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Bankruptcy consultation in Houston and Los Angeles to help you get rid of your debts

 Bankruptcy cases in the USA are handled by federal courts under the US Bankruptcy Code. The case usually filed by a debtor who for whom debts have become unmanageable. The case can be filed by an individual, spouses together, or a corporate or other identity. All of the debtor’s assets are measured and evaluated, and some of them may be used to repay a portion of the outstanding debts of the creditors. During your bankruptcy consultation Houston, TX, and bankruptcy consultation Los Angeles, California, your attorney will most likely give you option to file for it either Chapter 7 or Chapter 13, in order to provide you relief from the debt that you cannot repay.  

Chapter 7 bankruptcy, also known as liquidation bankruptcy, could be the right option for you if have little to no deposable income. You will have to pass a means test to prove that you cannot afford to pay your debts with your current sources of income. Once you are able to successfully file for bankruptcy under Chapter 7, some of your creditors may be temporarily restricted from collecting money from you, contact you, or continue wage garnishment. That means that the money you were paying toward a loan or credit card can now be used for other things, like household necessities. Depending on the laws in your state, your cash or property will be at stake. This is an effective tool for low-income debtors without significant assets. During your bankruptcy consultation Houston TX, your attorney will calculate whether the debt that will be wiped out would be more than the value of the property you would lose.  

Convenient and cost-effective way to repay your debts 

To qualify for Chapter 13 bankruptcy, you will have to prove that you cannot repay your debts. Your inability to repay will be determined based on your states’ median income for a family of your size. If you are struggling homeowner, your attorney may suggest you to file for Chapter 13 bankruptcy during bankruptcy consultation in Los Angeles. It can stop the foreclosure process and give you a chance to catch up with your past-due mortgage payments. And if you happen to have debts in collection, Chapter 13 bankruptcy will immediately stop any collector’s action against you. You will also be provided with a convenient and cost-effective way to repay your debts. You will be required to repay your debts over an extended period of three to five years. How much you will repay will depend on your income, the property you own, and the size and kinds of debts you owe to the creditors.  

 If you are looking for top lawyers for bankruptcy consultation Los Angeles, California, or bankruptcy consultation Houston TX, Recovery Law Group has experienced and specialist lawyers who will tender you the right advice that is best suited for your specific situation. The lawyers will offer you hassle-free communication at any time, and offer a variety of legal plans to fit any budget.  

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