bankruptcy attorney Los Angeles

What To Expect In Bankruptcy?

Call: 888-297-6203 If financial problems are plaguing you, a bankruptcy filing is an easy way to get rid of debts. However, there are some limitations to the process. Bankruptcy can help halt the collection process, including wage garnishment and eliminate some types of debts (medical bills, personal loans, credit card debt, etc.). Unfortunately, some debts like student loans, spousal and child support, alimony, tax debts, etc. You can wipe some of your debts to get a fresh financial start when you file for bankruptcy. Depending on your income, debts, and assets, you can file for bankruptcy under Chapter [...]

2022-03-16T04:33:17+00:00
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Evaluating The Value Of Personal Property In Bankruptcy

Call: 888-297-6203 According to the lawyers of Los Angeles based law firm, while filing for bankruptcy you need to list all your personal property along with its current value. This is the price that anyone would pay for the property and depends on the condition and age of the property. Moreover, there can be questions from the trustee and creditors regarding the information provided.Thus, written documentation backing the evaluation supporting your claim of the property’s value is important. There are different methods to calculate the value of the property, here are some ways to calculate replacement value of [...]

2023-06-29T04:24:25+00:00
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Get To Know About Federal Bankruptcy Exemptions Here!

Call: 888-297-6203 When individuals file for bankruptcy, federal bankruptcy exemptions are available in certain states to protect the filer’s properties. Through these exemptions, you can protect some of your property including your home, car, certain other possessions like musical instruments, etc. in chapter 7 bankruptcy. In the case of chapter 13 bankruptcy, these exemptions determine what needs to be paid to creditors through the repayment plan. Every state has a set of exemptions that the bankruptcy filers can use, while 17 states allow debtors to choose between state and federal bankruptcy exemptions. These include Alaska, Arkansas, Connecticut, Columbia, [...]

2023-06-29T04:32:09+00:00
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Does Bankruptcy End Child Support Obligations too?

Call: 888-297-6203 Despite being one of the best ways to get rid of debts, bankruptcy does not clear you of all your financial obligations. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, elaborate that certain debts survive bankruptcy, no matter which chapter of bankruptcy you have filed under. These obligations include child support debt and alimony. Whether you chose to file for bankruptcy under Chapter 13 or Chapter 7, you will not be off the hook for paying child support and alimony dues to your spouse. Additionally, any fines due to restitution order by a [...]

2023-03-31T14:35:27+00:00
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Vehicle Repossession in Bankruptcy

Debts against which the creditor has collateral are known as secured debts. Examples of secured debts include automobile loan, mortgage, etc. Since both these are essential for living a comfortable life, it is important that you are not behind on payments for such loans. Having a vehicle has become a necessity these days, considering that commuting time is considerably reduced due to them. Missing payments on your automobile loan can have severe consequences. The lender can repossess the vehicle if you end up missing payments. However, having experienced lawyers like those of Los Angeles based bankruptcy law firm [...]

2019-09-19T12:01:02+00:00
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Consumer Benefits of Chapter 13

Call: 888-297-6203 While bankruptcy might be traumatic, it is an excellent way to get rid of excessive debts legally. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, most people filing for bankruptcy prefer Chapter 7. This is probably because you get a discharge within a relatively smaller time and with few financial restrictions and probable loss of some personal property, they can get rid of their debts. However, if you have a substantial income to pay off your debts, you might not be able to qualify for Chapter 7. In such a scenario, [...]

2021-12-07T04:49:56+00:00
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When is The Credit Score Updated After Bankruptcy?

Call: 888-297-6203 Nothing is permanent in life. Not even the ill-effects of bankruptcy. Though it becomes public record and negatively affects the credit score of an individual, bankruptcy is removed after seven to ten years from the credit report of the filer. However, it takes time to change your credit score. Many people are worried if their credit score does not show any improvement even after bankruptcy is removed. According to the Los Angeles based bankruptcy law firm Recovery Law Group, there are different ways of calculating credit scores. Different lenders have different strategies to check risk management [...]

2019-09-09T11:10:42+00:00
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How Long Does It Take to Rebuild Credit?

Call: 888-297-6203 In terms of credit rating, nothing could be worse than bankruptcy. Since it has long term effects on your credit history, you should weigh in all options before choosing to file for bankruptcy. As per Los Angeles based bankruptcy law firm Recovery Law Group, bankruptcy is a red flag which warns creditors of your financial issues. Depending on the bankruptcy chapter, the bankruptcy record remains on your credit report for 7-10 years. Thus, for this duration, you will be facing negative effects such as getting new credit at reasonable rates, etc. Though bankruptcy can cause numerous [...]

2019-09-05T12:25:09+00:00
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Which Chapter of Bankruptcy Would Work Best for Me?

People, when confounded with huge amounts of debts, are often looking for ways to get out of this grim situation. Filing for bankruptcy is one of the options that they can choose. However, there are other options also available, say lawyers of Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, to provide you with a fresh start. Individuals can file for either Chapter 7 or Chapter 13 bankruptcy, however, each has eligibility requirements; you should have income low enough to pass the Chapter 7 means test or substantial disposable income apart from a dollar limit cap on your debts [...]

2023-03-13T08:49:04+00:00
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Chapter 7 or Chapter 13? Which is Better if Wish to Keep Your Home?

Chapter 7 and Chapter 13 are the preferred routes taken by individuals filing for bankruptcy. Each has specific requirements that you must meet if you wish to get your debts discharged. According to Los Angeles based bankruptcy law firm Recovery Law Group , you need to be current on your payments and protect all home equity through bankruptcy exemptions in the case of Chapter 7. While in Chapter 13, you get a chance to catch up on missed mortgage payments through arrearage in the repayment plan. Both state and federal government offer exemptions to protect your equity in [...]

2023-04-11T08:19:01+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.