Debt and Tax Relief

Discharging Secured Debts During Bankruptcy

Call: 888-297-6203 Bankruptcy has two major misconceptions among the people. While some people feel they might end up losing all their assets if they file for bankruptcy and other people feel they might evade all their debts and eventually retain all their assets as well. Both the assumptions and misconceptions are incorrect. Not all debts are discharged and not all assets are liquidated. You can learn more about bankruptcy myths and facts on https://www.recoverylawgroup.com/bankruptcy/. Secured loan and bankruptcy A loan might have two aspects one could be a promissory note and the other could be a security agreement. [...]

2022-06-30T05:20:20+00:00

Federal Tax Liabilities And Bankruptcy

Call: 888-297-6203 Federal income tax dues are non-dischargeable debts and getting relief from them can be extremely difficult. IRS can sue the debtor for an asset lien to recover dues, interest, and penalties. To stop the collection of dues from lenders like IRS, filing for bankruptcy can put their collection attempts to a temporary stop until the bankruptcy court arrives at a certain judgment. This relief sometimes can prove very important in financially draining situations. Know more about bankruptcy and its impacts on https://www.recoverylawgroup.com/bankruptcy/.  Federal tax dues and penalties or interest are taken very lightly unless it is [...]

2022-05-31T06:15:03+00:00

How To Determine If Chapter 7 Is For You?

Call: 888-297-6203 Chapter 7 is an extremely popular bankruptcy chapter. Many individuals, close to 85% in a survey, expressed their interest to file bankruptcy under chapter 7. The ability to safeguard basic assets using exemptions and discharge maximum debts seems lucrative to all. However, many people have a lot of misconceptions about chapter 7, which is why close to 70% of people who filed for bankruptcy under chapter 7 were not very happy or satisfied with the outcome. Know more about chapter 7 bankruptcy alternatives at https://www.recoverylawgroup.com/bankruptcy/. When is chapter 7 for you? Chapter 7 can just be [...]

2022-06-08T05:54:18+00:00

Impact Of Chapter 7 Bankruptcy On Your Tax Return

Call: 888-297-6203 Chapter 7 bankruptcy can have a significant impact on your personal income tax return. Before filing bankruptcy, it is important to note the status of your federal income tax return, whether you owe taxes or you are expecting a refund or any other financial aspect associated with your federal income tax return. If you are filing for bankruptcy, it is essential to disclose all the tax return-related information in the respective schedules and statements appropriately to minimize any errors. Things to keep in mind while filing for Chapter 7 bankruptcy Firstly, the bankruptcy filer must be [...]

2022-05-31T05:30:11+00:00

The Fate Of Student Loans In Personal Bankruptcy

Call: 888-297-6203 Most students who wish to have a flourishing career often end up with huge student debt, irrespective of their job prospects. Unfortunately, in most circumstances, many people end up with either no hob or a job that does not pay well. As a result, paying off the student loan becomes difficult, leading to the individual incurring more debts. Filing for bankruptcy might be a way out if you are struggling with finances. While student loans are nondischargeable, filing for bankruptcy might help reduce the payment or, in exceptional cases, wipe it off completely. Getting rid of [...]

2022-04-18T05:27:49+00:00

Evaluating The Value Of Personal Property In Bankruptcy

Call: 888-297-6203 According to thelawyers of Los Angeles based law firm, while filing for bankruptcy you need to list all your personal property along with its current value. This is the price that anyone would pay for the property and depends on the condition and age of the property. Moreover, there can be questions from the trustee and creditors regarding the information provided.Thus, written documentation backing the evaluation supporting your claim of the property’s valueis important. There are different methods to calculate the value of the property, here are some ways to calculate replacement value of personal property: [...]

2022-02-23T06:54:28+00:00

Know More About Federal Non-Bankruptcy Exemptions

Call: 888-297-6203 Exemptions can help protect your property when you file for bankruptcy, say lawyers of Dallas based law firm. In the case of chapter 7, they determine what you can keep; while in chapter 13, they determine what you pay to the creditors through the repayment plan. Different states have different sets of exemptions that can be used by filers. Some states even allow bankruptcy filers the option of choosing between state and federal bankruptcy exemptions. In case you choose the state’s bankruptcy exemptions, you have the choice of getting another set of exemptions to protect additional [...]

2022-02-23T06:08:29+00:00

Get To Know About Federal Bankruptcy Exemptions Here!

Call: 888-297-6203 When individuals file for bankruptcy, federal bankruptcy exemptions are available in certain states to protect the filer’s properties. Through these exemptions, you can protect some of your property including your home, car, certain other possessions like musical instruments, etc. in chapter 7 bankruptcy. In the case of chapter 13 bankruptcy, these exemptions determine what needs to be paid to creditors through the repayment plan. Every state has a set of exemptions that the bankruptcy filers can use, while 17 states allow debtors to choose between state and federal bankruptcy exemptions. These include Alaska, Arkansas, Connecticut, Columbia, [...]

2022-02-23T05:47:59+00:00

Hunting for the Best Bankruptcy Attorney in Surprise, Arizona

Call: 888-297-6203 Financial issues and fear of repossession of assets or vehicles can disrupt the peaceful web of your family life. If cash flow troubles are the cause of your current dilemmas, the wisest action to take is to hire an excellently skilled and competent bankruptcy attorney like Recovery Law Group (call on 888-297-6203), who can lend you a strong helping hand and guide you out of your financial mess. All you need to do is to hunt and employ a suitable bankruptcy and debt consolidation attorney who knows his craft and everything related to it very well. [...]

2021-05-26T04:41:29+00:00

Can tax debts be discharged during bankruptcy?

Accumulation of unpaid dues can lead to people being burdened by debts. Bankruptcy is an excellent way to get many debts discharged. However, being able to get all debts discharged is extremely tough, though not impossible. Unsecured debts are often discharged after bankruptcy however debts such as education loan, government taxes, and child and spousal support, etc. cannot be discharged during bankruptcy. However, Los Angeles bankruptcy lawyers Recovery Law Group say that even such debts can be discharged depending on the type of bankruptcy. For individuals filing chapter 13 bankruptcy, tax debts are paid off as per the [...]

2021-12-08T04:31:54+00:00
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