chapter 7 bankruptcy California

What is No-Asset Chapter 7 Bankruptcy?

While the Chapter 7 is known as the bankruptcy code which sets off debt from the liquidation of assets, it can be surprising to learn about No-Asset Chapter 7 bankruptcy. It could be even more surprising to note that most of the Chapter 7 bankruptcy California cases are No-Asset cases. The no-asset case is a scenario where, the filer does not give in any asset or cash to the bankruptcy trustee for liquidation. The filer instead keeps possession of all the assets, he/she owns. The lenders or creditors will not expect any proceeds or debt settlement, as there [...]


Relief from Credit Card debt through Chapter 7 Bankruptcy

Chapter 7 Bankruptcy law in the USA offers people to declare bankruptcy to elicit relief from the debts. The debtor seeks this law when he/she is unable to clear the debts. People may file for bankruptcy when they have little or no assets to clear the debt. The creditor must be content with little or no payment. To know more about bankruptcy and its implication on the debtor and creditor, log on to How can Chapter 7 help to clear credit card debt? A client can file a case under chapter 7 when he is unable to [...]


Chapter 7 bankruptcy: An Assessment of Cost and Debt Discharge

If there is too much debt piled up, the only option available might be to file for bankruptcy. Before filing for bankruptcy, it will be worthy to find out what could be an estimated cost and what would be some of the debts that you could get rid off by filing for bankruptcy versus by not filing. Most of the stats indicated below are availed from reader’s surveys. To know more statistical information and technical aspects of bankruptcy, log on to Recovery Law Group. Attorney fees Keeping everything aside, the most difficult and common question to answer is [...]


What Happens to Your Home in Chapter 13 Bankruptcy?

Individual debtors can opt for either Chapter 7 or Chapter 13 of bankruptcy. According to Dallas based bankruptcy law firm Recovery Law Group, Chapter 13 bankruptcy offers people to prevent foreclosure and also catch up on the arrearage through the repayment plan. If you wish to keep your home during and after bankruptcy, consult with expert bankruptcy lawyers at 888-297-6023 to discuss your case. Chapter 13 allows you to pay your debt entirely or some portion of it over a period of 3 to 5-years through a repayment plan. You can pay mortgage arrearage including interest while staying [...]


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 [...]


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 [...]


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 [...]


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 [...]


Know More about California Bankruptcy Exemptions

Bankruptcy filers can make use of federal and state exemptions to protect their assets. However, choosing between them is confusing. Some states like California do not allow citizens to choose federal exemption but offer two different sets of exemptions to protect your property during bankruptcy, say Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. To know more about California’s bankruptcy exemptions, call 888-297-6023. Bankruptcy exemptions in California Amongst the two sets of exemptions provided by the state of California, System 1 is preferred by debtors with substantial home equity, while System 2 is preferred by [...]


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 [...]

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