Chapter 13 Bankruptcy

Can I Lose My Rental Property On Filing For Bankruptcy?

Call: 888-297-6203 While filing for bankruptcy, though exemptions protect your house, your rental property (apartment, commercial space, etc.) might be under threat. Depending on whether you are filing for chapter 7 or chapter 13, the fate of these properties are decided, say lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/). Rental property in chapter 7 While filing for Chapter 7 bankruptcy, any property that is exempt (under federal or state laws) can be kept by the debtor. Most states allow homestead exemption up to a dollar amount while others might allow protecting the entire interest of the debtor in [...]

2023-03-16T11:40:19+00:00
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How To Get A Mortgage After Bankruptcy?

Call: 888-297-6203 Getting a mortgage after bankruptcy is difficult. However, if you control your finances and improve your credit history, there are chances that you can get a home loan if you are selective about applying for it. Lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/) say, that it might be sooner than later. Affect of bankruptcy on your credit score Once you opt for bankruptcy, you should know that it stays on your credit report for 10 years; sometimes even longer if the loan was for more than $150,000. Your credit score is affected by this as well [...]

2023-06-26T07:30:21+00:00
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Getting A Credit Card Post-Bankruptcy

Call: 888-297-6203 Once you go through bankruptcy, whether chapter 7 or chapter 13, you might realize that getting a credit card is extremely difficult. However, instead of being disheartened, get to know the alternatives, say lawyers of Dallas based law firm (https://recoverylawgroup.com/bankruptcy/). One of the best alternatives is to get a secured credit card, department store cards, or get credit cards with a consignor. Once you behave responsibly with these, the chances of getting a regular credit card improve drastically. However, before applying for one, it is important to think whether you need one or not? This is [...]

2023-06-27T04:14:23+00:00
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Pros And Cons Of Declaring Bankruptcy

Call: 888-297-6203 Filing bankruptcy can come with a bunch of pros and cons with it. It is essential to understand whether those pros and cons make sense to a particular filer. By carefully viewing and understanding the pros and cons, one can make a wiser decision about whether to opt for bankruptcy or not. Find more such bankruptcy-related facts on https://recoverylawgroup.com/bankruptcy/. What are the advantages of filing for bankruptcy? The advantages of filing bankruptcy can be listed as follows- Instant relief from the debt retrieving procedures Often when you are lagging the payments, the lenders start to foreclose [...]

2023-03-16T10:44:17+00:00
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You Should Consider Filing For Bankruptcy If You Owe A Lot Of Money

Call: 888-297-6203 Before you decide on filing for bankruptcy due to your unmanageable debts, it is important that you meet with a Licensed Insolvency Trustee (LIT). They will help to evaluate your current financial situation as well as provide you with multiple alternatives that you can take to get rid of your debts.  What to do if you cannot find a Licensed Insolvency Trustee (LIT)? Under circumstances when you are unable to find a LIT, you can take the help of OSB’s Bankruptcy Assistance program provided- You have previously tried to get in touch with at least 2 [...]

2023-03-21T09:13:25+00:00
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Nonconsensual Lenders And The Bankruptcy Court

Call: 888-297-6203 Bankruptcy can be filed with Chapter 11 or Chapter 13 or Chapter 7. If a business the options further narrow down to Chapter 11 or Chapter 7. In other words, Chapter 13 is something exclusive for the individuals. Chapter 7 deals with liberating debts in exchange for assets and Chapter 13/11 deals with a future payment plan that aims at fulfilling the majority of the debts in the period of 3-5 years. Most of all the assets of the business or an individual can be safeguarded under Chapter 11 or 13. To know more about each [...]

2023-06-26T06:42:43+00:00
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Bankruptcy And The Chapter Under Which You Can File

Call: 888-297-6203 Filing for bankruptcy is a complicated procedure and a filer must adhere to all the provisions of the bankruptcy codes. Therefore, it is mostly recommended to consult a good attorney before you decide on filing for bankruptcy to get proper guidance. An individual or business who suffers from an overburden of piled-up debts usually files for the legal procedure of bankruptcy. If the business or individual is unable to cope with the adding up of debts, they can apply to file for bankruptcy under the united states bankruptcy court. To get in touch with an attorney [...]

2023-06-26T06:55:57+00:00
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All You Need To Know About A Bankruptcy Trustee

Call: 888-297-6203 When you file for bankruptcy under chapter 7, the court appoints a bankruptcy trustee who oversees all the evaluation of the property as well as the distribution of the funds to the creditors after selling the assets. It is important to know that the trustee only acts under the discretion of the court and no final decision can be taken by them unless approved by the bankruptcy court. What are the responsibilities of a Trustee? The responsibilities of a trustee vary depending on the chapter of bankruptcy that you are filing under. For example, under chapter [...]

2023-03-16T10:54:21+00:00
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Chapter 13 Or Wage Earner Plan

Call: 888-297-6203 The wage-earner plan is a nickname given to Chapter 13 bankruptcy. The reason to give this name to the chapter 13 bankruptcy is due to the characteristics of the bankruptcy chapter. Unlike Chapter 7, Chapter 13 focuses on clearing as much as debt possible using a reliable source of income through the next 3-5 years. The tenure depends on the debt and the disposable income. There is a misconception that a wage-earner plan does not result in a discharge. However, there can be a discharge if the future disposable income isn’t sufficient to repay some of [...]

2023-03-22T09:38:22+00:00
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All That You Need To Know About An Automatic Stay

Call: 888-297-6203 When an individual file for bankruptcy, an automatic stay is automatically put into effect. With the help of the stay, the debtor is no longer harassed by the creditors in terms of wage garnishment or collection calls. However, this is only temporary and can be pleaded by the creditors to be lifted as well. The function and working of an automatic stay An automatic stay is recognized under section 362 of the United States Bankruptcy Code. The filer does not need to apply for this separately. When they file for bankruptcy, it gets into effect automatically. [...]

2023-06-26T07:02:57+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.