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What Happens to Retirement Plans in Bankruptcy?
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What Happens to Retirement Plans in Bankruptcy?

Bankruptcy

What Happens to Retirement Plans in Bankruptcy?

When you file for bankruptcy, certain assets are protected under exemptions. Apart from the equity in the home, a vehicle, and household necessities, your pension and retirement funds are included in such exemptions. However, there are limitations attached to them too, inform experienced bankruptcy lawyers of Dallas based firm Recovery Law Group . It is important to know the rules prior to a bankruptcy filing. After overhauling of bankruptcy laws by the Congress in 2005, nearly all ERISA-qualified retirement accounts and pension plan funds are protected from collection action of creditors, with some exceptions. In the case of [...]

admin2025-08-06T06:38:12+00:00

Bankruptcy Trustee’s Role in Chapter 13
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Bankruptcy Trustee’s Role in Chapter 13

Bankruptcy

Bankruptcy Trustee’s Role in Chapter 13

Chapter 13 bankruptcy involves the creation of a repayment plan through which the debtor pays off some or complete amount of their dues to the creditors over a 3 to 5-year time frame. The process is overseen and administered by the bankruptcy trustee appointed to the case. According to Dallas based bankruptcy law firm Recovery Law Group, the various responsibilities of a bankruptcy trustee in Chapter 13 include: Reviewing of bankruptcy papers Bankruptcy trustee reviews the forms filled by the debtor at the beginning of the case and verifies the information provided on the form with that on [...]

admin2025-08-21T13:18:38+00:00

Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy
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Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

Bankruptcy

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 [...]

admin2025-08-11T09:49:33+00:00

Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues
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Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Bankruptcy

Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Bankruptcy is the best legal recourse available to people who are struggling with financial debts which they are simply unable to pay off. Though it is essentially designed to provide respite to people, there are rules attached to it. One of them is about the transfer of property prior to a bankruptcy filing. Many people transfer assets (jewelry, shares, property, etc.) to family and friends in order to avoid them becoming a part of the bankruptcy estate. However, the court doesn’t look too kindly on such transfers. Moreover, inform bankruptcy lawyers of Los Angeles based firm Recovery Law [...]

admin2025-08-21T10:44:14+00:00

Increase in Bankruptcy Filings Among Retirees
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Increase in Bankruptcy Filings Among Retirees

Bankruptcy, Credit and Bankruptcy

Increase in Bankruptcy Filings Among Retirees

It is rather a sad state of affairs that Los Angeles is one of the cities that has an increase in the number of bankruptcy filings from the citizens who are above 55 years of age. This number has only doubled since 1994. Despite the need to rest after years of employment, the country witnesses this stupendous rise of close to twenty percent of the total bankruptcy filings to be of the retirees. But professionals say that it isn’t surprising – the failure of the individuals (close to 32%) in setting aside a retirement amount is the major [...]

admin2025-08-06T06:48:53+00:00

Criminalizing Private Debts
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Criminalizing Private Debts

Debt Collectors

Criminalizing Private Debts

There are criminal proceedings on defaulters on the debts that they owe to creditors. Let’s take a scenario where the debtor has fallen sick and has missed out on the payments that he/ she regularly makes. The notices about missed payments have just been ignored since the debtor is away on treatment. The piled up debt now invites court hearings – the intimations of these too have not been attended to and this eventually turns out to issuing of warrants for the arrest of the debtor for the failed payments. This is not a surreal scenario and can [...]

admin2025-08-08T05:49:28+00:00

Rejection of Bankruptcy by the Supreme Court
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Rejection of Bankruptcy by the Supreme Court

Bankruptcy Dismissal

Rejection of Bankruptcy by the Supreme Court

It is interesting to note that one of the appeals related to a Chapter 13 bankruptcy has been rejected by the Supreme Court. This instills a sense of doubt among debtors regarding the case and why the rejection was approved by the court. Let’s understand the case in detail: The debtor associated with the case had filed for personal bankruptcy under Chapter 13. As per the norms of this Chapter, he had proposed a repayment plan which he eventually modified for several times in a span of two years. The final proposal that the debtor submitted indicated that [...]

admin2019-06-21T11:29:49+00:00

Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys
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Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

Chapter 13 Bankruptcy

Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

Finding yourself on sticky financial wicket can be traumatic for many people. Often accumulated debts make a person unsure of what to do next. As per Dallas bankruptcy lawyers’ Recovery Law Group bankruptcy is one of the best options available. However, filing for bankruptcy requires you to choose from a number of Chapters, each specifically designed to help people get over financial problems. In case, you are unsure which chapter suits your case, Chapter 13 might be your best chance for starting afresh. Chapter 13 bankruptcy works best for people with reasonably sufficient disposable income which can be [...]

admin2025-08-11T10:45:58+00:00

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What Happens to Retirement Plans in Bankruptcy?

What Happens to Retirement Plans in Bankruptcy?

Bankruptcy Trustee’s Role in Chapter 13

Bankruptcy Trustee’s Role in Chapter 13

Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

Key Differences Between the Bankruptcy Code and the Federal laws for Bankruptcy

Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Increase in Bankruptcy Filings Among Retirees

Increase in Bankruptcy Filings Among Retirees

Criminalizing Private Debts

Criminalizing Private Debts

Rejection of Bankruptcy by the Supreme Court

Rejection of Bankruptcy by the Supreme Court

Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

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