Chapter 13 Bankruptcy

The Basics of Chapter 13 Bankruptcy Cramdown

Chapter 13 bankruptcy allows you to reduce the principal balance on a debt to the value of the property in case of secured debt. This is known as cramdown and can help save your debt on real estate investment, car loan and some other properties. Dallas based bankruptcy law firm Recovery Law Group, inform that cramdown can be an asset to reduce the debt on certain secured loans. To know more about cramdown, contact bankruptcy lawyers at 888-297-6023 and discuss about your case. Secured debts are those assets against which the creditor has collateral. These include car loans [...]

2025-08-21T13:16:47+00:00
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Paying off Chapter 13 Debts Earlier

The financial situation sometimes can get better with time and it so can happen that you have been halfway through your Chapter 13 repayment plan duration only to realize that your financial situation is a lot better now. In such circumstances, it is very tempting to pay off all pending Chapter 13 payments in advance and get rid of the cycle. However, it is not one of the most beneficial attempts as you might end up owing more to the lenders as creditors are entitled to all or most of the disposable income. As the disposable income increases, [...]

2025-08-21T09:43:52+00:00
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Is Keeping All Your Property in Chapter 13 Bankruptcy a Wise Decision?

Filing for bankruptcy is a decision that people are reluctant to take because many times it involves letting go of your property. According to exemptions provided by state and federal government, lawyers of Dallas based bankruptcy law firm Recovery Law Group, explain that you can keep only the amount of property which is exempt. Any non-exempt property is sold to pay off your unsecured creditors in a Chapter 7 bankruptcy case. Contrary to this, Chapter 13 bankruptcy allows you to keep the non-exempt property if you pay your unsecured nonpriority creditors an amount equal to the non-exempt property [...]

2025-08-12T12:18:12+00:00
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Is it Possible for a Legal Citizen (noncitizen) to file for a Bankruptcy?

It is possible for a legal citizen (not a US Citizen) to file for bankruptcy, but you must check with your attorney before doing so, to ensure that it is not affecting your citizenship application in any way. To find out in details regarding how to file, contact Bankruptcy attorney at 888-297-6203 or Recovery Law Group. Legal Residents are Eligible to File for bankruptcy If you are a Legal Resident (noncitizen) and reside in the United States or have a domicile or a business in the United States, then you can file for bankruptcy as any other citizen [...]

2025-08-06T07:30:00+00:00
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How to Determine Chapter 13 Bankruptcy Eligibility?

Chapter 13 can be a very good option for many people, especially those who are struggling to keep up their assets intact even after filing bankruptcy. However, not all filers are eligible to apply for Chapter 13 bankruptcy code. There some basic requirements to be eligible for filing under Chapter 13. These can be listed as follows- No lag with respect to income tax filing whether federal or state The debt is within the predefined threshold Should be employed or should have some income source to fund the payment plan to be determined under Chapter 13 Should be [...]

2025-08-25T12:08:35+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 [...]

2025-08-25T11:47:21+00:00
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Chapter 13 Bankruptcy Cost and Effectiveness

When you are struggling with debts, you are probably considering bankruptcy via Chapter 7 or Chapter 13. Once, after assessing different eligibility criterions, you lock upon Chapter 13, the next question is to determine how effective it is and what would be an estimated cost for the same. We will try to explore an estimate of some of the costs and effectiveness of the whole process using the survey results of the readers. If you have still not determined whether to go for Chapter 13 or Chapter 7, consider logging in to Recovery Law Group for information about [...]

2025-08-06T05:59:47+00:00
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Bankruptcy by Chapter 13 FAQs

Sometimes, the best way to address all queries is FAQs. By listing some potential doubts or questions and answering them in the best way possible can give enlighten people better. Chapter 13 bankruptcy one of the most popular bankruptcy code especially for people who had wished to safeguard their assets. By answering a few FAQs below, we try to enlighten you about most aspects of Chapter 13. To know more about bankruptcy, Chapters, and legal assistance, log on to Recovery Law Group. How much debt has to be repaid if I file for Chapter 13 bankruptcy? This is [...]

2025-08-21T13:18:06+00:00
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What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues. Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee [...]

2025-08-06T07:28:52+00:00
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What Happens in a Chapter 13 Confirmation Hearing?

Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan. [...]

2025-08-06T06:39:14+00:00
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