Debt Settlement

All You Need To Know About Bankruptcy Exemptions

Call: 888-297-6203 When you file for bankruptcy, the prima facie focus is on the exemptions that you can get under Chapter 7 and Chapter 13. Hence, these play a very significant role in both Chapters. Chapter 7 – Under this Chapter, based on the exemption applicable, you get to keep or surrender your assets and property. Chapter 13 – However, under this Chapter, based on the exemption you get, you are liable to pay your unsecured debts to the creditors. If you are looking to benefit from the exemptions and get a better chance at it, it is [...]

2023-04-14T08:51:55+00:00
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Differentiating Between Chapter 7 And Chapter 13 Bankruptcy

Call: 888-297-6203 Individuals struggling with debts have the option of filing for bankruptcy under Chapter 7 or chapter 13. To know more about bankruptcy discharge in Los Angeles and the difference between the two chapters, call 888-297-6203. Chapter 7 bankruptcy Also known as liquidation bankruptcy, Chapter 7 can be filed by individuals and business entities whose disposable income is less than the state's median income. Chapter 7 bankruptcy allows you to keep home equity through homestead exemption, insurance, ERISA-qualified retirement plans, personal property up to a specified dollar amount, and public benefits like social security and unemployment benefits. [...]

2023-04-14T08:44:27+00:00
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Can You Keep Your Property If You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 Yes, if you file for bankruptcy under chapter 13, you can keep all your Property by paying a certain amount for it. This means you can either protect or get an exemption on a percentage of equity on your property to maintain your home as well as your job. In fact, you can even keep your non-exempt property (eg Boat, a luxury item, card collection) from being surrendered if you agree to pay for it through your Chapter 13 Repayment Plan. You can also protect your property which is on collateral. But for that, you must [...]

2023-04-14T08:41:07+00:00
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Bankruptcy Filing In 2022

Call: 888-297-6203 The past two years have wreaked havoc on several lives, and it is no wonder that several people struggling with their finances consider filing for bankruptcy. However, before you contemplate that, you need to know the basics regarding the process. The federal law established the bankruptcy system to help people struggling with debts get a fresh financial start. Different states provide different bankruptcy exemptions which allow you to protect some equity in your home, car, retirement account, household furnishings, etc. However, luxury properties like boats, artwork, jewelry, rental property, stocks, and bonds are usually not exempted. [...]

2023-04-14T08:42:11+00:00
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What To Expect In Bankruptcy?

Call: 888-297-6203 If financial problems are plaguing you, a bankruptcy filing is an easy way to get rid of debts. However, there are some limitations to the process. Bankruptcy can help halt the collection process, including wage garnishment and eliminate some types of debts (medical bills, personal loans, credit card debt, etc.). Unfortunately, some debts like student loans, spousal and child support, alimony, tax debts, etc. You can wipe some of your debts to get a fresh financial start when you file for bankruptcy. Depending on your income, debts, and assets, you can file for bankruptcy under Chapter [...]

2022-03-16T04:33:17+00:00
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Chapter 7 Bankruptcy Overview

Call: 888-297-6203 Chapter 7 bankruptcy is usually preferred by people who cannot pay back the debts they owe. However, there are certain restrictions regarding who can file for this chapter of bankruptcy. Individuals whose gross income is lower than the state's median income can qualify for this bankruptcy chapter. There are other ways also for individuals to qualify for this chapter. Suppose your income is high, but paying monthly debts leaves you with an amount that cannot be used to repay the creditors through the Chapter 13 plan. Then you might qualify for Chapter 7. If you have [...]

2023-04-14T08:32:50+00:00
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Chapter 11 Bankruptcy Plan Of Reorganization Explained

Call: 888-297-6203 Debtors looking forward to reorganizing their debts while keeping their assets can opt for chapter 11 bankruptcy, say lawyers of Los Angeles based law firm. Through the reorganization plan, the debtor informs how the creditors will be paid within the stipulated timeframe. The plan needs to be accepted by creditors and approved by the court before being implemented. Chapter 11 bankruptcy This chapter is generally used by businesses or individuals with high net worth. When bankruptcy is filed under chapter 11, an automatic stay prevents all collection actions against you. You can continue to run your [...]

2023-03-30T13:29:55+00:00
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Know The Difference Between Personal And Corporate Bankruptcy

Call: 888-297-6203 Bankruptcy can be the perfect way to get rid of personal and business debt and emerge with a clean financial slate. However, lawyers of Dallas based law firm say that personal and business bankruptcy have different chapters and rules. Personal bankruptcy Personal bankruptcy can be filed under chapter 7 or chapter 13. While chapter 7 is for people who have little to no income and cannot afford to pay back their debts, chapter 13 is for people with regular income. Such individuals repay their debt through a payment plan. Generally, individuals filing for chapter 7 bankruptcy [...]

2023-04-14T08:34:02+00:00
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Does Filing For Personal Bankruptcy Result In Closing My Business Too?

Call: 888-297-6203 According to lawyers of Dallas based law firm, when an individual files for chapter 7 bankruptcy, they might have to close their business down. However, if it is an LLC or a corporation, despite being personally liable for significant amount of debt, you might be able to keep it running. Here is what happens in different types of businesses during a bankruptcy filing: Sole proprietorship In this case, the trustee might ask for the business to be closed till an assessment of its value, exemption status and sale price of business assets in your bankruptcy estate [...]

2023-06-27T07:51:43+00:00
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Circumstances In Which You Are Personally Liable For Corporate Debt

Call: 888-297-6203 There are situations in which the owner of a corporation or LLC might become personally liable for debts owed by the business. In that case, they need to file for personal bankruptcy rather than business bankruptcy advise lawyers of Dallas based bankruptcy law firm. Here are the situations which might lead to this situation: Signing personal guarantee An LLC is formed to restrict the owner’s personal liability for business related obligation. Usually, corporate shareholders and LLC members are not personally liable for business debts. However, most suppliers, banks, etc. do not extend credit without a personal [...]

2023-04-14T08:31:03+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.