Hire bankruptcy attorney in Riverside to navigate complex bankruptcy laws with ease

For individuals in financial distress, filing for bankruptcy can provide significant financial relief and help individuals regain control over their finances. One of the most immediate benefits of filing for bankruptcy is the automatic stay, which stops creditors from taking further action against you. This includes halting wage garnishments, collection calls, foreclosure proceedings, lawsuits, and evictions. It gives you a break from the constant pressure of financial demands, allowing you to focus on resolving your financial situation. By eliminating or restructuring your debts, bankruptcy provides a clear path toward regaining financial stability. Depending on the type of bankruptcy and exemptions available in your state, you can keep certain assets such as your home, car, and personal property.  

  

Hiring a bankruptcy lawyer is crucial when navigating the complexities of bankruptcy proceedings. When you hire bankruptcy attorney in Riverside, California, you will benefit from the expert knowledge they possess about bankruptcy law, that varies from state to state. They can guide you through the legal process, and your eligibility to file for bankruptcy either under Chapter 7 or Chapter 13, ensuring compliance with all laws and procedures.   

  

Means Test for Chapter 7 Bankruptcy   

In Chapter 7 bankruptcy, the Means Test is a critical step in determining whether you qualify. The test involves a detailed review of your income, expenses, and family size. When you hire bankruptcy attorney Riverside from a reputed law firm, such as Recovery Law Group, will help you understand the Means Test and ensure it’s accurately completed, which is crucial for qualifying for Chapter 7 or determining if you need to file under Chapter 13 instead.   

  

The main goal of Chapter 7 bankruptcy is to provide a fresh financial start by discharging (eliminating) most unsecured debts, such as credit card debt, medical bills, and personal loans. It allows individuals to eliminate significant debt quickly, typically within a few months. A court-appointed trustee will review your financial situation, sell nonexempt assets (if any), and use the proceeds to pay back creditors. Dischargeable debts under Chapter 7 bankruptcy, which can eliminated include credit card and medical bills, personal loans, utility bills, and past-due rents.   

  

Repayment plan under Chapter 13 bankruptcy   

Chapter 13 Bankruptcy, often called a "wage earner’s plan”, is a type of bankruptcy that allows individuals with regular income to reorganize their debts and create a repayment plan to pay off all or part of their debts over a 3- to 5-year period. Rather than eliminating debts like in Chapter 7, Chapter 13 allows individuals to keep their property (like their home or car) and repay their debts in an affordable way over time.  The bankruptcy court will approve a repayment plan that lasts between 3 and 5 years, depending on your income and the total amount of debt you owe. To be eligible for Chapter 13, you must have regular income, your unsecured debts must be less than $465,275, and secured debts, such as mortgages and car loans, must be less than $1,395,875.   

  

Many individuals who file for bankruptcy without legal help make mistakes, such as failing to disclose all assets, misclassifying debts, or choosing the wrong bankruptcy chapter. Filing for bankruptcy involves submitting numerous legal documents and forms. Even a small mistake or omission can result in delays, rejection of your case, or even dismissal. When you hire bankruptcy attorney Riverside, they will ensure that all paperwork is properly completed and filed, reducing the likelihood of errors that could harm your case. 

 

 

 

 

 

Top Reasons Why You Should Rely on Experienced Defense Attorneys During Foreclosure

Foreclosure might be one of the most unfortunate terms for families as it signifies the taking away of the property once a mortgagor fails to pay the mortgage payments. Once this scenario happens, a family might feel helpless as they remain unaware of the steps they can take to prevent this disaster. In today’s blog, we’ll shed some light on why hiring an experienced foreclosure defense attorney is invaluable in such circumstances.   

Defending Against Foreclosure  

Foreclosure is not to be taken lightly like other small claims that people often defend themselves in court. If you fail to defend a foreclosure, there can be severe consequences that can leave your entire family without a proper home. This is why it’s best to rely on expert foreclosure defense attorneys in Austin TX to reduce the damage and keep your family’s future secure. Here’s why you need their help:  

Thorough Knowledge of the Law  

Knowing the ins and outs of the law is not an easy task. It takes years of experience to understand and master the laws governing mortgages, foreclosures, contracts, and all the rights related to the laws. Experienced foreclosure attorneys continue to face different types of foreclosure cases year in and year out, maximizing their learnings to expertly handle all cases and generate positive outcomes.   

