Bankruptcy Attorney Firm

Impact Of Chapter 7 Bankruptcy On Your Tax Return

Call: 888-297-6203 Chapter 7 bankruptcy can have a significant impact on your personal income tax return. Before filing bankruptcy, it is important to note the status of your federal income tax return, whether you owe taxes or you are expecting a refund or any other financial aspect associated with your federal income tax return. If you are filing for bankruptcy, it is essential to disclose all the tax return-related information in the respective schedules and statements appropriately to minimize any errors. Things to keep in mind while filing for Chapter 7 bankruptcy Firstly, the bankruptcy filer must be [...]

2023-06-27T08:46:07+00:00

Bankruptcy: A To Z Explained

Call: 888-297-6203 Bankruptcy can be summarized broadly across a few questions. These questions are listed below to enhance our knowledge about bankruptcy and determine some key aspects of the same. More details on bankruptcy and a bankruptcy attorney in full can be obtained on the website https://recoverylawgroup.com/bankruptcy/. The list of questions can be as follows- How do you file? Just like some of the government or legal procedures, a list of documents along with a form needs to be submitted to the bankruptcy court while filing for bankruptcy. It is very important to make sure that the documents [...]

2023-03-22T09:11:07+00:00

What Happens To Alimony And Child Support Debts During Bankruptcy?

Call: 888-297-6203 Discharge of debts is one of the most lucrative aspects of bankruptcy. Many businesses as well as individuals consider bankruptcy to discharge their debts. However, for most people discharge of debts is a significant relief in times of extreme distress. If you have debts or liabilities with respect to alimony or child support, you might be disappointed to learn that such debts cannot be discharged during bankruptcy. However, the other dischargeable debts once qualified can be discharged making way for easier repayments of alimony and child support. To know more about non-dischargeable debts, log on to [...]

2023-03-30T12:01:27+00:00

What Happens To The Personal Injury Lawsuit Award During Bankruptcy?

Call: 888-297-6203 One of the most common reasons to be filing bankruptcy is the medical costs. This could have occurred due to someone’s negligence and there may be a personal injury lawsuit in progress to avail in a reasonable claim for the damage caused. Whether or not the award is used to suffice the lender’s debt, depends on two factors. One is the amount of exemption available to the bankruptcy filer while filing chapter 7 and the other is the type of personal injury lawsuit award. The rules for availing exemption for the award may be complex and [...]

2023-03-30T12:03:45+00:00

Chapter 7 Bankruptcy: What Is The Tradeoff?

Call: 888-297-6203 Bankruptcy is a great tool to allow for a new beginning after a disastrous financial situation. Chapter 7 looks like a tempting prospect for many bankruptcy filers especially if they are eligible for chapter 7 and have a good number of dischargeable debts. However, it is not all merry with chapter 7 bankruptcy as well. The first aspect of it is to qualify for the means test. If one does qualify for the means test, that means he/she has irregular income and is very poor, and cannot equal the state median income. The second aspect of [...]

2023-03-31T06:11:09+00:00

Planning For Bankruptcy Before Or After Divorce

Call: 888-297-6203 Los Angles & Dallas, TX bankruptcy filers often file for bankruptcy to evade child support and alimony immediately after the divorce. However, it is important to note that child support and alimony fall under non-negotiable debts and should continue even after declaring bankruptcy. Many filers also want to seek to stay on the property divisions that were settled as per the divorce decree to prevent losing their assets. However, it is important to note that declaring bankruptcy will usually not overturn any domestic court decisions regarding the division of property, alimony, and child support. What are [...]

2023-03-31T06:14:17+00:00

Can A Student Loan Be Discharged During Bankruptcy?

Call: 888-297-6203 With the uncertainty in the job market, it is very difficult for freshers to avail jobs, and close their student loans. Many universities that have promised a placement, are not able to fulfill their promise fully leaving a lot of students scampering for a job in helplessness. However, it is unfortunate that declaring bankruptcy also cannot discharge student loans under most circumstances. The bankruptcy laws had some provisions earlier that allowed for a student loan discharge that was availed from Fed sources. These are nothing but some qualified loans granted by Fed at lower interest rates [...]

2023-03-31T06:20:27+00:00

Why Chapter 11 Is A Better Alternative For Businesses Filing Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy chapter and is very popular with a huge percentage of 71%+ across the United States of America. With the pandemic, many businesses chose to wind up, and hence this probably added to the tally of 71%. However, under normal circumstances, it can sometimes be worth to try to sustain a business, rather than liquidate or wind it up. It can be a difficult decision to make but a careful analysis of current debts, losses, inventory, assets, and prospects can make the choice easier. This assistance can be achieved from [...]

2023-03-22T09:15:21+00:00

How Do You Tackle The Challenge Of Debt Discharge By Lenders?

Call: 888-297-6203 Often debt discharge is quite common for unsecured debts while availing relief during bankruptcy. However, it is important to note that the lenders will leave no stone unturned to get some or all of their money back. One of the most common ways of preventing discharge amongst the bankruptcy filers is to prove that the debt was facilitated by an act of fraud. If a bankruptcy filer provided any incorrect information while availing of unsecured debt, the applicant might be liable for the debt and other criminal procedures. The overall discharge of the debt in question [...]

2023-03-31T06:22:34+00:00

Wildcard Exemption In Chapter 7 Bankruptcy

Call: 888-297-6203 Wildcard exemption as the name suggests is a big bump in hope for a debtor while he/she is trying to protect a particular asset. The home is a very important asset which is often included in the exemption and until the dues are cleared on timely basis, the home is usually safe while option for Chapter 7 bankruptcy. The key assets in question could be car, boat or a truck or any other asset the debtor wants to protect from liquidation. In some situations, it might be an electronic item, second vehicle, or no matter what [...]

2023-03-31T07:28:30+00:00
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