Forget to Include a Creditor in Your Bankruptcy?

A lot of paperwork is involved when you file for bankruptcy, including documentation for your income, assets, and a comprehensive list of your debts as well as your creditors. This complete list of creditors is used by the court to inform everyone concerned about your bankruptcy. Since all of this involves a lot of paperwork, it is quite possible that one or two creditors might miss making the list. Since creditors also have legal rights in your bankruptcy case, if any of them fails to get a mention in your list of creditors while filing for bankruptcy, what [...]

2023-03-30T13:00:15+00:00
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My Cosigner Filed for Bankruptcy; Does it Impact Me?

In many different places, getting loans or line of credit is not easy. There is always a requirement of a guarantor or a cosigner. Parents, relatives, spouse, or friends could play as guarantor/cosigner. How does the bankruptcy of one cosigner impact the other person? This is what we will discuss in detail here. For best and quick solution on bankruptcy related issues, just hop to Recovery Law Group. Cosigner and the relationship A Cosigner is a person who is liable to pay the loan in case the primary borrower defaults. The Cosigner is the backup plan for the [...]

2023-01-12T09:08:43+00:00
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