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Anatomy of a Chapter 13 Bankruptcy

The Reorganization of debts in Chapter 13 Bankruptcy When you file for bankruptcy under chapter 13, the debts are paid off through a repayment plan which is generally administered by a trustee appointed by the court. These debts need to be paid either in full or part (only in case where a discount is permitted). When you file for bankruptcy under chapter 13 (also known as the reorganization bankruptcy), you get the protection of three to five years during your repayment period from the bankruptcy court. Those who generally don’t qualify for chapter 7 Relief, chapter 13 is [...]

2023-05-05T06:33:42+00:00
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The Process of Chapter 7 Bankruptcy

What happens in a Chapter 7 Bankruptcy? Chapter 7 bankruptcy is quite simple. To sum it up in short - you are required to file the bankruptcy petition, with forms including lists of the assets, debts, financial transactions etc along with schedules. Once this paperwork is done, a bankruptcy trustee will proceed over your case as appointed by the court. The next crucial step is to attend a court hearing (also known as the 341 Meeting) to get the desired discharge. It generally takes about four to six months for a normal case to close since the date [...]

2023-01-19T05:42:26+00:00
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All You Need to Know About Filing For Bankruptcy Under Chapter 7

When you file for chapter 7 bankruptcy, you need to follow a set of procedures before you get your discharge. To file for bankruptcy under chapter 7, you need to list out all your debts, assets, financial transactions along with filling the petition, schedules, and forms required as per the norms. Once you have completed all the formalities and the paperwork, a bankruptcy trustee will be appointed to head your case. After completing all the paperwork, the next step would be to attend the 341 Meeting or the Meeting of Creditor's post which you will receive the discharge. [...]

2023-01-16T12:16:08+00:00
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Is There Any Possibility That The Bankruptcy Court Will Accept My Tax Refund?

Getting the claim of a Tax Refund is one of the most crucial aspects of filing for bankruptcy. It is quite a valuable asset, both to the filer as well as the bankruptcy creditor. And both the parties want to try to get the maximum claim portion out of it. To increase your chances of getting the maximum portion of the claim, it is important that you hire a professional attorney with experience in this field. As, multiple factors depend on who gets the maximum portions like – the Chapter under which you file for bankruptcy, when you [...]

2023-05-05T06:51:10+00:00
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Does the Bankruptcy Court have the right to take Earned Income Credit?

Filing for bankruptcy puts everything you own in your bankruptcy estate. This includes your property as well as tax refunds. In case you have an Earned Income Credit (EIC), the refund can be significant and might be lost in the bankruptcy process. According to Dallas based law firm, the bankruptcy trustee might take your EIC depending on the bankruptcy chapter you filed and bankruptcy exemptions you chose. What is EIC? Tax is cut from the paycheck every month. Sometimes the tax is more than what you owe, and you get a tax refund. It is essentially a repayment [...]

2023-04-11T09:19:43+00:00
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Are Bankruptcy Courts Allowed to Take Life Insurance Funds?

If you have fallen into dire times and need to file for bankruptcy to get rid of the humongous debt, there is some portion of your property that can be protected. According to lawyers of Los Angeles based law firm , the property you live in as well as the furnishings, clothing, a car and some portion of home equity can be protected. In some cases, the value of life insurance policy or the money you received as a beneficiary of someone else’s policy can also be protected. However, it depends on the type of life insurance policy. [...]

2023-04-11T09:22:37+00:00
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Can Your Mortgage be Modified by the Bankruptcy Court?

As a rule, the terms of mortgage can only be modified by the mortgage company or the lender. However, in some cases, bankruptcy court can adjust your mortgage in a Chapter 13 bankruptcy case. If you thought that filing for bankruptcy won’t be helpful, you are mistaken, say lawyers of Dallas based law firm Bankruptcy filing can help you qualify for loan modification or provide you with time to pursue alternate options. Mortgage modification in Chapter 13 bankruptcy Chapter 13 bankruptcy involves a repayment plan where you repay your creditors over a period of 3-5 years. There are [...]

2023-04-11T09:21:10+00:00
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Could You Get the Bankruptcy Court Fees Waived?

According to lawyers of Los Angeles based firm, the court system is expensive and therefore even people who file for bankruptcy need to pay a filing fee to cover the costs. However, for those who cannot afford to pay the fee, the exemption is made provided they can meet the required qualifications. Alternately, the option of paying the bankruptcy filing fee in installment is also available. Here’s everything you wanted to know about the bankruptcy fee waiver. Who can get a fee waiver? If you wish to get a fee waiver then you need to meet the following [...]

2021-12-09T06:46:27+00:00
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Document Checklist for Chapter 7 Bankruptcy

If you have decided to file for a Chapter 7 bankruptcy, here is a checklist to help you organize all the documents you will require at that time. According to Dallas based law firm,  you need to disclose all financial details when you file for bankruptcy. The checklist of documents provided below is a comprehensive list of documents you require at every stage of Chapter 7 bankruptcy. Documents required to complete Chapter 7 forms A lot of information is required when you file for bankruptcy.  A Chapter 7 petition is approximately 50 pages in length. Some of the [...]

2023-06-15T06:45:26+00:00
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Contemplating Bankruptcy? Choose The Correct Bankruptcy Chapter To File

Call: 888-297-6203 Struggling with debts? Thinking of filing for bankruptcy? You’ll be surprised to know that there is more to bankruptcy than most people are aware of. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy code has 6 chapters, four for individual debtors residing in the U.S. and the remaining two for non-residents who wish to file for international bankruptcy case or for municipalities which need a reorganization of debts. Chapter 7 bankruptcy is one of the most common bankruptcy chapters. In this case, you can keep exempted property and liquidation of [...]

2023-04-10T11:57:52+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.