Chapter 13 Bankruptcy

Responsibilities when filing bankruptcy under Chapter 13

Chapter 13 filing forms are pretty similar to the forms used for Chapter 7. The information and objectives are the same in both cases. This procedure includes detail of income, assets or properties, expenses, and debts. Along with this information, you shall also provide for a plan that shall manage all the debts in the future 3-5 years. Along with these information pieces, you also need to enclose your latest federal and state tax returns. There has to be proof for income tax filing for the last 4 years. You also have to avail a certificate for credit [...]

2019-07-29T09:54:51+00:00
Read More

The Basics of Chapter 13 Bankruptcy Cramdown

Chapter 13 bankruptcy allows you to reduce the principal balance on a debt to the value of the property in case of secured debt. This is known as cramdown and can help save your debt on real estate investment, car loan and some other properties. Dallas based bankruptcy law firm Recovery Law Group, inform that cramdown can be an asset to reduce the debt on certain secured loans. To know more about cramdown, contact bankruptcy lawyers at 888-297-6023 and discuss about your case. Secured debts are those assets against which the creditor has collateral. These include car loans [...]

2023-04-11T08:32:53+00:00
Read More

Paying off Chapter 13 Debts Earlier

The financial situation sometimes can get better with time and it so can happen that you have been halfway through your Chapter 13 repayment plan duration only to realize that your financial situation is a lot better now. In such circumstances, it is very tempting to pay off all pending Chapter 13 payments in advance and get rid of the cycle. However, it is not one of the most beneficial attempts as you might end up owing more to the lenders as creditors are entitled to all or most of the disposable income. As the disposable income increases, [...]

2019-07-29T09:55:04+00:00
Read More

Is Keeping All Your Property in Chapter 13 Bankruptcy a Wise Decision?

Filing for bankruptcy is a decision that people are reluctant to take because many times it involves letting go of your property. According to exemptions provided by state and federal government, lawyers of Dallas based bankruptcy law firm Recovery Law Group, explain that you can keep only the amount of property which is exempt. Any non-exempt property is sold to pay off your unsecured creditors in a Chapter 7 bankruptcy case. Contrary to this, Chapter 13 bankruptcy allows you to keep the non-exempt property if you pay your unsecured nonpriority creditors an amount equal to the non-exempt property [...]

2023-04-11T08:34:48+00:00
Read More

Impact of Chapter 13 on your credit score

The credit score takes a solid beating when bankruptcy is filed in general. But the common question is to know which Chapter impacts the credit scores the most. The impact may also last for several years when bankruptcy is filed. Filing for bankruptcy under Chapter 13 is slightly more beneficial and lighter on your credit score, especially when compared to Chapter 7. If it is possible not to file for bankruptcy, that shall be the best option. To know if you need to file for bankruptcy or not, log on to Recovery Law Group to get a host of [...]

2023-04-11T08:36:04+00:00
Read More

How to Determine Chapter 13 Bankruptcy Eligibility?

Chapter 13 can be a very good option for many people, especially those who are struggling to keep up their assets intact even after filing bankruptcy. However, not all filers are eligible to apply for Chapter 13 bankruptcy code. There some basic requirements to be eligible for filing under Chapter 13. These can be listed as follows- No lag with respect to income tax filing whether federal or state The debt is within the predefined threshold Should be employed or should have some income source to fund the payment plan to be determined under Chapter 13 Should be [...]

2023-05-05T05:45:11+00:00
Read More

Chapter 13 Bankruptcy Cost and Effectiveness

When you are struggling with debts, you are probably considering bankruptcy via Chapter 7 or Chapter 13. Once, after assessing different eligibility criterions, you lock upon Chapter 13, the next question is to determine how effective it is and what would be an estimated cost for the same. We will try to explore an estimate of some of the costs and effectiveness of the whole process using the survey results of the readers. If you have still not determined whether to go for Chapter 13 or Chapter 7, consider logging in to Recovery Law Group for information about [...]

2023-06-13T04:48:16+00:00
Read More

Bankruptcy by Chapter 13 FAQs

Sometimes, the best way to address all queries is FAQs. By listing some potential doubts or questions and answering them in the best way possible can give enlighten people better. Chapter 13 bankruptcy one of the most popular bankruptcy code especially for people who had wished to safeguard their assets. By answering a few FAQs below, we try to enlighten you about most aspects of Chapter 13. To know more about bankruptcy, Chapters, and legal assistance, log on to Recovery Law Group. How much debt has to be repaid if I file for Chapter 13 bankruptcy? This is [...]

2023-04-11T08:41:31+00:00
Read More

Can Chapter 13 Bankruptcy help prevent Car Repossession?

One of the major concern people have when they file for bankruptcy is what will happen to their car and house – will they be safe from collection actions or not? Lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that when an individual files for bankruptcy, whether Chapter 7 or Chapter 13, the court orders for an automatic stay which prevents any collection attempts including foreclosure, repossession and threatening phone calls. However, any criminal proceedings like visitation proceedings or child custody and even some eviction proceedings continue as per the state law. Chapter 13 automatic [...]

2021-12-07T08:16:32+00:00
Read More

What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues. Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee [...]

2019-07-24T09:29:04+00:00
Read More
Load More Posts

Recovery Law Group Logo

888-297-6203

Headquarters

309 W 11th Street,
Anderson, IN 46016
310-997-0471
Clients: customerservice@recoverylawgroup.com
Attorneys / Trustees and Court Officials: info@recoverylawgroup.com

PAID ATTORNEY ADVERTISEMENT: Wajda & Associates is a law firm. This website is an advertisement. It is not a lawyer referral service or prepaid legal services plan. Each of the lawyers on this site are either Managers, Members, Partners, Limited Partners or staff attorneys. An attorney responsible for the content of this Site is Nicholas Wajda, APC. licensed in California, Texas, and Indiana with offices at 309 W 11th Street Anderson, IN 46016. To see the attorney in your area who is responsible for this advertisement, please  Click here.  Prior results do not guarantee a similar outcome.
We help people file bankruptcy petitions to obtain relief under the bankruptcy code.