affordable bankruptcy California

Know More about California Bankruptcy Exemptions

Bankruptcy filers can make use of federal and state exemptions to protect their assets. However, choosing between them is confusing. Some states like California do not allow citizens to choose federal exemption but offer two different sets of exemptions to protect your property during bankruptcy, say Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. To know more about California’s bankruptcy exemptions, call 888-297-6023. Bankruptcy exemptions in California Amongst the two sets of exemptions provided by the state of California, System 1 is preferred by debtors with substantial home equity, while System 2 is preferred by [...]

2019-07-23T12:46:42+00:00
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How to protect important assets during bankruptcy?

Bankruptcy is an unfortunate financial condition and safeguarding or holding on to some near and dear assets can be a very difficult task. Chapter 7 bankruptcy code especially is not very suitable for people who want to hold on to their assets. However, with the help of exemptions, certain ordinary and modest assets can be protected and prevented from the liquidation process. These may include clothing, home, car, household stuff, tools used in the business/profession, etc. To learn more about bankruptcy codes, log on to Recovery Law Group now. The exemptions can help in protecting the assets which you [...]

2019-07-23T12:40:09+00:00
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What Happens to Your Car, When You File For Bankruptcy?

If you own a car through an automobile loan and are struggling to keep up with the installment dues, you might want to know what could be in a potential scenario, if you had filed for bankruptcy. In cities like Dallas, Houston, and other cities, where public transport is not exceptional and well connected, the car is more of a necessity than a luxury. Whether it be to run around the grocery errands or to manage the daily routines of work, kid’s school or any other things. People using their own car might find it extremely difficult to [...]

2019-07-16T12:23:45+00:00
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Bankruptcy and Assistance of Attorneys

Debt is never a great idea but sometimes, it becomes inevitable. When the interest mounts up with debt, there looks to be no way forward. If we consume more debt than we can repay, it becomes a crushing situation. U.S Bankruptcy code is certainly the last hope that can save your boat from drowning. This code has been set up to protect honest and hardworking people from a vicious cycle of debt. The code sets free businesses or individuals by releasing the debt/liability after educating them and by following a legal process of settling as much debt as [...]

2023-03-31T08:58:05+00:00
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Which Property is Exempted in Chapter 7 Bankruptcy under California’s Bankruptcy Laws?

While filing for bankruptcy is one of the ways to get ahead of the huge number of dues you have, people are often confused regarding what property they can keep. Since, effectively, bankruptcy is a method to allow people struggling with debt a chance to get a fresh financial start, federal and state exemptions are available in order to protect a bankruptcy filer’s property. while most states allow people to choose between federal and state bankruptcy exemptions, Los Angeles based bankruptcy law firm Recovery Law Group inform that California does not do so. Any person who has lived in [...]

2019-07-16T12:24:16+00:00
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What Happens to Personal Injury Award in Case of Bankruptcy?

An injury sustained due to negligence or accident can cause immense trouble for people. They are often struggling financially due to overwhelming medical debts and are often accompanied by long durations of being out of work and in severe pain. Many of such people, with the help of excellent personal injury attorneys, sue the negligent party for a personal injury award. However, if the same person is struggling financially and is contemplating filing for bankruptcy, one of the major concerns they have is; what happens to their personal injury award in such a situation? Do they get to [...]

2021-12-07T08:33:18+00:00
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What are the key benefits of Chapter 7 bankruptcy election?

Chapter 7 Bankruptcy California is also referred to as Straight Bankruptcy, because it is pretty straight forward, and it ends soon too. While the other alternative Chapter 13 might just keep going for months and months even after applying for bankruptcy. If you are eligible for Chapter 7, it is the best option. Why do professionals say so, what are the key benefits? All these questions will be addressed below- Release all/most of the unsecured debts Chapter 7 categorized the debts into two categories. This happens under the Chapter 13 code also, but the debts released is pretty [...]

2021-12-07T08:33:48+00:00
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Bankruptcy Law For Fisherman and Farmers

Famers and fisherman hold an important place in the economy of the USA, still, there was no permanent law for them to declare bankruptcy. Of late, Chapter 12 is introduced for family farmers and family fisherman, who may want to seek bankruptcy law. To know about other Chapters and bankruptcy in the whole log on to Recovery Law Group. A brief history of Chapter 12 Chapter 12 was introduced by Congress to help farmers and fisherman who were struggling with debts during the emergency in 1986. However, it was a temporary structure that became permanent only in 2005. [...]

2019-07-18T10:35:01+00:00
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Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

The bankruptcy procedure does not start a local state court. Instead, the official bankruptcy papers are usually presented to the clerk at the Federal court. This is because bankruptcy is a federal process and is governed by the Federal rules for bankruptcy. The law allowing the use of Chapters 7 and 13 is as per the bankruptcy code. The Federal laws for bankruptcy procedure act as a guide to the courts to implement the bankruptcy law. What does the bankruptcy code consist of? Bankruptcy code can define the following- Eligibility to file a bankruptcy case, answers for who [...]

2019-07-16T09:48:35+00:00
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Can any 3rd Party Take Advantage of Automatic Stay in Chapter 13 Bankruptcy?

Bankruptcy is confusing and terrifying to most common people. Though there are benefits associated with it like automatic stay and discharge of unsecured debts at the end of the bankruptcy, sometimes, a bankruptcy case might be ‘hijacked’ by another debtor who wishes to take advantage of your bankruptcy case and the subsequent automatic stay. Automatic stay helps in putting arrest to all collection actions by creditors including repossession, foreclosure, threatening emails, phone calls, etc. However, Los Angeles bankruptcy lawyers https://bankruptcy.recoverylawgroup.com/ inform, creditors may request a relief from the automatic stay clause. This happens in case debtor “participated in [...]

2023-03-13T08:52:51+00:00
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