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  • What to Expect After Bankruptcy Discharge?

    What to Expect After Bankruptcy Discharge?

    Bankruptcy is an excellent way to get rid of huge debts which make you live between pay cheques. If you are struggling with paying your bills and making ends meet, you should consult expert bankruptcy lawyers at 888-297-6023 to find viable methods of getting a fresh financial start. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, bankruptcy through Chapter 7 or Chapter 13 bankruptcy is an excellent way to not only get your debts discharged but also get some peace of mind. With bankruptcy filing, you can put a hold to collector actions and end up getting rid of huge financial debts. The various benefits that are associated with getting your bankruptcy discharge include:

    • No more debts!

    When you file for bankruptcy any unsecured non priority debts such as credit card bills, personal loans or medical bills can be discharged after bankruptcy. Most people end up accumulating a huge amount of these debts over a course of time which can often result in bankruptcy. Though you might have to still pay for your secured and priority debts, a major chunk of the financial burden is removed after bankruptcy. You no longer need to worry about these debts.

    • Improved credit ratings

    Many people worry that their credit rating will take a hit post-bankruptcy. The fact is, that your credit rating is affected but it is not permanent. With time and continuous efforts on your part, you can improve credit rating. Moreover, since most non priority unsecured debts are discharged after bankruptcy, your chances of catching up on payments are better.

    • Get financial stability

    Once you get your bankruptcy discharged, you start working towards getting a better credit score. This often means, saying no to unnecessary expenses and living a relatively frugal life where you spend only on necessary items. In a way, your money is being put to sensible use. Over a period, you not only improve your credit rating but also end up saving enough money to start building assets.

    Though people may find paying a deposit for getting a secure credit card tedious and irritating, it is essential to cultivate a habit of spending only when it is necessary. Thus, in a nutshell, bankruptcy serves as a necessary push in the right direction for many people. Ultimately, you can find a financial stability which will help you secure car or mortgage loan. People can convert the social stigma of bankruptcy into a way to push their life in an appropriate direction.


      *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.

    • Everything You Needed to Know About Bankruptcy and Divorce

      Everything You Needed to Know About Bankruptcy and Divorce

      There is no denying the fact that both bankruptcy and divorce are an emotionally disturbing sequence of events which can cause drastic changes in your life. If anything can be worse than these two, say Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, is having to undergo both at the same time. Since both the issues are equally important, you will be needing the assistance of expert attorneys if you wish to file for both simultaneously. Though it is manageable, however, it is often suggested to avoid filing for both together. If you have any doubt regarding which should precede, you need to consult with expert bankruptcy lawyers at 888-297-6023.

      Filing for bankruptcy and filing for divorce can take a toll on you. Not only is the situation extremely stressful, but it also requires your time and attention on two different yet equally important aspects of your life. It is therefore important that you file for both of them at different times if possible. many lawyers suggest that filing for bankruptcy should be done prior to filing for divorce, while others suggest the opposite. Since the individual situation varies from client to client, there are no hard and fast rules recording what should be done in such a situation. Generally, people opt for whatever works in their favor.

      In case, the divorce between the spouses is to be resolved amicably, filing for bankruptcy jointly would help you save on bankruptcy filing fees as well as protecting you against the debt which both of you had accumulated. This works best in case of couples having joint property. Moreover, filing for bankruptcy often simplifies your assets and debts when you go through a divorce. However, the downfall of filing for bankruptcy jointly is that you might be disqualified from filing for chapter 7 bankruptcy due to the joint income which is higher than the average income of the state.

      Some debts are eliminated when you file for a Chapter 7 bankruptcy; while others survive bankruptcy and you must continue paying for them. Liabilities which survive bankruptcy include court fines, government fines, certain taxes, student loans, alimony and child support. Irrespective of the terms of your divorce, you are liable for the above-mentioned debts and would have to continue paying for them. It is therefore important to find an attorney who guides you through these life-altering changes in a manner that helps you resume your life after these events.


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        *Do you own a home?

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      • What Effect Does Bankruptcy Have on Your Credit?

        What Effect Does Bankruptcy Have on Your Credit?

