Los Angeles

Can Bankruptcy Protect You and Your Property?

Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded. Another advantage of filing for bankruptcy [...]


Meeting of the Creditors – Chapter 7 Bankruptcy

The meeting of creditors has to be formally attended by all the debtors who have filed for bankruptcy within 30 days of the filing. Once a bankruptcy filing has been done, a law firm such as Recovery Law Group puts to work their best attorneys for formalizing the documentation needed for the bankruptcy hearing. These set of documents will be checked by the bankruptcy trustee and meticulously reviewed at the hearing of the case. In the hearing, the bankruptcy trustee performs the verification whether the debtor really qualifies for Chapter 7 bankruptcy. Also, the status of the assets of the debtor is checked. There is nothing [...]


Effect of Bankruptcy on Credit

The effect of filing bankruptcy will remain on your record of credit for a period of ten years. But there is nothing to panic, as this statement doesn’t conclude that you will not be able to further get any debts or finances. In effect, the bankruptcy filing will not be the end of your credit journey. A new start to your financial status Eliminating the debts through the filing of a bankruptcy will give you the provision to start afresh and start saving too! Routine household expenses of groceries, clothing needs and automobile needs can now be accomplished [...]


Debts That Can Be Cleared With Chapter 7 Bankruptcy

The main benefit of filing for bankruptcy using Chapter 7 is to be relieved of existing debts. Also known as liquidation bankruptcy, Chapter 7 provides the means to get the debts discharged. Here are the debts that can be cleared using Chapter 7 Store cards overdraft of checking accounts Credit cards Certain tax debts Personal Loans Parking tickets Social Security and unemployment related overpayments Medical bills (inclusive of dental) During a Chapter 7 bankruptcy case, the trustee is entitled to take the control and possession of any property that is not exempt. Hence the debtor needs to understand the asset types that can be exempted in a [...]