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Can Credit Cards be Secured Loans?

Credit card loans always relate to unsecured loans by default. That’s what most of us are used to hearing. However, there can be circumstances when credit card loan can be a secured one too. The basic distinction between secured and unsecured loan is that there is a lien or an asset attached as collateral for the lender to capitalize in order to recover the debt. This holds good only if the debtor defaults or misses payments due consistently. To learn more about loans, bankruptcy, and other financial information, log on to Recovery Law Group, the encyclopedia to address [...]

2021-12-07T08:28:59+00:00
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Bankruptcy will make me lose my truck!

If you are relying on commuting by your truck or car to your office, giving up the car/truck due to bankruptcy. It can be even worse if you own a truck and use it for your side-income or if it is your source of employment directly or indirectly. The good news is that most States in the United States of America allow for a provision that helps protect your truck or a car. There is a specific value threshold though that means, if your car or truck is not a luxury one or is an inexpensive one, you [...]

2019-07-23T12:46:53+00:00
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Know More about California Bankruptcy Exemptions

Bankruptcy filers can make use of federal and state exemptions to protect their assets. However, choosing between them is confusing. Some states like California do not allow citizens to choose federal exemption but offer two different sets of exemptions to protect your property during bankruptcy, say Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. To know more about California’s bankruptcy exemptions, call 888-297-6023. Bankruptcy exemptions in California Amongst the two sets of exemptions provided by the state of California, System 1 is preferred by debtors with substantial home equity, while System 2 is preferred by [...]

2019-07-23T12:46:42+00:00
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How to protect important assets during bankruptcy?

Bankruptcy is an unfortunate financial condition and safeguarding or holding on to some near and dear assets can be a very difficult task. Chapter 7 bankruptcy code especially is not very suitable for people who want to hold on to their assets. However, with the help of exemptions, certain ordinary and modest assets can be protected and prevented from the liquidation process. These may include clothing, home, car, household stuff, tools used in the business/profession, etc. To learn more about bankruptcy codes, log on to Recovery Law Group now. The exemptions can help in protecting the assets which you [...]

2019-07-23T12:40:09+00:00
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What is Chapter 13 Debt Release?

Bankruptcy is sometimes inevitable. It is not one of the most favorable situations to be in. But it is important to make the right moves to be able to come out of bankruptcy and to evade the creditor’s torture. When thinking or learning about bankruptcy, Chapter 7 and Chapter 13 discussions are very common. Chapter 13 is a better alternative than Chapter 7 in most cases. In case you need to determine which is best for you and why; do not hesitate to log on to Recovery Law Group  to gain a deeper insight. What is Chapter 13 bankruptcy [...]

2019-07-12T12:36:57+00:00
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Bankruptcy Trustee’s Role in Chapter 13

Chapter 13 bankruptcy involves the creation of a repayment plan through which the debtor pays off some or complete amount of their dues to the creditors over a 3 to 5-year time frame. The process is overseen and administered by the bankruptcy trustee appointed to the case. According to Dallas based bankruptcy law firm Recovery Law Group, the various responsibilities of a bankruptcy trustee in Chapter 13 include: Reviewing of bankruptcy papers Bankruptcy trustee reviews the forms filled by the debtor at the beginning of the case and verifies the information provided on the form with that on [...]

2023-04-11T08:47:34+00:00
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What Happens to Your Car, When You File For Bankruptcy?

If you own a car through an automobile loan and are struggling to keep up with the installment dues, you might want to know what could be in a potential scenario, if you had filed for bankruptcy. In cities like Dallas, Houston, and other cities, where public transport is not exceptional and well connected, the car is more of a necessity than a luxury. Whether it be to run around the grocery errands or to manage the daily routines of work, kid’s school or any other things. People using their own car might find it extremely difficult to [...]

2019-07-16T12:23:45+00:00
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Bankruptcy and Assistance of Attorneys

Debt is never a great idea but sometimes, it becomes inevitable. When the interest mounts up with debt, there looks to be no way forward. If we consume more debt than we can repay, it becomes a crushing situation. U.S Bankruptcy code is certainly the last hope that can save your boat from drowning. This code has been set up to protect honest and hardworking people from a vicious cycle of debt. The code sets free businesses or individuals by releasing the debt/liability after educating them and by following a legal process of settling as much debt as [...]

2023-03-31T08:58:05+00:00
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Which Property is Exempted in Chapter 7 Bankruptcy under California’s Bankruptcy Laws?

While filing for bankruptcy is one of the ways to get ahead of the huge number of dues you have, people are often confused regarding what property they can keep. Since, effectively, bankruptcy is a method to allow people struggling with debt a chance to get a fresh financial start, federal and state exemptions are available in order to protect a bankruptcy filer’s property. while most states allow people to choose between federal and state bankruptcy exemptions, Los Angeles based bankruptcy law firm Recovery Law Group inform that California does not do so. Any person who has lived in [...]

2019-07-16T12:24:16+00:00
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What Happens to Personal Injury Award in Case of Bankruptcy?

An injury sustained due to negligence or accident can cause immense trouble for people. They are often struggling financially due to overwhelming medical debts and are often accompanied by long durations of being out of work and in severe pain. Many of such people, with the help of excellent personal injury attorneys, sue the negligent party for a personal injury award. However, if the same person is struggling financially and is contemplating filing for bankruptcy, one of the major concerns they have is; what happens to their personal injury award in such a situation? Do they get to [...]

2021-12-07T08:33:18+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.