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Which Debts Survive Chapter 13 Bankruptcy?

People often opt for bankruptcy to get control over the spiraling debts they have accumulated over a period. While in case of Chapter 7, your non-exempt property is liquidated to pay off your creditors and any remaining unsecured debts are discharged; Chapter 13 helps you to reorganize your debts and make payments towards them over a period of 3 to 5-years’ time. Your unsecured nonpriority debts are paid off through the repayment plan and any subsequent debts are discharged at the end of the period. Los Angeles based bankruptcy law firm Recovery Law Group, lawyers inform that there [...]

2023-03-31T09:30:45+00:00
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Which Debts Need to be Paid in Chapter 13 Bankruptcy?

When you file for bankruptcy, all debts are not supposed to be paid in a similar fashion in Chapter 13 bankruptcy case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the amount you need to pay depends on whether the claim is a secured, priority or an unsecured claim. In case you are confused regarding the aspects of bankruptcy, contact with bankruptcy lawyers at 888-297-6023 to clear your doubts. Secured claims Those debts in which the creditor has collateral, These include car loans and mortgages. Payments of the secured loan depend on how long the [...]

2023-04-11T08:25:14+00:00
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When is Chapter 13 More Advantageous Than Chapter 7?

The common tendency of bankruptcy filers is to believe that Chapter 7 is better than Chapter 13. Yes, Chapter 7 has many benefits, but it can outrightly not be regarded as the best alternative compared to Chapter 13. There are many scenarios when Chapter 13 can prove more advantageous than Chapter 7. Every bankruptcy chapter has some or the other benefits and flaws. To learn more about all the Chapters and their technicalities log on to Recovery Law Group. Some of the Chapter 13 benefits over Chapter 7 can be listed as follows- When you are not eligible [...]

2019-08-02T08:02:51+00:00
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What happens to Your Vehicle in Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows you to catch up on previous dues and make arrangements to clear your secured, priority and unsecured debts through a repayment plan. Unlike Chapter 7, you can keep all your property in Chapter 13 bankruptcy if you pay your unsecured creditors the amount of non-exempt property you are keeping. This chapter of bankruptcy, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, can help you catch up on mortgage and car loan payments and also help in reducing the amount owed in the latter case. Sometimes, even Chapter 13 bankruptcy might [...]

2023-04-11T08:22:08+00:00
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What Happens to Your Home in Chapter 13 Bankruptcy?

Individual debtors can opt for either Chapter 7 or Chapter 13 of bankruptcy. According to Dallas based bankruptcy law firm Recovery Law Group, Chapter 13 bankruptcy offers people to prevent foreclosure and also catch up on the arrearage through the repayment plan. If you wish to keep your home during and after bankruptcy, consult with bankruptcy lawyers at 888-297-6023 to discuss your case. Chapter 13 allows you to pay your debt entirely or some portion of it over a period of 3 to 5-years through a repayment plan. You can pay mortgage arrearage including interest while staying current [...]

2023-04-11T08:27:03+00:00
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Tips to Qualify For Chapter 13 Bankruptcy Code

There is a specific debt threshold for filing Chapter 13 apart from the regular income criteria. The debt of the filer has to be under the threshold in order to qualify for Chapter 13. Additionally, he/she has to possess sufficient income in order to sponsor his/her future payment plan. This is only possible if there is a considerable amount of disposable income, which is the net of income and some basic expenditures. To know more amazing stuff about bankruptcy and eligibility criterions, log on to Recovery Law Group now. If you just compared your debts with the Chapter [...]

2019-08-02T08:02:21+00:00
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Save Your House with Chapter 13 Bankruptcy

People worried about bankruptcy might find it difficult to believe that it can help you out of financial distress. Chapter 13 bankruptcy, say Dallas based bankruptcy law firm Recovery Law Group lawyers, offers you to catch up on mortgage payments, reduce some secured debts, pay a small amount of your unsecured debts while getting rid of the remaining through its repayment plan. Apart from this, you can also contest foreclosure proceedings, claims for costs for missed payments and get rid of liens on your home through bankruptcy! Contemplating filing for bankruptcy? Consult with bankruptcy lawyers at 888-297-6023 to [...]

2023-04-11T08:28:30+00:00
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Responsibilities when filing bankruptcy under Chapter 13

Chapter 13 filing forms are pretty similar to the forms used for Chapter 7. The information and objectives are the same in both cases. This procedure includes detail of income, assets or properties, expenses, and debts. Along with this information, you shall also provide for a plan that shall manage all the debts in the future 3-5 years. Along with these information pieces, you also need to enclose your latest federal and state tax returns. There has to be proof for income tax filing for the last 4 years. You also have to avail a certificate for credit [...]

2019-07-29T09:54:51+00:00
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The Basics of Chapter 13 Bankruptcy Cramdown

Chapter 13 bankruptcy allows you to reduce the principal balance on a debt to the value of the property in case of secured debt. This is known as cramdown and can help save your debt on real estate investment, car loan and some other properties. Dallas based bankruptcy law firm Recovery Law Group, inform that cramdown can be an asset to reduce the debt on certain secured loans. To know more about cramdown, contact bankruptcy lawyers at 888-297-6023 and discuss about your case. Secured debts are those assets against which the creditor has collateral. These include car loans [...]

2023-04-11T08:32:53+00:00
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Paying off Chapter 13 Debts Earlier

The financial situation sometimes can get better with time and it so can happen that you have been halfway through your Chapter 13 repayment plan duration only to realize that your financial situation is a lot better now. In such circumstances, it is very tempting to pay off all pending Chapter 13 payments in advance and get rid of the cycle. However, it is not one of the most beneficial attempts as you might end up owing more to the lenders as creditors are entitled to all or most of the disposable income. As the disposable income increases, [...]

2019-07-29T09:55:04+00:00
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