Bankruptcy

Why Chapter 11 Is A Better Alternative For Businesses Filing Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy chapter and is very popular with a huge percentage of 71%+ across the United States of America. With the pandemic, many businesses chose to wind up, and hence this probably added to the tally of 71%. However, under normal circumstances, it can sometimes be worth to try to sustain a business, rather than liquidate or wind it up. It can be a difficult decision to make but a careful analysis of current debts, losses, inventory, assets, and prospects can make the choice easier. This assistance can be achieved from [...]

2023-03-22T09:15:21+00:00
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Chapter 7 Bankruptcy Step-By-Step Explanation

Call: 888-297-6203 The first step to filing a chapter 7 bankruptcy is to sit back and analyze whether bankruptcy is required. In many situations, after serious analysis, it might be a good idea to file bankruptcy while in some other situations, bankruptcy can be avoided. If there are ways to avoid bankruptcy, that should be attempted as bankruptcy is a last resort and an emergency hand brake, which should be used only in utmost dire situations. Log on to https://recoverylawgroup.com/bankruptcy/ to understand if you can evade bankruptcy or not. What kind of borrowers should consider chapter 7 bankruptcy? [...]

2023-03-22T09:17:45+00:00
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How Do You Tackle The Challenge Of Debt Discharge By Lenders?

Call: 888-297-6203 Often debt discharge is quite common for unsecured debts while availing relief during bankruptcy. However, it is important to note that the lenders will leave no stone unturned to get some or all of their money back. One of the most common ways of preventing discharge amongst the bankruptcy filers is to prove that the debt was facilitated by an act of fraud. If a bankruptcy filer provided any incorrect information while availing of unsecured debt, the applicant might be liable for the debt and other criminal procedures. The overall discharge of the debt in question [...]

2023-03-31T06:22:34+00:00
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Means Test; All You Need To Know

Call: 888-297-6203 A means test is an essential eligibility test for bankruptcy filers under chapter 7. Chapter 7 is specifically intended for poor people with no, low, or inconsistent income. Since the discharge seems very appealing, many filers with considerable disposable income try to take advantage of chapter 7. As per many experts, the means test was intended to prevent fraud but it has only complicated filing process and has had very minimal impact on the bankruptcy frauds. A means test is an additional form that needs to be attached to the bankruptcy filing documents. Know more about [...]

2023-03-31T06:24:17+00:00
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The Process To File For Chapter 13 Bankruptcy

Call: 888-297-6203 Planning to file for bankruptcy but want to keep all of your properties? File Chapter 13 bankruptcy where you can repay a portion of your debts while keeping all your properties for 3-5 years. Here is the process and what to expect when moving forward with Chapter 13 bankruptcy filing. Preparation for filing. Before you are eligible for filing you will need to take a credit counseling course. You will need to complete it within 6 months of the time when you file. You can also do it online but it should be from one of [...]

2023-03-31T07:20:48+00:00
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Judicial Lien: What Is It And How To Avoid It?

Call: 888-297-6203 A judicial lien is something that is not a very favorable decision for a bankruptcy filer. A judicial lien is a judgment that indicates a debtor cannot discharge a loan on a particular property. The property to which the lien has been applied has to be cleared of the debt before it can be refinanced or liquidated by the bankruptcy applier. Usually, the judicial lien cannot be applied for unsecured debt. However, the good news is that a judicial lien can be revoked or avoided in some circumstances. It isn’t easy to reverse a judicial decision, [...]

2023-03-31T07:22:23+00:00
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Steps To Achieve A Score Of 700 Within 12 Months Of Bankruptcy

Call: 888-297-6203 A credit score is something that needs a steep recovery once the bankruptcy is completed. Whether chapter 7 or chapter 13 bankruptcy, credit score can have effects of bankruptcy seen for several years. The impact on credit score can be for 10 years for chapter 7 and 7 years for chapter 13. Log on to https://recoverylawgroup.com/bankruptcy/ to learn more about the impact of bankruptcy on credit score. How much credit score is enough? A figure of 700 is a great score to attain especially after a bankruptcy. The number 700 opens several low-cost credit opportunities which [...]

2023-03-31T07:27:20+00:00
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What Is A Bankruptcy Court?

Call: 888-297-6203 There are ninety-four (94) judicial districts and all of the judicial districts handle bankruptcy matters. Almost all districts have bankruptcy courts that handle bankruptcy cases and bankruptcy cases cannot be filed under the state court. Bankruptcy laws help debtors who no longer are able to keep up with their debts and pay the creditors. If it becomes unbearable and compromises the standard of living, the bankruptcy law helps them by the liquidation of assets of the debtors (chapter 7 bankruptcy) or by making a repayment plan (chapter 13 bankruptcy). Bankruptcy laws also provide protection to troubled [...]

2023-03-22T09:22:51+00:00
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Wildcard Exemption In Chapter 7 Bankruptcy

Call: 888-297-6203 Wildcard exemption as the name suggests is a big bump in hope for a debtor while he/she is trying to protect a particular asset. The home is a very important asset which is often included in the exemption and until the dues are cleared on timely basis, the home is usually safe while option for Chapter 7 bankruptcy. The key assets in question could be car, boat or a truck or any other asset the debtor wants to protect from liquidation. In some situations, it might be an electronic item, second vehicle, or no matter what [...]

2023-03-31T07:28:30+00:00
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Bankruptcy Process; Chapter 13 Vs Chapter 7

Call: 888-297-6203 The bankruptcy process can be broadly classified based on the chapter you choose. We list some of the steps or procedures which you may come across while filing bankruptcy under the respective chapters below. This might not be an all-inclusive list. Bankruptcy is a very vast subject, and it needs loads of information from experts. Find all the bankruptcy-related information on https://recoverylawgroup.com/bankruptcy/. How does a Chapter 7 bankruptcy work? Chapter 7 bankruptcy is often referred to as the ‘liquidation chapter’ as it deals with the liquidation of assets to settle the debts of the lenders. The [...]

2023-03-31T07:31:28+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.