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  • How Easy is it To Purchase a Home After Bankruptcy?

    How Easy is it To Purchase a Home After Bankruptcy?

    Though it is an excellent way to get rid of unsurmountable debts, bankruptcy has its downside too. Your credit report can remain affected by your bankruptcy for a long time. Bankruptcy remains on your credit record for a duration of 7 years in case of Chapter 13 bankruptcy and 10 years in case of Chapter 7 bankruptcy. This has a detrimental effect on your ability to get credit in the future. Though you may find it difficult to purchase a home after bankruptcy, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, say, it is not impossible. Certain steps in the right direction can help you realize your goal.

    • Assess your financial situation

    If you want to buy a house, it is important that you avoid making the same mistakes over and over. It is therefore important to assess your financial situation before making any decision. You need to build your credit standing after bankruptcy and taking stock of your finances is where you should start with.

    • Live according to a budget

    Spending more than you can afford to lead you to file for bankruptcy. If you wish to avoid the situation, you need to be careful with your money. Plan your monthly expenses and stick to that budget. This will allow you to build a capital in a substantial amount of time.

    • Get a credit card

    Surprisingly, the best way to rebuild credit is through a credit card! Getting one at your terms might be difficult, especially if you are fresh out of bankruptcy. You can start with a secured credit card which will help in rebuilding your credit. Over a period, you might get a regular credit card at a reasonable interest rate which will help you get a mortgage on the home.

    Though buying a home after bankruptcy is not easy, however, it is not unachievable too. With these tips, you will be able to improve your credit rating enough to get you a mortgage. To help with your bankruptcy, you can consult with expert bankruptcy lawyers Los Angeles 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.

    • Risks Involved in Informal Debt Resolution

      Risks Involved in Informal Debt Resolution

      Call: 888-297-6203

      When it comes to getting rid of a huge amount of debt, there are formal and legal options available like bankruptcy as well as informal options like loan workouts. Though bankruptcy is probably one of the best ways of getting rid of debt, lawyers of Dallas based bankruptcy law firm Recovery Law Group inform that the repercussions are something that people are often not prepared to adjust to.

      Individual consumers can file for bankruptcy under Chapter 7 or Chapter 13. Through these bankruptcy chapters, debtors repay some portion of their debt while getting rid of others at the end of the chosen bankruptcy chapter. Though getting a discharge of your unsecured debts is a great option, bankruptcy has a negative effect on your credit history. Many consumers are not willing to risk the appearance of bankruptcy on their credit report and therefore look for alternatives to get rid of their debt. One such option available is “loan workout”

      This informal debt paying technique is offered by many creditors. In this case, the debtor and the creditor come to agree on an informal payment plan through which the debtor pays a reduced amount of money than they owe. This way, without the negative effect of bankruptcy, they can get rid of their debts. However, there are downsides to this plan too. These include:

      • The casual approach of the debtor regarding the payment of debts.
      • Verbal agreement with the creditor regarding lower repayment amount or payment plan, which may later prove to be extremely costly if the creditor denies any such agreement.
      • Letting the creditor access to your accounts. You might end up losing everything if they decide to directly take the money from your account.

      These mistakes can leave you with no legal option to pursue against the creditors. if you wish to protect yourself from dubious practices, you should call 888-297-6023 to consult with experienced bankruptcy lawyers Dallas regarding your case.


        *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.

      • Chapter 13 Hardship Discharge

        Chapter 13 Hardship Discharge

        Call: 888-297-6203

        Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, confirm that any debtor who qualifies for Chapter 13 bankruptcy get numerous benefits including protection from collection actions taken by creditors. While people filing for Chapter 7 often end up losing some of their property in order to get a bankruptcy discharge, Chapter 13 bankruptcy filers can keep the non-exempt property if they pay their creditors a portion of the amount. Sometimes, however, unforeseen circumstances might force debtors to face unexpected financial problems which might make it difficult to make payments as per the court approved repayment plan. In such circumstances, they can seek a hardship discharge.

