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The Bankruptcy Filing By An Undocumented Immigrant

An undocumented immigrant can file for bankruptcy if he/she has a Social Security Number. In lieu of a social security number, Individual Taxpayer Identification Number can also be used to file for bankruptcy. There can be a negative impact on the immigration status of the bankruptcy filer when filing for bankruptcy as an undocumented immigrant. For best assistance and more insight on bankruptcy, log on to Recovery Law Group now. What do the rules indicate? The bankruptcy code does not have a specific mention for the bankruptcy to be filed by a citizen of the United States or [...]

2019-07-29T09:57:57+00:00

Bankruptcy by Chapter 13 FAQs

Sometimes, the best way to address all queries is FAQs. By listing some potential doubts or questions and answering them in the best way possible can give enlighten people better. Chapter 13 bankruptcy one of the most popular bankruptcy code especially for people who had wished to safeguard their assets. By answering a few FAQs below, we try to enlighten you about most aspects of Chapter 13. To know more about bankruptcy, Chapters, and legal assistance, log on to Recovery Law Group. How much debt has to be repaid if I file for Chapter 13 bankruptcy? This is [...]

2023-04-11T08:41:31+00:00

Can Chapter 13 Bankruptcy help prevent Car Repossession?

One of the major concern people have when they file for bankruptcy is what will happen to their car and house – will they be safe from collection actions or not? Lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that when an individual files for bankruptcy, whether Chapter 7 or Chapter 13, the court orders for an automatic stay which prevents any collection attempts including foreclosure, repossession and threatening phone calls. However, any criminal proceedings like visitation proceedings or child custody and even some eviction proceedings continue as per the state law. Chapter 13 automatic [...]

2021-12-07T08:16:32+00:00

An Overview of Chapter 7 Bankruptcy Process

If you are looking to file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group, suggests Chapter 7 as one of the best ways to get rid of your debts, provided you are able to qualify for the same. A typical Chapter 7 bankruptcy process consists of six steps: You are required to complete a mandatory credit counseling course before you file your bankruptcy papers. This can be one either online or by phone. You need to fill your bankruptcy forms. These are available online. Along with the forms you are expected to provide a list [...]

2023-05-05T05:47:04+00:00

What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues. Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee [...]

2019-07-24T09:29:04+00:00

What is Contingent, Disputed or Unliquidated Bankruptcy?

Bankruptcy filing involves the submission of accurate information in order to ensure the process is fair and transparent. The information submitted plays a very vital role in the bankruptcy court decision making. The common focus of information can be listed as follows- What is the amount of money do you make from all your consistent sources? How much dues do you have pending? What are the different assets/properties owned by you? What is your monthly expenditure budget? Was there any transfer of asset recently? These are some critical questions which are to be addressed before filing for bankruptcy. [...]

2021-12-07T08:21:42+00:00

What Happens to Retirement Plans in Bankruptcy?

When you file for bankruptcy, certain assets are protected under exemptions. Apart from the equity in the home, a vehicle, and household necessities, your pension and retirement funds are included in such exemptions. However, there are limitations attached to them too, inform experienced bankruptcy lawyers of Dallas based firm Recovery Law Group . It is important to know the rules prior to a bankruptcy filing. After overhauling of bankruptcy laws by the Congress in 2005, nearly all ERISA-qualified retirement accounts and pension plan funds are protected from collection action of creditors, with some exceptions. In the case of [...]

2023-03-31T09:07:09+00:00

What Happens in a Chapter 13 Confirmation Hearing?

Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan. [...]

2023-03-31T09:12:41+00:00

What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]

2023-03-31T09:03:56+00:00

What Do You Understand by Disposable Income?

Many people find bankruptcy a great way out of spiraling debts. Consulting a bankruptcy attorney to find out which bankruptcy chapter suits your condition the best is important. However, people come across the term ‘disposable income’ too often during bankruptcy discussions and are often confused as to what it means. According to bankruptcy lawyers of Los Angeles based firm Recovery Law group, disposable income is the amount of your monthly gross income which remains after all essential bankruptcy expenses are subtracted from it. Disposable income is important to decide which chapter of bankruptcy you qualify; Chapter 7 to [...]

2023-04-11T08:44:06+00:00
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