        A bankruptcy filing is a tough decision and can often be quite intimidating. Many people fear the worst; ruining their credit history. However, say Dallas based bankruptcy law firm Recovery Law Group, the process is hyped to be more daunting than it is. However, having an expert bankruptcy lawyers by your side can ease things for you. Contact at 888-297-6023 to clear your doubts about how to improve your credit chances after bankruptcy.

        It is important for people to understand that the ill effect of bankruptcy does not last forever. Many people who file for bankruptcy already have a bad credit score, so filing for bankruptcy is not going to make much change to their credit score. However, for people who have had a good credit rating, their credit score might take some time to get back. After bankruptcy, you can start with a clean financial slate and with regular and timely payments you can bounce back in no time. Though bankruptcy stays on your credit report for up to 10 years, your credit can bounce back with continuous efforts.

        After bankruptcy, you get numerous benefits associated with a fresh financial start. The situation varies with people having a differing initial score.

        • Starting with a good score

        When you have good credit and yet end up filing for bankruptcy, the fall in credit score is more drastic in such cases. However, since most of the individuals are financially savvy, they can work hard and improve the credit rating within a few months of getting their bankruptcy discharged.

        • Starting with a bad score

         People with low credit rating do not suffer much from the hit bankruptcy has on the credit rating. Since there is no place lower to go, you can only improve your credit rating after a bankruptcy discharge. Bankruptcy is ideal for such candidates and they can manage their finances better in the future.

        One of the major myths surrounding bankruptcy is that you can never recover from the hit bankruptcy takes on your credit score. However, it is a misconception as bankruptcy is a means to get a clean slate. Though the effect is not seen immediately, in the long run you can rebuild your credit after filing for bankruptcy. Having an experienced lawyer Dallas can help you get through financial problems with ease for a brighter and secure financial future.


          *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.

        • Recovering from Bankruptcy is Easy If You Follow These Steps

          Recovering from Bankruptcy is Easy If You Follow These Steps

          Filing for bankruptcy is quite emotionally draining. You might feel that you have let yourself and your loved ones down. However, it is important to net let this temporary setback ruin the rest of your life. Nothing is permanent, even the ill effects of bankruptcy. it is important that you take note of what led to your financial downfall. Having an expert bankruptcy attorney can, not just help you recover from bankruptcy but can also be your guiding light towards a fresh start, suggest lawyers of Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/. If you wish to make a splendid recovery after bankruptcy, it important that you follow the following steps:

          1. Find your mistakes

          Bankruptcy is a decision that is taken generally when people have run out of options. However, what led you to accumulate a huge amount of debts is important. Many times, sudden loss of a job or unexpected huge medical bills can send anyone on the road to bankruptcy. If, however, huge spending on luxury items or any other reckless expenditure is the reason behind you filing for bankruptcy you need to seek professional assistance such as credit counseling.

          1. Ask professional assistance

          A financial consultant can help determine where exactly you went wrong with your finances. They can also help guide you by helping plan your finances in order to establish financial stability. credit counseling is a mandatory part of filing for bankruptcy. you need to complete the course during the course of your bankruptcy and can seek professional assistance even after bankruptcy to improve your finances.

          1. Set goals

          Bankruptcy can be emotionally draining; however, you get a chance to start your life afresh. It is important that you have a vision for what you wish to achieve after getting through bankruptcy. You could start with something simple yet significant such as rebuilding a healthy credit score. Your financial consultant can help you with this.

          1. Avoid new debts

          Though it may seem contradictory, to rebuild your credit score, you need to get a credit card. Unfortunately, credit cards are what got you into the big financial mess. Thus, in order to avoid falling into the vicious cycle of debts and bankruptcy, you need to either opt for a secure credit card or a bank or debit card. make regular and on-time payments on them void to avoid falling into debt. before making any purchase, contemplate whether it is essential or not. This will help reduce your habit of getting into debt for unnecessary expenditure.

          1. Steer clear of financial predators

          Once your bankruptcy becomes public record, you will be inundated with numerous offers providing you with chances of improving your finances. However, these companies are seeking to take advantage of your situation and will rob you off whatever meager amount of money you are left with.

          It is important to seek professional assistance from expert bankruptcy lawyers at 888-297-6023 to ensure your road to financial recovery is not hindered.