        Debtors can get relief from some or all their debts under hardship discharge without completing the repayment plan. Though it seems unbelievable, it is true. However, there are stringent measures in place since the court cannot hand out complete discharges without payment. In case a debtor seeks hardship discharge they must:

        • Be unable to make payments as per the repayment plan, without any fault of theirs’.
        • Have made substantial payments to the creditors, more than they might have received in case of a Chapter 7 liquidation bankruptcy.
        • Cannot even afford to complete a modified repayment plan.

        Such relief is available to people who have fallen ill and cannot earn enough to repay their debts. In case you find yourself in a situation where a hardship discharge is your only hope, it is important that you consider all factors before making any decision. Having an experienced bankruptcy attorney can surely be an asset in such a case. In case you need to consult your case with adept lawyers, you can 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.

        • Child and Spousal Support in Chapter 13 Bankruptcy

          Child and Spousal Support in Chapter 13 Bankruptcy

          Call: 888-297-6203

          If you have ended up accumulating large amounts of debts, bankruptcy might be a great way to get rid of those debts. However, while you decide to file for bankruptcy, it is vital to understand that not all debts get discharged during bankruptcy. According to Los Angeles based bankruptcy law firm Recovery Law Group, secured debts, as well as priority debts, survive bankruptcy. Secured debts are those debts against which the creditor has some asset (mortgage, auto loan, etc.) while priority debts include those like child support and alimony payments.

          Chapter 13 bankruptcy offers a great chance for people with large amounts of debts and sufficient income to put a hold to collection tactics of creditors. Automatic stay is put in force when any individual files for bankruptcy, and this provides debtors with enough time to restructure their finances in order to pay their debts in time. Sometimes, debtors might also place a stay on the collection of child or spousal support. However, it is vital to remember that these debts are not discharged in bankruptcy.

          Usually, support obligations (child and spousal support) are not affected by Chapter 13 bankruptcy. Individuals who file for bankruptcy under this chapter continue to make payments towards this obligation throughout their bankruptcy course. However, if they request to put a halt on the support collection during chapter 13 bankruptcy recourse, the court can allow it.

          Since support obligations are considered priority debt which though unsecured is never discharged in case of bankruptcy, the debtors are expected to make payments towards this debt, even after their bankruptcy discharge. In case a debtor is successfully able to halt collection actions on these debts during their bankruptcy chapter, completion of Chapter 13 bankruptcy discharge will result in them having to pay for the obligations, till the support order requires them to. Chapter 13 bankruptcy discharge, therefore, has no effect on the payment of child and spousal support.

          If you find all this too mind-boggling, it is best you consult with experienced bankruptcy lawyers Los Angeles who are aware of the various nuances of the law. You can call 888-297-6023 to seek expert guidance regarding the best approach to get back on track financially.


            *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.

          • Consumer Benefits of Chapter 13

            Consumer Benefits of Chapter 13

            Call: 888-297-6203

            While bankruptcy might be traumatic, it is an excellent way to get rid of excessive debts legally. As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, most people filing for bankruptcy prefer Chapter 7. This is probably because you get a discharge within a relatively smaller time and with few financial restrictions and probable loss of some personal property, they can get rid of their debts. However, if you have a substantial income to pay off your debts, you might not be able to qualify for Chapter 7. In such a scenario, Chapter 13 is a great way out for people in debt who wish to stop creditor harassment and get rid of their debts.

            In case of Chapter 13, a repayment plan is devised based on your disposable income, through which you end up paying some portion of your debt to the creditors over a specified period (generally 3-5 years). Unlike Chapter 7 where the non-exempt property is sold off to pay the creditors, you can protect your assets from liquidation in Chapter 13 if you pay your creditors a sum equal to the non-exempt property. However, there is a limit capped by the court to saving non-exempt property by the debtor. In case you have enough income to afford the repayment plan, Chapter 13 is ideal for your financial recovery. For details regarding the benefits associated with this bankruptcy chapter and the protections you get when you file for bankruptcy, you can call 888-297-6023 to speak with expert bankruptcy lawyers Los Angeles.


              *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.

            • Why Abiding by Chapter 13 Repayment Plan is Essential?

