Contemplating Bankruptcy? Choose The Correct Bankruptcy Chapter To File

Call: 888-297-6203 Struggling with debts? Thinking of filing for bankruptcy? You’ll be surprised to know that there is more to bankruptcy than most people are aware of. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy code has 6 chapters, four for individual debtors residing in the U.S. and the remaining two for non-residents who wish to file for international bankruptcy case or for municipalities which need a reorganization of debts. Chapter 7 bankruptcy is one of the most common bankruptcy chapters. In this case, you can keep exempted property and liquidation of [...]


Bankruptcy Violations Land Lawyer’s Office In Soup

Call: 888-297-6203 Malpractice can brew trouble for attorneys too. This was discovered by Keith D. Collier when a lawsuit was filed against him by Elena Escamilla, a staff attorney for Donald F. Walton, the U.S. Trustee. This was for breaches which included sanctions for violation of the automatic stay, discharge injunction, injunctive relief and conflict of interest due to disgorgement of fees. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group this isn’t the first time such an action has been taken against lawyers. In case you had opted for a deferred payment plan through [...]


What To Do With Your Secured Assets In Bankruptcy?

Call: 888-297-6203 Those assets against which the creditor has collateral (mortgage, car loan) are known as secured assets. When you file for bankruptcy, bankruptcy filers have 3 options with respect to secured debts say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. You can either surrender the asset. When you opt for this choice, you give your interest in the asset back to the creditor. You can reaffirm the debt in which case you and your creditor draw a new contract with similar terms, and you get to keep your asset/property. In this case, you [...]


Will Your Credit Rating Be Affected If You Marry Someone Who Had Filed For Bankruptcy?

Call: 888-297-6203 When marrying someone, people are often worried about the ill effects of their prospective spouse’s previously filed bankruptcy. Lawyers of Dallas based bankruptcy law firm Recovery Law Group say several clients are concerned whether their spouse’s bankruptcy can tank their credit rating too. Bankruptcy can be bought on by sudden illness, loss of a job or underwater mortgage and not just overspending. Another important aspect to consider about bankruptcy is the time when the bankruptcy was filed. Generally, a bankruptcy stays on the credit history for a maximum duration of 10 years, but its effect is [...]


You Can Keep Personal Property During Bankruptcy

Call: 888-297-6203 When bankruptcy seems the only way out for getting rid of debts, people become concerned about their assets including home, car and other personal property. Los Angeles based bankruptcy law firm Recovery Law Group lawyers say that many people are concerned whether they will end up losing all of their personal possession during bankruptcy. Generally, thanks to bankruptcy exemptions provided by federal and state governments, people can protect some amount of assets. The amount of property you can exempt depends on the state you live in and how long you have been living there. The state [...]


Twice Unlucky – Divorce And Bankruptcy

Call: 888-297-6203 Whether you like it or not, divorce and bankruptcy are connected. Financial troubles can lead to bankruptcy as well as divorce. Attorneys of Dallas based bankruptcy law firm Recovery Law Group reveal that nearly 14% of Jacksonville population filed for divorce at least once while nearly 11,000 people filed for bankruptcy in a year. Considering these statistics, there are bound to be some overlaps. When you file for Chapter 7 bankruptcy, the combined income of the couple must be less than the state median income for a household of similar size. If both the partners are [...]


Different Kinds Of Debts In A Bankruptcy

Call: 888-297-6203 Debts in bankruptcy can be classified into three categories, namely, secured debts, unsecured debts, and priority debts. Priority debts include IRS debts, domestic support agreements and penalties for personal injuries or death occurred due to DUI offenses. These debts are generally non-dischargeable. Priority debts are still owed even after Chapter 7 or a Chapter 13 bankruptcy until they paid off. Secured debts are the debts with a purchase contract such as a house with a mortgage or a car with purchase money as security. In Chapter 7 bankruptcy, a debtor gets three choices in terms of [...]


Creditors Can Bring Involuntary Bankruptcy

Call: 888-297-6203 The English Statute of Bankrupts was enacted in 1542 during the reign of Henry VIII. This act allowed the creditors to drive the debtors to involuntary bankruptcy by taking actions against them, sell their property and get themselves imprisoned to satisfy the debts. A lot of modifications have occurred over the last 450 years. Debtor’s prisons have been removed, but involuntary bankruptcy still exists. If a creditor proves that the debtor owes an unsecured debt of at least $14,425 to less than twelve creditors, he can bring an involuntary bankruptcy against the debtor. If more than [...]


Debt Classification In A Bankruptcy

Call: 888-297-6203 Priority, secured and unsecured are the three classifications of debts in a bankruptcy. A secured debt needs a property as collateral, which can be confiscated by the creditor in case the debtor fails to pay off the debts. Mortgage loans are mostly secured by homes. Car loans usually have the car as collateral. An unsecured debt does not have any collateral as a security. Thus, in case of failure to pay the debts, the creditor will not be able to take the debtor’s property without getting any judgment. Priority debts are required to be paid before [...]


A Bankruptcy Filing By An Ex-Spouse May Affect You

Call: 888-297-6203 Marital debts will not vanish because of a divorce. The creditor can still make attempts to collect from you despite the statement in the divorce decree that your ex will keep you harmless from creditors. Property division in divorce means the division of property. Often, the party, who is not liable for a different debt, gets an upside down home in exchange for it. Each party is supposed to pay the debts allocated to them and keep the other party harmless from them. In a county court, this order is enforceable as a ‘Contempt Action’. It [...]

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