Chapter 7 Bankruptcy

Call: 888-297-6203 The word discharge is more of a relief than victory in case of bankruptcy. It usually depicts that the borrower is no longer liable for the debt and is free of any kind of recovery stints a lender might consider. Discharge usually is determined after the bankruptcy court ruling. Discharge can occur while filing for chapter 7 chapter 13 or chapter 11 bankruptcy. However, many people would relate discharge with chapter 7 as the quantum of debt released is way higher compared to other chapters. Learn more facts about different chapters at https://www.recoverylawgroup.com/bankruptcy/. How is the [...]

Call: 888-297-6203 Exemptions are a very important consideration when filing bankruptcy. These come into play during the Chapter 7 bankruptcy procedure. The Chapter 7 bankruptcy is referred to as liquidation bankruptcy as it leads to the liquidation of most of the assets. Many have a perception that almost all assets are lost during Chapter 7 bankruptcy. However, they must not be aware of some federal exemptions which can help in safeguarding essential assets to restart or to lead basic life after bankruptcy. Know more about chapter 7 bankruptcy and its characteristics at https://www.recoverylawgroup.com/bankruptcy/. State and/or federal exemptions The [...]

Call: 888-297-6203 Bankruptcy is usually known as something which is a choice of an individual. Many would be surprised to note that there are two types of bankruptcy one is voluntary and the other is forced. Voluntary is the process where the borrower himself or herself files for bankruptcy with the bankruptcy court. The other form is forced or involuntary bankruptcy wherein the lenders file on behalf of the borrower to recover their debt or access lien on some of the secured assets. Know more about bankruptcy proceedings at https://www.recoverylawgroup.com/bankruptcy/. Can a voluntary bankruptcy be rejected? The basic [...]

Call: 888-297-6203 The biggest question in every bankruptcy filer’s mind is the access to credit and especially mortgage loans after bankruptcy. This can be a tricky question and has different answers based on circumstances. The whole reason why filing bankruptcy makes the lenders more worrisome and nervous is due to the historic inability to repay the debt. That is more evident with lenders lending money to bankruptcy filers who have filed Chapter 7. Circumstances change, but borrowers who have availed a huge discharge through Chapter 7 are bound to have no assets and inconsistent income. Learn more about [...]

Call: 888-297-6203 When you file for bankruptcy, the prime role is that of the trustee. Starting from cross-checking all the documents submitted by you to divide the money between creditors, all the work is overseen by the trustee. However, the roles may vary depending on the chapter of bankruptcy that you file under. Let's find out in detail. What do you understand by the term bankruptcy trustee? As defined by the Trustee program – a trustee is a watchdog over the entire bankruptcy procedure. They are required to oversee the entire procedure of bankruptcy – be it administrative, [...]

Call: 888-297-6203 Debts can be classified broadly into two types based on certainty. One would be liquidated debt and the other could be contingent or unliquidated debt. Liquidated debt in simple terms has a contractual agreement or a loan agreement, or a document describing the kind of liability, the amount of liability, and the tenure. Basically, this debt can be easily converted into a dollar amount. There is a certainty and the dollar amount of the debt once liquidated does not depend on any future event. The other kind of debt is unliquidated or contingent debt. This is [...]