              Why Abiding by Chapter 13 Repayment Plan is Essential?

              Call: 888-297-6203

              Filing for bankruptcy is probably one of the worst decisions anyone must take. Admitting that you were unable to manage your finances properly can be quite humiliating. However, once you have decided to go ahead with it, you should ensure that you get a discharge for your debts. Chapter 13 bankruptcy offers debtors a chance to reorganize your debts and pay some portion of it over a period of 3-5 years through a repayment plan. The court-approved plan is an excellent way to get rid of debts and get back on track financially.

              Los Angeles based bankruptcy law firm Recovery Law Group, lawyers inform that the repayment plan is based on your disposable income. However, once the plan is approved, it is essential that bankruptcy filer ensures that payment is made to the bankruptcy trustee every month. In case, he/she is unable to follow the repayment plan, they will be facing consequences far worse than before.

              Inability to stick to the repayment plan might result in the dismissal of bankruptcy which will cause creditors to resume all sorts of collection actions (repossession, foreclosure, wage garnishment, etc.). to ensure that things remain on financial track, the debtor must follow financial restrictions and avoid making unnecessary expenses. Certain debts like child support or alimony are not discharged even after bankruptcy. Thus, the debtor must ensure that these obligations are met along with the repayment plan. Adding on new debts is something that debtors should avoid. In case, some urgent requirements arise, consulting with bankruptcy trustee is recommended.

              If, after following the plan for some time, the debtor finds it too restrictive, they can also request the court to modify the repayment plan to a more feasible one. This can be done only if the debtor shows good faith gesture to go ahead with the plan, despite facing financial difficulty.

              In case you have decided to go ahead with Chapter 13 bankruptcy, but are unaware of the finer nuances, it is important you seek consultation with experienced bankruptcy lawyers. You can call 888-297-6023 to discuss your case with qualified professionals.


                *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.

              • Late Claims in Chapter 13: Ohio Court Rules Against This Practice

                Late Claims in Chapter 13: Ohio Court Rules Against This Practice

                Call: 888-297-6203

                When a person chooses to get rid of their debt by filing for bankruptcy, the best way is to hire a lawyer. This is so because bankruptcy is a complicated process involving several legalities and documents. Experienced lawyers such as those of the Los Angeles bankruptcy law firm Recovery Law Group, make it a point to inform every creditor mentioned in the list of the impending bankruptcy filing of their client. In case the client chooses to file under Chapter 13, any secured creditor can claim against the debtor getting a discharge. However, there is a catch. They should file the claim prior to the deadline mentioned in the notice informing them of the impending bankruptcy. Many times, creditors neglect the deadline and file claims as per their fancy. This has been restricted by the Ohio Court in the latest ruling.

                In the abovementioned case, the couple filing for Chapter 13 owed property tax, but the company which held the debt failed to file a claim against the couple despite being informed of the deadline through the bankruptcy intimation notice. After the deadline had passed, the court declined the company’s claim to receive payment from the Chapter 13 repayment plan. Though the company had a lien on the home, which would have survived the Chapter 13 bankruptcy, the court’s decision is seen as a step in the right direction by consumers trying to get rid of their debt through Chapter 13 bankruptcy.

                In case you decide to pursue this chapter of bankruptcy to get rid of your debts, you should seek the counsel of experienced bankruptcy lawyers Los Angeles 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.

                • Missed Bankruptcy Payments? Can Creditors Resume Collection in This Case?

                  Missed Bankruptcy Payments? Can Creditors Resume Collection in This Case?

                  Living beyond limits, using credit cards frequently can land you in huge debt. In such a case, people often find bankruptcy to be a great way out of debts. Chapter 13 bankruptcy offers debtors a chance to stop collection action while repaying some portion of their debt through a court mediated repayment plan. This plan is developed based on the disposable income of the bankruptcy filer. Disposable income puts certain financial restrictions on the debtor, eliminating all unnecessary expenses to accommodate the repayment plan. However, inform Dallas based bankruptcy law firm Recovery Law Group, people sometimes end up missing the payments. The consequences of this can be quite hard.

