Skip to main content

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.  

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