Debt settlement attorney to help you manage your multiple debts in a consolidated manageable payment

 Many people reach a point where they find it difficult to repay their debts, and debt settlement provides them with a good option to repay a reduced amount, and the rest is forgiven by their creditors.  If you are burdened with overwhelming debt, you can consider going for debt settlement, wherein your unsecured debts like credit card debt, personal loans, and medical bills will be settled. This can be a good debt relief option for those having a large debt, and the creditor is willing to accept up to half of what you owe to settle a debt that you won’t be able to repay under your current situation. Your experienced bank settlement attorney, such as the ones available with Recovery Law Group, will help you reduce the balance owed by as much as 50%. Once the debt is settled, your creditors must stop all collection activities, and if they do so, your Recovery Law Group’s specialist debt settlement attorney will sue them for violating the law.   

  

Your specialist debt settlement attorney, such as the ones available with Recovery Law Group, will combine your multiple debt accounts into one, with one interest rate, and one monthly payment. Instead of making multiple bill payments, you will make a single payment to a financial institution for a debt management company. The interest rate should be lower than the combined individual payments you were previously paying. Your Recovery Law Group’s debt settlement attorney will understand your financial situation, and come up with a debt solution that will fit your financial situation. The debt is usually paid off in fixed monthly payments over a period of 36 months, rather than a lumpsum amount.   

  

Hiring a debt settlement attorney might be a good option if:  

  

·         You are struggling for a long to pay your debts  

·         Your debts are more than 120 days past due date  

·         You are going through financial hardships  

·         You can’t set aside money for a lumpsum payment  

·         You are being frequently harassed by your creditors  

 

You need to be aware of debt settlement scams, and the Federal Trade Commission urges the people looking for debt settlement to look at the below red flags:  

  

·         Companies promising you to settle your debt for less than what you owe.  

·         Companies asking for their own fees before settling your debt.  

·         The company offering debt settlement must inform you how much or a percentage of each outstanding debt you must save in an escrow account.   

·         The company must also inform you about the negative consequences, such as the effect on your credit report, and continued fees and interest accumulation.   

  

Your Recovery Law Group’s debt settlement attorney will work with your creditors to bargain your current debt down to a level that you can afford. Depending on your situation, you may be required to pay as low as 25% of your total owed amount. Recovery Law Group has some of the best debt settlement attorneys, who have helped numerous debt-ridden individuals to settle their debts. The law firm also provides affordable bankruptcy services, wherein its attorneys provide you with the best bankruptcy option, be it Chapter 7, Chapter 11, or Chapter 13, to pay off and write off your debts.   

 

 

 

Bankruptcy consultation Culver City in California to help you get rid of outstanding debts

Not withstanding two decades of uninterrupted growth, bankruptcy filing in the USA has quintupled, with 1.5 million individuals filing for it annually. Bankruptcy law in the US has been enacted to solve three basic purposes:  

  

• To solve a collective action problem among creditors dealing with an insolvent debtor  

•  To provide a fresh financial start to an individual debtor with unmanageable debt  

  

The US Bankruptcy Code also deals with bankruptcies by firms in financial distress, and has provisions to save and preserve the going concern value of firms in financial distress by reorganizing their debts.  

Bankruptcy law is complex, the judicial process is initiated by filing a petition in the appropriate federal bankruptcy court. The Bankruptcy Code is divided into several chapters; Chapter 7 and Chapter 13 deal with bankruptcies filed by individuals. Chapter 7 provides for liquidation of assets of the debtor while Chapter 13 contains provisions for individuals with income. Given the complexity of the bankruptcy law, most individuals seek bankruptcy consultation Culver City, California, to navigate the process with confidence.   

  

Voluntary filing for Chapter 7 Bankruptcy   

  

Chapter 7 allows for the collection of assets of the debtor that are not exempt by a court-appointed trustee who will allocate the proceeds from the sale of assets to the creditors in the order of preference. As you will be informed during your bankruptcy consultation Culver City by your lawyer, secured debts which are backed by collaterals are discharged first, followed by unsecured debts. Not only individuals, business entities, corporations, and partnerships can seek relief under Chapter 7.  Specialist bankruptcy lawyers at Recovery Law Group can help you file a voluntary petition under Chapter 7.  Involuntary petition may be filed by creditors to force the debtor to declare bankruptcy.    

