What is bankruptcy

The Bankruptcy Court and Social Media

Can the bankruptcy court interfere with social media space? Well, the answer is certainly yes but not if they are personal social media accounts but definitely if they are social media accounts used for business purposes. This question has popped up after a recent judgment by a Texas bankruptcy court. If any social media platform like Twitter, Instagram, Facebook, etc., are used for promoting business, they can be included in the bankruptcy estate. Not only that, but the bankruptcy court may also order the bankruptcy filer to submit the password of these social media accounts. The same level [...]


What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]


Trustee’s Role in Chapter 7 Bankruptcy

Bankruptcy is a great way to get rid of a huge amount of debts. People can file under chapter 7 or chapter 13. When any individual files for bankruptcy under chapter 7, a trustee is appointed by the court to oversee the proceedings of the case. According to Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee has various responsibilities including evaluating paperwork, selling of non-exempt property, etc. What does a trustee do? The bankruptcy trustee is appointed by the court as an independent evaluator for the case. The trustee gets paid to examine your [...]


Payday Loans: Myths & Facts

Payday loans or cash advance loans are small loans which are taken by a person against their wages and can be paid off at the time of their next paycheque. For people who have been facing financial issues for some time, payday loans are a common feature. Many of them who have been contemplating bankruptcy as a way of getting out of such problems had taken payday loans in their past. Getting a payday loan is not difficult. The borrower can ask for a payday loan from a lender in the form of a post-dated cheque by showing [...]


Frequently Asked Questions about Bankruptcy

Many people who are facing grave financial issues, often have doubts about bankruptcy. It is therefore important to clear all your doubts related to it. Here are some FAQs about bankruptcy: What is Personal Bankruptcy? Personal bankruptcy offers 2 options mostly for individuals and couples; under Chapter 7 and Chapter 13. Both cases are designed to help people who are unable to pay their debts and get a fresh start. However, both options operate differently and are suitable for people with varying economic needs. What is The Difference between Chapter 7 and Chapter 13 Bankruptcy? Chapter 7 bankruptcy [...]


Will Filing Bankruptcy Require Liquidating of Business?

It isn’t uncommon for a business owner encountering situations wherein revenues decline and debts become surplus. Planning and executing business is by itself a challenge and being in junctures of financial instability can be equally worrying. Luckily, the U.S. Bankruptcy Code is a saving grace to address these startling situations of the financial crisis in businesses and in personal front too! The key question of a business person is whether the business needs to be liquidated in bankruptcy. To throw some clarity to this, here are some important factors that are to be understood while the business owner [...]


Should I Keep My Car during Bankruptcy?

Bankruptcy is a name which often causes people to panic. This is so because most of the time, it is associated with the image of being thrown on the streets penniless. However, nothing could be farther than truth. More often than not, the financial situation of an individual is tight, which has led them to file for bankruptcy. Since financial problems can affect a number of areas of your life including your job, property, and vehicle, many people question whether it is appropriate to keep their vehicle if they plan to file for bankruptcy. […]


What Happens to Credit Card Debt in Bankruptcy?

Spending beyond the budget is a common occurrence, thanks to the ever-prevailing credit cards. Since you do not have to pay immediately, people often go overboard with their spending, not realizing that eventually the money is to be paid and that too with additional charges. It is no wonder that a large number of population incurs heavy debt thanks to this habit, resulting in many of the individuals filing for bankruptcy. The excessive debt may also be due to exhaustive medical bills or vehicle repairs etc. Many times, credit card debts are discharged (with some exceptions) when a [...]


How Long Do I Have to Wait To File For Bankruptcy Again?

One of the most powerful legal tools to ward of bad financial situation is bankruptcy. While filing for bankruptcy, you can get rid of huge amounts of debts thereby overcoming financial distress. However, one of the most popular misconception that people have is that if they have filed for bankruptcy once, they cannot file again. Well, lawyers of Sacramento based law firm Recovery Law Group, say that nothing could be further from the truth! […]


Benefits of Bankruptcy Consultation

More often than not, people prefer dealing with severe financial problems than opting for bankruptcy as the word has been often been misconstrued. A bankruptcy filing is a legal and one of the best methods to come out of financial problems and start life afresh. However, before you make a decision to file for bankruptcy, it is important to get a consultation with skilled bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group. What to Expect in Bankruptcy Consultation? Taking legal assistance for your financial problems is important as sometimes you might not [...]

Load More Posts