Get out of debt

Bankruptcy – A Great Way to Improve Your Credit Score

Call: 888-297-6203 The credit score of an individual is a point of concern for them. Many people have tried their level best to improve their credit score but in vain. You will be surprised to find that bankruptcy can be of aid to you in such times. Dallas based bankruptcy law firm Recovery Law Group lawyers enlighten that when you have hit rock bottom in terms of credit score, the only place to go is up. Bankruptcy wipes your slate clean offering you a fresh financial start. However, before deciding to file for bankruptcy, it is important that [...]


Is It Possible to Get a Credit Card After Declaring Bankruptcy?

Call: 888-297-6203 Bankruptcy can tank your credit score. This fact is probably one of the most common reasons why people fear filing for bankruptcy. However, it will be surprising to know that rebuilding your credit score requires credit cards! According to Los Angeles based bankruptcy law firm Recovery Law Group , people fresh out of bankruptcy will find it a bit difficult to get the kind of credit cards they want. This is because bankruptcy alerts lenders of the inability of the individual to repay. Any credit card you get post-bankruptcy will charge you a higher rate of [...]


What Effect Can My Bankruptcy Record Have on My Life?

A bankruptcy filing is a tough yet necessary decision that people struggling with huge financial debts must make. It may take time to get your debts discharged, depending on the chapter of bankruptcy you’ve filed. While it takes about 3-6 months to get a discharge in a Chapter 7 bankruptcy case, Dallas based bankruptcy law firm Recovery Law Group, informs that a Chapter 13 case continues for 3-5 years’ period before you can get a discharge on remaining unsecured nonpriority debts. However, once you have filed for bankruptcy, the case becomes public record and can be seen by [...]


Can the Chapter 13 Bankruptcy Plan be Extended Beyond Five Years?

People going through a bad financial phase often opt for bankruptcy to get rid of their debts. Individuals can either opt to liquidate their non-exempt property to pay their creditors under Chapter 7 bankruptcy or choose to repay their loans over a period of 3-5 years in Chapter 13 bankruptcy. However, if some claims persist even after the repayment plan is over, does the individual have the option of extending the repayment plan? According to Dallas based bankruptcy law firm Recovery Law Group, such a provision is not possible. However, expert bankruptcy lawyers at 888-297-6023 inform that you [...]


Status of Co-Owned Homes in Bankruptcy

There is some shared inheritance by siblings who have equal rights on that property. While the land can be measured and equally divided, the inheritance of the house offers no such luck. It cannot be divided, albeit it can be sold, and the money can be equally shared. Some people are emotionally close to their inherited house and stay in them, while other siblings may move on. What happens when the other sibling files a chapter 7 bankruptcy case? For consultation do log in to Recovery Law Group. The property comes under scrutiny and needs to be sold [...]


Under what circumstances is Chapter 7 bankruptcy better than Chapter 13?

Chapter 7 is not often recommended by experts as people tend to lose their valuable assets with this type of bankruptcy. However, there are many situations when Chapter 7 can be beneficial than Chapter 13. These benefits can be interpreted as reasons for opting for Chapter 7 over Chapter 13. To learn more about bankruptcy, Chapter 7, Chapter 13 and other Chapters log on to List of some benefits of Chapter 7 Less time-consuming- The process of applying for bankruptcy under Chapter 7 and receiving a court judgment is relatively quick. An average case could take 3-6 [...]


Responsibilities when filing bankruptcy under Chapter 13

Chapter 13 filing forms are pretty similar to the forms used for Chapter 7. The information and objectives are the same in both cases. This procedure includes detail of income, assets or properties, expenses, and debts. Along with this information, you shall also provide for a plan that shall manage all the debts in the future 3-5 years. Along with these information pieces, you also need to enclose your latest federal and state tax returns. There has to be proof for income tax filing for the last 4 years. You also have to avail a certificate for credit [...]


The Bankruptcy Filing By An Undocumented Immigrant

An undocumented immigrant can file for bankruptcy if he/she has a Social Security Number. In lieu of a social security number, Individual Taxpayer Identification Number can also be used to file for bankruptcy. There can be a negative impact on the immigration status of the bankruptcy filer when filing for bankruptcy as an undocumented immigrant. For best assistance and more insight on bankruptcy, log on to Recovery Law Group now. What do the rules indicate? The bankruptcy code does not have a specific mention for the bankruptcy to be filed by a citizen of the United States or [...]


What Happens in a Chapter 13 Confirmation Hearing?

Chapter 13 bankruptcy involves the creation of a repayment plan. In this case, all nonpriority unsecured debtors are paid over a period of 3 to 5-years, some portion of the debtor’s disposable income to settle their dues. A bankruptcy trustee is assigned by the court to oversee the proceedings and to distribute the dues as per the repayment plan. However, the proposed plan gets confirmed only after the approval of the judge at the Chapter 13 confirmation hearing. However, bankruptcy lawyers of Dallas based law firm Recovery Law Group inform that there might be objections to the plan. [...]


What do you understand by wildcard exemption?

Are you looking to protect a property that is quite important and dear to you? Now that is easily possible with a wildcard exemption. Now, you no longer need to worry about losing important and valuable items which hold a very high value in your life, while filing for bankruptcy. As per the new norm, if your state has a “wildcard exemption” you can protect and safeguard invaluable items from being given away or foreclosure. The property that you want to protect or safeguard completely differs from state to state. Hence, depending on your residential location, you will [...]

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