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Factors to Consider Ahead of the Bankruptcy Filing

Filing of bankruptcy can be an immediate decision. However, remember that there are certain factors to be seriously considered if you are determined to file for personal bankruptcy. Whether it is to be believed or not, these below actions by the debtors just ahead of the procedure of bankruptcy filing can invite a lot of scrutiny from the bankruptcy trustee who will be assigned to the filed petition. Let’s see what can cause the debtors trouble – Taking a cash advance while you are amidst financial crisis and on the verge of filing bankruptcy can land you into [...]

2023-03-07T10:26:34+00:00
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Different Ways of Supplementing Your Income

Los Angeles is one of the most expensive cities in America, where the cost of living is 43% more than the national average and cost of housing is more than Two times the national average. This has led many people residing here to live under debt or impatiently wait for their pay cheque every month. Many people are looking for alternatives to supplement their income. The gig of short-term work is on the rise. Selling your stuff on the internet to increase your income is a great way. Thanks to the internet, A lot of options are available [...]

2019-06-19T05:08:33+00:00
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The Decline in Chapter 11 Filings

There is certainly a vivid decline in the rate of filed bankruptcies for business across the entire United States. Bankruptcies are commonly filed by only small businesses that have annual revenue of 2.5 million or less. These small business organizations generally approach the courts for their tougher conditions towards the business operations. Only a few states such as Illinois witnessed Chapter 11 filings demonstrating a gain in 2014. The increase was close to 6 percent at the end of the first quarter of 2014. This increase has been majorly contributed by large casinos in Illinois such as Harrahs, [...]

2023-03-07T10:42:39+00:00
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Deals & Holidays – Important Financial Lessons for You

When holidays approach, Every group is frenzied with the thoughts of buying several things for themselves as well for the family. According to the National Retail Federation, Families are expected to spend close to $1000 for gifts, non-gift purchases (like Black Friday deals) and on holiday food. While everyone is easily moved about the season, Holidays are also times that one needs to watch out for cautious spending as this affects the financial status of an individual or a family for the rest of the year. Here is a list of careful moves or important lessons that can [...]

2019-06-14T12:23:10+00:00
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Can Unpaid Creditors Follow Your Children for Dues in Future?

People often have to take debts to fulfill their commitment towards their family, especially in case of bad times. However, many times, for elderly people, it is a bit difficult to pay their debts, especially after 65 years of age. There is some confusion as to who will be paying for the debts; as most of the times, income and assets are protected by the law. However, there are chances that the creditors might wait for some time so that they can recover the dues from the children of such elder debtors’. Often many people lack clarity of [...]

2019-06-14T12:23:00+00:00
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Can tax debts be discharged during bankruptcy?

Accumulation of unpaid dues can lead to people being burdened by debts. Bankruptcy is an excellent way to get many debts discharged. However, being able to get all debts discharged is extremely tough, though not impossible. Unsecured debts are often discharged after bankruptcy however debts such as education loan, government taxes, and child and spousal support, etc. cannot be discharged during bankruptcy. However, Los Angeles bankruptcy lawyers Recovery Law Group say that even such debts can be discharged depending on the type of bankruptcy. For individuals filing chapter 13 bankruptcy, tax debts are paid off as per the [...]

2021-12-08T04:31:54+00:00
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Can Income Taxes be discharged in Bankruptcy?

The unsecured debts such as medical bills or credit card bills are discharged after people get a bankruptcy discharge. This is 3-4 months from a bankruptcy filing in case of Chapter 7 and after 3-5 years in the case of Chapter 13 repayment plan. However, some debts are not discharged like government taxes or spousal/child support, etc. Though under certain circumstances, local, state and federal income taxes can be discharged along with any interest and penalty fees in Chapter 7, Chapter 11 and Chapter 13 bankruptcy. However, not all taxes are dischargeable. To discern which taxes can and [...]

2021-12-08T04:32:49+00:00
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Can Filing for Bankruptcy Help Protect Your California Contractor License

Can Filing for Bankruptcy Help Protect Your California Contractor License A lawsuit and a judgment against you can result in the suspension of your contractor’s license in the state of California. Bankruptcy is a great way to get over financial issues and get a fresh start for many people. It is also one of the best ways to prevent license suspension and discharge the judgment debt. As per Los Angeles bankruptcy lawyers, Recovery Law Group, California and Federal Bankruptcy statutes state that Contractors State License Board (CSLB) cannot suspend a contractor’s license for non-payment for a judgment when [...]

2023-01-17T11:12:29+00:00
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Can Educational Loans be Discharged in Bankruptcy?

Bankruptcy is the best legal recourse available to people to get rid of unpaid dues accumulated due to miscalculated financial risks, heavy medical bills or long credit card bills. However, certain debts such as spousal and child support, government taxes and educational loans are not discharged even post-bankruptcy. Getting student loans written off during bankruptcy is extremely difficult, though not impossible, say Dallas based bankruptcy lawyers Recovery Law Group. By proving “undue hardship”, which incidentally is very difficult, one can get them cleared, however, the standards set by the court are extremely difficult to meet. According to the [...]

2021-12-08T04:34:44+00:00
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Can a Litigant Who has filed for Bankruptcy be harassed by Financial Servicing Company?

A plaintiff who had executed a mortgage loan from Bank of America, N.A. on April 16, 2007, was unable to make adequate payments to the bank. This resulted in the bank filing a foreclosure complaint against the plaintiff. Post this, the plaintiff filed for bankruptcy under Chapter 13 in January 2013, which resulted in automatic stay affording protection against any collection actions. In June 2013, a modification was made in Chapter 13 bankruptcy by the plaintiff, wherein they proposed to surrender the home to Bank of America, N.A. against their claims. This modified plan was confirmed in June [...]

2021-12-08T04:35:42+00:00
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