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Rebuilding Credit After Bankruptcy

Call: 888-297-6203 Everything takes time. Neither does a person become bankrupt overnight, nor does building your credit. Though bankruptcy is an effective way to get rid of a huge amount of debt, it has repercussions too. It can tank your credit score like anything. Since bankruptcy becomes public record, your efforts to get a loan might be extremely difficult for a long time. Chapter 7 and Chapter 13 bankruptcies remain for ten and seven years respectively on your credit reports. This is because the majority of your debts are discharged without paying anything in the former case, while [...]

2019-09-04T10:32:27+00:00
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Are Accounts Included in Bankruptcy Deleted?

Call: 888-297-6203 When you file for bankruptcy, it is important to remember that any and all accounts that are included in the bankruptcy will find a mention on your credit report. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, inform that these accounts will not be deleted from your credit history immediately after a bankruptcy discharge, but remain on the credit report for a period of seven years. This seven-year duration is from the original delinquency date or the date of the bankruptcy filing. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. [...]

2019-09-04T09:58:32+00:00
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Can a Discharged Chapter 7 Bankruptcy Affect Your Credit Score?

Call: 888-297-6203 Bankruptcy becomes public record and finds mention on your credit report, even after the discharge. In case of a Chapter 7 bankruptcy, since no loans are paid back, it is mentioned on your credit report for a duration of 10 years from the date of the bankruptcy filing. According to Dallas based bankruptcy law firm Recovery Law Group, when the bankruptcy filing is discharged, the credit report should be updated to show the status. This discharge status should be extended to include all accounts included in bankruptcy. The update should also be done by the lenders [...]

2019-09-04T09:58:21+00:00
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Everything You Wanted to Know About Bankruptcy Discharge

Call: 888-297-6203 People reeling under the effects of debts often consider filing for bankruptcy. Despite the ill effects of denting your credit history, there are numerous benefits associated with bankruptcy, like, the automatic stay and discharging of debts. A bankruptcy discharge releases you from paying back certain debts after you file for bankruptcy. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the legal order also prevents creditors from taking any action to collect the outstanding debts which have been discharged by the court. You can live a threat-free life after getting a bankruptcy [...]

2023-01-12T09:24:20+00:00
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Can Bankruptcy Affect Your Chance of Getting Mortgage?

Call: 888-297-6203 Overwhelming debts require you to take some action if you wish to avoid repossession, foreclosure or lawsuit. Bankruptcy can be a way out, but you pay the price for it. You end up hurting your credit rating for as long as ten years in case of a Chapter 7 bankruptcy and seven years in case of Chapter 13 bankruptcy. Getting credit after bankruptcy can be extremely difficult. Thus, if you wish to get a mortgage, bankruptcy can be bad! According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy lowers your credit score considerably, [...]

2019-09-03T12:08:51+00:00
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How Difficult is it to Get Credit After Bankruptcy?

Call: 888-297-6203 Though bankruptcy can help you get rid of your debts, getting credit after bankruptcy discharge is easier said than done. Fresh out of bankruptcy, people find it difficult to get a creditor to approve their loan petition. This is because bankruptcy stays on your credit report for a long duration. Chapter 7 bankruptcy stays for 10 years since no debt payment is made in this case. In the case of Chapter 13 bankruptcy, since some portion of debts are paid, this bankruptcy remains on your credit report for seven years. Los Angeles based bankruptcy law firm [...]

2019-09-03T11:36:48+00:00
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Is It Possible to Get a Credit Card After Declaring Bankruptcy?

Call: 888-297-6203 Bankruptcy can tank your credit score. This fact is probably one of the most common reasons why people fear filing for bankruptcy. However, it will be surprising to know that rebuilding your credit score requires credit cards! According to Los Angeles based bankruptcy law firm Recovery Law Group , people fresh out of bankruptcy will find it a bit difficult to get the kind of credit cards they want. This is because bankruptcy alerts lenders of the inability of the individual to repay. Any credit card you get post-bankruptcy will charge you a higher rate of [...]

2019-09-03T11:36:59+00:00
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Know the Difference Between Chapter 7 and Chapter 13 Bankruptcy

Call: 888-297-6203 Individual debtors can file for bankruptcy under Chapter 13 or Chapter 7. In the case of chapter 13, you are required to repay some part of your loan over a period of 3 to 5 years through a court-approved plan. Since some portion of the debt is paid, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that the credit report shows this bankruptcy for only seven years. On the other hand, under Chapter 7, you don’t repay any debt and thus, the bankruptcy remains on the public record and your credit report [...]

2021-12-07T05:17:49+00:00
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All You Need to Know About Chapter 7 Bankruptcy

Call: 888-297-6203 People with limited income who have accumulated a huge amount of credit card and personal loan debt have the option of filing for bankruptcy under Chapter 7. Dallas based bankruptcy law firm Recovery Law Group lawyers elaborate that in this liquidation bankruptcy, your non-exempt property is sold off to repay your debts. In case you wish to protect your assets, Chapter 13 bankruptcy is a better option. This type of bankruptcy is known as a reorganization plan, where, in a court-approved repayment plan is used to pay off your debts over 3-5 years’ timeframe. What effect does [...]

2023-01-12T10:51:33+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.