            *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 Effect Can My Bankruptcy Record Have on My Life?

            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 anyone.

            Bankruptcy can have a detrimental effect on your credit report. In fact, a bankruptcy stays on your credit report for 10 years. While this may sound a big problem, especially for people who have just filed for bankruptcy or got their bankruptcy discharged in the recent past, there is some relief. Most sites that provide bankruptcy record information are not easily accessible and require paid subscriptions; something which general public will not be willing to do. However, people or institutes with whom you are likely to have business interactions such as bank, prospective employer, lenders, etc. might be interested in viewing your bankruptcy. Sometimes, while applying for a job or seeking a loan, there are questions which specifically ask about any previous bankruptcy. If you file for any loan or credit after bankruptcy your credit report will inform the bank or private lender about your situation. You might still be able to qualify for the loan if improve your credit rating by making regular and timely payments.

            Though you might find all this overwhelming, it is important to remember that filing for bankruptcy is important to get rid of huge amounts of debt which you have no means of paying. Additionally, you have no control and legal control over who can and will access your bankruptcy records. What you can do is ensure that you come out of bankruptcy better; by learning how to manage your finances. Eventually, within a couple of years, you might again be eligible for a house mortgage, student loan or car loan. Bankruptcy is meant to be an aid for assisting people with a fresh financial start. For more details about how filing for bankruptcy can help you get out of the difficult financial situation, contact expert bankruptcy lawyers at 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.

            • Are You Prepared for Meeting of Creditors During Bankruptcy?

              Are You Prepared for Meeting of Creditors During Bankruptcy?

              Filing for bankruptcy is followed by a creditors’ meeting also known as 341 meetings. This meeting generally takes place within 30 days of bankruptcy paper filing. The meeting is attended by the bankruptcy filer, their attorney, the bankruptcy trustee and the creditor(s). According to Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, during the meeting, the filer is questioned by the bankruptcy trustee about the information provided along with the bankruptcy papers. This includes queries regarding the income, assets, and expenses of the debtor, debts, and creditors listed and other relevant questions including details of any previously filed bankruptcy.

              Along with the bankruptcy papers, you are also required to submit documents which serve as a support to your bankruptcy papers. The documents included are:

              • Pay slip or pay stubs to verify your income
              • Recent tax returns
              • Property evaluation
              • Vehicle registration
              • Mortgage and other loan statements
              • Bank account statements
              • Retirement account statements

              Can having an experienced bankruptcy attorney by your side help your case?

              Though you can file for bankruptcy without a lawyer too, many times people miss out on not just finer details but also hinder their chances of getting their bankruptcy discharged by forgetting important details regarding their financial situation. Having an adept bankruptcy lawyer by your side can help you review all the information prior to filing bankruptcy papers as well as the creditors’ meeting. They can help you prepare for the meeting, including going over the entire information you provided and help with any amendments in the bankruptcy forms prior to the meeting. Other advantages of having a lawyer by your side include:

              • Preparing required paperwork
              • Filing of the documents in bankruptcy court as well as other related legal units
              • Manage your financial information like income, assets, expenses, and debts
              • Take care that all papers related to bankruptcy filing are accurate and thorough
              • Make sure that all local and state laws, as well as procedures, are followed

              Your bankruptcy attorney can represent you at the hearing in your place and ensure that your rights are not forfeited and that your losses are reduced. They can represent all the facts related to your case as well as argue on your behalf during the meeting and advise you during the entire duration. In case you are worried about the number of legalities involved in a bankruptcy, you should consult affordable expert bankruptcy lawyers Los Angeles at 888-297-6023 to clear your doubts.


                *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.

              • You Might Have to Face These Questions from Bankruptcy Trustee

                You Might Have to Face These Questions from Bankruptcy Trustee

                Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you should avoid lying or you might end up perjuring yourself. Having a consultation with expert bankruptcy lawyers at 888-297-6023 will help you prepare for your 341 meetings.

