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What Are Bankruptcy Exceptions?

Call: 888-297-6203 Bankruptcy exemptions are properties that are protected by the court from liquidation to repay the creditors. It is there in both bankruptcy codes and state laws. If you don't claim your exemption, the property will not be protected in your bankruptcy case. Why do bankruptcy exemptions exist? They exist so that the bankruptcy filers get a fresh start but don't have to start from scratch. They are in place so that you can keep some of the property. Who can claim bankruptcy exemptions?  Only individuals and married couples can claim exemptions as it is there to [...]

2023-03-31T08:32:12+00:00
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Bankruptcy Impact On Credit Score And Remedies

Call: 888-297-6203 Bankruptcy has a major impact on credit score, and it is obvious to hit the credit score of an individual by over 100 points at least. The credit score works on a factor that indicates an overall risk to the lender and the lower the credit score larger the risk for the lender. Once any person has declared bankruptcy, it is very difficult for a lender to trust or provide credit for such a person so easily. Such people might not be able to avail of any unsecured loan for several years, sometimes even up to [...]

2023-03-31T08:34:17+00:00
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Super-Quick Guide To All You Need To Know About Bankruptcy

Call: 888-297-6203 Bankruptcy is a complex process. However, we will try to debrief the same in a super-quick short way for faster understanding. When you realize you are not going to be able to pay some debts and you are already defaulting on a few, you might consider bankruptcy to eliminate some of the debt to make your life less miserable. The ultimate aim of bankruptcy is to discharge some debts and reinstate some stable financial status to ensure life is less stressful. Benefits of bankruptcy Bankruptcy provides immediate relief. Once the bankruptcy is applied, you become immune [...]

2023-03-31T08:35:40+00:00
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Chapter 7 Or Chapter 13, Which Is Best For You?

Call: 888-297-6203 Bankruptcy might be an ultimate resort for many. However, it is equally important to make the right choice while applying for bankruptcy. Bankruptcy might seem the dead-end, but it ends up offering some choices. The choices could be critical in determining the fate of your assets, future, scars prevailing due to bankruptcy, and various other factors. Below we discuss some key aspects to consider before making a Chapter 7 or Chapter 13 option. It wouldn’t however be a bad idea to hire a good attorney to guide you through the process via https://recoverylawgroup.com/bankruptcy/ to ensure no [...]

2023-04-06T08:37:51+00:00
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How Does A Bankruptcy Court Function?

Call: 888-297-6203 A court functions on a rule book or laws that are created and modified over a period of time. The bankruptcy court was established in 1978 and since then based on economic conditions, concerns, and loopholes, the law has been evolving to the form we know presently. Ironic as it may seem to criminal proceedings, the borrower himself or herself begins the proceedings in a bankruptcy court by filing for bankruptcy. How does it begin? The application submitted by the applicant usually consists of all his debts, lender's information, assets, and any other information that is [...]

2023-03-22T09:36:35+00:00
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Different Bankruptcy Options For The Individuals

Call: 888-297-6203 Bankruptcy presents a few options to individuals that either protect the assets and block a significant amount of future income or the assets are liquidated to clear any lien on future income. This is a choice that can be based on the convenience of the borrower. The below list of options during bankruptcy can provide a broader perspective for a borrower- Liquidation under Chapter 7 This is probably the most common form of bankruptcy that accounts for up to 70% of bankruptcies in the year 2020. The reason for this being very common is that most [...]

2023-06-27T05:42:22+00:00
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Step By Step Guide To Addressing Bankruptcy And Piling Debt

Call: 888-297-6203 Debt has been one of the most common villains currently in many people's lives. Due to uncertain conditions, changes in economic dynamics, increased competition, lack of jobs, etc., piled-up debt is the story of every second household. Many magazines and stats suggest that consumer debt has blown off the roof in recent times. The reason can be many starting from health expenditure, overspending, unemployment, gambling, and mismanagement of money, it is important to distance oneself from the lucrative ads that offer a quick fix. The solution to piling debt or bankruptcy needs to be addressed cautiously [...]

2023-03-31T08:40:48+00:00
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Bankruptcy – Yes Or No?

Call: 888-297-6203 Bankruptcy is a big decision and to consider or not consider bankruptcy there must be a careful review. A wrong decision can not only add to the misery currently and at the same time leave scars for several years. To make the decision easier, below we list some aspects of bankruptcy below- When to consider bankruptcy Bankruptcy sometimes becomes inevitable or unavoidable due to the following reasons- Injury, illness, disability, long term medical treatments, or hefty medical bills Divorce is around the corner which might further add to financial vows Lenders are foreclosing on assets like [...]

2023-01-17T14:02:11+00:00
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Basics Of Bankruptcy Discharge

Call: 888-297-6203 A bankruptcy discharge is a court order that removes the personal liability of the debtor for the specified debts. With a bankruptcy discharge, the creditors cannot pursue any collection actions including communicating with you regarding the debt. However, if a creditor has a valid lien on the property that survives the bankruptcy case, the creditor can enforce the lien to claim the property. In the case of chapter 7, a discharge is granted within three to six months of filing the petition, usually 60 days after the 341 creditors' meeting date. In individual chapter 11 cases, [...]

2023-06-27T05:44:17+00:00
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Home And Bankruptcy

Call: 888-297-6203 Home is a necessity that forms part of the shelter that is very essential. Many lenders or creditors might initiate home foreclosure procedures. It can be traumatic and stressful when the home is on the verge of being foreclosed. The institutions and the bankruptcy code consider home as an essential necessity and hence, there are multiple ways a good attorney https://recoverylawgroup.com/bankruptcy/ can suggest safeguarding the borrower’s home during bankruptcy or foreclosure attempts. Mortgages pay off The mortgage on the house is not waived and to keep the home, one must continue paying mortgages whether it is Chapter [...]

2023-05-19T06:37:24+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.