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  • The Workings of Chapter 13 Bankruptcy

    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 by putting collection actions on hold and eventually getting rid of huge amounts of debts. Post-bankruptcy, you can get a fresh financial start which can help improve your credit rating too.

    Finding Bankruptcy Lawyer

    The first and most important step of bankruptcy filing is finding an experienced attorney for yourself. Since bankruptcy is a complicated process, with fewer chances of success without a lawyer, it is important that you hire one soon. You need to consult with various bankruptcy lawyers in order to hire the best-suited one. You can call 888-297-6023 to schedule an appointment to discuss your case with adept bankruptcy attorneys. It is important to discuss your income, assets, and your debts to determine the course of action for your case.

    Finalizing Repayment Plan

    Chapter 13 is different from others because it includes a repayment plan through which you pay some portion of your debts over a period of 3-5 years’. You are not required to pay off all your debts in this fashion but continue making payments based on your disposable income for the entire duration of the plan. Any remaining debts are discharged.

    Why do people prefer chapter 13 bankruptcy?

    People who find themselves ineligible for Chapter 7, apply for bankruptcy under Chapter 13. Though Chapter 7 is preferred, as most debts are discharged in it, in a shorter time frame; yet people with substantial income and huge debts will not be able to pass the means test. Moreover, Chapter 13 allows you to not only catch up on past due payments but also provides you an option to include debts like child support, alimony or income tax in your repayment plan. If you wish to keep your non-exempt property, you can do so in Chapter 13, if you are paying an amount equivalent to it to your creditors. Additionally, if you had previously filed for Chapter 7 bankruptcy within the past 8 years, you can file again using this chapter of bankruptcy. With an experienced attorney by your side, Chapter 13 bankruptcy Dallas is the best way to get rid of debts while protecting your assets.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Ignoring These Foreclosure Myths is Essential

      Ignoring These Foreclosure Myths is Essential

      People who have been struggling with finances often are worried about losing their assets like a car or home to foreclosure. This is primarily because of the various myths associated with the foreclosure. According to Dallas based bankruptcy law firm Recovery Law Group,  separating fact from fiction can be quite difficult, unless you have experienced lawyers to handle your case. Some of the basic myths associated with foreclosure include:

      1. Bankruptcy cannot stop foreclosure

      One of the biggest advantages of filing for bankruptcy is undoubtedly the automatic stay provision that puts an end to all collection actions including foreclosure! This provides you with necessary respite and gives you time to keep your funds in order which can help you make payments to avoid foreclosure. Chapter 13 repayment plan also gives you the opportunity to catch up on past due payments so that you can avoid foreclosure of your home.

      1. Banks are on the lookout for your home

      Nothing could be further from the truth. Banks do not have the time or inclination to follow the lengthy process of foreclosure, especially if the property is not worth much. Foreclosing on a property can be detrimental to the bank’s reputation and be bad for their business, therefore, most banks avoid exercising this option, unless no other choice is available.

      1. Foreclosure cannot be avoided

      Timely intervention by skilled lawyers and filing for bankruptcy can avoid foreclosure. There are few options available, however, most people are unaware of them. Since the deadline is critical in the bankruptcy process, it is important you consult an expert bankruptcy lawyer to file a case in time.

      In case you are behind mortgage payments and are worried about foreclosure action against your property, it is advised that you contact experienced bankruptcy lawyers at 888-297-6023 to get expert legal advice regarding your situation.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • The Means Test Calculator in Chapter 7 Bankruptcy

        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 means test is used to assess your ability to pay back your debts. This considers your income, assets and your debts. If you can pay back your debts, you are not eligible for Chapter 7 bankruptcy and can opt for Chapter 13 bankruptcy.

        What happens in a means test?

        Bankruptcy ensures that you do not have to undergo excessive financial strain. At the same time, the government needs to be fair to the creditors too. Thus, if you can pay off your debts (some portion or entire amount), you can opt for Chapter 13 bankruptcy. However, in case you cannot pay any debt, Chapter 7 bankruptcy Los Angeles can help you get out of the tricky financial situation. The means test is used to assess whether you are eligible for Chapter 7 bankruptcy or not. In this case, your past six-month income (before filing for bankruptcy) is compared to the mean income of the state.

        • In case your income is less than the average income for a household of a similar number of members in your state, then you are eligible for filing Chapter 7 bankruptcy.
        • If your income is more than the state average, then it is important to determine if you have enough disposable income to repay your debts.

        If you fall in the former category, you can end up getting a discharge on your debts through Chapter 7 bankruptcy. If, however, your income is above the state median, then calculations are done whether you are eligible for Chapter 13 bankruptcy or need to seek some other option. To file for Chapter 13 bankruptcy, you need to have enough disposable income (income left after excluding expenses necessary for a living) to pay your unsecured debts. In case the disposable income is equal to or more than the state-set amount, you cannot file for Chapter 7 bankruptcy, but have the option of Chapter 13 bankruptcy where a repayment plan for a duration of 3-5 years will be drafted based on your disposable income.

