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Call: 888-297-6203 Exemptions are a very important consideration when filing bankruptcy. These come into play during the Chapter 7 bankruptcy procedure. The Chapter 7 bankruptcy is referred to as liquidation bankruptcy as it leads to the liquidation of most of the assets. Many have a perception that almost all assets are lost during Chapter 7 bankruptcy. However, they must not be aware of some federal exemptions which can help in safeguarding essential assets to restart or to lead basic life after bankruptcy. Know more about chapter 7 bankruptcy and its characteristics at https://www.recoverylawgroup.com/bankruptcy/. State and/or federal exemptions The [...]

Call: 888-297-6203 Bankruptcy is usually known as something which is a choice of an individual. Many would be surprised to note that there are two types of bankruptcy one is voluntary and the other is forced. Voluntary is the process where the borrower himself or herself files for bankruptcy with the bankruptcy court. The other form is forced or involuntary bankruptcy wherein the lenders file on behalf of the borrower to recover their debt or access lien on some of the secured assets. Know more about bankruptcy proceedings at https://www.recoverylawgroup.com/bankruptcy/. Can a voluntary bankruptcy be rejected? The basic [...]

Call: 888-297-6203 The biggest question in every bankruptcy filer’s mind is the access to credit and especially mortgage loans after bankruptcy. This can be a tricky question and has different answers based on circumstances. The whole reason why filing bankruptcy makes the lenders more worrisome and nervous is due to the historic inability to repay the debt. That is more evident with lenders lending money to bankruptcy filers who have filed Chapter 7. Circumstances change, but borrowers who have availed a huge discharge through Chapter 7 are bound to have no assets and inconsistent income. Learn more about [...]

Call: 888-297-6203 When you file for bankruptcy, the prime role is that of the trustee. Starting from cross-checking all the documents submitted by you to divide the money between creditors, all the work is overseen by the trustee. However, the roles may vary depending on the chapter of bankruptcy that you file under. Let's find out in detail. What do you understand by the term bankruptcy trustee? As defined by the Trustee program – a trustee is a watchdog over the entire bankruptcy procedure. They are required to oversee the entire procedure of bankruptcy – be it administrative, [...]

Call: 888-297-6203 Debts can be classified broadly into two types based on certainty. One would be liquidated debt and the other could be contingent or unliquidated debt. Liquidated debt in simple terms has a contractual agreement or a loan agreement, or a document describing the kind of liability, the amount of liability, and the tenure. Basically, this debt can be easily converted into a dollar amount. There is a certainty and the dollar amount of the debt once liquidated does not depend on any future event. The other kind of debt is unliquidated or contingent debt. This is [...]

Call: 888-297-6203 Bankruptcy and discharge are sometimes synonymous with many bankruptcy filers. A discharge basically means the settlement of some of the debts due to the inability to pay for them. Basically, the evil debts which were the cause of nightmares vanish once the bankruptcy spell is used on it. In terms of definition, any debts which no longer continue or are dissolved post-bankruptcy from the credit score and from the debtor list are called a bankruptcy discharge. To know more about bankruptcy and its related terms, do not forget to log on to https://recoverylawgroup.com/bankruptcy/. What are the [...]

Call: 888-297-6203 As ironic as it may be, but filing for bankruptcy isn’t free, even though you are in huge debts and have no penny to even pay your bills, but still to get rid of your debts and get a fresh start you will need to pay for bankruptcy which includes – court fees, credit counseling fees, as well as attorney fees. The fees may vary on the chapter under which you will be filing for bankruptcy. Commonly there are 2 chapters under which most people file for bankruptcy. Chapter 7 which can be filed by both [...]

Call: 888-297-6203 Chapter 13 is the second most popular form of bankruptcy after Chapter 7. If bankruptcy can help you protect your assets, it is due to Chapter 13. Chapter 13 helps in safeguarding the assets of the debtor. This can be a chapter to opt for if a debtor is very particular and wants to safeguard all or most of his assets. To know more about when to choose which chapter and how to go ahead with it, log on to https://www.recoverylawgroup.com/bankruptcy/. Eligibility for Chapter 13 Just having the intent to save assets is not enough to [...]

Call: 888-297-6203 If you are lagging behind on payment, filing for bankruptcy is the best option to help you get rid of the debt and give you a fresh start. This is a legal method to stop all the creditors from harassing you in terms of debt collection. The Basics – bankruptcy 101 When you file for bankruptcy, the court not only puts a stop to all the debt collection but also helps eliminate some debts as per the chapter of bankruptcy you file under. The major benefits of filig for bankruptcy include – A stop to the [...]