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How does a credit report react to Chapter 7?

Bankruptcy can have several benefits, like wiping off your debt, giving you a fresh start, helping you with all the financial mess, offering some breather to recollect your finances, etc. However, it does impact your credit score, which is interlinked to your loan taking ability in the future. In fact, as per some of the latest reports, it might take over 10 years of worthy credit trust to repair the damage caused by filing for bankruptcy once. To know more such facts and to keep up yourself with the most current bankruptcy related aspects, log on to. What [...]

2019-08-02T08:01:19+00:00
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Do You Own a House and are Filing for Chapter 7 Bankruptcy? Here Are Your Options

When you file for bankruptcy to get rid of your debts, there are certain concerns regarding your assets, especially your house. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, you have the option of retaining your house, delaying foreclosure or letting the house go when you file for Chapter 7 bankruptcy. However, you can only keep your home in a liquidation bankruptcy if you are current on your mortgage payments and there isn’t significant equity in the home to pay creditors. What happens to your home during bankruptcy depends a lot on various other [...]

2023-01-12T10:57:48+00:00
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Filing for Bankruptcy is Easy When You Have All Details!

Filing for bankruptcy can be quite traumatic for people. Dealing with financial instability can take a toll on you. Having to look for various forms to file the bankruptcy petition can be an added burden. However, filing for bankruptcy is not that tough when you have the assistance of able bankruptcy lawyers, say Los Angeles based bankruptcy law firm Recovery Law Group. A copy of official bankruptcy forms can be printed from the official United States courts website. Additional forms required by local bankruptcy court might have to be filled apart from the official forms. The rules and [...]

2023-04-11T08:17:12+00:00
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Debts That You May Continue to Pay During Chapter 7 Bankruptcy

Chapter 7 is advocated as one of the best Chapters to release a good amount of debt with zero obligation after the bankruptcy process. However, this might not hold true under some scenarios. The filer might have to continue to pay out some of the debts during and after Chapter 7 bankruptcy. To assess if Chapter 7 could actually kill all your debts or not, it is best to analyze some of the debts, you may still be obliged for even after filing for Chapter 7 bankruptcy. For more information relating to bankruptcy and Chapter 7, log on [...]

2023-05-05T06:27:42+00:00
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Chapter 7 or Chapter 13? Which is Better if Wish to Keep Your Home?

Chapter 7 and Chapter 13 are the preferred routes taken by individuals filing for bankruptcy. Each has specific requirements that you must meet if you wish to get your debts discharged. According to Los Angeles based bankruptcy law firm Recovery Law Group , you need to be current on your payments and protect all home equity through bankruptcy exemptions in the case of Chapter 7. While in Chapter 13, you get a chance to catch up on missed mortgage payments through arrearage in the repayment plan. Both state and federal government offer exemptions to protect your equity in [...]

2023-04-11T08:19:01+00:00
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Chapter 7 Bankruptcy and Medical Debt

Considering the rampant spread of diseases across the world, having health insurance is mandatory. However, despite the assurance of insurance, people still end up accumulating a huge amount of medical debt. Getting rid of the unsurmountable medical debt is a reason why many people file for bankruptcy. However, the fate of any debt during bankruptcy depends on which kind of debt it is, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. Debts are classified broadly into four categories: Secured debts If the creditor has a lien on your property, such as home or car, [...]

2021-12-07T07:44:12+00:00
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Common Avoidable Mistakes for Chapter 7 Means Test

A Means test is an eligibility test that is carried to assess the eligibility for Chapter 7 bankruptcy. However, means test is not one of the simplest tests to carry out, which creates possibilities of multiple errors. Some of them could be avoided and the eligibility for Chapter 7 can be made much easier. To learn more about Chapter 7, eligibility, alternatives, and best attorneys in your town to help you deal with this financial crisis, log on to Recovery Law Group . Some quite common avoidable errors can be listed as follows- Do you really need to [...]

2023-03-31T14:30:41+00:00
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Automatic Stay – Way to Stop Your Creditors

One of the best advantages that bankruptcy can offer debtors is an automatic stay. this puts an immediate end to all collection actions and any civil lawsuit filed against you by the creditors, government or collection agencies. The upside of the automatic stay as per Los Angeles based bankruptcy law firm Recovery Law Group  is that it can help you prevent being evicted or protect your property from being repossessed or foreclosed on, utilities being disconnected or wage garnishment. For more information on automatic stay, call 888-297-6023 and speak with bankruptcy lawyers. What can automatic stay prevent? The [...]

2023-06-27T05:02:22+00:00
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Are There Alternatives to Bankruptcy?

When faced with huge financial problems, people often resort to filing for bankruptcy. Undoubtedly, it offers great respite for people, especially when it comes to harassing collection actions from the creditors. However, bankruptcy can negatively affect your credit report. According to Dallas based bankruptcy law firm Recovery Law Group, there a number of other viable options are also available for people struggling with debt. To know more about them you can call 888-297-6023 and speak with bankruptcy lawyers. The alternate options depend largely on what your primary objective for filing bankruptcy is. If you wish to get respite [...]

2023-04-11T08:20:41+00:00
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Chapter 7 bankruptcy: An Assessment of Cost and Debt Discharge

If there is too much debt piled up, the only option available might be to file for bankruptcy. Before filing for bankruptcy, it will be worthy to find out what could be an estimated cost and what would be some of the debts that you could get rid off by filing for bankruptcy versus by not filing. Most of the stats indicated below are availed from reader’s surveys. To know more statistical information and technical aspects of bankruptcy, log on to Recovery Law Group. Attorney fees Keeping everything aside, the most difficult and common question to answer is [...]

2019-08-02T08:03:28+00:00
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