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All You Need To Know About A Bankruptcy Trustee

Call: 888-297-6203 When you file for bankruptcy under chapter 7, the court appoints a bankruptcy trustee who oversees all the evaluation of the property as well as the distribution of the funds to the creditors after selling the assets. It is important to know that the trustee only acts under the discretion of the court and no final decision can be taken by them unless approved by the bankruptcy court. What are the responsibilities of a Trustee? The responsibilities of a trustee vary depending on the chapter of bankruptcy that you are filing under. For example, under chapter [...]

2023-03-16T10:54:21+00:00
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Federal Tax Liabilities And Bankruptcy

Call: 888-297-6203 Federal income tax dues are non-dischargeable debts and getting relief from them can be extremely difficult. IRS can sue the debtor for an asset lien to recover dues, interest, and penalties. To stop the collection of dues from lenders like IRS, filing for bankruptcy can put their collection attempts to a temporary stop until the bankruptcy court arrives at a certain judgment. This relief sometimes can prove very important in financially draining situations. Know more about bankruptcy and its impacts on https://recoverylawgroup.com/bankruptcy/.  Federal tax dues and penalties or interest are taken very lightly unless it is [...]

2023-06-27T07:39:30+00:00
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How To Determine If Chapter 7 Is For You?

Call: 888-297-6203 Chapter 7 is an extremely popular bankruptcy chapter. Many individuals, close to 85% in a survey, expressed their interest to file bankruptcy under chapter 7. The ability to safeguard basic assets using exemptions and discharge maximum debts seems lucrative to all. However, many people have a lot of misconceptions about chapter 7, which is why close to 70% of people who filed for bankruptcy under chapter 7 were not very happy or satisfied with the outcome. Know more about chapter 7 bankruptcy alternatives at https://recoverylawgroup.com/bankruptcy/. When is chapter 7 for you? Chapter 7 can just be [...]

2023-06-27T07:25:21+00:00
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Chapter 13 Or Wage Earner Plan

Call: 888-297-6203 The wage-earner plan is a nickname given to Chapter 13 bankruptcy. The reason to give this name to the chapter 13 bankruptcy is due to the characteristics of the bankruptcy chapter. Unlike Chapter 7, Chapter 13 focuses on clearing as much as debt possible using a reliable source of income through the next 3-5 years. The tenure depends on the debt and the disposable income. There is a misconception that a wage-earner plan does not result in a discharge. However, there can be a discharge if the future disposable income isn’t sufficient to repay some of [...]

2023-03-22T09:38:22+00:00
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Eviction From Rented Property And Bankruptcy

Call: 888-297-6203 Bankruptcy can assist in safeguarding home and preventing home foreclosures. But what happens when a filer is in a rented property? This is a tricky question and a very common one across potential bankruptcy filers. If you are current on your rents, then it shouldn’t be an issue to prevent eviction from your home or an apartment. But if you are not, then the landlord has every right to pursue a possession and eviction judgment from respective authorities. Bankruptcy has different consequences depending on whether a landlord has achieved a judgment of eviction and possession or [...]

2023-06-27T07:42:08+00:00
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All That You Need To Know About An Automatic Stay

Call: 888-297-6203 When an individual file for bankruptcy, an automatic stay is automatically put into effect. With the help of the stay, the debtor is no longer harassed by the creditors in terms of wage garnishment or collection calls. However, this is only temporary and can be pleaded by the creditors to be lifted as well. The function and working of an automatic stay An automatic stay is recognized under section 362 of the United States Bankruptcy Code. The filer does not need to apply for this separately. When they file for bankruptcy, it gets into effect automatically. [...]

2023-06-26T07:02:57+00:00
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Chapter 13 Bankruptcy – Encyclopedia

Call: 888-297-6203 Chapter 13 is a bankruptcy form that is not so popular but is a good alternative for many. People with consistent income can consider this bankruptcy chapter to safeguard their assets and payout as much debt as possible. Chapter 13 allows for a repayment plan with restructured debt and much more practical EMIs. There might be a discharge however it is almost negligible compared to the one in Chapter 7. The tenure for the repayment can be 3-5 years. The emphasis in chapter 13 is to calculate the net disposable household income and utilize the same [...]

2023-06-26T07:25:55+00:00
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What Happens After Bankruptcy?

Call: 888-297-6203 Bankruptcy can be a nightmare or a relief after nightmare for many. There are a few important events that occur after bankruptcy. Such events can be listed as follows- Liquidating or preventing the liquidation of assets The first step after bankruptcy is to either prevent the assets from liquidation or to notify the lenders/bankruptcy trustee to liquidate the assets. If the bankruptcy filer must prevent an asset from being liquidated, this is the critical moment to do so, or it can be liquidated, or the lien might be exercised by the lender on the same. For [...]

2023-03-22T09:45:33+00:00
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Foreclosure And Bankruptcy

Call: 888-297-6203 Bankruptcy is an essential weapon against foreclosure and collection attempts. Once the bankruptcy is filed, it provides for an instant relief against any foreclosure attempts or any threatening or collection activities from the lender. A lot of people lose their homes to foreclosures fearing the impact of bankruptcy. As many as 1,500 homes are foreclosed on a consistent basis every month in many states. Bankruptcy can prevent this but some fear and misconception about its long-lasting impact have led to so many home foreclosures on a consistent basis. Learn more stats relating to bankruptcy and its [...]

2023-03-22T09:43:57+00:00
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Bankruptcy: Things To Know

Call: 888-297-6203 Bankruptcy is a very popular topic today. Not favorable but not avoidable as well sometimes. There could be multiple views about bankruptcy as a means of escaping debt, misusing it to discharge debts, etc., it sometimes is a big-time savior for many poor people. Here are a few important things to know about bankruptcy- Bankruptcy has big long-term impacts that can range up to 10 years hence, it is essential to thoroughly evaluate all alternate options before opting for bankruptcy. If you need help in evaluating bankruptcy and its alternatives do not hesitate to dial 888-297-6203 [...]

2023-06-26T07:06:40+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.