Recovery Law Group

  The US Bankruptcy Code is designed to provide a legal reprieve to individuals and businesses who are unable to repay their outstanding debts or obligations. All bankruptcy cases in the US are heard in the federal courts, who will appoint a trustee, to represent the debtor’s estate in proceedings. Before filing for bankruptcy, you may be presented with some alternatives by your creditors, like forbearance, wherein you will be allowed to postpone payments for a period of time. You may be provided with repayment plans to repay your debt in smaller amounts, stretched over a longer period. Some lenders also offer you a lower interest rate over the remainder of your loan.        However, if nothing works out and you are only left with bankruptcy as the last resort, then you can contact specialist bankruptcy law firms, such as Recovery Law Group. They have specialist bankruptcy lawyers California who have helped thousands of individuals, including businesses, with their bankruptcy fili

  Most individual bankruptcies in the US are filed either under Chapter 7 or Chapter 13, that eliminate your debt differently. You need to pursue different procedures for full or partial repayment to your creditors. If you take bankruptcy consultation Denver in Colorado, you will come to know that Chapter 7 bankruptcy could be an option if your financial means fall below a specified limit, which is the Median income of the family of your size in the state of Colorado. If your average income for the past six months before filing of Chapter bankruptcy is less than the Median income of the size of your family the Colorado, you will primarily pass the test and be eligible to file for Chapter 7 bankruptcy. However, your assets valued beyond an exempt amount will be forfeited and sold, and the proceeds will be distributed among your creditors.         A trustee will be appointed by the bankruptcy court to oversee your personal assets and finances, and ensure that your creditors are paid

The procedure of Emergency Bankruptcy Filing comes in handy only when you need immediate bankruptcy relief, and you don’t have the time to go through the procedure and file a traditional bankruptcy. A normal bankruptcy filing takes about a week for the attorney to complete the entire procedure, whereas, if an emergency requires immediate action, an Emergency Bankruptcy Filing requires a few hours at max. You may need to file an emergency bankruptcy petition to prevent a foreclosure sale, car repossession, eviction, lawsuits, and wage garnishments, and disconnection of utilities. It will also bring an automatic stay, which means all creditors’ collection efforts must stop, including phone calls and visits.     Individual emergency bankruptcies are usually filed under Chapter 7 or Chapter 13 of the US Bankruptcy Code. Chapter 7 will eradicate all or most of your unsecured debts, while Chapter 13 will require the submission of a plan to repay the debts within three to five years.  

Bankruptcy is available to distressed consumers and businesses, and gives them a way to repair their balance sheets amidst the challenging economic environment. The US witnessed a total of 34,447 bankruptcy filings in December 2023 alone, which was a 16 percent increase from total 29,654 filings in the month of December 2022. Bankruptcy courts in the country have seen a rise in filings post-pandemic, when many people lost their jobs and businesses plummeted. The US Bankruptcy Code is created to help all such individuals and businesses, and assist them with a fresh financial start when they are not in a position to repay their debts as agreed. Fresh financial start is made possible through affordable bankruptcy Houston TX , either by eliminating all or a portion of outstanding debts, stretching out the monthly payments under the supervision of a court-appointed trustee.   Chapter 7 bankruptcy is filed by most individuals who find it almost impossible to repay their debts. Filing for