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Discharging Secured Debts During Bankruptcy

Call: 888-297-6203 Bankruptcy has two major misconceptions among the people. While some people feel they might end up losing all their assets if they file for bankruptcy and other people feel they might evade all their debts and eventually retain all their assets as well. Both the assumptions and misconceptions are incorrect. Not all debts are discharged and not all assets are liquidated. You can learn more about bankruptcy myths and facts on https://www.recoverylawgroup.com/bankruptcy/. Secured loan and bankruptcy A loan might have two aspects one could be a promissory note and the other could be a security agreement. [...]

2023-06-27T07:55:30+00:00
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Schedule C Of Bankruptcy

Call: 888-297-6203 Bankruptcy is a relieving prospect for people who want to come ahead from the financial trauma and start fresh. The Bankruptcy Code allows for some exemptions even during bankruptcy that helps in safeguarding the assets to have a sustainable living post-bankruptcy. The property or asset that the debtor wants to safeguard or prevent from liquidation, especially in Chapter 7 bankruptcy should be claimed as exempt on Schedule C. Know more about bankruptcy schedules and statements of financial affairs on https://www.recoverylawgroup.com/bankruptcy/. What is Schedule C? Schedule C is one of the forms that goes along with the [...]

2023-03-30T13:21:34+00:00
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All That You Must Know About Bankruptcy

Call: 888-297-6203 When an individual is lagging behind in bill payments (A huge sum) with no foresee of getting it cleared off soon, it is best to get a fresh start by filing for bankruptcy legally. Filing for bankruptcy helps you get rid of all your unsecured debts and also stops all collection calls by giving you an automatic stay. The individual who files for bankruptcy is known as the debtor. When you file for bankruptcy, you get- Discharge from most of your debts (exceptions are there) Prevent foreclosure on the property Buy time to catch up on [...]

2023-06-27T05:00:38+00:00
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Can I Lose My Rental Property On Filing For Bankruptcy?

Call: 888-297-6203 While filing for bankruptcy, though exemptions protect your house, your rental property (apartment, commercial space, etc.) might be under threat. Depending on whether you are filing for chapter 7 or chapter 13, the fate of these properties are decided, say lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/). Rental property in chapter 7 While filing for Chapter 7 bankruptcy, any property that is exempt (under federal or state laws) can be kept by the debtor. Most states allow homestead exemption up to a dollar amount while others might allow protecting the entire interest of the debtor in [...]

2023-03-16T11:40:19+00:00
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Steps To Get Lien Off A Title After Bankruptcy

Call: 888-297-6203 According to bankruptcy lawyers of Dallas based law firm (https://recoverylawgroup.com/bankruptcy/), you can either get your debts reaffirmed i.e. continue paying for them or get them discharged. Sometimes, lenders might contact the court prior to a bankruptcy filing and have a judgment against you. Sometimes, this might result in a lien against your property. When this happens, the property cannot be sold or transferred utill the lien is removed. Sometimes, even after getting the debts discharged through bankruptcy, you might still have a lien on the property. If this happens, you need to follow these steps to [...]

2023-06-26T07:20:20+00:00
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How To Get A Mortgage After Bankruptcy?

Call: 888-297-6203 Getting a mortgage after bankruptcy is difficult. However, if you control your finances and improve your credit history, there are chances that you can get a home loan if you are selective about applying for it. Lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/) say, that it might be sooner than later. Affect of bankruptcy on your credit score Once you opt for bankruptcy, you should know that it stays on your credit report for 10 years; sometimes even longer if the loan was for more than $150,000. Your credit score is affected by this as well [...]

2023-06-26T07:30:21+00:00
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Getting A Credit Card Post-Bankruptcy

Call: 888-297-6203 Once you go through bankruptcy, whether chapter 7 or chapter 13, you might realize that getting a credit card is extremely difficult. However, instead of being disheartened, get to know the alternatives, say lawyers of Dallas based law firm (https://recoverylawgroup.com/bankruptcy/). One of the best alternatives is to get a secured credit card, department store cards, or get credit cards with a consignor. Once you behave responsibly with these, the chances of getting a regular credit card improve drastically. However, before applying for one, it is important to think whether you need one or not? This is [...]

2023-06-27T04:14:23+00:00
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Pros And Cons Of Declaring Bankruptcy

Call: 888-297-6203 Filing bankruptcy can come with a bunch of pros and cons with it. It is essential to understand whether those pros and cons make sense to a particular filer. By carefully viewing and understanding the pros and cons, one can make a wiser decision about whether to opt for bankruptcy or not. Find more such bankruptcy-related facts on https://recoverylawgroup.com/bankruptcy/. What are the advantages of filing for bankruptcy? The advantages of filing bankruptcy can be listed as follows- Instant relief from the debt retrieving procedures Often when you are lagging the payments, the lenders start to foreclose [...]

2023-03-16T10:44:17+00:00
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You Should Consider Filing For Bankruptcy If You Owe A Lot Of Money

Call: 888-297-6203 Before you decide on filing for bankruptcy due to your unmanageable debts, it is important that you meet with a Licensed Insolvency Trustee (LIT). They will help to evaluate your current financial situation as well as provide you with multiple alternatives that you can take to get rid of your debts.  What to do if you cannot find a Licensed Insolvency Trustee (LIT)? Under circumstances when you are unable to find a LIT, you can take the help of OSB’s Bankruptcy Assistance program provided- You have previously tried to get in touch with at least 2 [...]

2023-03-21T09:13:25+00:00
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Nonconsensual Lenders And The Bankruptcy Court

Call: 888-297-6203 Bankruptcy can be filed with Chapter 11 or Chapter 13 or Chapter 7. If a business the options further narrow down to Chapter 11 or Chapter 7. In other words, Chapter 13 is something exclusive for the individuals. Chapter 7 deals with liberating debts in exchange for assets and Chapter 13/11 deals with a future payment plan that aims at fulfilling the majority of the debts in the period of 3-5 years. Most of all the assets of the business or an individual can be safeguarded under Chapter 11 or 13. To know more about each [...]

2023-06-26T06:42:43+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.