Credit and Bankruptcy

What To Expect When Hiring A Bankruptcy Attorney?

Call: 888-297-6203 Filing for bankruptcy is a very complicated process and more complicated than that is finding an experienced attorney who can handle your case smoothly. You might already have an attorney handling your business or family matters, but for bankruptcy cases, it is important to hire an attorney who specializes in bankruptcy-related matters. Why is it important to hire an attorney? Though it is not a necessity to hire a lawyer for filing bankruptcy, but getting expert knowledge in a complicated matter never hurts. Though it is quite difficult to chalk out funds during a financial crisis [...]

2023-06-05T12:26:02+00:00
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Everything You Wanted To Know About Bankruptcy Debt Discharge

Call: 888-297-6203 Before filing for bankruptcy, it is important to learn a few things about it. Individuals filing for bankruptcy get a discharge order which removes their personal liability for certain debts. Once a debt is discharged, the creditor cannot indulge in collection actions for the same. However, if the debt is secured by a lien, the creditor can recover the property secured by it. Unfortunately, not all debts are discharged in bankruptcy. The discharge timing depends on the chapter of bankruptcy. Usually, in the case of chapter 7, the discharge is granted around 3-6 months of petition [...]

2023-06-27T06:06:46+00:00
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Pros And Cons Of Filing For Bankruptcy Under Chapter 7

Call: 888-297-6203 Well, filing for bankruptcy altogether is a very difficult decision to make. Even though it has many advantages, the biggest being freedom from all creditor's calls and notes, it also comes with a handful of disadvantages like a bad credit score. Not only does filing for bankruptcy affect your credit score, but it also somehow has a negative impact on your self-image, as well as your reputation. Nonetheless, all this can be improved over a period of time, since there is nothing better than getting rid of all your dues to pave a new road to [...]

2023-06-05T12:21:46+00:00
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Corporations And LLCs Can Use Chapter 7 Bankruptcy To Get Rid Of Debts

In the case of business bankruptcy, an outsider is responsible for the liquidation of your assets and settling of the debts. A corporation or an LLC can file under chapter 7 business bankruptcy which is different from personal bankruptcy under the same chapter. As per lawyers of Los Angeles based law firm  the business stops operations and is handed over to the trustee for liquidation under the court’s instructions. The business assets are liquidated to repay the creditors. Since exemptions are not applicable here, the entire company can be liquidated. Once the liquidation of assets takes [...]

2023-04-21T12:09:07+00:00
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What Is Cash Collateral In Bankruptcy?

Call: 888-297-6203 In business bankruptcy, cash collateral is a frequently used term. According to lawyers of Dallas based law firm, collateral is a property against which you get a loan. Thus, the lender has a lien on the property. Examples of collateral include house which secures the mortgage, car that secures the vehicle loan, and jewelry that secures loan received from the pawnbroker. In case of a secured loan, when you pay back the amount owed, the lender releases the lien on the property. However, if you default on it, the lender can take the property and sell [...]

2023-04-21T12:09:50+00:00
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Can Wage Garnishments Be Stopped By A Bankruptcy Filing?

Call: 888-297-6203 One of the worst things that could happen when you are already struggling with financial problems is having your wages garnished by the creditors. If you are behind on your payments, your creditors can obtain an order from the court. This orders your employees to send some part of your paycheck directly to the creditors, leaving you with a reduced income to pay for your essential expenses and other debts. Wage garnishment can happen for different kinds of debts, including medical bills, alimony, child support, credit card debt, student loan, personal loan, taxes, etc. Before obtaining [...]

2023-05-30T13:13:13+00:00
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Can Lawsuit Judgments Be Cleared By A Bankruptcy Filing?

Call: 888-297-6203 People struggling with debts often take refuge by filing for bankruptcy. While bankruptcy offers a chance to get rid of many types of debts, some debts may not be discharged even after getting a bankruptcy discharge. Lawsuit judgment may or may not be discharged depending on certain factors. Non-payment of dues often results in creditors filing a breach of contract in the court. Most of the unsecured debts like credit cards, medical bills, or personal loans might get discharged in bankruptcy. However, not responding to a creditor’s lawsuit can result in a default judgment against you. [...]

2023-05-30T13:11:54+00:00
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Understanding Different Aspects Of Chapter 7 Bankruptcy

Call: 888-297-6203 If you are contemplating filing for bankruptcy, there are certain elements of chapter 7 that you should know about. Understanding these terms becomes helpful if you choose to file for bankruptcy. The bankruptcy trustee and their role After a Chapter 7 bankruptcy petition is filed, the bankruptcy court appoints an impartial case trustee to administer the case. Their role is to examine your assets and help in the liquidation of your non-exempt property. Your property is liquidated if it is free, does not have any liens attached to it, and is worth more than the security [...]

2023-05-30T13:21:56+00:00
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Is Medical Debt Dischargeable In A Bankruptcy Case?

Call: 888-297-6203 Medical debts are dischargeable when it comes to a bankruptcy case. In chapter 7 all of your medical and credit card debt is discharged and in chapter 13 most of your medical debts are discharged and the rest of the amount you will have to repay is the plan made. Filing for chapter 7 bankruptcy for medical debt. When it comes to chapter 7 all medical debts are dischargeable and it has no limits, as there is no repayment plan set to repay some of the debts. But you will need to pass the chapter 7 [...]

2023-05-29T13:27:09+00:00
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All You Need To Know About Chapter 7 Bankruptcy Rules

Call: 888-297-6203 When you file for bankruptcy, the common chapters under which you can file are chapter 7 and Chapter 13. Chapter 7, also known as liquidation bankruptcy, helps you to discharge and erase most of the debts, while chapter 13 which is also known as the repayment plan, helps to organize all your dents into a systematic repayment plan without selling off any assets. How to qualify for Chapter 7 Depending on the state that you reside in or file for bankruptcy, the rules for qualification may vary slightly. To qualify for Chapter 7 bankruptcy, your income [...]

2023-05-30T13:20:54+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.