Bankruptcy

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 [...]

Call: 888-297-6203 Heavy debts can cause numerous problems. Threatening phone calls and emails from debt collectors apart, you could lose your wages, your car or your home to repossession or foreclosure if timely intervention is not done. Filing for personal bankruptcy (Chapter 7 or Chapter 13) puts an automatic stay in place which not only stops the threatening phone calls but also halts repossession or foreclosure proceedings. However, if you file for bankruptcy just on the eve of your foreclosure sale, Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ lawyers say things could be a bit tricky. There are [...]

Call: 888-297-6203 Many times, life throws curveballs at you because of which you might have to take a harsh decision like bankruptcy. Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ handled a case where the petitioner had taken over his mother’s home as she was unable to make payments. The property had no equity when this transaction occurred. Since then the client paid all delinquent house payments, mortgage, and taxes for many years. During this duration, the value of the property increased. However, before selling it for a profit, it was discovered that there were 5 judgment liens against [...]

Call: 888-297-6203 Charity begins at home, and your home is where your heart lies. Many people believe in donating to causes which are dear to them. If the debts become too much, bankruptcy might be the only way out say Los Angeles based bankruptcy law firm https://recoverylawgroup.com/. However, there may be concerns about whether they will be able to continue making donations to their favorite charity, or whether previously made donations could affect their bankruptcy? This was taken care of by the amendment made by Congress in 2006. The Religious Liberty and Charitable Donation Clarification Act has been [...]

Call: 888-297-6203 Getting an inheritance can be overwhelming, especially if your debts are piling high. However, many people fail to keep in mind that if they get an inheritance while their bankruptcy proceedings are underway, they might end up losing all of it. As per Dallas based bankruptcy law firm https://recoverylawgroup.com/, any inheritance received within 6 months of bankruptcy filing becomes a part of your bankruptcy estate. The bankruptcy trustee may take away that inheritance and use it to pay your creditors. Since most people never think of inheritance and bankruptcy in the same duration, being prepared for [...]

Call: 888-297-6203 One of the major concern people have while filing for bankruptcy is whether they will be able to protect their vehicle or not. According to Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ lawyers, it depends on various factors. The primary factor which helps decide whether you can keep your vehicle during bankruptcy is the equity in the vehicle. Another point of consideration is whether the equity is exempted using either federal or state exemption. To save your vehicle you could either use the vehicle exemptions or you could use other exemptions to protect more equity. In [...]

Call: 888-297-6203 People who are on the verge of the bankruptcy filing are often worried about their life insurance policies. This is something, they simply cannot afford to lose. Dallas based bankruptcy law firm https://recoverylawgroup.com/ lawyers say that generally your life insurance policies are not considered a part of your bankruptcy estate. However, in case, they are included in your bankruptcy estate, there are exemptions available to protect them. Whether the insurance policy becomes a part of your bankruptcy estate depends on which type of insurance policy it is. Another important consideration is who is the beneficiary of [...]

Call: 888-297-6203 Individual bankruptcy is different from corporation bankruptcy. Unlike personal bankruptcy, when the corporations file for bankruptcy under Chapter 7, they don’t get a bankruptcy discharge. A bankruptcy discharge informs creditors that you are not liable for your owed debts. In the case of corporations, it will mean that they are still liable for debts which were not paid off when bankruptcy estate was completely administrated and closed. Dallas based bankruptcy law firm https://recoverylawgroup.com/ says that corporations are also not allowed any exemptions i.e. they cannot protect any assets unlike individuals. What can lead to corporations filing [...]