chapter 7 bankruptcy

Can All Debts Be Discharged in Chapter 7 Bankruptcy?

Call: 888-297-6203 Among the various chapters of bankruptcy, people prefer to file under Chapter 7. This is because you can eliminate almost all the unsecured debt to lead a debt-free life. However, before you become overjoyed with the idea of getting rid of all your debts, it is important to know that not all debts are discharged, even in Chapter 7 Bankruptcy. Dallas based bankruptcy law firm Recovery Law Group informs you about the different debts which are not discharged in a Chapter 7 bankruptcy: Child support and alimony Student loan debt Debts due to penalties for driving [...]

2021-12-07T05:04:19+00:00
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Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

Call: 888-297-6203 Uncertainty is something people are not comfortable with. Being in financial distress and not knowing what to do can be extremely distressing for people. There are several ways to get rid of debt, bankruptcy often being the last resort. However, once you have decided the option, there are many other things to consider. The various facets of bankruptcy can be quite confusing, primarily being the numerous proceedings associated with bankruptcy. A bankruptcy trustee is appointed to oversee the accounts in case of bankruptcy chapters. According to Los Angeles based bankruptcy law firm Recovery Law Group, a [...]

2019-09-10T11:55:00+00:00
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Marriage and Bankruptcy: What Happens If A Person with Great Credit Marries Another Who is Fresh Out of Bankruptcy?

Call: 888-297-6203 Marriage is a big decision, something which should be taken after much deliberation. Since money is often the bone of contention in most marriages which might result in divorce, having money matters sorted prior to getting married is an excellent decision. Unforeseen circumstances can send anyone in financial distress. People who decide to get married to someone who is fresh out of bankruptcy, are often worried about the effect of this decision on their finances. According to Los Angeles based bankruptcy law firm Recovery Law Group, marriage is not going to join the individuals’ credit automatically. [...]

2019-09-09T11:10:56+00:00
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When Should You Consider Filing for Bankruptcy?

Call: 888-297-6203 Filing for bankruptcy is a decision that should be taken after careful consideration regarding the long term implications, say Dallas based bankruptcy law firm Recovery Law Group. This is a sane advice since bankruptcy has serious ramifications which last quite long. Bankruptcy is an indicator of financial risk. The records are public and appear on your credit report. Thus, every lender becomes aware of your financial situation and getting credit, therefore, becomes difficult. Experienced bankruptcy lawyers say that filing for bankruptcy should always be your last option. The most common chapters individuals can file bankruptcy under [...]

2021-12-07T05:15:49+00:00
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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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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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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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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 are a debt relief agency. We help people file bankruptcy petitions to obtain relief under the bankruptcy code.