chapter 7 bankruptcy lawyers

What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]

2023-03-31T09:03:56+00:00
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Trustee’s Role in Chapter 7 Bankruptcy

Bankruptcy is a great way to get rid of a huge amount of debts. People can file under chapter 7 or chapter 13. When any individual files for bankruptcy under chapter 7, a trustee is appointed by the court to oversee the proceedings of the case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee has various responsibilities including evaluating paperwork, selling of non-exempt property, etc. What does a trustee do? The bankruptcy trustee is appointed by the court as an independent evaluator for the case. The trustee gets paid to examine your [...]

2019-07-24T09:26:25+00:00
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Know about Texas Bankruptcy Exemptions

Filing for bankruptcy is often considered to be a taboo. You need to open your mind to realize that it is one of the best options to manage your finances, especially if you are struggling with large debts. The government provides various exemptions to debtors when they file for bankruptcy. Call 888-297-6023 to know more about these exemptions and how you can benefit from them. Apart from federal bankruptcy exemptions, every state has its own list of exemptions which protect a large portion of bankruptcy filer’s property. When you file for bankruptcy, everything you own becomes a part [...]

2019-07-23T12:49:53+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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Can Chapter 13 Bankruptcy be the Solution for High-Interest Credit Cards?

Most people survive by using credit cards. Unfortunately, credit cards charge up very high-interest rate somewhere nearly 25%. Ultimately you end up paying much more than your debt. In the long run, you end up in debt for a long period of time. Let's say you owe $20,000 on your credit card bill. You will continue making a minimum payment over a 20-year period and end up paying nearly 5 times more than what you actually borrowed. With a monthly payment of $400, you will be able to clear your debt in 23 years! You also end up [...]

2021-12-07T08:53:01+00:00
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Bankruptcy Basics of Chapter 9

The bad financial situation can affect not just individuals but also organizations (both government and private). However, the rules for getting a fresh start differ slightly in both cases. While consumers can opt for Chapter 7 or Chapter 13 bankruptcy to get their debts discharged, Chapter 9 bankruptcy helps municipalities (cities, towns, villages, counties, taxing districts, municipal utilities, and school districts) reorganize their debts. This bankruptcy chapter helps protect debt-ridden municipalities from creditors, while a reorganization plan is being developed for adjusting their debts. Reorganization mainly takes place by extension of debt maturities, reduction of the principal or [...]

2021-12-07T08:55:10+00:00
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Bankruptcy and Payday Loans

Payday loans are a very innovative concept which is running around the United States quite contagiously today. It provides instant cash by keeping your future paycheck as collateral. Payday loans are a common point of discussion during bankruptcy as they can make the procedure complicated. While most people take payday loans to clear their existing debts, which may be credit card bills, utility bill payments, personal expenses, etc., the amount is usually limited to about 70-80% of the average paycheck. Just like credit cards, the interest charged on a payday loan is very high. It is an unsecured [...]

2023-03-22T08:05:35+00:00
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Avoid Transfer of Real Estate Prior to Bankruptcy Filing If You Seek Respite from Financial Issues

Bankruptcy is the best legal recourse available to people who are struggling with financial debts which they are simply unable to pay off. Though it is essentially designed to provide respite to people, there are rules attached to it. One of them is about the transfer of property prior to a bankruptcy filing. Many people transfer assets (jewelry, shares, property, etc.) to family and friends in order to avoid them becoming a part of the bankruptcy estate. However, the court doesn’t look too kindly on such transfers. Moreover, inform bankruptcy lawyers of Los Angeles based firm Recovery Law [...]

2021-12-07T08:58:43+00:00
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Who is Notified of Your Bankruptcy Filing?

Despite being one of the best legal options to get rid of accumulated debt, people refrain from filing for bankruptcy probably because they fear being judged. One of the major concerns people have is that their bankruptcy will be announced to their family and friends, which probably is shameful for them. While considering bankruptcy, and to quell any fear, it is important that people are aware of who will be aware of their bankruptcy filing. According to Dallas based law firm Recovery Law Group, there are two chapters under which individual debtors can file for bankruptcy – Chapter [...]

2023-06-13T07:08:32+00:00
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What Happens if You Forget to Include a Creditor in Your Bankruptcy?

A lot of paperwork is involved when you file for bankruptcy, including documentation for your income, assets, and a comprehensive list of your debts as well as your creditors. This complete list of creditors is used by the court to inform everyone concerned about your bankruptcy. Since all of this involves a lot of paperwork, it is quite possible that one or two creditors might miss making the list. Since creditors also have legal rights in your bankruptcy case, if any of them fails to get a mention in your list of creditors while filing for bankruptcy, what [...]

2023-03-30T13:00:15+00:00
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