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Decoding the four Bankruptcy Chapters

Bankruptcy is a challenging period and there are certain legal and ethical obligations during this period. To standardize the process and to ensure a fair system for all parties involved, there are some predefined codes or chapters that allow for simpler decision making and fair justice. The four chapters in focus today are suitable for businesses as well as individuals. Each chapter can be explained with their application as follows- Chapter 13 Chapter 13 is a bankruptcy code that is specifically designed for individuals or families. The businesses or the sole proprietors shall not be eligible to file [...]

2021-12-07T08:51:51+00:00
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Can you Risk Filing for Bankruptcy Pro se?

People struggling with debts have the option of filing for bankruptcy. You can either choose to file without a lawyer (pro se) or seek assistance from bankruptcy lawyers to handle your case. As per a study by US bankruptcy court, nearly 1/4 of debtors in California file their case “pro se” which has a success rate of merely 0.04% i.e. 1 case in 2,500 filers results in a bankruptcy discharge. The court approved attorney fee for a non-business case is $4000 and that for a self-employed filer is $5000. The court filing fee for bankruptcy is $281. Though [...]

2023-01-12T09:09:41+00:00
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Can Chapter 13 Bankruptcy be the Solution for High-Interest Credit Cards?

Most people survive by using credit cards. Unfortunately, credit cards charge up very high-interest rate somewhere nearly 25%. Ultimately you end up paying much more than your debt. In the long run, you end up in debt for a long period of time. Let's say you owe $20,000 on your credit card bill. You will continue making a minimum payment over a 20-year period and end up paying nearly 5 times more than what you actually borrowed. With a monthly payment of $400, you will be able to clear your debt in 23 years! You also end up [...]

2021-12-07T08:53:01+00:00
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Can Bankruptcy Affect 401(K) and Retirement Accounts?

Bankruptcy has been designed in a way to help people recover from bad financial conditions. Consumers can file for bankruptcy under chapter 7 or chapter 13. In either case, they get to keep their retirement funds. The state, as well as the federal government, has exemption laws that prevent an individua’s property against creditors and bankruptcy trustee. The retirement accounts are part of the exemptions provided by the government. These include: 401(k)s 403(b)s Profit Sharing Plans Defined-Benefit Plans Money Purchase Plans Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs Keoghs In short, all funds in retirement accounts are [...]

2023-05-30T13:34:26+00:00
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Can Bankruptcy Discharge be Denied in California?

Bankruptcy is designed to help people get financial relief from debts. Consumer bankruptcy results in a discharge wherein a federal court order eliminates debts and wipes the slate clean of the bankruptcy filer. Though used effectively by numerous people every year, Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, clarify that discharge can be denied to people if there has been any incidence of fraud or mismanagement of property. Any attempt to hide or transfer property to defraud your creditors is not looked upon kindly by the courts and your bankruptcy discharge can be denied on this basis. What [...]

2019-07-12T12:38:03+00:00
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Can any 3rd Party Take Advantage of Automatic Stay in Chapter 13 Bankruptcy?

Bankruptcy is confusing and terrifying to most common people. Though there are benefits associated with it like automatic stay and discharge of unsecured debts at the end of the bankruptcy, sometimes, a bankruptcy case might be ‘hijacked’ by another debtor who wishes to take advantage of your bankruptcy case and the subsequent automatic stay. Automatic stay helps in putting arrest to all collection actions by creditors including repossession, foreclosure, threatening emails, phone calls, etc. However, Los Angeles bankruptcy lawyers https://bankruptcy.recoverylawgroup.com/ inform, creditors may request a relief from the automatic stay clause. This happens in case debtor “participated in [...]

2023-03-13T08:52:51+00:00
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Bankruptcy Trustee Characteristics and Counter Approach

Bankruptcy trustee plays a crucial role by representing the debtor’s case in court. A bankruptcy trustee is delegated by the United States Trustee to closely examine the case to bring forth hidden assets of the debtor. The trustee investigates the debtor’s assets, funds and other resources that can be utilized to pay the creditor. In short, it is a government body that mediates between the debtor and the creditor to obtain the best results for both creditor and debtor. How can the debtor make his case strong? The debtor must abide by and cooperate with the Bankruptcy trustee [...]

2023-03-13T07:59:21+00:00
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Bankruptcy Basics of Chapter 9

The bad financial situation can affect not just individuals but also organizations (both government and private). However, the rules for getting a fresh start differ slightly in both cases. While consumers can opt for Chapter 7 or Chapter 13 bankruptcy to get their debts discharged, Chapter 9 bankruptcy helps municipalities (cities, towns, villages, counties, taxing districts, municipal utilities, and school districts) reorganize their debts. This bankruptcy chapter helps protect debt-ridden municipalities from creditors, while a reorganization plan is being developed for adjusting their debts. Reorganization mainly takes place by extension of debt maturities, reduction of the principal or [...]

2021-12-07T08:55:10+00:00
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Bankruptcy Basics of Chapter 7

Bankruptcy is designed as a means to give a debt-free fresh start to honest individuals who have fallen on bad times. Post-bankruptcy, debtors cannot be held liable for discharged debts. Consumers can file for bankruptcy under chapter 7 where all your non-exempt property is liquidated, and the proceeds are distributed among creditors as per Bankruptcy Code. Part of the property may be subject to mortgages and liens, while any unsecured debts (credit card bills, medical bills, etc.) which remain after the process are discharged. Though it sounds too good, there are other options available. According to Los Angeles, [...]

2023-04-11T08:49:07+00:00
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Bankruptcy and Payday Loans

Payday loans are a very innovative concept which is running around the United States quite contagiously today. It provides instant cash by keeping your future paycheck as collateral. Payday loans are a common point of discussion during bankruptcy as they can make the procedure complicated. While most people take payday loans to clear their existing debts, which may be credit card bills, utility bill payments, personal expenses, etc., the amount is usually limited to about 70-80% of the average paycheck. Just like credit cards, the interest charged on a payday loan is very high. It is an unsecured [...]

2023-03-22T08:05:35+00:00
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