bankruptcy

Call: 888-297-6203 When you file for bankruptcy under Chapter 7, you can get rid of several debts including homeowner Association (HOA) fees. Chapter 7 bankruptcy is a great way if you wish to get rid of your home. However, says Dallas based bankruptcy law firm Recovery Law Group the HOA fees which accumulate after a bankruptcy filing cannot be discharged. When you file for Chapter 7 bankruptcy, you are expected to sign a statement regarding your secured debts. You must inform the court as well as bankruptcy trustee whether you wish to keep your property or surrender it. [...]

Call: 888-297-6203 People who are struggling with multiple debts often find it difficult to balance them. The general perception is that you should close any many debts possible before you end up filing for bankruptcy. However, Dallas based bankruptcy law firm Recovery Law Group informs that when you file for bankruptcy, payments made to any creditor at the cost of denying other creditors are considered preferential payment. This is because you decided to pay one creditor in full while giving nothing to others. While filing for bankruptcy, the debtor cannot show any preference to creditors. The assets of [...]

Call: 888-297-6203 Filing for bankruptcy is a great way to get rid of your debts. However, when you file for bankruptcy, everything you own becomes a part of your bankruptcy estate, says Los Angeles based bankruptcy law firm Recovery Law Group. Being part of your bankruptcy estate ensures that the property is safe from foreclosure. However, just like creditors cannot foreclose on the property, you also cannot sell the house without the court’s permission. In the case of chapter 7 bankruptcy, selling home can be a bit difficult. You are required to convince the court that the sale [...]

Call: 888-297-6203 When you file for bankruptcy, there are certain debts that are either liquidated (Chapter 7 bankruptcy) or reorganized (chapter 13 bankruptcy); however, Dallas based bankruptcy law firm Recovery Law Group informs that some debts cannot be discharged completely. Some debts are non-dischargeable unless the debtor can prove to the court that payment on these debts will cause them to undergo extraordinary stress. These debts can include any debt which the bankruptcy filer failed to include in their bankruptcy petition. other debts which are always non-dischargeable include child support, alimony, payroll taxes, federal tax liens, fraud penalties, [...]

Call: 888-297-6203 Just like individuals, businesses can also go through rough patches. Sometimes, taking control of finances is not easy and you might have to let go of your business to cut your losses. If you are facing financial issues in your small business and have no hope of reorganizing the debts, then Chapter 7 bankruptcy is the best way to get rid of your debts, says Los Angeles based bankruptcy law firm Recovery Law Group. Small businesses can be either a partnership, a corporation or a limited liability company (LLC). If, you don't wish to continue your [...]

Call: 888-297-6203 It can be very difficult for couples to decide the best time for filing for bankruptcy, especially for the ones who are planning to get married. Although married couples can file for joint or separate bankruptcy, marriage does make it difficult for them to qualify for the bankruptcy which they wish to file for. A joint bankruptcy filing is a better option for couples, as it allows them to get rid of their debts together in one bankruptcy. Thus, they will not have to go for hearings separately. The filing fees for an individual filing or [...]

Call: 888-297-6203 If you are burdened with immense debt, then bankruptcy is a way out. People, on one hand, are happy to get back on financial track yet simultaneously, they are also scared of the ill effects of bankruptcy. However, bankruptcy might not be the best way to resolve your problems. Before you file for bankruptcy, Dallas based bankruptcy law firm Recovery Law Group says you should ask the following questions: Which bankruptcy chapter is ideal for me? Individuals can file for bankruptcy under chapter 7 or chapter 13. In the case of former, non-exempt property is liquidated [...]

Individuals who are struggling with a huge amount of debts can file for individual bankruptcy irrespective of their marital status (single, married or undergoing divorce) say lawyers of Dallas based bankruptcy law firm Recovery Law Group. Additionally, debtors can also file individual or joint bankruptcy during the marriage or ongoing divorce. As a rule, when a married person files for bankruptcy, they can file either individually or jointly. When they file jointly, the joint income of spouses is taken under consideration to determine whether they can file for Chapter 7, 13 or 11 bankruptcy. Household income is an [...]

Bankruptcy is an excellent way to get rid of your debt. However, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say that people are often worried about how this might affect their credit report. The Fair Credit Reporting Act (FCRA) dictates how creditors, credit buyers as well as credit reporting agencies report the credit. This act was drafted and implemented to ensure that the actual representation of credit information was done by creditors. they are expected to inform consumer reporting agencies accurately with respect to the status of the debts of an individual. Additionally, FCRA [...]