        Irrespective of your financial situation and your eligibility for different bankruptcy chapters, having an experienced bankruptcy attorney can be an asset. An adept lawyer with experience in handling similar cases can reduce your losses and help you get through with the discharge. In case you are considering bankruptcy as a viable solution to your financial problems, call 888-297-6023 to speak with experienced bankruptcy lawyers.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • Is Chapter 7 Bankruptcy Deleted?

          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 of Chapter 13. This is because usually no debts are paid in case of former, while some portion of the debt is paid through the repayment plan in the latter case. It is important to note that the discharge date won’t have any effect on the deletion or inclusion of accounts in bankruptcy. For any clarity about bankruptcy, you can call 888-297-6023 and consult with experienced attorneys.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Is it Possible to Get Credit Card after Bankruptcy?

            Is it Possible to Get Credit Card after Bankruptcy?

            One of the ill effects of filing for bankruptcy is that it becomes public record and appears on your credit report. This makes it difficult for people who have recently got bankruptcy discharged to get any credit. According to Dallas based bankruptcy law firm Recovery Law Group, this is a major concern for most people. Though you might get credit, it will be at terms which will be outrightly ridiculous like high-interest rate, larger down payments (in case of a mortgage), etc. Unfortunately, you might have to wait for some time to qualify for a new credit card that offers you credit at a nominal rate. It does not make sense to fall into debt just after getting through bankruptcy.

            The best way to get a credit card is by rebuilding your credit. Since bankruptcy tanks your credit score, you need to make amends to restore its condition. You can start by getting a secured credit card linked to your saving account with a limit of a set percentage of your account balance. Managing that credit card, making regular and timely payments through it and living within means without incurring any new debt, improves your credit score. This can result in the conversion of your secured credit card to a traditional credit card. Ensure that these activities are reported by the lender to national credit reporting companies.

            Alternately, you could ask a friend or family member to add you as a joint holder with them in one of their accounts. This way, the account will be mentioned on your credit report too. Timely payment on the same will help rebuild your credit history. All you need is an active account to rebuild your credit score after bankruptcy. To hold consultation with expert bankruptcy attorneys call 888-297-6023.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • What is the Difference Between Default and Bankruptcy?

              What is the Difference Between Default and Bankruptcy?

              Default means not being able to fulfill an obligation, especially the monetary kind. When a person defaults on a credit account, it means they have been unable to repay as per their agreement. According to Dallas based bankruptcy law firm Recovery Law Group defaulting on a payment is usually the first step towards bankruptcy. This is so because unfortunately, defaulting adds up the interest as well as penalty on the already existing amount. Generally, people have a minimum of 2-3 credit cards. Simultaneous use of them results in a huge amount which needs to be paid every month to avoid it piling up. Defaulting causes people to struggle with their finances and from there, it is a slippery road towards bankruptcy.

              Bankruptcy is not only quite dramatic but also has negative implications on your credit report. Finding credit after filing for bankruptcy or getting discharge is quite tough. To know about your options regarding bankruptcy, call 888-297-6023 to consult with the best bankruptcy attorneys.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Need to File Bankruptcy a Second Time? Here’s an Overview of Both Chapters for Your Assistance

                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 individual has had a Chapter 7 bankruptcy discharged previously, they cannot get a discharge in Chapter 7 case until 8 years from the date of 1st Chapter 7 bankruptcy discharge. If such an individual opts for filing for Chapter 13 the second time, they need to wait for 2 years between the bankruptcy filings to get a discharge the second time. Chapter 13 discharge, in this case, cannot be granted prior to four years from the date of Chapter 7 discharge filing.
                • If a person had previously received a discharge in a Chapter 13 bankruptcy case and wishes to file for a Chapter 7 discharge later, they will have to wait for a minimum period of 6 years from the Chapter 13 discharge date. However, certain exceptions are observed in this case. The individual needs to have paid their unsecured creditors in full as per the Chapter 13 plan or paid 70% of claims along with a statement providing good faith effort on your end to clear your debts.

                You can contact expert bankruptcy lawyers at 888-297-6023 to get a better understanding of your options for filing bankruptcy again.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

                  Factors Which Help Attorney to Decide if Bankruptcy is the Best Option for You

                  When any person is finding it difficult to make ends meet and has a huge debt piling on, there are two options available for them; either opt for bankruptcy or for a debt repayment plan. People in difficult financial situations should make it a point to consult either a financial counselor or a bankruptcy attorney to find the best possible way to get out of their financial mess. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group , the various factors to consider to decide which option will work for the client include:

                  • Your income and debts

                  The primary consideration is what is the amount of debts that you owe and if you have enough income to pay them back. In case our income is not enough to pay back your debts, bankruptcy will be the best option. However, if you can make a decent amount of money and can pay back your debts, then you need to find out alternate ways to get rid of debts.

