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Bankruptcy History in the U.S

Call: 888-297-6203 In the early 20th century, bankruptcy was a rare phenomenon, with just 0.15% in 1000 people choosing it to get rid of debt. However, over the past 100 years, people seeking financial protection through bankruptcy have increased dramatically. Over a period, through the 60s and 80s, an increase was observed in bankruptcy filings in the U.S. However, as per statistics available, between 1980-2000 an increase was seen with up to 7.6% per 1000 per year. Contrary to this, a decrease in this percentage was observed post-2004 with 5.3% per 1000 individuals. However, Dallas based bankruptcy law [...]

2019-09-19T13:11:20+00:00
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Different Types of Bankruptcies

Call: 888-297-6203 Bankruptcy is one of the most sought out ways to get rid of unsecured debts that people have amassed over a period. Finding themselves in a financial soup can cause panic in people. Los Angeles based bankruptcy law firm Recovery Law Group, advises that there are a number of options when it comes to a bankruptcy filing. The most common chapters include Chapter 7 and Chapter 13. While the former is known as Liquidation Bankruptcy and involves the selling of the non-exempt property to pay your dues; the latter, also known as Wage-earner’s plan, makes sure [...]

2019-09-25T13:32:40+00:00
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Exemptions in Bankruptcy

Call: 888-297-6203 Bankruptcy is a legal way to get rid of huge amounts of debts that have been bogging you down. Since the purpose of the procedure is to provide the filer with a fresh economic start, certain exemptions are given by the state and federal government. As per Dallas based bankruptcy law firm Recovery Law Group, these exemptions include home, vehicle, personal belongings, retirement plans, tools of the trade, etc. The unsecured creditors cannot stake a claim on this exempted property. The amount of exemption varies from state to state. These exemptions allow a bankruptcy filer some [...]

2019-09-19T12:27:04+00:00
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Vehicle Repossession in Bankruptcy

Debts against which the creditor has collateral are known as secured debts. Examples of secured debts include automobile loan, mortgage, etc. Since both these are essential for living a comfortable life, it is important that you are not behind on payments for such loans. Having a vehicle has become a necessity these days, considering that commuting time is considerably reduced due to them. Missing payments on your automobile loan can have severe consequences. The lender can repossess the vehicle if you end up missing payments. However, having experienced lawyers like those of Los Angeles based bankruptcy law firm [...]

2019-09-19T12:01:02+00:00
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Federal and State Bankruptcy Exemptions

Call: 888-297-6203 When you file for bankruptcy to get rid of your debts, there are certain assets that you can protect. This takes place due to the exemptions provided in bankruptcy to debtors. Both federal and state government offer different exemptions for individuals filing for bankruptcy. Despite the process of bankruptcy being governed by federal laws, lawyers of Dallas based bankruptcy law firm Recovery Law Group state that you can choose between the federal and state exemptions. Certain exceptions are common in both federal and state exemptions; however, their amount varies from state to state. These include: Homestead [...]

2019-09-18T12:39:25+00:00
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Which is the Largest American City to File for Bankruptcy?

Call: 888-297-6203 Stockton in California has earned the dubious distinction of becoming the largest city in America to enter bankruptcy. The cause of this misfortune was the housing bubble burst. Stockton is home to nearly 300,000 residents who had borrowed a huge amount of money in the early 2000s since they were expecting huge returns from property tax revenues and long-term developers’ fees. However, all of this was lost because of extensive foreclosure across the city in the mid-2000s. This resulted in a 70% decrease in the tax base of the city. Los Angeles based bankruptcy law firm [...]

2019-09-18T12:39:14+00:00
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You Can Also Avoid Bankruptcy

Call: 888-297-6203 Nobody likes to admit that they have got their finances messed up. Bankruptcy is advertising about this fact from the rooftop! Frankly, if possible, nobody would like to file for bankruptcy, however, there is no denying that bankruptcy is probably the best way to get rid of the huge burden of debt you have been carrying for a long time. Even some of the best people have ended up filing for bankruptcy when there was no way out for them. According to Dallas based bankruptcy law firm Recovery Law Group lawyers, sometimes, people can get out of [...]

2019-09-18T12:39:03+00:00
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Getting Out of Debt is Easy

Call: 888-297-6203 Unless you take control of your finances when they first start spiraling out of hand, you will find it very difficult to manage them later. Despite your best efforts, bankruptcy might be the only way you might be able to get rid of your debts. However, filing for bankruptcy is a decision that can be quite emotional as well as confusing. Since most of the legal jargon goes above your head, Dallas based bankruptcy law firm Recovery Law Group says that hiring a lawyer is the best way to deal with bankruptcy. If you have not [...]

2019-09-20T13:15:04+00:00
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Points to Consider While Contemplating Bankruptcy

Call: 888-297-6203 Managing your finances is easier said than done. Many people find it difficult to manage their financial problems leading them to consider various debt relief options like debts settlement, debt consolidation, and even bankruptcy. Sometimes, just adjusting your spending patterns is enough to manage your debts, while sometimes, you might require the assistance of professionals to get rid of your debts. Though bankruptcy has earned a bad name, according to Los Angeles based bankruptcy law firm Recovery Law Group, it is probably one of the better ways to manage your situation. However, before deciding to go [...]

2019-09-18T11:23:53+00:00
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Can Bad Financial Situation Lead to Depression?

Call: 888-297-6203 A huge amount of debts can send anyone in a tizzy. For people who do not take stress over things which they cannot control, things are manageable. However, those people who are constantly worrying about financial security, filing for bankruptcy can be a tipping point. Dallas based bankruptcy law firm Recovery Law Group has seen many clients (who had filed for bankruptcy) go through phases of depression. Low self-esteem and other negative effects on mental health have been observed in many bankruptcy filers. It is very important to seek guidance from professionals if you are facing [...]

2019-09-18T11:23:40+00:00
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