                Some of the most common questions your bankruptcy trustee might ask to include:

                • If you are familiar with the information provided in your bankruptcy paperwork?
                • If all the information provided in bankruptcy papers is complete and accurate?
                • Have you listed all your property in the papers?
                • Have all your creditors been listed in your bankruptcy schedule?
                • Have you reviewed and signed the bankruptcy petition and schedules prior to filing them?
                • Have you filed for bankruptcy earlier?
                • What is your gross monthly income?
                • Do you wish to make any changes in your papers?
                • Are you paying any alimony or child support?
                • Have you filed previous tax returns?
                • Have you made any transfer of property within the last two years?
                • Have you made any new charges to your credit cards?
                • Which creditors have you paid within a year of your bankruptcy?
                • Have you had your property valued?
                • What method did you use to get your property valued?
                • Is your car or home insured?
                • Do you have business, corporation or partnership?

                Having a bankruptcy attorney can be an asset as they can help you deal with the entire process of bankruptcy including the questions asked by the trustee. They can help you by –

                • Gathering documents related to your case.
                • Help to prepare the paperwork essential for the 341 meetings.
                • Submit related documents before the trustee either before, during or after the hearing.
                • Manage financial information for you including your assets and expenses.
                • Ensure that all your paperwork is accurate, complete and compliant with the state laws.
                • Answer all questions asked by bankruptcy trustee during the meeting.
                • Try their best to minimalize your financial loss.


                  *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.

                • How to Get Back After Bankruptcy?

                  How to Get Back After Bankruptcy?

                  Bankruptcy is a tiring times for people. Even after getting a discharge in their bankruptcy case, it is difficult for people to bounce back from it. Your credit ratings get hit and you might feel down and low. However, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ lawyers say that with hard work and time, you can recover from the hit bankruptcy takes on your life. For a better analysis of your situation, you can contact expert bankruptcy lawyers at 888-297-6023.

                  • Though filing for bankruptcy is tough, it is important to take stock of the situations which led to your end up filing for bankruptcy. Though reliving the past is not recommended, it is important that you learn from your mistakes. take counseling sessions to improve your financial management skills in order to avoid falling into a similar situation again.
                  • You need to set a goal for yourself if you wish to recover from bankruptcy in Los Angeles. You can start with something simple like getting a healthy credit score. Managing your money properly, living within your means and avoiding unnecessary expenditure can go a long way to help you get back on your feet. Seeking assistance for achieving your goals can ensure that you don’t fall off the track.
                  • Accumulated debts over a period are the reason why you end up being bankrupt. recovering from bankruptcy can go smoothly if you are able to avoid debts. Though getting a credit card is a great way to improve your credit rating, opt for a secured one. Ensure that use it for essential expenditures only such as utilities and make a payment on time. Alternately, you could use your bank debit cards for any transaction.
                  • At any cost, avoid making huge purchases like a car or home, unless they are essential. Since you will be using credit cards for paying for these assets, you will end up accumulating debt which will lead you towards bankruptcy. Avoid using credit cards if possible and live a simple life until you bounce back.
                  • When you file for bankruptcy, you are often flooded with offers from companies which offer you a loan to help repay your debt. However, it is important to steer clear of such companies as you will get yourself out of the frying pan into the fire. You might end up losing whatever assets or money you have.
                  • Seeking professional assistance is essential if you wish to recover from the shock of bankruptcy. Seek the counsel of established and trusted financial advisors to avoid making any mistake which might result in bankruptcy.


                    *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.

                  • Questions to Ask a Bankruptcy Attorney Before Filing

                    Questions to Ask a Bankruptcy Attorney Before Filing

                    Bankruptcy can be trying times for people struggling to make ends meet. Though you can file for bankruptcy on your own, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/ suggest that you hire an expert bankruptcy attorney to help you with your case. Despite a lot of information regarding bankruptcy is available online, it is important that you ask the following questions with any potential attorney you wish to hire for handling your bankruptcy case.

                    • Which chapter of bankruptcy would work best for you?

                    Individuals can file for bankruptcy under Chapter 7 or Chapter 13. To qualify for Chapter 7, you should be able to pass the means test. According to this, your average income should be less than the state median for a household of similar number of members. Chapter 7 is preferred as it takes relatively smaller timeframe to get a discharge. Any non-exempt property you have is liquidated to pay your creditors and remaining unsecured debts are discharged at the end of the bankruptcy case.

