Bankruptcy Chapter 7

What Happens After Filing For Chapter 7 Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy form and everyone considering bankruptcy shall be curious about what the process would follow, after filing for Chapter 7 bankruptcy. If the bankruptcy is filed through an agency or an attorney, once the bankruptcy is filed, one would usually receive a set of documents via email or via post to be filled and submitted as per the filing formalities. This form needs to be filled in accurately and in a timely manner to ensure the bankruptcy process is carried on smoothly. You can check https://recoverylawgroup.com/bankruptcy/ to avail more guidance [...]

2023-03-30T11:55:23+00:00
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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
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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
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Credit Card Suits And Bankruptcy

Call: 888-297-6203 A credit card company might file a lawsuit against its customer to obtain a lien against any of the assets to recoup its dues. This lawsuit usually can only be prevented by filing for bankruptcy under chapter 7 or chapter 13. Credit card companies want to recover their investment by all means and filing a lawsuit to recover is one of them. Apart from obtaining a lien on the asset that makes it difficult for the debtor to sell or preserve the asset during the bankruptcy process or otherwise, the suit can have a significant impact [...]

2023-03-30T11:57:25+00:00
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Impact Of Bankruptcy On Credit Score

Call: 888-297-6203 Bankruptcy can have several impacts some good some not so great. The good can be relief from the pestering lenders for recouping their investment, some discharge, some new starts on a clean slate, and what not. However, the biggest drawback in bankruptcy is with respect to the credit score. A credit score is hurt significantly during bankruptcy. The impact can depend on chapter 7 or chapter 13 and the net discharged amount. The higher the amount discharged, the bigger damage it leads to the credit score. To know more about the flaws and advantages of bankruptcy [...]

2023-03-30T11:58:56+00:00
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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
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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
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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
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Chapter 7 Bankruptcy Step-By-Step Explanation

Call: 888-297-6203 The first step to filing a chapter 7 bankruptcy is to sit back and analyze whether bankruptcy is required. In many situations, after serious analysis, it might be a good idea to file bankruptcy while in some other situations, bankruptcy can be avoided. If there are ways to avoid bankruptcy, that should be attempted as bankruptcy is a last resort and an emergency hand brake, which should be used only in utmost dire situations. Log on to https://recoverylawgroup.com/bankruptcy/ to understand if you can evade bankruptcy or not. What kind of borrowers should consider chapter 7 bankruptcy? [...]

2023-03-22T09:17:45+00:00
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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
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We are a debt relief agency. We help people file bankruptcy petitions to obtain relief under the bankruptcy code.