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Concealing Assets During Bankruptcy? What Are The Consequences?

Call: 888-297-6203 During bankruptcy, the filers might be extremely nervous and desperate. This can lead to reporting incorrect assets while filing for bankruptcy in a desperate attempt to safeguard a particular asset. The attempt to hide or provide misleading info about any asset is referred to as concealing an asset. This is more commonly seen in Chapter 7 bankruptcy where the assets of the filer are most likely liquidated. Know more about such bankruptcy terms by logging on to https://recoverylawgroup.com/bankruptcy/.  Concealing equals perjury While filing for bankruptcy, is just not an ordinary form where you list your assets [...]

2023-03-30T12:05:38+00:00
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Chapter 7 Bankruptcy: What Is The Tradeoff?

Call: 888-297-6203 Bankruptcy is a great tool to allow for a new beginning after a disastrous financial situation. Chapter 7 looks like a tempting prospect for many bankruptcy filers especially if they are eligible for chapter 7 and have a good number of dischargeable debts. However, it is not all merry with chapter 7 bankruptcy as well. The first aspect of it is to qualify for the means test. If one does qualify for the means test, that means he/she has irregular income and is very poor, and cannot equal the state median income. The second aspect of [...]

2023-03-31T06:11:09+00:00
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How To Clean Your Financial Slate And Start Over?

Call: 888-297-6203 A few of us often get into different uncomfortable situations and just hope we could start over again with a clean slate. It is not possible in all situations however, if your finances are messed up and you are not able to pay back your bills and lenders, there is a way to reboot fresh. The solution to the financial mess is bankruptcy. It is the last resort to avail relief during the stressful financial condition. If you are too traumatized by debts, you are not able to clear your payments on time, you do not [...]

2023-03-31T06:12:13+00:00
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Planning For Bankruptcy Before Or After Divorce

Call: 888-297-6203 Los Angles & Dallas, TX bankruptcy filers often file for bankruptcy to evade child support and alimony immediately after the divorce. However, it is important to note that child support and alimony fall under non-negotiable debts and should continue even after declaring bankruptcy. Many filers also want to seek to stay on the property divisions that were settled as per the divorce decree to prevent losing their assets. However, it is important to note that declaring bankruptcy will usually not overturn any domestic court decisions regarding the division of property, alimony, and child support. What are [...]

2023-03-31T06:14:17+00:00
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Counseling And Education Requirements During Bankruptcy

Call: 888-297-6203 Bankruptcy is certainly an unfortunate event, and it calls for an experience or learning. Bankruptcy might be about relieving stress and facilitating some financial relief to the filer, but it is also about making sure similar financial mistakes are not repeated. As per stats, over 15% of the filers can be repeated bankruptcy filers. These stats suggest people do not learn from their mistakes and keep falling into the debt trap due to poor financial management. The bankruptcy court hence mandates counseling requirements and a debtor education program that is part of the bankruptcy process. Credit [...]

2023-03-31T06:16:38+00:00
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Detailed Steps To Filing Bankruptcy

Call: 888-297-6203 Filing for bankruptcy can involve many steps. The first and most critical decision one must make is whether bankruptcy is required to be filed or not. The second decision is to determine the chapter in which the bankruptcy will be filed. It can be chapter 7 or chapter 13. This link https://recoverylawgroup.com/bankruptcy/ can help you determine whether bankruptcy is essential for you or not. If yes, you can also find guidance in picking the right chapter whether 7 or 13. The detailed steps to filing bankruptcy can be listed as follows- Petition A voluntary petition is [...]

2023-03-31T06:18:49+00:00
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Can A Student Loan Be Discharged During Bankruptcy?

Call: 888-297-6203 With the uncertainty in the job market, it is very difficult for freshers to avail jobs, and close their student loans. Many universities that have promised a placement, are not able to fulfill their promise fully leaving a lot of students scampering for a job in helplessness. However, it is unfortunate that declaring bankruptcy also cannot discharge student loans under most circumstances. The bankruptcy laws had some provisions earlier that allowed for a student loan discharge that was availed from Fed sources. These are nothing but some qualified loans granted by Fed at lower interest rates [...]

2023-03-31T06:20:27+00:00
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Why Chapter 11 Is A Better Alternative For Businesses Filing Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy chapter and is very popular with a huge percentage of 71%+ across the United States of America. With the pandemic, many businesses chose to wind up, and hence this probably added to the tally of 71%. However, under normal circumstances, it can sometimes be worth to try to sustain a business, rather than liquidate or wind it up. It can be a difficult decision to make but a careful analysis of current debts, losses, inventory, assets, and prospects can make the choice easier. This assistance can be achieved from [...]

2023-03-22T09:15:21+00:00
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Chapter 7 Bankruptcy Step-By-Step Explanation

Call: 888-297-6203 The first step to filing a chapter 7 bankruptcy is to sit back and analyze whether bankruptcy is required. In many situations, after serious analysis, it might be a good idea to file bankruptcy while in some other situations, bankruptcy can be avoided. If there are ways to avoid bankruptcy, that should be attempted as bankruptcy is a last resort and an emergency hand brake, which should be used only in utmost dire situations. Log on to https://recoverylawgroup.com/bankruptcy/ to understand if you can evade bankruptcy or not. What kind of borrowers should consider chapter 7 bankruptcy? [...]

2023-03-22T09:17:45+00:00
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How Do You Tackle The Challenge Of Debt Discharge By Lenders?

Call: 888-297-6203 Often debt discharge is quite common for unsecured debts while availing relief during bankruptcy. However, it is important to note that the lenders will leave no stone unturned to get some or all of their money back. One of the most common ways of preventing discharge amongst the bankruptcy filers is to prove that the debt was facilitated by an act of fraud. If a bankruptcy filer provided any incorrect information while availing of unsecured debt, the applicant might be liable for the debt and other criminal procedures. The overall discharge of the debt in question [...]

2023-03-31T06:22:34+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.