Credit and Bankruptcy

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

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
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

Federal Rules Followed In A Bankruptcy Procedure

Call: 888-297-6203 When an individual files for bankruptcy, he gets the benefit to discharge most of his debts. Alternatively, if they file under chapter 7, they can discharge their debts by repaying the creditors equally by selling the assets. This way, if the full due value is not paid back also, at least the creditors get their dues equally. Under certain bankruptcy proceedings, the court asks the debtor to continue his business and generate revenue to pay off their debts. Alternatively, the debtor can completely free themselves of any debts by selling off their assets and using the [...]

2023-05-19T06:27:33+00:00
Read More

All That You Must Know About Bankruptcy Basics

Call: 888-297-6203 The Bankruptcy Code, enacted in 1978 and codified as Title 11 of the United States Code, is the uniform federal law that is empowered to govern all bankruptcy cases. This code has been amended several times. The Bankruptcy Rules govern all the procedures of the Bankruptcy process and are the same for all. In each judicial district of the country, there is a separate bankruptcy court. A state consists of one or more districts. And each bankruptcy court has its own clerk's office. The United States Bankruptcy Judge is the official decision-making power in the court. [...]

2023-06-27T05:59:18+00:00
Read More

Understanding The Basics Of Debt Collection And Bankruptcy

Call: 888-297-6203 Personal bankruptcy can be filed under chapter 7 (liquidation) or chapter 13 (repayment plan). All your non-exempt property is liquidated in the former, and unsecured nonpriority debts like credit card debt, medical bills, personal loans, etc., are discharged. In chapter 13, the debts are reorganized and paid through a 3-5 years repayment plan. The secured, priority, and unsecured non-priority creditors are paid in that order. The bankruptcy filing puts an automatic stay in place, which prevents any type of collection action by creditors. Car loans and mortgages are secured debts. The creditors can repossess the property [...]

2023-04-21T12:20:53+00:00
Read More

All You Need To Know When Filing For Bankruptcy Under Chapter 13 – The Frequently Asked Questions

Call: 888-297-6203 If you are falling behind on your payments majorly, bankruptcy is the best bet. Here you can catch up on your arrears and manage your debts in a structured manner. Given below are the commonly asked questions before foiling forb bankruptcy under chapter 13 – What is the procedure to file for chapter 13 bankruptcy? The first and foremost step while filing for bankruptcy is the credit counseling meeting. This must be taken within 180 days prior to filing for bankruptcy. Once you have the certificate, you can apply for bankruptcy, pay the fees and submit [...]

2023-04-21T12:17:27+00:00
Read More

Why Should One File For Chapter 13 Instead Of Chapter 7?

Call: 888-297-6203 Sometimes repaying debt over time in a planned way is more beneficial than selling off your Assets and repaying debt. This comparison will help you understand better. Chapter 13 is more beneficial if you are under the following circumstances: 1) You don't qualify for Chapter 7 You have to undergo and pass means test to qualify for Chapter 7. Not everyone can. If a Debtor's income is high and exceeds the state's median income, and they have disposable income to repay debt, they might not qualify. 2) Debt repayment is your primary goal In a chapter [...]

2023-05-19T06:30:38+00:00
Read More

How To Prepare For Your Bankruptcy?

Call: 888-297-6203 When an individual find themselves swimming in debt, it is then that they realize that bankruptcy is the only available option.  There is a list of do's and don'ts that you need to follow if you are planning to file for bankruptcy. 1) Don'ts If you think you might file for bankruptcy, never incur a new debt before filing. It might get difficult to discharge a debt that you might incur just before filing. Filing bankruptcy before a repossession or a foreclosure is a better option. Failing to do so might result in permanent loss of [...]

2023-05-31T13:38:52+00:00
Read More

The Commonly Asked Questions (FAQ) Regarding Chapters 7, 13 And 11

Call: 888-297-6203 The most commonly asked questions related to bankruptcy include – Can anyone file for bankruptcy? – yes, anyone except a business entity can file for bankruptcy. What are the prerequisites for hiring an attorney – the most important factor is his specialization. The attorney must have expertise in bankruptcy law. What do you mean by credit counseling? – credit counseling course is of utmost importance before filing for bankruptcy. If you do not attend the same, your case may get dismissed in the initial phase only. You can get the list of agencies providing the course [...]

2023-03-30T11:39:52+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.