  

Means Test for Chapter 7 Bankruptcy   

  

Certain debts are exempt under Chapter 7, such as taxes on property and arrears, student loans, and child support. All debts after the completion of Chapter 7 bankruptcy are discharged. However, as you will be told during your bankruptcy consultation Culver City, you will have to pass the Means Test to qualify for Chapter 7. To pass the test, your average monthly income for the past six months should be less than the median income of the size of your household in California.   

  

Reorganization plan under Chapter 13 Bankruptcy   

  

If you fail to pass the Means Test, your Recovery Law Group’s specialist lawyer providing you with bankruptcy consultation Culver City will advise you to file for it under Chapter 13 wherein you will be given three to five years of time to repay all your outstanding debts. Your income will be considered while formulating the repayment plan. Chapter 13 will halt debt recovery proceedings like foreclosure and discharge the liability over some time. The Chapter also has a special provision to protect co-signers or third parties. An individual with unsecured debt of lower than $394,725, and secured debt lower than $1,184,200 can apply for bankruptcy under Chapter 13.     

  

Your case will be handled only by an experienced attorney at every stage of the process. This personalized approach to bankruptcy consultation Culver City by Recovery Law Group ensures responsive communication and the best outcome for your specific situation.   

 

 

 

 

Affordable bankruptcy in Sarasota by experienced bankruptcy lawyers in Florida

 Bankruptcy certainly isn’t the first choice to get rid of your debts, but you can certainly explore this legal option in Sarasota, Florida. if you have exhausted all your other options for meeting your financial obligations and still cannot afford your debt. Affordable bankruptcy Sarasota can often reduce or eliminate your debts, save your home, and keep creditors from harassing you. In Chapter 7 bankruptcy, your assets are essentially sold to settle debts with creditors. Certain assets, though, are excluded, including:  

  

·         Tools of trade  

·         Part of the equity in your home and automobile  

·         Pensions  

·         Social security   

·         Personal items  

·         Clothing, and   

·         Any other public benefits  

  

To qualify for Chapter 7 affordable bankruptcy Sarasota, you will have to pass the Means Test, wherein your average monthly income for the past six months should be less than the median income of the size of your household in the state of Florida. If you qualify, then a federal bankruptcy court-appointed impartial trustee will sell all your non-exempt assets, and pay the proceeds to the creditors. Some assets are non-exempt, and will be sold to pay your creditors by a federal court- appointed impartial trustee, after which your debts are considered discharged. Non-exempt assets include:  

 

·         Property other than your primary residence  

·         Bank accounts  

·         Collectibles or other valuable items  

·         Investment accounts  

·         A second vehicle  

  

However, if the calculations show that you have enough disposable income left over to begin repayment, the court may rather decide Chapter 13 as the eligibility for your bankruptcy. Under Chapter 13 affordable bankruptcy Sarasota, you will be allowed to reorganize your debts, and pay your obligations over a period of three to five years under the supervision of a court trustee. All your outstanding debts will be consolidated, and you will repay it through an affordable monthly EMI. The repayment plan must provide for a substantial payback to the creditors, at least equal to what they would have received under other forms of bankruptcy.   

  

Claims or debts fall into the below three categories under Chapter 13:  

 

Priority: These debts include tax obligations, alimony, and child support  

Secured Debts: These debts are secured by collaterals. Like in the case of mortgage, home serves as collateral. With a car loan, it is usually the vehicle. The creditor has the right to seize the collateral if secured debt is not paid.  

Unsecured Debts: These are not secured by collateral. Credit card bills are the most common example of unsecured debt. Medical bills are also considered unsecured debts.   

  

The debts are discharged in the same priority order under Chapter 13 affordable bankruptcy Sarasota, viz. priority debts are discharged first, followed by secured debts, and finally unsecured debts are discharged. Once a Chapter 13 bankruptcy is initiated, any home closure proceedings are ceased. Moreover, creditors' collection activities must stop as soon as bankruptcy is filed. If you continue to receive harassment calls for visits by your creditors, you can contact Recovery Law Group, who will sue your creditors for violating the Automatic Stay, as per the US Bankruptcy Code. Recovery Law Group has experienced bankruptcy lawyers who will help you all through the complex bankruptcy law landscape.