Chapter 13 Bankruptcy

How Does A Bankruptcy Court Function?

Call: 888-297-6203 A court functions on a rule book or laws that are created and modified over a period of time. The bankruptcy court was established in 1978 and since then based on economic conditions, concerns, and loopholes, the law has been evolving to the form we know presently. Ironic as it may seem to criminal proceedings, the borrower himself or herself begins the proceedings in a bankruptcy court by filing for bankruptcy. How does it begin? The application submitted by the applicant usually consists of all his debts, lender's information, assets, and any other information that is [...]

2023-03-22T09:36:35+00:00
Read More

Different Bankruptcy Options For The Individuals

Call: 888-297-6203 Bankruptcy presents a few options to individuals that either protect the assets and block a significant amount of future income or the assets are liquidated to clear any lien on future income. This is a choice that can be based on the convenience of the borrower. The below list of options during bankruptcy can provide a broader perspective for a borrower- Liquidation under Chapter 7 This is probably the most common form of bankruptcy that accounts for up to 70% of bankruptcies in the year 2020. The reason for this being very common is that most [...]

2023-06-27T05:42:22+00:00
Read More

Basics Of Bankruptcy Discharge

Call: 888-297-6203 A bankruptcy discharge is a court order that removes the personal liability of the debtor for the specified debts. With a bankruptcy discharge, the creditors cannot pursue any collection actions including communicating with you regarding the debt. However, if a creditor has a valid lien on the property that survives the bankruptcy case, the creditor can enforce the lien to claim the property. In the case of chapter 7, a discharge is granted within three to six months of filing the petition, usually 60 days after the 341 creditors' meeting date. In individual chapter 11 cases, [...]

2023-06-27T05:44:17+00:00
Read More

Home And Bankruptcy

Call: 888-297-6203 Home is a necessity that forms part of the shelter that is very essential. Many lenders or creditors might initiate home foreclosure procedures. It can be traumatic and stressful when the home is on the verge of being foreclosed. The institutions and the bankruptcy code consider home as an essential necessity and hence, there are multiple ways a good attorney https://recoverylawgroup.com/bankruptcy/ can suggest safeguarding the borrower’s home during bankruptcy or foreclosure attempts. Mortgages pay off The mortgage on the house is not waived and to keep the home, one must continue paying mortgages whether it is Chapter [...]

2023-05-19T06:37:24+00:00
Read More

How To Deal With Bankruptcy During Retirement?

Call: 888-297-6203 Old age is defiantly a tough time. After living a luxurious life with regular earnings and expenditure, when you become dependent on social security as your bank balance life gets tough. Moreover, With the ever-increasing rise in tax rates and decreasing pension amounts, many senior citizens are finding themselves filing for bankruptcy. This is because the fixed source of income goes down whereas the health care expenses and tax amount go down, many find it difficult to create a balance between both. Let's find out the benefits or drawbacks that a senior might face if they [...]

2023-03-31T08:42:02+00:00
Read More

Basics Of Chapter 13 Bankruptcy

Call: 888-297-6203 Also known as the wage earner’s plan, chapter 13 is ideal for people with a regular income. These debtors can repay their debts through a repayment plan where their creditors are paid through regular monthly installments over three to five years. The duration of the plan depends on the debtor’s current monthly income. If it is more than the state median, the plan is for five years, else it concludes in three years. There are several advantages of opting for chapter 13. Since it allows you to catch up on past due payments, you can prevent [...]

2023-03-22T08:43:36+00:00
Read More

Are You Considering Bankruptcy?

Call: 888-297-6203 Debtors file for bankruptcy when they have excessive debt and want a fresh financial start, but whether filing is the best option for you, depends on many factors. Is bankruptcy the best choice? Bankruptcy filing impacts your credit report for a long time, so it's better if you try to solve your debts without filing for bankruptcy. Which chapter is better? Chapter 7 liquidation is best for those who can save their assets from liquidation by exemptions and have income low enough that they qualify for chapter 7 bankruptcy filing.  In contrast, chapter 13 bankruptcy, works [...]

2023-06-27T07:27:13+00:00
Read More

All That You Need To Know About Bankruptcy And Timeshare

Call: 888-297-6203 Timeshares are properties held commonly by multiple Individuals, each of who can use the property for a particular time in the year jointly. Common examples of timeshares are holiday homes or condominiums in a large resort. Whether you can protect your timeshare while you file for bankruptcy mostly depends on the state you file in as well as the bankruptcy chapter you file under. Depending on the worthiness of the timeshare you hold, you can either surrender or use exemption for the same. If you are looking to surrender it, you will need to continue paying [...]

2023-06-05T13:12:35+00:00
Read More

Bankruptcy And Business Arrangements

Call: 888-297-6203 The pandemic era has brought a lot of businesses under the weather. This has led to many small businesses moving towards bankruptcy. As per several research magazines, it was predicted that almost 33% of small businesses in the United States ended up halting their operations permanently or with an uncertain future. Loan forgiveness grants from the government probably protected the 66% of other small business units that were also on the brink of shutting down probably. Factors to consider while thinking of bankruptcy The factors associated with businesses are far more complex and intriguing. Expert guidance [...]

2023-05-19T06:24:15+00:00
Read More

Eligibility Tests And Other Aspects While Considering Bankruptcy

Call: 888-297-6203 Misuse of Bankruptcy laws is something that was commonly seen in the 1990s and early 2000s which led to a series of changes in the Bankruptcy laws. Many individuals who had substantial assets also started declaring bankruptcy and ended up dissolving their debts effortlessly. To ensure the borrower truly needs a bankruptcy claim, there are the following tests that he/she can consider before filing for bankruptcy- Means test A means test is basically verifying if your income is lower than the median income of your state. Every state in the US based on various factors like [...]

2023-06-05T13:34:42+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.