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 known as a Wage Earner’s plan. This bankruptcy option allows individuals as well as businesses with a consistent income to create a workable debt repayment plan. A court-appointed trustee will work out a repayment plan in consultation with your creditors and you, wherein you will be given three to five years of time to repay your outstanding debts. In exchange of repayments, you will be allowed to keep your property, including nonexempt property.   

Your eligibility for Chapter 7 and Chapter 13 bankruptcies   

Under both, Chapter 7 and Chapter 13 bankruptcies, creditors will be prohibited from continuing with their collection activities, and also debt collectors discrimination once have completed filing bankruptcy Denver. Your debtors are prohibited from carrying out any debt collectors discrimination against you under the Equality Act that requires service providers to take your disability into account when dealing with you. This means, they may have to change their approach so that you are not disadvantaged by your disability. So, they may have to do some reasonable adjustments, and if they fail to do so, it will be considered as unlawful debt collectors' discrimination.  

Legal protections against debt collectors’ discrimination   

Equal Credit Opportunity Act (ECOA), passed by Congress in 1989, requires that all credit applicants, should be considered based on actual qualifications for credit, and not certain personal characteristics. ECOA provides basic protection against debt collectors discrimination from the debtors that regularly extend credit, including banks, small loan and finance companies, and credit unions. Lenders cannot discriminate you on the basis of gender, marital status, religion, race or color, or natural origin. They are also prohibited to discriminate against you as some or all of your income comes in the form of public assistance, part-time employment, or pension. They are also prohibited from calling you at unusual hours, or unauthorized third parties, such as family members and the employer.   

If you think that you are unfairly treated, and are a victim of debt collectors' discrimination, or unsure whether the actions of your debtors or legal or not, you can always consult specialist bankruptcy lawyers at Recovery Law Group. The expert attorneys will help save you from debt collectors discrimination, and administer your rights under the Fair Debt Collection Practices Act (FDCPA), and ECOA.   

Affordable bankruptcy in Los Angeles and San Antonio to reduce and eliminate your unweariedly debts

Declaring bankruptcy is a major decision but it does provide a legal method to eliminate or at least reduce debt when it piles up beyond your capacity to repay them. Additionally, it also immediately stops all collection activities and calls by the creditors as soon as you file for bankruptcy. It should be viewed as the last resort when all other potential courses of action are exhausted. It’s a myth that credit counseling is a better option compared to affordable bankruptcy in San Antonio, Texas. It can sometimes be a better option if you could manage your debts by tweaking your budget, and the total amount you owe is small. The credit counselor will call your creditors and negotiate a lower interest rate, or reduce monthly payments. However, if your debts have become too unwieldly, credit counseling will only delay the inevitable bankruptcy.  

 

You need to have bankruptcy consultation Los Angeles, California, to know whether bankruptcy should be the right option, and if so, which one would be the best for your circumstances. Most personal bankruptcies are filed under Chapter 7 or Chapter 14 of the US Bankruptcy Code. The defining trait of Chapter 7 bankruptcy is that it liquidates the filer’s assets. That’s why it is also known as liquidation bankruptcy. Any nonexempt assets, such as additional home, investments that are not part of the retirement accounts, and luxury items and jewelry are turned over to a court-appointed trustee, who sells the proceeds to pay to creditors. During bankruptcy consultation Los Angeles, your bankruptcy lawyer will suggest Chapter 7 bankruptcy only if your disposable income is sufficiently low, which you will have to prove by passing a Means Test.  

 

Suspending pending foreclosures  

Expert bankruptcy lawyers at Recovery Law Group provide affordable bankruptcy San Antonio, and would help discharge your debts fast under Chapter 7 bankruptcy, typically within four months. However, if you make sufficient money but need time to repay your debts, you may be advised to file for Chapter 13 bankruptcy during bankruptcy consultation Los Angeles. It will immediately suspend pending foreclosures and payments of other debts that you owe. This debt relief option gives you time of three to five years to pay off to your creditors, after which any qualifying debts that remain are discharged or eliminated.  

 

Finalizing repayment plan  

Chapter 13 bankruptcy shields debtors from lawsuits, wage garnishments, and other tactics used by creditors. As you will be told during your bankruptcy consultation Los Angeles, to qualify for Chapter 13 bankruptcy, you must have a regular source of income, your total debt should be less than $2.75 million, and you should also have submitted federal tax returns and state returns for four years preceding the bankruptcy filing. When you decide to go ahead with affordable bankruptcy San Antonio, your specialist Recovery Law Group attorney will submit necessary documentation to the court, and bar creditors from seeking additional payments. Within 40 days of filing for Chapter 13 bankruptcy, a court-appointed trustee will convene a meeting between you and your creditors, wherein adjustments in repayment plan can be done if needed. The repayment plan will be finalized wherein you will be given three to five years of time to repay your debt, any qualifying debts after repayment is completed will be eliminated.