Bankruptcy is the process through which, individuals or businesses who are in conditions of surplus debts and in the situation of financial struggles, get relief of this scenario and regain their stability with finances. In order that this process be debtor beneficial, the type of Chapter against which bankruptcy is filed will be important […]
Bankruptcy is a name which often causes people to panic. This is so because most of the time, it is associated with the image of being thrown on the streets penniless. However, nothing could be farther than truth. More often than not, the financial situation of an individual is tight, which has led them to file for bankruptcy. Since financial problems can affect a number of areas of your life including your job, property, and vehicle, many people question whether it is appropriate to keep their vehicle if they plan to file for bankruptcy. […]
A Chapter 7 Bankruptcy trustee is appointed by the court for every Chapter 7 bankruptcy filed with them. These trustees mostly work in favor of the creditors. The prime responsibility is to go over all the paperwork to ensure that they have been submitted in order, to reverse any recently performed financial transactions that may be invalid in the context of bankruptcy and for liquidating viable assets in order to repay the creditors. A bankruptcy trustee is paid a fee by the court for examining all the associated paperwork. In addition to this, if the trustee is able [...]
Time and again, bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group reiterate that with a few exceptions (taxes, alimony, child support, student loan etc.) garnishment does not take place in states of California, Nevada and Texas unless a creditor has filed a case against you in a law of court and obtained judgment against you. In case they get a judgment against you, they need to file a request for garnishment which is issued to your employer. With this notice, your employer will need to provide your wages to the creditors at [...]
It is probably a myth that many of us have come to believe that bankruptcy relieves one of all debts. Although it may sound attractive about not being obliged about settling your creditors and make a new start with your business, there are some facts to the discharge of debts that one needs to clearly understand about – it may be a surprise that bankruptcy conditions when filed do not eliminate all debts. When filing for bankruptcy using Chapter 7 or Chapter 13, the U.S. Bankruptcy code doesn’t enforce you to pay certain outstanding debts. The code was [...]
The meeting of creditors or a 341 hearing is a mandatory process conducted by the bankruptcy trustee when there is a filing of bankruptcy. During a filing of bankruptcy, the petitioner provides several documentations related to the situation including the petition and schedules. In the hearing process, the trustee gets the opportunity to ask the petitioner questions regarding the furnished information. The answers to these questions have to be answered under oath. If you are an individual who has filed bankruptcy, it is imperative that you have to be part of this meeting of creditors. Needless to say, [...]
Many times, people who owe creditors money, lead a life that is full of threats and harassment. Debt collection agencies do not leave any stone unturned to get back the money that you owe them or the creditors. In case you too are plagued with incessant phone calls, urgent notices or demands for financial settlements, why are you hesitating to file for bankruptcy? More often than not people are afraid of filing for bankruptcy due to the various myths surrounding it. Lawyers of Sacramento based law firm Recovery Law Group provide a number of common reasons why people [...]
Recurring debts and overspending, as well as some ill-fate, can cause financial problems in anyone’s lives. If you are facing issues regarding the shutdown of utilities or foreclosure, repossession, etc. or are at the receiving end of legal actions due to non-payment of dues and similar debts, then you might be in for some tough time. Creditors and debt collectors can resort to legal actions wherein they can file summons with the court so as to make a debtor answerable in the court, often with the intention to get a garnishment. […]
One of the most powerful legal tools to ward of bad financial situation is bankruptcy. While filing for bankruptcy, you can get rid of huge amounts of debts thereby overcoming financial distress. However, one of the most popular misconception that people have is that if they have filed for bankruptcy once, they cannot file again. Well, lawyers of Sacramento based law firm Recovery Law Group, say that nothing could be further from the truth! […]
Due to bad financial conditions, people might find paying for even essential things like the mortgage, difficult. The situation could be worse for those, who had bought property when the rate was at the peaks as this has resulted in high mortgage payment for a property which is no longer worth as much. This situation is not uncommon, but all is not lost as Sacramento based law firm Recovery Law Group provides options for people who have a home which is worth less than what they are paying in mortgages. […]
