chapter 7 bankruptcy Los Angeles

Information Essential for Filing of Bankruptcy

Once you have concluded that bankruptcy is probably the best way to get rid of your debts, it is time to consult an experienced bankruptcy lawyer. Most lawyers will ask you for a detailed account of your income, assets, and debts. This is because while filing for bankruptcy, you are required to disclose all this information as per Federal Law. For a person struggling with finances, reliving their failures can be quite overwhelming, however, this is something you cannot avoid if you wish to have your debts discharged. According to lawyers of Los Angeles based bankruptcy law firm [...]


Is it Possible to Reopen Your Bankruptcy Case?

Call: 888-297-6203 When people file for bankruptcy, their bankruptcy can either be dismissed because it does not fulfill all criteria, lacks some important document or has valid objections raised against it by creditors; or, the bankruptcy is discharged once all responsibilities are completed (dues are cleared). However, inform Los Angeles based bankruptcy law firm Recovery Law Group lawyers, sometimes, the bankruptcy case is closed without a discharge. Since bankruptcy is a complex process, closure of case without discharge is possible. If this is the case, you will require the assistance of experienced bankruptcy lawyers. You can call 888-297-6023 to [...]


Points to Consider While Contemplating Bankruptcy

Call: 888-297-6203 Managing your finances is easier said than done. Many people find it difficult to manage their financial problems leading them to consider various debt relief options like debts settlement, debt consolidation, and even bankruptcy. Sometimes, just adjusting your spending patterns is enough to manage your debts, while sometimes, you might require the assistance of professionals to get rid of your debts. Though bankruptcy has earned a bad name, according to Los Angeles based bankruptcy law firm Recovery Law Group, it is probably one of the better ways to manage your situation. However, before deciding to go [...]


Drawbacks of Chapter 7 Bankruptcy

Call: 888-297-6203 When it comes to bankruptcy, most people prefer Chapter 7, as it lets you get rid of all your debts without losing any assets. Moreover, the discharge is also guaranteed within a relatively smaller time frame (3-6 months) compared to Chapter 13 bankruptcy (3-5 years). However, despite the numerous benefits associated with it, it is important to weigh in the losses due to this bankruptcy chapter before deciding to pursue it further. Los Angeles based bankruptcy law firm Recovery Law Group lawyers advise that being aware of the pros and cons is important to avoid disappointment later [...]


Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

Call: 888-297-6203 Filing for bankruptcy is a decision that takes time. Earlier, until 2005, the bankruptcy chapter was decided by the bankruptcy judge. If they found that the debtor was unable to repay the debts, then they could file for Chapter 7 bankruptcy and get a discharge of all their debts. However, if there was scope to repay debts, they were required to file for Chapter 13 bankruptcy. With streamlining of the process, things have become much easier to understand, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. People can convert their bankruptcy chapter (Chapter [...]


How Long Does It Take to Rebuild Credit?

Call: 888-297-6203 In terms of credit rating, nothing could be worse than bankruptcy. Since it has long term effects on your credit history, you should weigh in all options before choosing to file for bankruptcy. As per Los Angeles based bankruptcy law firm Recovery Law Group, bankruptcy is a red flag which warns creditors of your financial issues. Depending on the bankruptcy chapter, the bankruptcy record remains on your credit report for 7-10 years. Thus, for this duration, you will be facing negative effects such as getting new credit at reasonable rates, etc. Though bankruptcy can cause numerous [...]


Get Your Credit Report Updated to Show Bankruptcy Discharge

Since bankruptcy filing is public information, people can have access to it. This is a major point of concern for bankruptcy filers as it hampers their chance of getting a loan or even a decent job. Though the information is entered in your credit report, any discharge granted for the bankruptcy should also be mentioned on the credit report. Many times as per the Los Angeles based bankruptcy law firm Recovery Law Group lawyers, the information is not updated on credit reports. This is a cause of worry for people who wish to start their life afresh but [...]


Common Misconceptions Regarding Bankruptcy

Despite bankruptcy being one of the best methods of legally getting rid of unsecured debts, it is often misunderstood. People look down upon the very idea of filing for bankruptcy due to the unnecessary social stigma attached to it. There are numerous instances of business organizations and personal finances crumbling to eventually end up in financial ruins. According to Los Angeles based bankruptcy law firm, people are unaware of of the various misconceptions existing about bankruptcy. If you are undergoing extreme financial stress should consult expert bankruptcy lawyers at 888-297-6023 to clear your doubts regarding misconceptions associated [...]


Recovering from Bankruptcy is Easy If You Follow These Steps

Filing for bankruptcy is quite emotionally draining. You might feel that you have let yourself and your loved ones down. However, it is important to net let this temporary setback ruin the rest of your life. Nothing is permanent, even the ill effects of bankruptcy. it is important that you take note of what led to your financial downfall. Having an expert bankruptcy attorney can, not just help you recover from bankruptcy but can also be your guiding light towards a fresh start, suggest lawyers of Los Angeles based bankruptcy law firm If you wish to make [...]


Are You Prepared for Meeting of Creditors During Bankruptcy?

Filing for bankruptcy is followed by a creditors’ meeting also known as 341 meetings. This meeting generally takes place within 30 days of bankruptcy paper filing. The meeting is attended by the bankruptcy filer, their attorney, the bankruptcy trustee and the creditor(s). According to Los Angeles based bankruptcy law firm, during the meeting, the filer is questioned by the bankruptcy trustee about the information provided along with the bankruptcy papers. This includes queries regarding the income, assets, and expenses of the debtor, debts, and creditors listed and other relevant questions including details of any previously filed bankruptcy. [...]

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