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The rebuilding of your credit post-bankruptcy
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The rebuilding of your credit post-bankruptcy

After Bankruptcy

The rebuilding of your credit post-bankruptcy

The first step towards rebuilding of an individual’s credit worthiness post his bankruptcy case is to formalize an effective plan and strategy. It is very important to have a working and efficient plan as against the one that caused the downfall and landed you in bankruptcy. Though it is a big relief from all outstanding debts, the report of your bankruptcy filing is going to be impactful on your credit worthiness – at times for 10 years in cases of Chapter 7 filing. The good news is that as the bankruptcy period ages, the impact of it on [...]

admin2025-08-21T11:11:12+00:00

Know your Bankruptcy Trustee in Chapter 7 Bankruptcy
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Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

Bankruptcy

Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy trustee is appointed by the court for every Chapter 7 bankruptcy filed with them. These trustees mostly work in favor of the creditors. The prime responsibility is to go over all the paperwork to ensure that they have been submitted in order, to reverse any recently performed financial transactions that may be invalid in the context of bankruptcy and for liquidating viable assets in order to repay the creditors. A bankruptcy trustee is paid a fee by the court for examining all the associated paperwork. In addition to this, if the trustee is able [...]

admin2025-08-21T11:07:41+00:00

In What Order are the Creditors Paid in a Bankruptcy Case?
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In What Order are the Creditors Paid in a Bankruptcy Case?

Credit and Bankruptcy

In What Order are the Creditors Paid in a Bankruptcy Case?

While bankruptcy is a great way to get your debts discharged and get out of a bad financial situation, it simultaneously allows many creditors to get paid too. Creditors are allowed to collect some portion of the debt that is owed to them in both Chapter 7 (liquidation bankruptcy) and Chapter 13 (repayment plan) bankruptcies. The court appoints a bankruptcy trustee and they both are responsible to ensure that fair distribution of payment takes place. The payment process depends on the nature of the debt as well as the Chapter bankruptcy is filed under. What is The Order [...]

admin2025-08-21T11:55:00+00:00

In Texas? Ensure That you Adhere to These Guidelines
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In Texas? Ensure That you Adhere to These Guidelines

Credit Tips

In Texas? Ensure That you Adhere to These Guidelines

Finding oneself in a pile of debts is definitely an uneventful scenario and filing for bankruptcy stands as the only viable option for this. The filing process can help to discharge some or all of the debts and get manageable payment schedules for the others. You can also take care that you are careful of building a future that is devoid of these financial mistakes. If you are in Texas, there are some key guidelines to be cautious about when you are filing for bankruptcy. Take a look at them now! Do not spend your retirement funds–In order [...]

admin2023-03-30T13:04:50+00:00

How to Stop Wage Garnishment And Collection Actions of Creditors in California
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How to Stop Wage Garnishment And Collection Actions of Creditors in California

Bankruptcy

How to Stop Wage Garnishment And Collection Actions of Creditors in California

Time and again, bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group reiterate that with a few exceptions (taxes, alimony, child support, student loan etc.) garnishment does not take place in states of California, Nevada and Texas unless a creditor has filed a case against you in a law of court and obtained judgment against you. In case they get a judgment against you, they need to file a request for garnishment which is issued to your employer. With this notice, your employer will need to provide your wages to the creditors at [...]

admin2023-06-15T07:07:34+00:00

Does filing bankruptcy relieve you of debts?
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Does filing bankruptcy relieve you of debts?

Bankruptcy

Does filing bankruptcy relieve you of debts?

It is probably a myth that many of us have come to believe that bankruptcy relieves one of all debts. Although it may sound attractive about not being obliged about settling your creditors and make a new start with your business, there are some facts to the discharge of debts that one needs to clearly understand about – it may be a surprise that bankruptcy conditions when filed do not eliminate all debts. When filing for bankruptcy using Chapter 7 or Chapter 13, the U.S. Bankruptcy code doesn’t enforce you to pay certain outstanding debts. The code was [...]

admin2025-08-21T11:37:21+00:00

Do You Know Which Federal Benefits are exempted from Garnishments?
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Do You Know Which Federal Benefits are exempted from Garnishments?

