chapter 7 bankruptcy

Good News for Chapter 7 Debtors! Cannot Have Two Pending Cases Simultaneously Says Court

For most people, filing for bankruptcy is the best legal way to get rid of insurmountable debt. Of the two chapters in which individuals can file for bankruptcy, Chapter 7 is preferred since it takes relatively less time to get discharge and thanks to the various exemptions, you are able to protect almost all your property. However, if despite filing for bankruptcy under Chapter 7, you are unable to get a discharge, it can result in huge stress on the individual. According to Dallas based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, such an incident occurred with an individual who had [...]

2023-03-13T08:27:56+00:00
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Is Bankruptcy The Right Decision

The debtor may often ask ‘if bankruptcy is the right decision for me?’. This is so because bankruptcy may be seen as a dishonor or disgrace to their reputation. Consequently, a person not able to clear off his loans is more dishonorable than bankruptcy. In bankruptcy, the debtor is trying to clear some part of the debt, which may not be otherwise possible. The debtor when realizes that in no circumstances, he will swim through the loans successfully, and ultimately drown, must take rescue in bankruptcy. Detail information is available on- https://bankruptcy.recoverylawgroup.com/ Qualifying for bankruptcy The government of [...]

2023-03-13T08:11:43+00:00
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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 https://bankruptcy.recoverylawgroup.com/, people are unaware of of the various misconceptions existing about bankruptcy. If you are undergoing extreme financial stress should consult bankruptcy lawyers at 888-297-6023 to clear your doubts regarding misconceptions associated with [...]

2023-03-13T09:41:28+00:00
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Get Rid of Private Student Loans During Bankruptcy?

Getting a good education does not come cheap. People with limited salaries and assets generally must take out loans for getting quality education to improve their chances of a better future. There are two options when it comes to taking loans; you can either opt for a federal student loan or a private student loan. Though private student loan seems easier to get, Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, inform that they are not that easy to get rid of. If you are going through a rough financial phase and seek to get your debts discharged, you [...]

2023-03-07T09:54:31+00:00
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Can the Chapter 13 Bankruptcy Plan be Extended Beyond Five Years?

People going through a bad financial phase often opt for bankruptcy to get rid of their debts. Individuals can either opt to liquidate their non-exempt property to pay their creditors under Chapter 7 bankruptcy or choose to repay their loans over a period of 3-5 years in Chapter 13 bankruptcy. However, if some claims persist even after the repayment plan is over, does the individual have the option of extending the repayment plan? According to Dallas based bankruptcy law firm Recovery Law Group, such a provision is not possible. However, bankruptcy lawyers at 888-297-6023 inform that you can [...]

2021-12-07T07:14:56+00:00
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The 10th Circuit rules

The 10th circuit court rules reprimand that the tax debt may not be exempted for the client under Chapter 7 if the income tax return is filed late. Income tax return debt can be discharged under chapter 7. However, it needs to fall under certain criteria. The income tax returns are a mandatory procedure that citizens of the USA need to follow every year. Tax debts can be huge, and the clients may seek discharge. You can visit Recovery Law Group for good advice. The income tax return debt can be discharged under Chapter 7 when- The tax [...]

2023-01-12T09:20:52+00:00
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Status of Pets in Chapter 7 Bankruptcy

People in Los Angeles love to keep pets like horses and dogs. When they need to file bankruptcy, the fear of losing them in the procedure is quite high. Most of them shy off from applying for chapter 7 bankruptcy since they do not want to lose their pets. They love their pets and treat them like family members. However, the court needs to investigate many things before allowing pets to be exempted. Applicants looking for some valuable advice to keep their pets must visit- Recovery Law Group. How can an applicant exempt their pets in a bankruptcy [...]

2019-08-07T11:32:31+00:00
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Who is Not Eligible to File for Chapter 7 Bankruptcy?

A bad financial situation can affect anybody anytime. Bankruptcy is one of the most viable solutions to get out of huge financial debts. A person or company can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 or liquidation bankruptcy is generally preferred as it takes comparatively less time and gets rid of unsecured debts. However, qualifying for Chapter 7 is one of the primary requirements to get a discharge. According to Dallas based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, an individual filing for consumer bankruptcy needs to pass the means test, which requires you to have income [...]

2023-03-13T09:44:01+00:00
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What is Emergency Bankruptcy Filing?

Creditors can go to any lengths to get their money back. This may include threatening phone calls, foreclosure, repossession, wage garnishment, collection lawsuit, etc. If you are on the verge of getting evicted or any similar situation, bankruptcy can come in handy. When you file for bankruptcy in court, the automatic stay provision protects you from all collection actions by creditors. However, bankruptcy filing requires you to fill several forms. This requires time, which you don’t have. Dallas based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, suggest an alternative. You can opt for an emergency bankruptcy filing, also known as skeleton [...]

2023-03-13T08:13:49+00:00
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Under What Circumstances Can Debt Discharge be a Problem with Chapter 7 bankruptcy

Debt discharge or release can be regarded as one of the major benefits of chapter 7 bankruptcy San Antonio. However, it can be so that the debt discharge might be limited, or one might not get any discharge. Why does this happen, how to avoid this? All these questions will be addressed below. Meanwhile, address all other worries or questions about bankruptcy and their chapters on https://bankruptcy.recoverylawgroup.com/. Legal reasons for not qualifying for a discharge The two common legal barriers for not qualifying for a debt release can be listed as follows- Error in procedure The bankruptcy court [...]

2023-03-13T08:51:04+00:00
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