Skip to main content

Filing For Bankruptcy In Sacramento And San Antonio To Reset Your Finances And Start A New

Bankruptcy is a legal financial lifeline if you are drowned in debt, and not in a position to clear them despite your best efforts. Individuals and businesses file for bankruptcy to get a reprieve from their liabilities. In the majority of cases, the request is granted. Filing bankruptcy in Sacramento California may be considered an embarrassing last resort, but it is more helpful to think of it as a legal tool to employ when you or your business is not in a position to repay outstanding debts or obligations. The complexities of Chapter 7 bankruptcy in San Antonio, Texas, along with the stigma attached to it, make it one of the least understood debt strategies. 


Filing for bankruptcy under Chapter 7  

However, if you approach specialist bankruptcy lawyers, like those available with Recovery Law Group, the whole process will become easy. In Chapter 7 bankruptcy, you are allowed to keep exempt assets and possessions up to a limit, while the remainder of your included debt is discharged. Although it is often a last resort, understanding the process of filing for Chapter 7 bankruptcy in San Antonio would help you reset your finances and start anew. Under Chapter 7 bankruptcy San Antonio, there will be an automatic stay on the debt collection efforts by your creditors, including phone calls, messages, emails, letters, personal visits, evictions, property repossessment, etc. If you continue to receive harassment calls or there is any other collection effort by your creditors once you have filed for Chapter 7 bankruptcy San Antonio, your Recovery Law Group’s bankruptcy attorney will take legal action against your creditors. This is because creditors can only talk with your Recovery Law Group’s attorney, not with you, once your application for Chapter 7 bankruptcy San Antonio is accepted by the court.   

A court-appointed trustee will review your finance and oversee your Chapter 7 bankruptcy. They can sell certain property except for the exempt one, and use the proceeds to repay your debt. Though the remaining debt is discharged by the court, certain types of debts cannot be discharged under Chapter 7 bankruptcy, such as child support, court fees, alimony, and some tax debts.   

Filing for bankruptcy under Chapter 13   

However, in some cases when you decided for filing bankruptcy in Sacramento, your Recovery Law Group attorney may suggest you filing under Chapter 13, instead of Chapter 7. Under Chapter 13 bankruptcy, you can keep your assets and get a more affordable repayment plan with your creditors that usually lasts from three to five years. At the end of the repayment plan, the remainder of your included debt is discharged. In most circumstances of filing bankruptcy in Sacramento, the repayment plan must provide a substantial payback to creditors, at least equal to what they would have received under other forms of bankruptcy. If needed, the plan will utilize 100% of the debtors' disposable income for repayment when filing bankruptcy in Sacramento under Chapter 13.   

Comments

Post a Comment

Popular posts from this blog

Bankruptcy consultation Austin TX to provide relief to individuals from overwhelming debt burden

  Many people facing the challenge of managing their overwhelming debts resort to bankruptcy to get relief from debts that they cannot repay. This legal process is designed not only to give relief to the creditors but also ensure that creditors receive some payment based on the borrower’s financial situation and assets. One of the key benefits of bankruptcy consultation Austin TX with an experienced law firm, such as Recovery Law Group, is that your attorney will help halt all creditor actions against you, including foreclosure, repossession, wage garnishments, and harassment calls .         Majority of bankruptcy cases filed in Austin TX are under Chapter 7 of the US Bankruptcy Code. It allows for the complete elimination of covered debt, and is available to those whose monthly income is below the state’s median income for their household size. If your income is above the state’s median income, you may still qualify for Chapter 7 during your bankruptcy c...
Post a Comment
Read more

Know your rights against debt collectors discrimination while filing for bankruptcy in Denver

If you are struggling with debt, wage garnishments, tax liens, foreclosures, or mortgage payments, filing bankruptcy Denver in Colorado could be the right option for you that will help you put your finances back on track. Most of the individual bankruptcies in the USA are filed either under Chapter 7 or Chapter 13. Chapter 7 bankruptcy will discharge most of your unsecured debts, such as credit card bills and medical bills. However, you must liquidate your property to repay some or all of your unsecured debts if you have nonexempt assets, such as a second home, or investments like stocks and bonds. However, if you have no valuable assets and only exempt property, such as household goods, your specialist bankruptcy attorneys at Recovery Law Group can help you in repaying no part of your unsecured debt.    For filing bankruptcy Denver , you need to pass a Means Test. However, if you do not qualify for Chapter 7 bankruptcy, you may be advised to file for it under Chapter 13, also...
Post a Comment
Read more

Hire bankruptcy attorney in Reno, Nevada to get rid of your overwhelming debts and creditors’ harassment

Bankruptcy provides financial relief to debt-ridden individuals in the form of restructured debt repayment plan, or liquidation of certain assets to help pay a portion of debt to creditors. Bankruptcy is a court-supervised process wherein one legally declares their inability to pay outstanding debts. The US Bankruptcy Code governs all bankruptcies in the country, wherein a federal judge oversees the court and makes all the important decisions. A court-appointed trustee will either have debts settled by selling off the debtor’s assets, or work out a new repayment plan for your creditors.   When you hire bankruptcy attorney Reno in Nevada from trusted law firm, such as Recovery Law Group, you may be suggested two options for this – which are Chapter 7 or Chapter 13 bankruptcies, which are the most common forms of individual bankruptcies filed in the USA. Under Chapter 7 bankruptcy, you are required to sell your property which is not exempt. The list of exemptions varies from st...
Post a Comment
Read more