Chapter 13 Bankruptcy

What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

The two most common chapters under which bankruptcy is filed are Chapter 7 and Chapter 13. Chapter 7 is known as liquidation bankruptcy where non exempted assets are liquidated or sold off to pay your creditors. This chapter of bankruptcy typically results in discharge within 3 months of filing without making any further payments. While in Chapter 13 bankruptcy case, a court approved repayment plan is devised to clear your debts with the creditors. According to Dallas based bankruptcy law firm Recovery Law Group, partial payment based on your disposable income is made to creditors over a period [...]

2025-08-21T11:36:57+00:00
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Get Your Credit Report Updated to Show Bankruptcy Discharge

Since bankruptcy filing is public information, people can have access to it. This is a major point of concern for bankruptcy filers as it hampers their chance of getting a loan or even a decent job. Though the information is entered in your credit report, any discharge granted for the bankruptcy should also be mentioned on the credit report. Many times as per the Los Angeles based bankruptcy law firm Recovery Law Group lawyers, the information is not updated on credit reports. This is a cause of worry for people who wish to start their life afresh but [...]

2025-08-06T07:41:56+00:00
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Need to Update Your Bankruptcy Information? Here’s What You Should Do

Bankruptcy involves a lot of paperwork, both while filing for it and even after discharge. It is therefore important to have legal representation to get through with it smoothly. In case you are looking for legal representation, you can call 888-297-6023 to know more about bankruptcy and its discharge. Generally, post-bankruptcy discharge, creditors update information in their accounts which are eventually displayed on the credit reports. However, many times creditors don’t update the information. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, there are options available for individuals if their creditors haven’t updated [...]

2025-08-21T11:30:19+00:00
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The Workings of Chapter 13 Bankruptcy

The Workings of Chapter 13 Bankruptcy Chapter 7 and Chapter 13 bankruptcy are the most common ones which individuals file for getting rid of their debts. Depending on their financial condition, their assets, income, and debts, a suitable course of action is determined by a skilled bankruptcy attorney. In Chapter 13 bankruptcy, bankruptcy filer ends up paying some amount of debt while getting a discharge on others. According to Dallas based bankruptcy law firm Recovery Law Group, it is important to know what course of action is preferred by the client. Bankruptcy can help you and your family [...]

2025-08-21T10:00:57+00:00
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The Means Test Calculator in Chapter 7 Bankruptcy

Chapter 7 or liquidation bankruptcy is preferred by most people since it enables people to get a discharge within a smaller time frame (3-6 months) compared to Chapter 13 bankruptcy (3-5 years). Moreover, with various exemptions available, people are often able to protect almost their entire equity in their assets and get away with paying little towards their debts before getting them discharged. However, the catch is that if you wish to file under Chapter 7 bankruptcy, you need to pass the means test. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the [...]

2025-08-11T10:04:41+00:00
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Need to File Bankruptcy a Second Time? Here’s an Overview of Both Chapters for Your Assistance

Financial problems can hit anyone anytime. However, there is no guarantee that despite your best efforts you might not hit a rough patch again. Many people are often confused that if they have opted for bankruptcy earlier to get rid of their debts, are they eligible to file for bankruptcy again? According to Dallas based bankruptcy law firm Recovery Law Group lawyers, if an individual has had a bankruptcy discharge previously, a certain time period is necessary before they can file for bankruptcy again. The various options available to people who have previously filed for bankruptcy are: If an [...]

2025-08-11T10:16:11+00:00
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What Options are Available in Case of Business Bankruptcy?

In this age where jobs are few and rare, many people turn entrepreneurs. However, starting your business is a risk. People often take loans to finance their dream. Many times, the lines between business finance and personal finance become hazy. In such a case, it is often difficult to separate the two. This becomes an issue if the business takes a downhill turn. According to Dallas based bankruptcy law firm Recovery Law Group, such an issue can be problematic at personal and business levels. Irrespective of the reason for your financial troubles, bankruptcy is always a viable option. [...]

2025-08-11T10:19:51+00:00
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Which Debts are Cleared by Bankruptcy?

Bankruptcy is an ideal way to get rid of debts. However, things can be quite confusing for the layman as the terms are often misunderstood. Though bankruptcy is meant to legally get rid of huge amounts of debts, lawyers of Dallas based bankruptcy law firm Recovery Law Group, inform that not all debts get discharged during the process. Depending on which chapter of bankruptcy you choose to file bankruptcy under, your debts can be reorganized, discharged or left as such. To know details about your options, consult with bankruptcy lawyers at 888-297-6023. Chapter 7 Bankruptcy If you want [...]

2025-08-21T10:35:05+00:00
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Is Bankruptcy an Answer to Debt Relief?

A disability may occur to anyone at any point in time, but the gaping fact is the treatment. The treatment of a person may be quite expensive. The person may not have enough and may have to take loans to get treated. The loan could mount unreasonably making it difficult for the person to clear it off. Getting a disability benefit may help him swing through the daily chores but will not help him clear the loans. With disability, the person cannot be employed for gainful income and hence is left with little or no resources to clear [...]

2025-08-21T09:54:43+00:00
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Is Bankruptcy The Right Decision

The debtor may often ask ‘if bankruptcy is the right decision for me?’. This is so because bankruptcy may be seen as a dishonor or disgrace to their reputation. Consequently, a person not able to clear off his loans is more dishonorable than bankruptcy. In bankruptcy, the debtor is trying to clear some part of the debt, which may not be otherwise possible. The debtor when realizes that in no circumstances, he will swim through the loans successfully, and ultimately drown, must take rescue in bankruptcy. Detail information is available on- https://bankruptcy.recoverylawgroup.com/ Qualifying for bankruptcy The government of [...]

2025-08-21T11:45:21+00:00
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