Bankruptcy

Call: 888-297-6203 To go bankrupt means to run out of enough money to pay your debts or to have liabilities more than the assets. In bankruptcy, an individual files for a specific chapter bankruptcy depending on his or her situation. The two most common bankruptcies are Chapter 7 and Chapter 13 bankruptcy. Although filing for bankruptcy helps you in discharging your debts, it is an avoidable serious decision. Inability to get new loans because of low credit scores (Chapter 7 filing has more adverse effects than Chapter 13 filing), surrendering the personal property, the uncertain dischargeable status of [...]

Call: 888-297-6203 Once you’re certain about filing bankruptcy, you must determine the bankruptcy that suits your situation – Chapter 7 or Chapter 13. Given below is an overview of the two types of bankruptcy (Chapters 7 & 13), to help you make the right decision. Chapter 7 Bankruptcy It involves liquidation of the debtor’s secured assets (a house or a car) and discharge of unsecured debts (unpaid medical bills, credit card bills, etc.). Its paperwork contains a list of all the properties of the debtor and the possible state or federal ‘exemptions’ for each of them. ‘Exemptions’ work [...]

Call: 888-297-6203 A bankruptcy filing is a legal process that frees an individual or businesses from the financial obligation of repaying the debts they owe. In some cases, it’s an ideal opportunity for creditors to claw back some of the debts that are due to them. This process has its own pros and cons. So, it’s better to make every possible effort like doing a part-time job, making only necessary expenses, etc. to supervise your debt obligations before going ahead with bankruptcy. It’ll be better to consult a competent bankruptcy law firm like The Recovery Law Group (https://recoverylawgroup.com/ [...]

Call: 888-297-6203 The current American bankruptcy law doesn’t require you to publish any bankruptcy notice in the newspaper. In case you are a public figure or a celebrity, the gossip magazines will themselves make a hue and cry about it. Otherwise, neither will anyone probably care about you going bankrupt nor will it be made a public announcement in any newspaper or magazine. However, your credit report will show your bankruptcy, which will be considered by your future lenders and creditors, but you can minimize its adverse impact by rebuilding your credit after bankruptcy. You can know more [...]

Call: 888-297-6203 Filing for Chapter 7 bankruptcy can be a distressing process. While losing one’s home, huge tax bills or pestering debt collectors are more crucial concerns, the prospect of losing one’s wedding ring, heirloom jewelry or just a necklace, a pair of earrings or a special wristwatch can be an additional stress. When you file for Chapter 7 bankruptcy, you are expected to surrender certain assets (not all), which are then sold by the trustee, to repay your creditors with the proceeds. The items that you have to surrender depend on the state in which you live. [...]

Call: 888-297-6203 Yes, it is mandatory to list all your debts while filing for bankruptcy. When you ‘borrow’ money from your mother, it’s considered a debt, which you’re expected to repay. While filing for bankruptcy, you are supposed to fill the bankruptcy papers, known as petition or schedules. These papers are a financial statement, so, the information filled in them needs to be accurate. If your schedules are found to be inaccurate by the court, it can deny your case. Thus, you must list all your debts, including the one you owe to your mother, on your bankruptcy [...]

Call: 888-297-6203 Dependency on asset-protection trusts and offshore accounts to safeguard one’s assets has been in vogue for the past several years, and a large number of people have put their faith in these trusts to protect their assets. In the beginning, it might seem like a sensible idea. However, hoodwinking a bankruptcy trustee can put you on a razor edge. Many a time, the distribution of funds may not take place, as it can transpire only at an independent trustee’s liking and even a foreign bank may claim the same thing. Although a bankruptcy court can’t compel [...]

Call: 888-297-6203 In most cases of bankruptcy, the debtor is not expected to part with the assets that he bought with the credit card. However, there are a few exceptional scenarios, in which parting with the charged assets is inevitable. Security Agreement in Credit Card Contracts Your ownership of the item, bought with a credit card, depends on the ‘clause of security’ in your credit card agreement. You get the same security agreement while getting a car loan. The bought stuff acts as collateral for your debt, and you cannot be its legal owner unless you clear your [...]

Call: 888-297-6203 In bankruptcy, debts secured by personal assets (not real estate) need to be paid to retain them, otherwise, the creditor can repossess the property. Apart from this, there is one more way that lets you keep your assets – reaffirmation. Reaffirmation means that you’ll be responsible for the debt even after your discharge from bankruptcy. Below are a few tips to negotiate a great reaffirmation agreement with the creditor, in the case of Chapter 7 bankruptcy. How to Negotiate the Reaffirmation of a Car Loan? It’s important to know the kind of loan you have while [...]