chapter 7 bankruptcy

What Do You Understand by Disposable Income?

Many people find bankruptcy a great way out of spiraling debts. Consulting a bankruptcy attorney to find out which bankruptcy chapter suits your condition the best is important. However, people come across the term ‘disposable income’ too often during bankruptcy discussions and are often confused as to what it means. According to bankruptcy lawyers of Los Angeles based firm Recovery Law group, disposable income is the amount of your monthly gross income which remains after all essential bankruptcy expenses are subtracted from it. Disposable income is important to decide which chapter of bankruptcy you qualify; Chapter 7 to [...]

2023-04-11T08:44:06+00:00
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Foreclosure and Bankruptcy

Foreclosure is a very stressful condition and it requires immediate assistance. Foreclosure is not always right and there can be scenarios when it can be easily prevented. A talk or a piece of advice from an experienced attorney can do wonders on most days. Log on to Recovery Law Group to reach out the best attorneys in town to help you or your friend out in case of a foreclosure. The consultation offered is not only confidential but is very professional too. Foreclosure basically means an exercise of a right by the lender to acquire, liquidate or sell [...]

2023-07-03T07:37:37+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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My Cosigner Filed for Bankruptcy; Does it Impact Me?

In many different places, getting loans or line of credit is not easy. There is always a requirement of a guarantor or a cosigner. Parents, relatives, spouse, or friends could play as guarantor/cosigner. How does the bankruptcy of one cosigner impact the other person? This is what we will discuss in detail here. For best and quick solution on bankruptcy related issues, just hop to Recovery Law Group. Cosigner and the relationship A Cosigner is a person who is liable to pay the loan in case the primary borrower defaults. The Cosigner is the backup plan for the [...]

2023-01-12T09:08:43+00:00
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Family Member Debts and Bankruptcy

There are several reasons for taking a loan from family members. Just before bankruptcy or during bankruptcy its quite common to have some loans from relatives, parents, siblings and other family members. The debts have piled up big time and before you file for bankruptcy is there something that you can do with your family member debts? The process of bankruptcy makes you list all your creditors/lenders so that may also include your friends, family members and all lenders irrespective of the debt type. Under chapter 7, if you do not have any non-exempt assets, your lenders might [...]

2023-01-17T11:16:12+00:00
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Can You Convert Your Bankruptcy Chapter?

Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, therefore, advised that [...]

2023-03-13T09:24:56+00:00
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Are You Filing for Bankruptcy? What Happens to Your Mortgage?

Bankruptcy court acts as a shield between you and your creditors to provide you breathing space and a fresh financial start. Though the law is designed to provide respite to you, it does not do so at the cost of your creditors. You need to pay for your secured loans like mortgages. One of the best aspects of bankruptcy filing is the automatic stay which prohibits all sorts of collection actions against you. Thanks to it, your home and car cannot be foreclosed or repossessed. In case repossession is done, they have to return it. Moreover, any liens [...]

2023-01-12T09:04:44+00:00
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Hire Bankruptcy Lawyers to Defend You against Creditor Action

Filing for bankruptcy is one of the last resort people opt for, though it is the best legal option available to get rid of genuine monetary issues plaguing people. Many times people who have filed for bankruptcy might end up getting sued by the creditors for failure to make payments. In case, you have chosen to file without a lawyer (pro se) you might not be adequately prepared to handle such a scenario. In a case concerning Chapter 7 bankruptcy, the debtor prior to filing for bankruptcy had opened a home equity line with a local financial institution. [...]

2021-12-08T04:09:01+00:00
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Factors to Consider Ahead of the Bankruptcy Filing

Filing of bankruptcy can be an immediate decision. However, remember that there are certain factors to be seriously considered if you are determined to file for personal bankruptcy. Whether it is to be believed or not, these below actions by the debtors just ahead of the procedure of bankruptcy filing can invite a lot of scrutiny from the bankruptcy trustee who will be assigned to the filed petition. Let’s see what can cause the debtors trouble – Taking a cash advance while you are amidst financial crisis and on the verge of filing bankruptcy can land you into [...]

2023-03-07T10:26:34+00:00
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Why Do You Need Legal Guidance for Filing Chapter 7 Bankruptcy in Los Angeles?

Sometimes, debt reorganization, repayment plans, etc. are not enough to get rid of the overwhelming debt accumulated by people. For such individuals, Chapter 7 bankruptcy is the only solution available. This type of bankruptcy is also known as liquidation bankruptcy, wherein the non-exempt property of the individual is sold off and the money so generated is distributed among creditors. After this, lawyers of Los Angeles based law firm Recovery Law Group clarify that any remaining debts are discharged. Considering the complexity of cases, it is vital that you consult adept bankruptcy lawyers to help you out in Chapter [...]

2023-01-12T08:49:53+00:00
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