Navigating all Possible Alternatives  

Even in cases where families feel there is no possibility of retaining the property, experienced foreclosure defense attorneys in Austin TX can find the perfect solution by looking at alternatives that a normal person might be unaware of. A slight loan modification can sometimes turn the tables in your foreclosure defense and make all the difference for a better future. Chapter 13 Bankruptcy can also emerge as a lifesaver and help you keep your precious property to yourself.   

Simplifying Complicated Court Procedures  

When you’re already in an uncomfortable situation, going through all the complicated court procedures for foreclosure defense can drain all your remaining energy, making matters worse. This is not the case if you are working with a foreclosure defense attorney as he/she will guide you while representing your interests in the best way possible.   

Keeping Up with the Evolving Laws  

Foreclosure laws, which are already complicated and vary from region to region, also constantly evolve because of a number of factors including government regulations, economic conditions, and judicial interpretation. Since it is impossible to remain updated with the latest foreclosure laws given the work, family, and other responsibilities you might have, it’s best to rely on experienced professionals who remain at the forefront of any legal revisions in the law.   

Searching for Experienced Foreclosure Attorneys?  

If you’re in need of a reliable foreclosure attorney, you can turn to Recovery Law Group for all your unique requirements. Their team of experienced mortgage foreclosure attorneys and foreclosure defense lawyers can help you recover from difficult situations by finding the best options, such as negotiations, loan modification, or bankruptcy. Get in touch to learn more about their advanced solutions today! 

 

 

Bankruptcy lawyers in San Antonio Texas to help you navigate bankruptcy complexities with confidence

Bankruptcy provisions are primarily mentioned under Title 11 of the US Bankruptcy Code, which outlines the various types of bankruptcy filings, the processes involved, and the protections afforded to debtors and creditors. One of the primary purposes of bankruptcy is to provide a discharge of debts, meaning that the debtor is no longer legally obligated to pay certain debts. The specific debts that can be discharged vary depending on the type of bankruptcy filed Below types of bankruptcy cases are frequently dealt with by bankruptcy lawyers San Antonio in Texas.    

Eligibility for bankruptcy can depend on factors like income, type of debt, and previous bankruptcy filings. For Chapter 7, your bankruptcy lawyer in San Antonio will inform you that you must pass a Means Test that assesses your income against the median income in your state. It compares your average monthly income over the last six months to the median income for a similar household in your state. If your income is below the median, you typically qualify for Chapter 7. The goal of the Means Test is to assess whether the debtor can repay a portion of their debts. It also ensures that non-deserving individuals do not take advantage of the bankruptcy provisions and their benefits.  

  

Chapter 7 and Chapter 13 bankruptcies   

If you qualify for Chapter 7 bankruptcy, the bankruptcy court will appoint a trustee to oversee your case and may sell non-exempt assets to repay creditors. As you will be informed by your bankruptcy lawyers San Antonio, there are some exemptions under Chapter 7, such as homestead exemptions and motor vehicle exemptions, personal property exemptions, retirement accounts, public benefits, and wildcard exemptions, that allow debtors to protect any asset of their choosing, up to a certain value. If you do not qualify for Chapter 7, then your bankruptcy lawyers San Antonio would advise you to file for bankruptcy under Chapter 13.  

  

Exemptions under bankruptcy provisions   

In order to qualify for Chapter 13, debtors must have a regular income and meet specific debt limits. As of 2023, unsecured debts must be less than $465,275, and secured debts must be less than $1,395,875. Unlike Chapter 7, Chapter 13 allows debtors to keep their assets, including homes and vehicles, as long as they adhere to the repayment plan, which is of three to five years’ duration, within which the debtor must discharge all of their outstanding debts. The repayment plan requires certain debts to be discharged on priority, such as child support, alimony, and certain tax obligations. Secured debts like mortgages must be addressed, and unsecured creditors may receive a portion of the debt based on the debtor's disposable income.  

  

Chapter 13 allows debtors to keep their assets, including homes and vehicles of certain equity, as long as they adhere to the repayment plan. After completing the repayment plan, remaining eligible unsecured debts are discharged, and the debtor is under no obligation to repay them. If the debtor experiences exceptional financial difficulties during the repayment period, they may be able to modify the plan. A Chapter 13 bankruptcy can remain on a credit report for up to seven years, which may impact the debtor's ability to secure new credit.