Chapter 7 Bankruptcy

Basic Steps for Filing Chapter 7 Bankruptcy

Filing for bankruptcy is a complex process and needs professional guidance to deal with the nuances. Call 888-297-6023 to discuss your case. Although you could file for bankruptcy without lawyer too, Dallas based bankruptcy law firm Recovery Law Group inform, it is not likely to end up with a discharge. The basic steps involved in Chapter 7 bankruptcy are: Analyzing your debt Before filing for bankruptcy, find out which debts will remain even after bankruptcy. These debts include student loan, child and spousal support and any recent tax debts. Any collateral pledged for debt is likely to be [...]

2023-04-11T08:37:18+00:00
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An Overview of Chapter 7 Bankruptcy Process

If you are looking to file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group, suggests Chapter 7 as one of the best ways to get rid of your debts, provided you are able to qualify for the same. A typical Chapter 7 bankruptcy process consists of six steps: You are required to complete a mandatory credit counseling course before you file your bankruptcy papers. This can be one either online or by phone. You need to fill your bankruptcy forms. These are available online. Along with the forms you are expected to provide a list [...]

2023-05-05T05:47:04+00:00
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Trustee’s Role in Chapter 7 Bankruptcy

Bankruptcy is a great way to get rid of a huge amount of debts. People can file under chapter 7 or chapter 13. When any individual files for bankruptcy under chapter 7, a trustee is appointed by the court to oversee the proceedings of the case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee has various responsibilities including evaluating paperwork, selling of non-exempt property, etc. What does a trustee do? The bankruptcy trustee is appointed by the court as an independent evaluator for the case. The trustee gets paid to examine your [...]

2019-07-24T09:26:25+00:00
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Chapter 7 Bankruptcy and Release of Debts

Filing bankruptcy under Chapter 7 is usually with an objective of getting away with all or most unsecured debts. While it is a fact that Chapter 7 bankruptcy can help in releasing most debts secured and unsecured debts. It is also a fact that certain type of debts or liabilities do prevail even after Chapter 7 bankruptcy Los Angeles. Credit card debts pay day loans, etc., are some common unsecured loans that could be released with Chapter 7 bankruptcy. How does the release of debts work? A release of debt basically relieves an individual from the liability to [...]

2019-07-23T12:48:52+00:00
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Which Property is Exempted in Chapter 7 Bankruptcy under California’s Bankruptcy Laws?

While filing for bankruptcy is one of the ways to get ahead of the huge number of dues you have, people are often confused regarding what property they can keep. Since, effectively, bankruptcy is a method to allow people struggling with debt a chance to get a fresh financial start, federal and state exemptions are available in order to protect a bankruptcy filer’s property. while most states allow people to choose between federal and state bankruptcy exemptions, Los Angeles based bankruptcy law firm Recovery Law Group inform that California does not do so. Any person who has lived in [...]

2019-07-16T12:24:16+00:00
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What are the key benefits of Chapter 7 bankruptcy election?

Chapter 7 Bankruptcy California is also referred to as Straight Bankruptcy, because it is pretty straight forward, and it ends soon too. While the other alternative Chapter 13 might just keep going for months and months even after applying for bankruptcy. If you are eligible for Chapter 7, it is the best option. Why do professionals say so, what are the key benefits? All these questions will be addressed below- Release all/most of the unsecured debts Chapter 7 categorized the debts into two categories. This happens under the Chapter 13 code also, but the debts released is pretty [...]

2021-12-07T08:33:48+00:00
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Bankruptcy Basics of Chapter 7

Bankruptcy is designed as a means to give a debt-free fresh start to honest individuals who have fallen on bad times. Post-bankruptcy, debtors cannot be held liable for discharged debts. Consumers can file for bankruptcy under chapter 7 where all your non-exempt property is liquidated, and the proceeds are distributed among creditors as per Bankruptcy Code. Part of the property may be subject to mortgages and liens, while any unsecured debts (credit card bills, medical bills, etc.) which remain after the process are discharged. Though it sounds too good, there are other options available. According to Los Angeles, [...]

2023-04-11T08:49:07+00:00
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Filing for a Chapter 7 Bankruptcy in California? Here’s a Step-by-Step Guide

Despite going through extreme financial difficulties, people often refrain to file for bankruptcy, probably because they are unclear of the entire procedure. For individuals who are going through a tough financial situation, Chapter 7 bankruptcy is the best bet as it offers people to start life afresh. In this case, your non-exempt assets are surrendered and sold off to pay the creditors. Any unsecured debt left after payment is discharged. The state of California has two systems of exemption to protect your assets, thanks to which the majority of debtors don’t require to surrender any assets. Here’s what [...]

2021-12-07T09:01:15+00:00
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Why Do You Need Legal Guidance for Filing Chapter 7 Bankruptcy in Los Angeles?

Sometimes, debt reorganization, repayment plans, etc. are not enough to get rid of the overwhelming debt accumulated by people. For such individuals, Chapter 7 bankruptcy is the only solution available. This type of bankruptcy is also known as liquidation bankruptcy, wherein the non-exempt property of the individual is sold off and the money so generated is distributed among creditors. After this, lawyers of Los Angeles based law firm Recovery Law Group clarify that any remaining debts are discharged. Considering the complexity of cases, it is vital that you consult adept bankruptcy lawyers to help you out in Chapter [...]

2023-01-12T08:49:53+00:00
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What is The Difference between Chapter 7 and Chapter 13 Bankruptcy?

Falling behind on payments can have drastic results. You are almost never able to come out of the vicious cycle of dues and payments. Bankruptcy can help you come out of grave financial situations. However, it can be quite confusing as there are a number of chapters under which individuals or organizations can file for bankruptcy. It is therefore important to consult a bankruptcy attorney to help you, who can guide which chapter will provide you better options. Bankruptcy lawyers, such as those of Los Angeles based law firm Recovery Law Group can help you understand the difference [...]

2019-05-20T09:43:30+00:00
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