chapter 13 bankruptcy lawyers

The Exemptions That Fall Under Federal Bankruptcy

Call: 888-297-6203 As per the rules of a few states, you are permitted to use the Federal Bankruptcy exemptions rather than the States exemptions. This completely depends on the state that you belong to- Bankruptcy This article will guide you – Name of states that allow you to select federal bankruptcy exemptions The permissible limit under federal exemptions Where to look for your States Exemptions Can you use the Federal Bankruptcy Exemption? At present, only a few states permit the filers to choose between state or federal bankruptcy exemptions. However, you must select only 1 and not both. [...]

2023-04-19T09:34:08+00:00
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All That You Need To Know About Types Of Creditor Claims In Bankruptcy

Call: 888-297-6203 It is important to understand your creditors and under what categories which debts will go when you file for bankruptcy. Since this is the basic foundation when you file – you need to disclose as well as classify all your debts. Classification is generally as Secured debts and unsecured debts. The unsecured debts are further classified into priority and Non-priority. How to List Creditors Claims Once you file and complete the official paperwork, your bankruptcy case is registered in court. The official paperwork comprises of – Cover document also called the petition. It is in the [...]

2023-04-14T08:57:06+00:00
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What Is A Bankruptcy Discharge?

Call: 888-297-6203 Most people who have filed for bankruptcy are looking forward to the order that wipes out their qualifying debts such as utility bills, credit card balances, personal loans, and medical debt. This order, known as bankruptcy discharge, specifies that you are no longer responsible for the discharged debts. As a result of this order, the creditor can no longer pursue you for non-repayment of debt, report you to credit reporting agencies, or file a lawsuit against you. In order to get a bankruptcy discharge, you need to officially file the petition provide the court with accurate [...]

2023-04-14T08:47:39+00:00
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Understanding Secured Claims In Bankruptcy

Call: 888-297-6203 Usually, when individuals file for bankruptcy, they owe a significant amount of debt to their creditors. This outstanding balance is the claim that creditors assert as their own. However, this claim is different from a secured claim. The latter is a debt secured or guaranteed by a property. While paying a debt through bankruptcy, the court sends a notice informing the creditors of a deadline by which they need to submit a ‘proof of claim’ form. This form describes the type of debt (what it is for), the amount owed by the bankruptcy filer, whether the [...]

2023-04-14T08:49:56+00:00
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Effect Of Bankruptcy On Your Credit

Call: 888-297-6203 People contemplating bankruptcy filing are often worried about how it will affect their credit score. However, if your credit is already underwater, bankruptcy would not significantly affect it. In fact, it may help you improve it in the long run. People with good credit scores might see a huge drop in the same after filing for bankruptcy. Though the bankruptcy chapter does not make much difference in your credit score, some creditors might consider you a better credit risk if you filed for bankruptcy under chapter 13. This is because you repaid some of your debts [...]

2023-03-30T10:20:12+00:00
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Differentiating Between Chapter 7 And Chapter 13 Bankruptcy

Call: 888-297-6203 Individuals struggling with debts have the option of filing for bankruptcy under Chapter 7 or chapter 13. To know more about bankruptcy discharge in Los Angeles and the difference between the two chapters, call 888-297-6203. Chapter 7 bankruptcy Also known as liquidation bankruptcy, Chapter 7 can be filed by individuals and business entities whose disposable income is less than the state's median income. Chapter 7 bankruptcy allows you to keep home equity through homestead exemption, insurance, ERISA-qualified retirement plans, personal property up to a specified dollar amount, and public benefits like social security and unemployment benefits. [...]

2023-04-14T08:44:27+00:00
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Bankruptcy Filing In 2022

Call: 888-297-6203 The past two years have wreaked havoc on several lives, and it is no wonder that several people struggling with their finances consider filing for bankruptcy. However, before you contemplate that, you need to know the basics regarding the process. The federal law established the bankruptcy system to help people struggling with debts get a fresh financial start. Different states provide different bankruptcy exemptions which allow you to protect some equity in your home, car, retirement account, household furnishings, etc. However, luxury properties like boats, artwork, jewelry, rental property, stocks, and bonds are usually not exempted. [...]

2023-04-14T08:42:11+00:00
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Filing For Bankruptcy Without Losing Your Car

Call: 888-297-6203 If you are filing for bankruptcy, there are factors which determine whether you can keep your vehicle or not. According to Dallas law firm lawyers, these factors include whether you are filing for a chapter 7 or 13 bankruptcy, whether you are current or behind car payments, and is the equity in the vehicle exempted or not. Keeping vehicle in Chapter 7 bankruptcy In chapter 7 bankruptcy, most debts are discharged in exchange of giving up your non-exempt property. The non-exempt property is liquidated by bankruptcy trustee and the money generated is paid to the unsecured [...]

2023-04-14T08:29:10+00:00
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Know More About Federal Non-Bankruptcy Exemptions

Call: 888-297-6203 Exemptions can help protect your property when you file for bankruptcy, say lawyers of Dallas based law firm. In the case of chapter 7, they determine what you can keep; while in chapter 13, they determine what you pay to the creditors through the repayment plan. Different states have different sets of exemptions that can be used by filers. Some states even allow bankruptcy filers the option of choosing between state and federal bankruptcy exemptions. In case you choose the state’s bankruptcy exemptions, you have the choice of getting another set of exemptions to protect additional [...]

2023-06-29T04:28:06+00:00
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While Filing For Bankruptcy Which Items Are Protected Through Exemptions?

Call: 888-297-6203 Exemptions form an important part of the bankruptcy proceedings as you can protect your property (home, car, pension, personal property, etc.) using them. Any non-exempt property you have can be taken by the trustee and sold to pay your unsecured creditors in chapter 7 bankruptcy. in case of chapter 13, you can even keep your non-exempt property if you pay your creditors an amount equal to the value of the non-exempt property. Before filing for bankruptcy, it is important to find out about the state exemptions, according to Dallas based law firm. Which bankruptcy exemption should [...]

2022-02-23T05:23:25+00:00
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