                  • Your assets

                  Many times, there is a crunch of free cash which results in a person being in debt. However, if you have several assets, filing for bankruptcy will result in selling off non-exempt property to clear your debts. You could, alternately, do this (sell your assets) on your own without filing for bankruptcy and get rid of your debts.

                  • Types of debts

                  Certain debts like secured debts (car loan, house mortgage) cannot be discharged. Similarly, unsecured priority debts like a student loan or certain government taxes won’t be discharged during bankruptcy. If these kinds of loans constitute your major debt, filing for bankruptcy is futile. However, if the major portion of your loans comprises of credit card debts, personal loan, medical bills, etc. then bankruptcy is ideal for you.

                  If you are considering bankruptcy to get rid of your debts, then you might need to consult expert bankruptcy lawyers regarding various aspects of bankruptcy. You can call 888-297-6023 to schedule an appointment for a consultation.


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • Bankruptcy does not need to be Intimidating!

                    Bankruptcy does not need to be Intimidating!

                    Financial troubles can hit anyone, anytime. The primary step is to acknowledge financial problems and take adequate steps necessary to protect yourself and your family from adverse effects. Bankruptcy, though often detested, is an essential way to find financial stability. However, many people find bankruptcy intimidating. According to Dallas based bankruptcy law firm Recovery Law Group, this is primarily because of the lack of information about its advantages. You can easily overcome financial difficulties by opting for a consult with expert bankruptcy lawyers at 888-297-6023. the basic steps of facing bankruptcy include:

                    • Hiring experienced bankruptcy attorney

                    Bankruptcy can be an intimidating process. However, it is also the best possible way to legally get rid of several debts. Having an experienced bankruptcy lawyer by your side who is well-versed with the rules and understands the system completely can be a huge asset. Consultation with the lawyer regarding your priorities and your expectations from bankruptcy can provide you with the desired results.

                    • Being honest about your finances

                    Accepting your problems can help you find solutions. It is important that you discuss your finances with your lawyer so that their legal insight can benefit you. You can protect a variety of assets depending on the chapter of bankruptcy and the exemptions you choose. Once you understand the process through discussions with your lawyer, bankruptcy will not seem intimidating to you.

                    • Comply with rules

                    Hiding assets or transferring them in order to protect them is not the ideal way to get rid of debt. With numerous exemptions in place, you will be able to protect almost everything essential to get a new start. You should think of bankruptcy as a new beginning. This is possible if you follow the rules. Bankruptcy is a tool provided by the government to help people suffering unnecessary financial strain by paying a certain portion of their debts through their assets or ask for debts to be forgiven.

                    • Get fresh start

                    Instead of being overwhelmed by bankruptcy, people should consider it for what it is; a legal way to get rid of insurmountable debt. You can protect yourself from all types of collection actions including repossession, foreclosure, wage garnishments, etc. You end up paying for your secured debts and unsecured priority debts while getting rid of several unsecured debts (depending on which chapter of bankruptcy you choose).

                    Considering that bankruptcy has been designed to make life easier for people, it is time you got rid of unnecessary fears and consult an expert bankruptcy attorney to discuss your financial problems.


                      *Are you more than 60 days past due on your mortgage?

                      *Do you own a home?

                      Are you currently working?

                      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                    • Get Assistance for Social Security Disability Application and Appeals

                      Get Assistance for Social Security Disability Application and Appeals

                      Social security benefits are the rights of every individual in the U.S. who have worked for at least 10 years. As per Los Angeles based bankruptcy law firm Recovery Law Group, SSI (Social Security Income) and SSDI (Social Security Disability Insurance) are U.S. Federal association plans which help in providing financial aid to persons suffering from any disability which makes them unfit for work. Online assistance is available for people who wish to avail free disability benefit. Depending on your age, medical condition and work history, you can be eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). In case you are denied benefits in the past, it does not mean you have no chance of success. Most people who are denied benefits often have better chances of success when applying subsequently.

                      Social Security Disability Claim

                      In case your claim for Social Security disability is approved, you will get your 1st check by the sixth month from the day your disability started. In case, Social Security Administration decided the disability began in April, the first disability check will be paid in October (after six months of disability). Similarly, Social Security benefits will be paid in the following month for which they are owed i.e. social security benefits for October will be paid in November.

                      How much benefit payment will you receive?

                      Your monthly disability benefits are calculated on the average lifetime earnings. The Social Security Statement provides a brief outlook of your lifetime earnings and thereby gives an approximate understanding of your disability benefits. This also includes an estimate of retirement and survivors benefit which is extended to financially sustain the families of individuals who are unable to work due to an accident or illness. If a candidate wishes to avail these benefits, they can consult expert lawyers at 888-297-6023 to help them fill the required forms.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.