bank levy attorney

The 10th Circuit rules

The 10th circuit court rules reprimand that the tax debt may not be exempted for the client under Chapter 7 if the income tax return is filed late. Income tax return debt can be discharged under chapter 7. However, it needs to fall under certain criteria. The income tax returns are a mandatory procedure that citizens of the USA need to follow every year. Tax debts can be huge, and the clients may seek discharge. You can visit Recovery Law Group for good advice. The income tax return debt can be discharged under Chapter 7 when- The tax [...]


What Happens in a Chapter 13 Confirmation Hearing?

Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan. [...]


What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]


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 inform, creditors may request a relief from the automatic stay clause. This happens in case debtor “participated in [...]


What Happens if You Forget to Include a Creditor in Your Bankruptcy?

A lot of paperwork is involved when you file for bankruptcy, including documentation for your income, assets, and a comprehensive list of your debts as well as your creditors. This complete list of creditors is used by the court to inform everyone concerned about your bankruptcy. Since all of this involves a lot of paperwork, it is quite possible that one or two creditors might miss making the list. Since creditors also have legal rights in your bankruptcy case, if any of them fails to get a mention in your list of creditors while filing for bankruptcy, what [...]


My Cosigner Filed for Bankruptcy; Does it Impact Me?

In many different places, getting loans or line of credit is not easy. There is always a requirement of a guarantor or a cosigner. Parents, relatives, spouse, or friends could play as guarantor/cosigner. How does the bankruptcy of one cosigner impact the other person? This is what we will discuss in detail here. For best and quick solution on bankruptcy related issues, just hop to Recovery Law Group. Cosigner and the relationship A Cosigner is a person who is liable to pay the loan in case the primary borrower defaults. The Cosigner is the backup plan for the [...]


Debt Limits under Chapter 13 Increased; All you need to know

Chapter 13 bankruptcy is distinguished from Chapter 7 bankruptcy norms in terms of complexity. Chapter 13 is much simpler and involves less calculation of various factors like a net of income/expenses, debt, etc. But there are some other factors to be considered for Chapter 13 eligibility. These factors can be listed as follows- The chapter is applicable only for individuals hence, business or trusts won’t qualify The individual should not have a recent disqualification Should be able to demonstrate strong sources of money for making the payments for the plans Should have debts within the Chapter 13 debt [...]


How Can Bankruptcy Help Me When I Owe More than the Worth of My House?

Due to bad financial conditions, people might find paying for even essential things like the mortgage, difficult. The situation could be worse for those, who had bought property when the rate was at the peaks as this has resulted in high mortgage payment for a property which is no longer worth as much. This situation is not uncommon, but all is not lost as Sacramento based law firm Recovery Law Group provides options for people who have a home which is worth less than what they are paying in mortgages. […]