chapter 7 bankruptcy Los Angeles

Bankruptcy And The Chapter Under Which You Can File

Call: 888-297-6203 Filing for bankruptcy is a complicated procedure and a filer must adhere to all the provisions of the bankruptcy codes. Therefore, it is mostly recommended to consult a good attorney before you decide on filing for bankruptcy to get proper guidance. An individual or business who suffers from an overburden of piled-up debts usually files for the legal procedure of bankruptcy. If the business or individual is unable to cope with the adding up of debts, they can apply to file for bankruptcy under the united states bankruptcy court. To get in touch with an attorney [...]

2023-06-26T06:55:57+00:00

How To Determine If Chapter 7 Is For You?

Call: 888-297-6203 Chapter 7 is an extremely popular bankruptcy chapter. Many individuals, close to 85% in a survey, expressed their interest to file bankruptcy under chapter 7. The ability to safeguard basic assets using exemptions and discharge maximum debts seems lucrative to all. However, many people have a lot of misconceptions about chapter 7, which is why close to 70% of people who filed for bankruptcy under chapter 7 were not very happy or satisfied with the outcome. Know more about chapter 7 bankruptcy alternatives at https://recoverylawgroup.com/bankruptcy/. When is chapter 7 for you? Chapter 7 can just be [...]

2023-06-27T07:25:21+00:00

Chapter 13 Or Wage Earner Plan

Call: 888-297-6203 The wage-earner plan is a nickname given to Chapter 13 bankruptcy. The reason to give this name to the chapter 13 bankruptcy is due to the characteristics of the bankruptcy chapter. Unlike Chapter 7, Chapter 13 focuses on clearing as much as debt possible using a reliable source of income through the next 3-5 years. The tenure depends on the debt and the disposable income. There is a misconception that a wage-earner plan does not result in a discharge. However, there can be a discharge if the future disposable income isn’t sufficient to repay some of [...]

2023-03-22T09:38:22+00:00

Eviction From Rented Property And Bankruptcy

Call: 888-297-6203 Bankruptcy can assist in safeguarding home and preventing home foreclosures. But what happens when a filer is in a rented property? This is a tricky question and a very common one across potential bankruptcy filers. If you are current on your rents, then it shouldn’t be an issue to prevent eviction from your home or an apartment. But if you are not, then the landlord has every right to pursue a possession and eviction judgment from respective authorities. Bankruptcy has different consequences depending on whether a landlord has achieved a judgment of eviction and possession or [...]

2023-06-27T07:42:08+00:00

Bankruptcy: Things To Know

Call: 888-297-6203 Bankruptcy is a very popular topic today. Not favorable but not avoidable as well sometimes. There could be multiple views about bankruptcy as a means of escaping debt, misusing it to discharge debts, etc., it sometimes is a big-time savior for many poor people. Here are a few important things to know about bankruptcy- Bankruptcy has big long-term impacts that can range up to 10 years hence, it is essential to thoroughly evaluate all alternate options before opting for bankruptcy. If you need help in evaluating bankruptcy and its alternatives do not hesitate to dial 888-297-6203 [...]

2023-06-26T07:06:40+00:00

What Happens After Filing For Chapter 7 Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy form and everyone considering bankruptcy shall be curious about what the process would follow, after filing for Chapter 7 bankruptcy. If the bankruptcy is filed through an agency or an attorney, once the bankruptcy is filed, one would usually receive a set of documents via email or via post to be filled and submitted as per the filing formalities. This form needs to be filled in accurately and in a timely manner to ensure the bankruptcy process is carried on smoothly. You can check https://recoverylawgroup.com/bankruptcy/ to avail more guidance [...]

2023-03-30T11:55:23+00:00

Impact Of Chapter 7 Bankruptcy On Your Tax Return

Call: 888-297-6203 Chapter 7 bankruptcy can have a significant impact on your personal income tax return. Before filing bankruptcy, it is important to note the status of your federal income tax return, whether you owe taxes or you are expecting a refund or any other financial aspect associated with your federal income tax return. If you are filing for bankruptcy, it is essential to disclose all the tax return-related information in the respective schedules and statements appropriately to minimize any errors. Things to keep in mind while filing for Chapter 7 bankruptcy Firstly, the bankruptcy filer must be [...]

2023-06-27T08:46:07+00:00

Impact Of Bankruptcy On Credit Score

Call: 888-297-6203 Bankruptcy can have several impacts some good some not so great. The good can be relief from the pestering lenders for recouping their investment, some discharge, some new starts on a clean slate, and what not. However, the biggest drawback in bankruptcy is with respect to the credit score. A credit score is hurt significantly during bankruptcy. The impact can depend on chapter 7 or chapter 13 and the net discharged amount. The higher the amount discharged, the bigger damage it leads to the credit score. To know more about the flaws and advantages of bankruptcy [...]

2023-03-30T11:58:56+00:00

What Happens To The Personal Injury Lawsuit Award During Bankruptcy?

Call: 888-297-6203 One of the most common reasons to be filing bankruptcy is the medical costs. This could have occurred due to someone’s negligence and there may be a personal injury lawsuit in progress to avail in a reasonable claim for the damage caused. Whether or not the award is used to suffice the lender’s debt, depends on two factors. One is the amount of exemption available to the bankruptcy filer while filing chapter 7 and the other is the type of personal injury lawsuit award. The rules for availing exemption for the award may be complex and [...]

2023-03-30T12:03:45+00:00

Chapter 7 Bankruptcy: What Is The Tradeoff?

Call: 888-297-6203 Bankruptcy is a great tool to allow for a new beginning after a disastrous financial situation. Chapter 7 looks like a tempting prospect for many bankruptcy filers especially if they are eligible for chapter 7 and have a good number of dischargeable debts. However, it is not all merry with chapter 7 bankruptcy as well. The first aspect of it is to qualify for the means test. If one does qualify for the means test, that means he/she has irregular income and is very poor, and cannot equal the state median income. The second aspect of [...]

2023-03-31T06:11:09+00:00
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