chapter 7 bankruptcy

Does Social Security Income Play a Part in the Chapter 7 Means Test?

Call: 888-297-6203 Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration. Every state has a different limit. [...]

2023-03-31T14:42:25+00:00
Read More

Which Deductions are Allowed in Means Test for Chapter 7 Bankruptcy?

Call: 888-297-6203 If you have a huge backlog of debts that you have been unable to get rid of, Chapter 7 bankruptcy is ideal for you. However, Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ says that to be able to get your debts discharged through Chapter 7 bankruptcy, you need to pass the Means test. Passing the Means test is an essential requirement for qualifying for Chapter 7 bankruptcy. Since Chapter 7 bankruptcy gets rid of the majority of the debts, prevention of its misuse by high-household income people is essential. Certain expenses are deducted from the income [...]

2023-03-31T14:37:46+00:00
Read More

These Questions About Bankruptcy Can Make You Understand it Better

Call: 888-297-6203 Bankruptcy can be quite specific and technical for a common person to understand. This has caused many problems as people fear the repercussions more than understanding the benefits it offers. You will be surprised to know that unlike other forms of debt relief, bankruptcy is quite simple. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, answer some of the prominent queries raised by people regarding bankruptcy. 1. Will I end up losing all my possessions? Liquidation of assets takes place in the case of Chapter 7 bankruptcy. In that case, too, most assets [...]

2019-10-03T13:08:37+00:00
Read More

Know More About Bankruptcy Exemptions

Call: 888-297-6203 When in doubt consult bankruptcy lawyers, is a popular saying. It is of extreme importance, especially in the case of bankruptcy. With so many myths surrounding bankruptcy, it is obvious that people who are struggling with debts are bound to be confused. A bankruptcy filer’s assets and debts are their most important concern, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. What happens to both depends on the chapter of bankruptcy chosen by the bankruptcy filer. Individual debtors have the option of filing under Chapter 7 or Chapter 13 bankruptcy. Both these chapters [...]

2021-12-06T07:44:20+00:00
Read More

Chapter 13 Hardship Discharge

Call: 888-297-6203 Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, confirm that any debtor who qualifies for Chapter 13 bankruptcy get numerous benefits including protection from collection actions taken by creditors. While people filing for Chapter 7 often end up losing some of their property in order to get a bankruptcy discharge, Chapter 13 bankruptcy filers can keep the non-exempt property if they pay their creditors a portion of the amount. Sometimes, however, unforeseen circumstances might force debtors to face unexpected financial problems which might make it difficult to make payments as per the court [...]

2023-01-12T09:25:12+00:00
Read More

Child and Spousal Support in Chapter 13 Bankruptcy

Call: 888-297-6203 If you have ended up accumulating large amounts of debts, bankruptcy might be a great way to get rid of those debts. However, while you decide to file for bankruptcy, it is vital to understand that not all debts get discharged during bankruptcy. According to Los Angeles based bankruptcy law firm Recovery Law Group, secured debts, as well as priority debts, survive bankruptcy. Secured debts are those debts against which the creditor has some asset (mortgage, auto loan, etc.) while priority debts include those like child support and alimony payments. Chapter 13 bankruptcy offers a great [...]

2021-12-07T04:48:57+00:00
Read More

Why Abiding by Chapter 13 Repayment Plan is Essential?

Call: 888-297-6203 Filing for bankruptcy is probably one of the worst decisions anyone must take. Admitting that you were unable to manage your finances properly can be quite humiliating. However, once you have decided to go ahead with it, you should ensure that you get a discharge for your debts. Chapter 13 bankruptcy offers debtors a chance to reorganize your debts and pay some portion of it over a period of 3-5 years through a repayment plan. The court-approved plan is an excellent way to get rid of debts and get back on track financially. Los Angeles based [...]

2019-09-12T12:45:45+00:00
Read More

Everything You Wanted to Know About the Chapter 13 Repayment Plan

Call: 888-297-6203 Filing for bankruptcy is often the last option taken by people who have been struggling with debts for a long time. According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, people have the option of filing under Chapter 7 or Chapter 13. Ideally, Chapter 7 is preferred as it gets rid of all unsecured debts without losing many assets of the bankruptcy filer. If, however, you fail to qualify the means test, you are stuck with Chapter 13. It is therefore important to know what happens in this chapter so that you are prepared [...]

2019-09-12T11:52:02+00:00
Read More

Who Can File for Chapter 13 Bankruptcy?

Call: 888-297-6203 When you realize that there is no way out of debts, bankruptcy might be the logical conclusion. Though, people prefer Chapter 7, very few manage to qualify for it. The other option for people is filing for bankruptcy under Chapter 13. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group, say that it is essential that you qualify for the same. The eligibility criteria for Chapter 13 bankruptcy include: Only individuals and not business entities can file for Chapter 13 bankruptcy. If you had previously filed for a Chapter 13 or Chapter 7 bankruptcy [...]

2019-09-12T11:50:50+00:00
Read More

Homeowner’s Equity in Chapter 7

Call: 888-297-6203 Filing for bankruptcy is a tough decision for people. This is like admitting that they have been unable to manage their finances in a responsible way. However, once you have run out of options to get rid of your debts, filing for bankruptcy might be ideal. Individual debtors can choose from Chapter 7 or Chapter 13 bankruptcy, though most prefer the former over latter. It is important to remember that while getting rid of debts, you might end up losing some of your assets when you file for Chapter 7 bankruptcy. As per lawyers of Los [...]

2023-01-12T10:24:42+00:00
Read More
Load More Posts

Recovery Law Group Logo

888-297-6203

Headquarters

309 W 11th Street,
Anderson, IN 46016
310-997-0471
Clients:
customerservice@recoverylawgroup.com
Attorneys / Trustees and Court Officials:
Info@recoverylawgroup.com

PAID ATTORNEY ADVERTISEMENT: Wajda & Associates is a law firm. This website is an advertisement. It is not a lawyer referral service or prepaid legal services plan. Each of the lawyers on this site are either Managers, Members, Partners, Limited Partners or staff attorneys. An attorney responsible for the content of this Site is Nicholas Wajda, APC. licensed in California, Texas, and Indiana with offices at 309 W 11th Street Anderson, IN 46016. To see the attorney in your area who is responsible for this advertisement, please  Click here.  Prior results do not guarantee a similar outcome.
We are a debt relief agency. We help people file bankruptcy petitions to obtain relief under the bankruptcy code.