Bankruptcy

What Happens if You Forget to Include a Creditor in Your Bankruptcy?

A lot of paperwork is involved when you file for bankruptcy, including documentation for your income, assets, and a comprehensive list of your debts as well as your creditors. This complete list of creditors is used by the court to inform everyone concerned about your bankruptcy. Since all of this involves a lot of paperwork, it is quite possible that one or two creditors might miss making the list. Since creditors also have legal rights in your bankruptcy case, if any of them fails to get a mention in your list of creditors while filing for bankruptcy, what [...]

2025-08-11T09:27:05+00:00
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My Cosigner Filed for Bankruptcy; Does it Impact Me?

In many different places, getting loans or line of credit is not easy. There is always a requirement of a guarantor or a cosigner. Parents, relatives, spouse, or friends could play as guarantor/cosigner. How does the bankruptcy of one cosigner impact the other person? This is what we will discuss in detail here. For best and quick solution on bankruptcy related issues, just hop to Recovery Law Group. Cosigner and the relationship A Cosigner is a person who is liable to pay the loan in case the primary borrower defaults. The Cosigner is the backup plan for the [...]

2025-08-21T11:23:57+00:00
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Child support and Bankruptcy

Child support is one of the most priority or preferential payments in the eyes of law. One might be able to evade all kinds of secured/unsecured loans but getting away with child support is probably the most difficult task no matter how poor or bankrupt you may be. One more debt that comes in this category is student loans. Students could complete graduation and apply for bankruptcy then and get away with any sort of student loan on their name. This is the primary reason why Student loan has been excluded. Similarly in the case of child support, [...]

2025-08-21T11:41:56+00:00
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Can You Convert Your Bankruptcy Chapter?

Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, therefore, advised that [...]

2025-08-06T06:50:19+00:00
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Can Some Part of Mortgage Debt be discharged during Bankruptcy?

Bankruptcy is a sure shot way to get rid of huge financial debts. With a bankruptcy discharge, you can wipe off most unsecured debts and get a chance to have a clean financial slate to begin a fresh life. However, secured debts like mortgage and car loans are not discharged during bankruptcy; though, bankruptcy certainly helps you with mortgage debts confirm bankruptcy lawyers of Los Angeles based law firm https://bankruptcy.recoverylawgroup.com/. Secured debts – Mortgages & Foreclosure A mortgage loan is a loan taken while purchasing your house. Since it is linked to a specific property, it is a [...]

2021-12-07T09:04:15+00:00
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Can Gambling Debt be addressed by Bankruptcy in California?

If you like gambling, Los Angeles offers you a large number of casinos to choose from. However, gambling can lead to the accumulation of a huge amount of debts. People often choose to get rid of their debts via bankruptcy. During bankruptcy, debts are discharged which effectively makes creditors go away as they cannot harass you to get the payment back. While bankruptcy is an excellent way to get rid of debts, it is important to know that it gets reflected on your credit report. Your bankruptcy appears for up to 10 years on your credit report which [...]

2023-06-15T07:37:51+00:00
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Can Bankruptcy Assist California Seniors?

Anyone can find themselves in debt considering that it is almost impossible to survive without credit cards. Accumulated bills including those of emergency medical charges, student loan, car loan, mortgage, etc. can pile up with time, making it almost impossible to survive without declaring bankruptcy. Senior citizens these days have a longer life expectancy which adds up to financial woes. Getting a job at their age is nearly impossible and medical bills adding to the already shooting debt leads them in a never-ending cycle of debt. This often causes them to be harassed by creditors and live with [...]

2025-08-25T13:31:32+00:00
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Are Both Spouses Supposed to File For Bankruptcy Under California Law?

 The law is clear, a spouse's debts are not reflected on another’s credit. The federal law, as well as basic legal principles, dictate that separate credit files are maintained for both the spouses so that debts of one are not reflected on another’s credit file. It is therefore not mandatory for both husband and wife to file for bankruptcy. However, there are some exceptions to the rule, like when both spouses are co-signers on a personal loan, car loan or mortgage on the house, or they share credit card(s). In case, the California means test affects your bankruptcy [...]

2025-08-11T10:50:01+00:00
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Can Damage Award Obtained from Lawsuit be at Risk in Bankruptcy?

Lawsuits are quite confusing. In case you have filed one for injustice against your employer or any other damage you sustained due to malpractice or any misfortune happening, you probably end up winning money as part of damages. What happens to this cash and your lawsuit with the potential award if you end up filing for bankruptcy? According to Dallas based bankruptcy law firm Recovery Law Group, it is important that when you file for bankruptcy, you list all your assets and debts. Any claim you have made (which may or may not have been converted into a [...]

2025-08-21T10:45:10+00:00
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Are You Filing for Bankruptcy? What Happens to Your Mortgage?

Bankruptcy court acts as a shield between you and your creditors to provide you breathing space and a fresh financial start. Though the law is designed to provide respite to you, it does not do so at the cost of your creditors. You need to pay for your secured loans like mortgages. One of the best aspects of bankruptcy filing is the automatic stay which prohibits all sorts of collection actions against you. Thanks to it, your home and car cannot be foreclosed or repossessed. In case repossession is done, they have to return it. Moreover, any liens [...]

2025-08-21T11:22:53+00:00
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