Chapter 7 Bankruptcy

Is Chapter 7 Bankruptcy Deleted?

Filing for bankruptcy can be quite an emotional experience for people. It is difficult to admit that you have been unable to manage your finances in a proper fashion. What is worse is that bankruptcy becomes public record and is reflected on your credit history. This makes it difficult for people to obtain new credit at reasonable rates or even get a job. However, Los Angeles based bankruptcy law firm Recovery Law Group informs that bankruptcy records are deleted ten years from filing date in case of Chapter 7 and seven years from the filing date in case [...]

2019-08-29T09:27:09+00:00
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What is Befitting for you- Chapter 7 or Chapter 13?

Each to his own’ rightly suits about the two bankruptcy laws. While both are good, which is apt for the client depends upon his situation - The type of debt, their financial situation and the resources with the debtor. A professional practitioner in bankruptcy can help the client in deciding which is best for their situation. For detail information about chapter 7 & 13, visit Recovery Law Group. Chapter 7  Chapter 7 bankruptcy law requires eligibility of the applicant. The applicant needs to prove his eligibility. For proving the eligibility for chapter 7, five factors are assessed. Budget [...]

2019-08-22T13:04:44+00:00
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Status of Pets in Chapter 7 Bankruptcy

People in Los Angeles love to keep pets like horses and dogs. When they need to file bankruptcy, the fear of losing them in the procedure is quite high. Most of them shy off from applying for chapter 7 bankruptcy since they do not want to lose their pets. They love their pets and treat them like family members. However, the court needs to investigate many things before allowing pets to be exempted. Applicants looking for some valuable advice to keep their pets must visit- Recovery Law Group. How can an applicant exempt their pets in a bankruptcy [...]

2019-08-07T11:32:31+00:00
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Who is Not Eligible to File for Chapter 7 Bankruptcy?

A bad financial situation can affect anybody anytime. Bankruptcy is one of the most viable solutions to get out of huge financial debts. A person or company can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 or liquidation bankruptcy is generally preferred as it takes comparatively less time and gets rid of unsecured debts. However, qualifying for Chapter 7 is one of the primary requirements to get a discharge. According to Dallas based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, an individual filing for consumer bankruptcy needs to pass the means test, which requires you to have income [...]

2023-03-13T09:44:01+00:00
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What to Do with Your Checking Account in Case of a Chapter 7 Bankruptcy Filing?

When you file for bankruptcy all your assets are divided into the exempt and non-exempt property. While you can keep your exempt property, the non-exempt property is used to pay back your creditors. In the case of Chapter 7 bankruptcy, the trustee liquidates your non-exempt property to repay unsecured debts. In Chapter 13 bankruptcy, you can keep non-exempt property too, but you need to pay an equivalent amount to your unsecured creditors. According to Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, funds in your checking account can be used to repay your creditors, or kept by the bank [...]

2023-03-13T08:44:28+00:00
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What is No-Asset Chapter 7 Bankruptcy?

While the Chapter 7 is known as the bankruptcy code which sets off debt from the liquidation of assets, it can be surprising to learn about No-Asset Chapter 7 bankruptcy. It could be even more surprising to note that most of the Chapter 7 bankruptcy California cases are No-Asset cases. The no-asset case is a scenario where, the filer does not give in any asset or cash to the bankruptcy trustee for liquidation. The filer instead keeps possession of all the assets, he/she owns. The lenders or creditors will not expect any proceeds or debt settlement, as there [...]

2023-03-07T10:30:17+00:00
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Under what circumstances is Chapter 7 bankruptcy better than Chapter 13?

Chapter 7 is not often recommended by professionals as people tend to lose their valuable assets with this type of bankruptcy. However, there are many situations when Chapter 7 can be beneficial than Chapter 13. These benefits can be interpreted as reasons for opting for Chapter 7 over Chapter 13. To learn more about bankruptcy, Chapter 7, Chapter 13 and other Chapters log on to https://bankruptcy.recoverylawgroup.com/. List of some benefits of Chapter 7 Less time-consuming- The process of applying for bankruptcy under Chapter 7 and receiving a court judgment is relatively quick. An average case could take 3-6 [...]

2023-03-13T09:46:11+00:00
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Under What Circumstances Can Debt Discharge be a Problem with Chapter 7 bankruptcy

Debt discharge or release can be regarded as one of the major benefits of chapter 7 bankruptcy San Antonio. However, it can be so that the debt discharge might be limited, or one might not get any discharge. Why does this happen, how to avoid this? All these questions will be addressed below. Meanwhile, address all other worries or questions about bankruptcy and their chapters on https://bankruptcy.recoverylawgroup.com/. Legal reasons for not qualifying for a discharge The two common legal barriers for not qualifying for a debt release can be listed as follows- Error in procedure The bankruptcy court [...]

2023-03-13T08:51:04+00:00
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Relief from Credit Card debt through Chapter 7 Bankruptcy

Chapter 7 Bankruptcy law in the USA offers people to declare bankruptcy to elicit relief from the debts. The debtor seeks this law when he/she is unable to clear the debts. People may file for bankruptcy when they have little or no assets to clear the debt. The creditor must be content with little or no payment. To know more about bankruptcy and its implication on the debtor and creditor, log on to https://bankruptcy.recoverylawgroup.com/. How can Chapter 7 help to clear credit card debt? A client can file a case under chapter 7 when he is unable to [...]

2023-03-13T08:02:58+00:00
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The Means Test For Chapter 7 Bankruptcy Eligibility

Bankruptcy has different Chapters which can have certain benefits or disadvantages depending on the specific financial condition of an individual. The first step before deciding on filing for bankruptcy is to analyze the eligibility aspects. An individual can qualify for one or more Chapters simultaneously or there could be some adjustments made based on the suggestions of reliable attorney to qualify for beneficial bankruptcy code. Recovery Law Group can not only help you find an excellent attorney but can also guide you through with some basics of bankruptcy and its Chapters. Chapter 7 ideology Chapter 7 is based [...]

2021-12-07T07:35:26+00:00
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