legal

Bankruptcy Options for Struggling Business During Coronavirus Crisis

Call: 888-297-6203 Different bankruptcy chapters offer various benefits depending on whether an individual or a company is filing for it. According to lawyers of Los Angeles law firm (https://www.recoverylawgroup.com/bankruptcy/), a business that is unable to generate an income, can file under chapter 7 to shut it down. Similarly, for people with minimum property and low income to repay debts can also file under this chapter. Chapter 7 is known as liquidation bankruptcy since the trustees can sell any non-exempt property of the company or individual to repay unsecured creditors. However, certain assets are protected through state and federal [...]

2022-01-03T14:57:41+00:00

Which among Chapter 11 or Chapter 13 is a better option?

Call: 888-297-6203 For people struggling to pay their debts due to financial problems, chapter 11 and chapter 13 are the two best options for reorganizing the debts. According to lawyers of Los Angeles law firm (https://www.recoverylawgroup.com/bankruptcy/), chapter 13 is generally for people who wish to keep non-exempt property. Chapter 11 is for businesses and individuals with debts more than chapter 13 limits. Businesses cannot file under chapter 13 and it is usually preferred by individuals and sole proprietors. Chapter 11 bankruptcy Chapter 11 is available for both individual filers and businesses. Debtors can reorganize their finances and keep [...]

2022-01-03T14:16:40+00:00

What is the Motor Vehicle Exemption in Chapter 7 Bankruptcy?

Call: 888-297-6203 While filing for Chapter 7 bankruptcy, you can protect some equity in your vehicle (car, van, truck, motorcycle, etc.) through vehicle exemption. If there is enough equity, you might be able to keep your car even after the bankruptcy filing. This is possible through the motor vehicle exemption that is available in both state and federal bankruptcy law. According to motor vehicle exemption, bankruptcy filers are allowed certain equity in the motor vehicle when they file for chapter 7 bankruptcy. While some states allow you to choose between state and federal exemptions, there are others that [...]

2021-12-27T11:13:36+00:00

What Documents Are Required for Creditor’s Meeting?

Call: 888-297-6203 Once you file for bankruptcy (whether Chapter 7 or chapter 13) a creditor’s meeting takes place. During the meeting, also known as 341 hearing, bankruptcy trustee examines you under oath regarding your bankruptcy papers. You are required to bring essential documents related to your bankruptcy petition and schedules. During the 341 meeting, the trustee is responsible for verifying your identity as well as the information provided by you in the bankruptcy papers. Thus, you are required to bring documents that prove your identity as well as the financial information provided by you in the bankruptcy petition. [...]

2021-12-22T05:34:24+00:00

What are the rules for chapter 13 bankruptcy?

Call: 888-297-6203 Overhauling of bankruptcy laws in 2005 brought the means test in focus. However, if you are filing for bankruptcy under chapter 13, the means test plays no role as it is used to filter people for chapter 7 eligibility. Chapter 13 bankruptcy also involves certain eligibility criteria like the income test to determine the duration of your chapter 13 repayment plan. Chapter 7 bankruptcy means test A means test is used to find out whether you have enough income to repay some of your unsecured debts through a chapter 13 repayment plan. According to bankruptcy lawyers [...]

2021-12-16T06:16:54+00:00

Homestead Exemption in Chapter 7 Bankruptcy

Call: 888-297-6203 If you wish to protect your home when you file for bankruptcy, you need the state’s homestead exemption to protect your equity in the home. If the homestead exemption covers the equity on your home and you are not behind on your mortgage payments, you can protect your home. However, if either of these requirements is not met, then according to Los Angeles based law firm (https://www.recoverylawgroup.com/bankruptcy/) lawyers, you might end up losing your home. Homestead exemption working in chapter 7 bankruptcy Any property that cannot be protected by exemptions is deemed non-exempt property and is [...]

2021-12-16T06:24:16+00:00

Confirmation Hearing In Chapter 13 Bankruptcy

Call: 888-297-6203 When you file for chapter 13 bankruptcy, a confirmation hearing is held by the court during which a decision to approve or reject your proposed repayment plan takes place. Once the plan is confirmed, lawyers of Los Angeles law firm say you need to abide by the plan and creditors must accept the payments for their claims. When does the confirmation hearing for chapter 13 take place? The confirmation hearing takes place within 45 days from the creditor's meeting in chapter 13 bankruptcy case. A notice is sent by the court in advance for it. It may [...]

2021-12-09T05:45:20+00:00

Getting A Terrific Bankruptcy Lawyer In Sierra Vista, Arizona

Call: 888-297-6203 The financial crisis can disrupt the fabric of your happy & peaceful family life along with giving you sleepless nights. In such a scenario, hiring a legal professional help will not only let you restore the future for your loved ones but also help you in formatting plans to repay your debts and prevent foreclosure on your assets and property. Hiring a well-qualified bankruptcy representative is a complex process and can sometimes mislead you too. Thus, it should be handled carefully. Remember to ascertain the legal capabilities of the prospective attorneys before confirming the hiring of [...]

2021-06-24T07:56:26+00:00