chapter 7 bankruptcy

Do You Know How Long Bankruptcy Stays on Your Credit Report?

Call: 888-297-6203 Struggling to manage your finances is more common than you think. When people have a huge amount of debts like credit card bills, student loan, etc. filing for bankruptcy might be an excellent way to get rid of them. However, there are consequences to this act warn Dallas based bankruptcy law firm Recovery Law Group lawyers. Bankruptcy can negatively affect your credit rating. Depending on which chapter of bankruptcy you file, it could remain on your credit report for as long as 10 years. However, people without any other option might end up filing for bankruptcy. Prior [...]

2021-12-07T05:20:32+00:00
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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 [...]

2023-01-19T05:35:15+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 [...]

2019-08-29T13:10:46+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 [...]

2019-08-29T09:27:22+00:00
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Is Chapter 7 Bankruptcy Deleted?

Filing for bankruptcy can be quite an emotional experience for people. It is difficult to admit that you have been unable to manage your finances in a proper fashion. What is worse is that bankruptcy becomes public record and is reflected on your credit history. This makes it difficult for people to obtain new credit at reasonable rates or even get a job. However, Los Angeles based bankruptcy law firm Recovery Law Group informs that bankruptcy records are deleted ten years from filing date in case of Chapter 7 and seven years from the filing date in case [...]

2019-08-29T09:27:09+00:00
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Protect Yourself Financially by Avoiding These Mistakes

Nobody wishes to fall on bad financial times. However, almost every single individual who has filed for bankruptcy due to an excessive amount of debts has made a few common mistakes and taken unnecessary risks which have resulted in them looking for a bankruptcy attorney. If you wish to avoid such a situation, it is important to learn from the mistakes made by others. According to Dallas based bankruptcy law firm Recovery Law Group, if you have filed for bankruptcy and gotten a discharge for your debts, you need to ensure that you make amends and improve your [...]

2021-12-07T06:07:41+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. [...]

2021-12-07T06:15:53+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 [...]

2021-12-07T06:27:06+00:00
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What is Befitting for you- Chapter 7 or Chapter 13?

Each to his own’ rightly suits about the two bankruptcy laws. While both are good, which is apt for the client depends upon his situation - The type of debt, their financial situation and the resources with the debtor. A professional practitioner in bankruptcy can help the client in deciding which is best for their situation. For detail information about chapter 7 & 13, visit Recovery Law Group. Chapter 7  Chapter 7 bankruptcy law requires eligibility of the applicant. The applicant needs to prove his eligibility. For proving the eligibility for chapter 7, five factors are assessed. Budget [...]

2019-08-22T13:04:44+00:00
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How bankruptcy can help you to wrap your failing business neatly?

Doing business can be like walking a tight rope. You can fall if you do not balance your self rightly. Rest assured, there is no harm in falling down. Businesses operate with loans and money transaction. When a business falls your revenue stops and your debts increase faster than the light. You cannot cope and you are at a loss of understanding how to escape. People often fall trap to such situation. A good legal advisor can help solve this problem. For consultation visit- Recovery Law Group. Choosing the right path An experienced legal advisor can analyze and [...]

2023-01-12T09:21:51+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.