                  If an individual debtor misses’ making the payments as per the repayment plan, the bankruptcy trustee should examine why the lapse occurred. In case, they find no justifiable reason, they can recommend the dismissal of the bankruptcy case to the court. Dismissal of the case by the court will land you in a soup as the creditors whom you owe debts can resume collection actions to get their money back.

                  If the bankruptcy trustee recommends dismissal of the case, the bankruptcy filer has legal rights to file a petition in order to reinstate the plan. This can be approved if there is evidence convincing enough to prove that they can continue with the payment plan. Another option available is to file a petition to the court for a more reasonable repayment plan which can be easily managed by the debtor. Remaining engaged in the process by the bankruptcy filer shows their intent to pursue the repayment plan in order to get rid of their debt. This can work in their favor; else the court might end up dismissing the case leaving the debtor in a lurch.

                  It is important that while working out a repayment plan in Chapter 13, you wisely inspect your circumstance before agreeing to the repayment plan. Bankruptcy can be quite confusing and should best be handled by experienced bankruptcy lawyers. If you wish to get rid of your debts through Chapter 13 bankruptcy, it is important that you call 888-297-6023 and consult with the best attorneys of the field.


                    *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 Wanted to Know About the Chapter 13 Repayment Plan

                    Everything You Wanted to Know About the Chapter 13 Repayment Plan

                    Call: 888-297-6203

                    Filing for bankruptcy is often the last option taken by people who have been struggling with debts for a long time. According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, people have the option of filing under Chapter 7 or Chapter 13. Ideally, Chapter 7 is preferred as it gets rid of all unsecured debts without losing many assets of the bankruptcy filer. If, however, you fail to qualify the means test, you are stuck with Chapter 13. It is therefore important to know what happens in this chapter so that you are prepared to handle what comes your way.

                    Here are some of the key facts related to Chapter 13 bankruptcy:

                    • Chapter 13 involves a repayment plan where you are expected to pay back your creditors some portion of your debt.
                    • The repayment plan lasts for 3 or 5 years depending on whether your average monthly income for the past six months prior to bankruptcy filing was less than or more than the state median respectively.
                    • The repayment to creditors is done using your disposable income, i.e. the income which is left after deducting all essential monthly expenses such as housing, food, etc.
                    • If your financial situation deteriorates during the repayment plan (loss of a job, unexpected medical expense, ) which results in non-payment of the dues, you can ask for a modification in your agreement by consulting your bankruptcy trustee.
                    • After completion of the repayment plan in 3-5 years, you can get a fresh financial start.

                    For more details regarding bankruptcy procedure and filing, you can contact experienced bankruptcy lawyers Los Angeles, 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.

                    • Who Can File for Chapter 13 Bankruptcy?

                      Who Can File for Chapter 13 Bankruptcy?

                      Call: 888-297-6203

                      When you realize that there is no way out of debts, bankruptcy might be the logical conclusion. Though, people prefer Chapter 7, very few manage to qualify for it. The other option for people is filing for bankruptcy under Chapter 13. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group, say that it is essential that you qualify for the same.

                      The eligibility criteria for Chapter 13 bankruptcy include:

                      • Only individuals and not business entities can file for Chapter 13 bankruptcy.
                      • If you had previously filed for a Chapter 13 or Chapter 7 bankruptcy and got a discharge, you cannot proceed with Chapter 13 bankruptcy before two years and four years respectively.
                      • It is mandatory to attend credit counseling
                      • There is a limit capped on your debts in case of Chapter 13 bankruptcy filing in Dallas. You should not have more than $1,010,650 secured debt and $336, 900 unsecured debt. These figures, however, change every three years factoring for inflation.
                      • Filing of state and federal income tax returns is mandatory.
                      • The repayment plan should include all required debts.
                      • Sufficient disposable income must be present to pay the debts through the repayment plan proposed.

                      In case you fulfill all the above-mentioned criterion, it is pertinent that you consult with experienced bankruptcy lawyers at888-297-6023 before pursuing the plan further.


                        *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.