chapter 13 bankruptcy California

How does a credit report react to Chapter 7?

Bankruptcy can have several benefits, like wiping off your debt, giving you a fresh start, helping you with all the financial mess, offering some breather to recollect your finances, etc. However, it does impact your credit score, which is interlinked to your loan taking ability in the future. In fact, as per some of the latest reports, it might take over 10 years of worthy credit trust to repair the damage caused by filing for bankruptcy once. To know more such facts and to keep up yourself with the most current bankruptcy related aspects, log on to. What [...]

2019-08-02T08:01:19+00:00
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Filing for Bankruptcy is Easy When You Have All Details!

Filing for bankruptcy can be quite traumatic for people. Dealing with financial instability can take a toll on you. Having to look for various forms to file the bankruptcy petition can be an added burden. However, filing for bankruptcy is not that tough when you have the assistance of able bankruptcy lawyers, say Los Angeles based bankruptcy law firm Recovery Law Group. A copy of official bankruptcy forms can be printed from the official United States courts website. Additional forms required by local bankruptcy court might have to be filled apart from the official forms. The rules and [...]

2023-04-11T08:17:12+00:00
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Common Avoidable Mistakes for Chapter 7 Means Test

A Means test is an eligibility test that is carried to assess the eligibility for Chapter 7 bankruptcy. However, means test is not one of the simplest tests to carry out, which creates possibilities of multiple errors. Some of them could be avoided and the eligibility for Chapter 7 can be made much easier. To learn more about Chapter 7, eligibility, alternatives, and best attorneys in your town to help you deal with this financial crisis, log on to Recovery Law Group . Some quite common avoidable errors can be listed as follows- Do you really need to [...]

2023-03-31T14:30:41+00:00
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Which Debts Survive Chapter 13 Bankruptcy?

People often opt for bankruptcy to get control over the spiraling debts they have accumulated over a period. While in case of Chapter 7, your non-exempt property is liquidated to pay off your creditors and any remaining unsecured debts are discharged; Chapter 13 helps you to reorganize your debts and make payments towards them over a period of 3 to 5-years’ time. Your unsecured nonpriority debts are paid off through the repayment plan and any subsequent debts are discharged at the end of the period. Los Angeles based bankruptcy law firm Recovery Law Group, lawyers inform that there [...]

2023-03-31T09:30:45+00:00
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Impact of Chapter 13 on your credit score

The credit score takes a solid beating when bankruptcy is filed in general. But the common question is to know which Chapter impacts the credit scores the most. The impact may also last for several years when bankruptcy is filed. Filing for bankruptcy under Chapter 13 is slightly more beneficial and lighter on your credit score, especially when compared to Chapter 7. If it is possible not to file for bankruptcy, that shall be the best option. To know if you need to file for bankruptcy or not, log on to Recovery Law Group to get a host of [...]

2023-04-11T08:36:04+00:00
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Filing Bankruptcy When Unemployed

Filing for bankruptcy does not specifically mention the requirement of an income source. But, directly or indirectly there is a significant impact of employment on eligibility for Chapter 7 and Chapter 13. If you have lost a high salary job recently, you might end up qualifying for Chapter 7 and at the same time, if you just lost the job and are unemployed while filing bankruptcy, you won’t qualify for Chapter 13. It's really tricky when it comes to employment and bankruptcy. To know more such interesting stuff about bankruptcy, log on to Recovery Law Group. What are [...]

2023-04-21T12:26:59+00:00
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Mortgage Foreclosure in California

It takes significant effort and hard work to be able to afford a home mortgage in California. The news across Roseville which is about loan foreclosing is very saddening. The thought of losing home can be worrying for anyone. Residents despite several efforts are not being able to safeguard their home due to mortgage foreclosure in Roseville, California. To know more about mortgage, secured/unsecured loans and other important financial aspects, log on to Recovery Law Group for complete a to z knowledge. Types of home mortgage and lien Even millionaires and billionaires have a mortgage for their homes [...]

2023-07-03T07:17:37+00:00
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Motor vehicle exemption act and bankruptcy

Cars, trucks, automobiles, etc., attract a lot of tension during bankruptcy. Travelling can be an expensive and painful affair without a car in most cities in the United States. No individual wants to let go of his/her car for whatever reason there might be. Bankruptcy can be one of the situations that would require a compromise as an automobile loan is considered as a secured loan and is released in very rare circumstances. It is much easier to protect your automobile assets if you are filing for bankruptcy via Chapter 13 versus Chapter 7. The key distinction between [...]

2023-03-22T08:22:30+00:00
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Difference Between Chapter 7 and Chapter 13 Bankruptcy

Individuals can file for bankruptcy under chapter 7 or chapter 13. There are differences in the way these two chapters function. Bankruptcy attorneys of Dallas based law firm Recovery Law Group, highlight some of the common differences between the two chapters. This is essential for people to know which chapter would work best in their situation. Chapter 7 Bankruptcy This is also known as liquidation bankruptcy and is used to wipe out unsecured debts like credit card and medical bills. People whose income is less than the state median can file under this chapter. Filing for bankruptcy ensures [...]

2023-01-19T05:34:03+00:00
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How to protect important assets during bankruptcy?

Bankruptcy is an unfortunate financial condition and safeguarding or holding on to some near and dear assets can be a very difficult task. Chapter 7 bankruptcy code especially is not very suitable for people who want to hold on to their assets. However, with the help of exemptions, certain ordinary and modest assets can be protected and prevented from the liquidation process. These may include clothing, home, car, household stuff, tools used in the business/profession, etc. To learn more about bankruptcy codes, log on to Recovery Law Group now. The exemptions can help in protecting the assets which you [...]

2019-07-23T12:40:09+00:00
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