Credit Tips

Do You Know Which Federal Benefits are exempted from Garnishments?

Bankruptcy can be quite intimidating. There is a pressure of being unable to cope up with the increasing demands of the debt collectors apart from the social stigma attached to bankruptcy. In case you get sued by the debt collector for non-payment of dues, and the court holds the suit, you are at a huge risk. Your bank accounts and other sources of income (employers) might be used to help settle the debt to the creditors. Lawyers of Los Angeles based law firm Recovery Law Group explain that certain funds are the same from garnishments due to them [...]

admin2023-03-07T10:38:40+00:00

Can Bankruptcy Help Eliminate Medical Bills?
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Can Bankruptcy Help Eliminate Medical Bills?

Medical Bills

Can Bankruptcy Help Eliminate Medical Bills?

Financial problems can arise due to many factors, one of which is huge medical bills. If non-payment of medical dues can cause economic issues for you, you might have to file for bankruptcy to save yourself from insurmountable debts. However, many times, clients feel guilty about filing for bankruptcy, probably due to the fact that they somehow were incapable of arranging for such an emergency which may lead to the feeling of incompetence. It is important to remember while taking a guilt trip; that this is something nobody asked for and therefore bankruptcy is not something one should [...]

admin2025-08-08T06:37:25+00:00

Being Prepared For Your Meeting of Creditors
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Being Prepared For Your Meeting of Creditors

Bankruptcy, Credit and Bankruptcy, Credit Tips

Being Prepared For Your Meeting of Creditors

The meeting of creditors or a 341 hearing is a mandatory process conducted by the bankruptcy trustee when there is a filing of bankruptcy. During a filing of bankruptcy, the petitioner provides several documentations related to the situation including the petition and schedules. In the hearing process, the trustee gets the opportunity to ask the petitioner questions regarding the furnished information. The answers to these questions have to be answered under oath. If you are an individual who has filed bankruptcy, it is imperative that you have to be part of this meeting of creditors. Needless to say, [...]

admin2023-03-07T10:40:47+00:00

Bankruptcy’s Impact on Credit Worthiness
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Bankruptcy’s Impact on Credit Worthiness

Credit and Bankruptcy

Bankruptcy’s Impact on Credit Worthiness

Credit scores reflect on the financial history of an individual or a business and are meticulously built over time. When there are moments of financial crisis and debts pile up, the individuals ultimately opt to file for bankruptcy. The biggest fear when the individual's file for bankruptcy is how it impacts their credit scores. There are many reasons why credit scores will not be impacted in cases of bankruptcy as every individual commences their financial status afresh and they have time to rebuild their credit history Checking with a bankruptcy attorney or a law firm such as Recovery [...]

admin2025-08-06T06:41:59+00:00

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The rebuilding of your credit post-bankruptcy

The rebuilding of your credit post-bankruptcy

Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

Know your Bankruptcy Trustee in Chapter 7 Bankruptcy

In What Order are the Creditors Paid in a Bankruptcy Case?

In What Order are the Creditors Paid in a Bankruptcy Case?

In Texas? Ensure That you Adhere to These Guidelines

In Texas? Ensure That you Adhere to These Guidelines

How to Stop Wage Garnishment And Collection Actions of Creditors in California

How to Stop Wage Garnishment And Collection Actions of Creditors in California

Does filing bankruptcy relieve you of debts?

Does filing bankruptcy relieve you of debts?

Do You Know Which Federal Benefits are exempted from Garnishments?

Do You Know Which Federal Benefits are exempted from Garnishments?

Can Bankruptcy Help Eliminate Medical Bills?

Can Bankruptcy Help Eliminate Medical Bills?

Being Prepared For Your Meeting of Creditors

Being Prepared For Your Meeting of Creditors

Bankruptcy’s Impact on Credit Worthiness

Bankruptcy’s Impact on Credit Worthiness

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