Chapter 7 Bankruptcy

Super-Quick Guide To All You Need To Know About Bankruptcy

Call: 888-297-6203 Bankruptcy is a complex process. However, we will try to debrief the same in a super-quick short way for faster understanding. When you realize you are not going to be able to pay some debts and you are already defaulting on a few, you might consider bankruptcy to eliminate some of the debt to make your life less miserable. The ultimate aim of bankruptcy is to discharge some debts and reinstate some stable financial status to ensure life is less stressful. Benefits of bankruptcy Bankruptcy provides immediate relief. Once the bankruptcy is applied, you become immune [...]

2023-03-31T08:35:40+00:00
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Chapter 7 Or Chapter 13, Which Is Best For You?

Call: 888-297-6203 Bankruptcy might be an ultimate resort for many. However, it is equally important to make the right choice while applying for bankruptcy. Bankruptcy might seem the dead-end, but it ends up offering some choices. The choices could be critical in determining the fate of your assets, future, scars prevailing due to bankruptcy, and various other factors. Below we discuss some key aspects to consider before making a Chapter 7 or Chapter 13 option. It wouldn’t however be a bad idea to hire a good attorney to guide you through the process via https://recoverylawgroup.com/bankruptcy/ to ensure no [...]

2023-04-06T08:37:51+00:00
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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
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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
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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
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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
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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
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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
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All You Need To Know About The Chapter 7 Bankruptcy Procedure

Call: 888-297-6203 Chapter 7 bankruptcy procedure is a commonly used bankruptcy chapter amongst the US residents. As per stats, over 70% of bankruptcy is applied through Chapter 7. Even though it is popular and used in the majority of the United States, it is not necessarily the best option available for you. To make a wise decision about whether Chapter 7 is appropriate for your situation, we list below everything you need to know about the Chapter 7 bankruptcy procedure- What kind of debts are discharged? Most of the debts that do not have a backing or a [...]

2023-06-05T13:36:13+00:00
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Basics Of Chapter 7 Bankruptcy

Call: 888-297-6203 Bankruptcy filers often are confused regarding which bankruptcy chapter is the best. While chapter 7 offers to get rid of all possible debts without paying for anything, other options are available. Businesses (sole proprietorship, corporations, or partnerships) who wish to stay operational and avoid liquidation can file under bankruptcy Chapter 11. Sole proprietors also have the option of filing under chapter 13 bankruptcy. Chapter 13 bankruptcy allows individuals and sole proprietors to protect their property from foreclosure by catching up on past due payments through the repayment plan. You can also keep any non-exempt property if [...]

2023-05-05T07:06:06+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.