Bankruptcy filing

What Is The Minimum Amount Of Debt For Bankruptcy Filing?

Call: 888-297-6203 Many people are confused regarding how much debt is essential for a bankruptcy filing. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, there is no minimum amount of debt which is required for an individual to file for bankruptcy. Despite there is no minimum limit for a bankruptcy filing, it is important to understand the subsequent consequences of opting for bankruptcy. Bankruptcy leaves a negative impact on your credit score which can hamper your chances of getting a loan later. If you wish to get rid of your debts, there are several [...]


Short Sale Is Not Recommended If You Are Opting For Bankruptcy Filing

Call: 888-297-6203 When things get difficult people end up looking for an easier way out! One of the most common things people do when they are in financial trouble is selling off their house. Unfortunately, if they sell it for the quick case, they end up short selling the property. Short selling property means selling your house for less than what you owe on the mortgage. This results in a deficiency (the amount you still owe on your home loan) for which you are liable. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say that [...]


Chapter 7 Bankruptcy Filing of William Gary Busey

Call: 888-297-6203 On February 7, 2012, a famous actor of Malibu, California, William Gary Busey, had filed for a Chapter 7 bankruptcy. He had cited that he had assets of less than $50,000 and liabilities for more than $500,000. Gary had claimed that he had snorted cocaine off with a straw of his dog, Chili, in 2008. Though such a history would have made an average citizen unemployable, Gary had still continued to make films. He had starred alongside Danny Glover and Mel Gibson in the original Lethal Weapon movie. His other famous titles include Piranha 3DD and [...]


U.S. Bankruptcy Laws Get A Thumbs Up From Forbes

Call: 888-297-6203 With the octomom, Nadya Suleman filing for bankruptcy, Forbes lauded Bankruptcy Laws in U.S. This came out through an article which quoted French political philosopher, Alexis de Tocqueville saying that American bankruptcy laws are great as there is no legislation against bankruptcy filing, making it for possible for many people to file for bankruptcy. This is possible because despite a stigma attached to bankruptcy, people don’t fear filing for bankruptcy, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. This is possible because there are so many bankruptcy filings taking place that people fear [...]


Things to Avoid Before Bankruptcy Filing

Call: 888-297-6203 Despite the social stigma attached to it, bankruptcy is one of the best tools that can help you get rid of your debts, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. People who file for bankruptcy eventually end up in a better financial situation than those who don’t. Thus, if you are struggling with debts and are contemplating bankruptcy, there are a few things you should avoid doing. Avoid adding new debts to list In case you are going to file for bankruptcy, you should stop adding to your debts. Getting a new [...]


Should You Sell Your Vehicle Prior to Bankruptcy Filing?

Call: 888-297-6203 If you have accumulated a huge amount of debt because of a long and continuous unemployment period, then bankruptcy could be an easy way out. However, if you are contemplating bankruptcy and you possess two vehicles, both of which are paid for; could you sell one of those and then file of Chapter 7 bankruptcy as per Dallas based bankruptcy law firm lawyers, it depends on individual situations. Since any transactions done prior to bankruptcy filing are scrutinized by the bankruptcy trustee, selling a vehicle prior to bankruptcy might be considered a pre-bankruptcy transfer, which [...]


What Happens to Reaffirmed Debts in Case of Bankruptcy?

Call: 888-297-6203 When you have accumulated huge amounts of debts, bankruptcy is a preferred option. Apart from bankruptcy, other options according to Los Angeles based bankruptcy law firm Recovery Law Group, include debt settlement, debt reaffirmation, etc. When any individual files for bankruptcy, it becomes a public record and appears on their credit report. All accounts mentioned in bankruptcy papers are updated with the status “included in bankruptcy.” However, if you have reaffirmed any debt, and paid it fully, it should not appear on your credit report. Reaffirmation of debt takes place when an agreement is drawn between [...]


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 [...]


Can Bankruptcy Protect You and Your Property?

Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded. Another advantage of filing for bankruptcy [...]


Evading Payments – Bankruptcy Fraud on the Rise

Though the bulk of the bankruptcy claims that have been filed in the last year in the United States have been for real reasons of overpowering claims, There has been a little number of fraud cases of bankruptcy too. Amongst the honest and hardworking Americans, There is certainly a subset of people who have put up credit card debts as they have withdrawn payments. There are also fraudsters who hide their individual assets so as to keep them from lenders and also use bankruptcy to hide their different types of fraud that they use to achieve a personal [...]

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