                    If you are unable to pass the means test, Chapter 13 is an option. For this case, you need to have enough income to support a repayment plan, where your disposable income will be used to clear your debts over a period of 3 to 5-years. Additionally, if you have more equity in the property than can be exempted, Chapter 13 allows you to keep the non-exempt property if you pay unsecured creditors an amount equal to the value of the non-exempt property. An adept bankruptcy attorney can help in determining which chapter would be best for you.

                    • Which assets can be protected during bankruptcy?

                    Anything you own including your property and any assets becomes part of your bankruptcy estate. However, federal and state government provide exemption through which you can protect your property. A qualified bankruptcy attorney Los Angeles can help you in protecting most of your assets when you file for bankruptcy. This includes any foreclosure or repossession from creditors.

                    • What happens in the case of preferential payment?

                    If you pay any creditor at the expense of another, this might be considered a case of preferential payment, which is not looked upon kindly by the court. An experienced bankruptcy lawyer can distinguish between the payments made by you to all creditors, to determine whether any of them can be considered preferential. If there are any such payments made, they might also find ways to rectify them.

                    • What is the 707B objection?

                    Sometimes, the bankruptcy trustee might object to Chapter 7 filing of a debtor. This may be due to the high income of the debtor, which makes them a better candidate for Chapter 13 bankruptcy. Generally, your income and the type of your debts are considered while deciding on the bankruptcy chapter. Higher-income generators have a better chance of paying their debts and therefore in such cases, Chapter 7 bankruptcy is rejected in favor of a Chapter 13 bankruptcy. Expert bankruptcy lawyers at 888-297-6023 can help you with your bankruptcy.


                      *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 Rid of Private Student Loans During Bankruptcy?

                      Get Rid of Private Student Loans During Bankruptcy?

                      Getting a good education does not come cheap. People with limited salaries and assets generally must take out loans for getting quality education to improve their chances of a better future. There are two options when it comes to taking loans; you can either opt for a federal student loan or a private student loan. Though private student loan seems easier to get, Los Angeles based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, inform that they are not that easy to get rid of. If you are going through a rough financial phase and seek to get your debts discharged, you might need to consult with expert bankruptcy lawyers at 888-297-6023 to know more about your student loan debt.

                      Difference between federal and private student loan debt

                      Federal student loans are different from private student loans because the government does not generally consider your credit history. Additionally, it does not alter the interest rate depending on your ability to repay the said loan. Moreover, interest rates of federal student loans are capped and generally lower than the market rate for unsecured debts as well as the average interest rate for private student loans. Even repayment of these loans is relatively flexible. You can extend the time frame, reduce monthly payments or even erase some amount of debts (conditional). Sometimes, debtors might pay very less amount with respect to the loan for a number of years and even get the remaining debt forgiven.

                      Unlike this, private student loans are more like unsecured debts. Students who are unable to get federal student loans can get those from private lenders. However, the interest rate will be huge. When it comes to repayment, you don’t get benefits similar to federal loans. you can ask the lender for leniency but there is not much that you can force them to do.

                      Prior to 2005, private student loans were treated like other unsecured debts (medical bills, credit cards, etc.) and could be discharged during bankruptcy. However, changes in Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, resulted in both federal and private student loans being treated at par. Thus, unless you can prove undue hardship, you cannot get rid of your student loan (federal or private) during bankruptcy. This is unfair as private student loan lenders charge a higher interest rate, decline loan to people with bad credit history, ask for co-signers and yet get respite during bankruptcy.

                      Can Congress bring any changes?

                      Representatives in Congress started rallying for the Private Student Loan Bankruptcy Fairness Act of 2013 since January 2013. This bill is likely to help people get rid of private student loans in bankruptcy. However, people are divided over the issue as they want to level the playing field between the loan borrowers and private student loan lenders. The passing of this bill would help remove any special treatment which is accorded to private student loans during bankruptcy. Essentially, this will put them at par with other unsecured creditors. If the bill becomes a law, private student loan debts would be discharged during bankruptcy as other unsecured debts are. People can hope for the best as this law will definitely help many unfortunate debtors get rid of their private student loan debts in bankruptcy.


                        *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.