Debt Settlement

Bankruptcy Process; Chapter 13 Vs Chapter 7

Call: 888-297-6203 The bankruptcy process can be broadly classified based on the chapter you choose. We list some of the steps or procedures which you may come across while filing bankruptcy under the respective chapters below. This might not be an all-inclusive list. Bankruptcy is a very vast subject, and it needs loads of information from experts. Find all the bankruptcy-related information on https://recoverylawgroup.com/bankruptcy/. How does a Chapter 7 bankruptcy work? Chapter 7 bankruptcy is often referred to as the ‘liquidation chapter’ as it deals with the liquidation of assets to settle the debts of the lenders. The [...]

2023-03-31T07:31:28+00:00
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All You Need To Know About Debt

Call: 888-297-6203 Debt is a loan or an agreement or a promise made to repay a loan over a period. The debt usually has two components, one is principal and the other one is interest. Interest-free loans are generally not considered fair and hence, the person receiving interest-free loans must include the potential fair interest to be paid as income on his/her federal tax return. The other important aspect of debt is the way it is paid out. Debt can have different arrangements for repayment, the most common one is to repay the debt on a periodic basis [...]

2023-03-31T07:33:15+00:00
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Debt Consolidation Vs Bankruptcy

Call: 888-297-6203 Debt consolidation is a very good alternative compared to bankruptcy as it helps in maintaining credit score, and reputation, and pays off all the debts at a revised favorable alternative. However, people with irregular or low income cannot avail the benefits of debt consolidation. This can be the sole reason why many people often opt for bankruptcy as they can have something to survive and reboot their life on a clean slate. Chapter 7 or Chapter 13 bankruptcy can help in achieving the goal for people who are not eligible for debt consolidation. Know more about [...]

2023-03-31T07:34:39+00:00
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Chapter 13 And Its Hardships: Is It Worth It?

Call: 888-297-6203 Chapter 13 bankruptcy is another bankruptcy form that helps in exiting dire financial situations. Chapter 13 is an attempt to repay the maximum portion of debt possible through a consistent income source over a period of 3-5 years. This isn’t the most common bankruptcy form as almost 70% of the bankruptcy filers prefer Chapter 7. So, why do we even have Chapter 13, and is it even beneficial sometimes? Chapter 13 benefits and hardships Chapter 7 allows for a discharge of debts especially the unsecured ones fully. Chapter 13 bankruptcy is a promise to continue hardship [...]

2023-03-31T07:35:56+00:00
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All About Bankruptcy!

Call: 888-297-6203 Bankruptcy is the last resort or an emergency number, which should be the last option in case of emergencies. Many people, for various reasons, more so during the pandemic era, are forced into debt. It may be due to excessive medical expenses or due to other uncertainties like job loss or business losses. Some people, due to poor management of finances and over-the-top expenditure beyond what they can afford, spoil their finances and fall into the debt trap. No matter what the reason or concern may be, bankruptcy is relieving from a grieving situation. To begin [...]

2023-03-31T07:38:21+00:00
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Bankruptcy Trustee, All You Need To Know

Call: 888-297-6203 The bankruptcy trustee is a common term many people come across while learning about bankruptcy. He/she is an official assigned to oversee certain aspects of bankruptcy. The trustees assigned for chapter 7 and chapter 13 can be different as their role is usually different. The goal of a bankruptcy lawyer is to ensure the bankruptcy process is carried out smoothly and there is no conflict between the lenders and the borrower. Bankruptcy trustee’s profile Bankruptcy trustees might have historically been bankruptcy attorneys. They are appointed by the Department of Justice in the USA. Like many government [...]

2023-03-31T07:45:30+00:00
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Let Us Know About Bankruptcy

Call: 888-297-6203 What is Bankruptcy? If you are looking to reduce or eliminate certain of your debts, bankruptcy is the best option you should choose. You can also provide a timeline on your own to repay the non-dischargeable debts. Even secure debts that are a debt pledged with a real estate property or vehicle as collateral are also repaid. In title 11 of the US code, federal bankruptcy law is there. Under the constitutional grant of authority, Congress passed the bankruptcy code to "established uniform laws on the subject of bankruptcy throughout the United States". The bankruptcy court [...]

2023-06-27T05:38:11+00:00
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Bankruptcy: But How Many Times!

Call: 888-297-6203 Bankruptcy is an emergency gateway, and it should be used sacredly. However, with the extended pandemic, many people are seeing a lot of unseen circumstances that are making life difficult every few years. Bankruptcy can be filed multiple times. There is no restriction so that one person can file bankruptcy only once or twice in a lifetime. But there are some cool-off periods and other laws that prevent consistent misuse or abuse of the bankruptcy codes. The intention of filing for bankruptcy is closely evaluated by the bankruptcy court. If the intention is incorrect, then the [...]

2023-03-31T07:49:03+00:00
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The Timeframe For Chapter 13 Bankruptcy

Call: 888-297-6203 The average timeframe for Chapter 13 bankruptcy is higher than Chapter 7 bankruptcy under most circumstances. Chapter 13 focuses on a repayment plan, which may be up to 3-5 years, and the overall bankruptcy procedure may take about a year from the date bankruptcy is filed. The same when considered Chapter 7 can be within the range of a year for the whole process. So, chapter 7 definitely frees your shackles away quicker, and Chapter 13 might just take a bit longer. What is the information required to file bankruptcy? List of all lenders and creditors [...]

2023-03-31T07:49:52+00:00
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Consumer And Non-Consumer Debts

Call: 888-297-6203 The means test is a series of calculations based on the debtor's household size and income to determine whether the debtor can file for chapter 7 bankruptcy. The test only applies to debtors who primarily have "consumer debts" as opposed to business debt. If more than half of the people have non-consumer debt or business debt then they don't have to pass the means test to apply for chapter 7 bankruptcy. What are consumer and non-consumer debts?  Section 101(8) of the Bankruptcy Code defines a consumer debt as "debt incurred by an individual primarily for a [...]

2023-03-31T07:51:01+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.