Bankruptcy

Call: 888-297-6203 Financial troubles can hit anyone, anytime. However, if you have recently shifted to a new state and need to file for bankruptcy, you can; but you need to find out about the exemptions. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, exemptions are important to protect your real estate and personal property. Individuals can choose between federal and state exemptions. If you shift to a new place, you cannot use state exemptions as you are expected to stay for a certain timeframe to avail state bankruptcy exemptions. In the case of [...]

Call: 888-297-6203 Saab, the aircraft manufacturer turned automobile giant has been an innovator. The first of its kinds to come up with heated seating in automobiles, the company had to file for bankruptcy in Sweden, its home country. Since its entry into the automobile sector post-World War II, its sales peaked in 1988 and again in 2006. However, during the period of 2006-2009, a decline of almost 20.3% was observed in Saab sales. As per the Swedish Company Reorganisation Act, any bankruptcy application is approved only if a reasonable cause is present which assumes that reorganization will serve [...]

Call: 888-297-6203 When you file for bankruptcy, your unsecured debts might be discharged eventually but your secured debts like a mortgage or automobile loan, etc. cannot be discharged. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, you can either reaffirm the debt, consolidate it or settle it. If you are thinking of reaffirming the debt, you need to work out an agreement with your creditor regarding new terms. The agreement would then be signed by both, the creditor and the debtor. However, before you go ahead with debt reaffirmation, it is important that you [...]

Call: 888-297-6203 The Star Trek series has acquired legions of fans across the globe. Being inspired by the series, a Star Trek superfan, Tony Alleyne converted his apartment in the UK into a mock set of the Starship Voyager. Though it may seem eccentric, it was apparently a smart business decision. He hoped to attract other Star Trek fans to hire him as a decorator for their homes. Unfortunately, the business decision did not attract many clients and Tony ended up incurring a huge debt of £100,000. Since he had maxed out his 14 credit cards working on [...]

Call: 888-297-6203 When you file for bankruptcy, you are allowed certain exemptions to protect a certain amount of property so that you can start your life afresh. Generally, any item which is deemed essential for the debtor and their family is protected from creditors. These exemptions include homestead, personal property, retirement accounts, etc. Lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that different states have varied levels of exemptions. In Florida, bankruptcy filers can protect $1,000 in vehicle equity, while financed vehicles can be kept through a bankruptcy case. However, if you are trying to [...]

Call: 888-297-6203 Bankruptcy finds its origins in ancient text like Torah and Old Testament (Book of Deuteronomy, Chapter 15:1-2) and the Mosaic Law. As per the old story, all debts will be forgiven at the end of every seven years. The bankruptcy outlined by founding forefathers states the rights of individuals in courts. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that even today, Chapter 7 bankruptcy discharge is given to debtors after the end of seven years only. According to text available in the ancient text, a person who is relieved of debt [...]

Call: 888-297-6203 If you thought handling debts were difficult, you have not looked at the documents required in bankruptcy. Los Angeles based bankruptcy law firm Recovery Law Group lawyers inform that there are four chapters under which individuals can file for bankruptcy. However, determining which chapter will work best for you is something you cannot decide. This is done by experienced bankruptcy lawyers. They ask you questions related to your debts, assets, etc. and depending on your answers, suggest the best chapter for filing for bankruptcy. Since every case is different, there is no fixed way to suggest [...]