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Is Keeping All Your Property in Chapter 13 Bankruptcy a Wise Decision?

Filing for bankruptcy is a decision that people are reluctant to take because many times it involves letting go of your property. According to exemptions provided by state and federal government, lawyers of Dallas based bankruptcy law firm Recovery Law Group, explain that you can keep only the amount of property which is exempt. Any non-exempt property is sold to pay off your unsecured creditors in a Chapter 7 bankruptcy case. Contrary to this, Chapter 13 bankruptcy allows you to keep the non-exempt property if you pay your unsecured nonpriority creditors an amount equal to the non-exempt property [...]

2023-04-11T08:34:48+00:00
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Is it Possible for a Legal Citizen (noncitizen) to file for a Bankruptcy?

It is possible for a legal citizen (not a US Citizen) to file for bankruptcy, but you must check with your attorney before doing so, to ensure that it is not affecting your citizenship application in any way. To find out in details regarding how to file, contact Bankruptcy attorney at 888-297-6203 or Recovery Law Group. Legal Residents are Eligible to File for bankruptcy If you are a Legal Resident (noncitizen) and reside in the United States or have a domicile or a business in the United States, then you can file for bankruptcy as any other citizen [...]

2019-07-29T09:55:31+00:00
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Impact of Chapter 13 on your credit score

The credit score takes a solid beating when bankruptcy is filed in general. But the common question is to know which Chapter impacts the credit scores the most. The impact may also last for several years when bankruptcy is filed. Filing for bankruptcy under Chapter 13 is slightly more beneficial and lighter on your credit score, especially when compared to Chapter 7. If it is possible not to file for bankruptcy, that shall be the best option. To know if you need to file for bankruptcy or not, log on to Recovery Law Group to get a host of [...]

2023-04-11T08:36:04+00:00
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How to Protect Your Home During Bankruptcy?

Most people take mortgages when they purchase their house. With time the property value might appreciate or depreciate. Being unable to make mortgage payments might send you in debt. When you file for bankruptcy, you have options to save your home. However, an accurate assessment of what your home is worth is essential. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , when you file for bankruptcy, some equity of homestead exemption is available to protect your home. Individuals can opt for federal or state exemptions (if the choice is available in their [...]

2023-05-19T06:59:23+00:00
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How to Determine Chapter 13 Bankruptcy Eligibility?

Chapter 13 can be a very good option for many people, especially those who are struggling to keep up their assets intact even after filing bankruptcy. However, not all filers are eligible to apply for Chapter 13 bankruptcy code. There some basic requirements to be eligible for filing under Chapter 13. These can be listed as follows- No lag with respect to income tax filing whether federal or state The debt is within the predefined threshold Should be employed or should have some income source to fund the payment plan to be determined under Chapter 13 Should be [...]

2023-05-05T05:45:11+00:00
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Filing Bankruptcy When Unemployed

Filing for bankruptcy does not specifically mention the requirement of an income source. But, directly or indirectly there is a significant impact of employment on eligibility for Chapter 7 and Chapter 13. If you have lost a high salary job recently, you might end up qualifying for Chapter 7 and at the same time, if you just lost the job and are unemployed while filing bankruptcy, you won’t qualify for Chapter 13. It's really tricky when it comes to employment and bankruptcy. To know more such interesting stuff about bankruptcy, log on to Recovery Law Group. What are [...]

2023-04-21T12:26:59+00:00
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FAQs Related to Chapter 7 Bankruptcy

Bankruptcy can be quite confusing. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, confirm that there are numerous questions that people have regarding bankruptcy process and discharge. You can ask bankruptcy lawyers at 888-297-6023 about issues related to various bankruptcy chapters. Here are some FAQs related to Chapter 7. What is Chapter 7 bankruptcy? Also known as “Liquidation Bankruptcy”, Chapter 7 bankruptcy is an ideal way to get a fresh start as it wipes off most types of debts. In this case, any non-exempt property that you have is liquidated by the bankruptcy trustee and [...]

2021-12-07T08:13:56+00:00
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Chapter 13 Bankruptcy Cost and Effectiveness

When you are struggling with debts, you are probably considering bankruptcy via Chapter 7 or Chapter 13. Once, after assessing different eligibility criterions, you lock upon Chapter 13, the next question is to determine how effective it is and what would be an estimated cost for the same. We will try to explore an estimate of some of the costs and effectiveness of the whole process using the survey results of the readers. If you have still not determined whether to go for Chapter 13 or Chapter 7, consider logging in to Recovery Law Group for information about [...]

2023-06-13T04:48:16+00:00
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Chapter 13 Bankruptcy and Tax Refunds

When you file for bankruptcy, any property you own becomes a part of the bankruptcy estate which is overseen by the bankruptcy trustee. Many people are worried about any tax refund or personal injury claim they receive during their bankruptcy since it could be used to pay your creditors. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that bankruptcy laws allow you to modify your Chapter 13 plan in some cases to excuse payment of tax refunds. You are expected to list your income, your assets, and your debts when you file for a [...]

2023-03-22T08:36:49+00:00
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Basic Steps for Filing Chapter 7 Bankruptcy

Filing for bankruptcy is a complex process and needs professional guidance to deal with the nuances. Call 888-297-6023 to discuss your case. Although you could file for bankruptcy without lawyer too, Dallas based bankruptcy law firm Recovery Law Group inform, it is not likely to end up with a discharge. The basic steps involved in Chapter 7 bankruptcy are: Analyzing your debt Before filing for bankruptcy, find out which debts will remain even after bankruptcy. These debts include student loan, child and spousal support and any recent tax debts. Any collateral pledged for debt is likely to be [...]

2023-04-11T08:37:18+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.