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  • Can All Debts Be Discharged in Chapter 7 Bankruptcy?

    Can All Debts Be Discharged in Chapter 7 Bankruptcy?

    Call: 888-297-6203

    Among the various chapters of bankruptcy, people prefer to file under Chapter 7. This is because you can eliminate almost all the unsecured debt to lead a debt-free life. However, before you become overjoyed with the idea of getting rid of all your debts, it is important to know that not all debts are discharged, even in Chapter 7 Bankruptcy. Dallas based bankruptcy law firm Recovery Law Group informs you about the different debts which are not discharged in a Chapter 7 bankruptcy:

    • Child support and alimony
    • Student loan debt
    • Debts due to penalties for driving under influence resulting in death or personal injury
    • Tax debts and debts incurred due to non-payment of federal taxes
    • Any debts incurred due to fraudulent activities
    • Debts due to specific fines and penalties
    • Any debts which you failed to list in the Chapter 7 form

    Before you think of filing for bankruptcy, it is important that you take stock of what type of debts can be discharged and what can’t. This will provide you with an idea of whether filing for bankruptcy under Chapter 7 will be beneficial for you or not. In case, you find that Chapter 7 is your best bet for improving finances, you should seek the counsel of an experienced bankruptcy lawyer. If you wish to consult with expert lawyers regarding your bankruptcy, 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.

    • Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

      Duties of a Bankruptcy Trustee in Chapter 7 Bankruptcy

      Call: 888-297-6203

      Uncertainty is something people are not comfortable with. Being in financial distress and not knowing what to do can be extremely distressing for people. There are several ways to get rid of debt, bankruptcy often being the last resort. However, once you have decided the option, there are many other things to consider. The various facets of bankruptcy can be quite confusing, primarily being the numerous proceedings associated with bankruptcy. A bankruptcy trustee is appointed to oversee the accounts in case of bankruptcy chapters. According to Los Angeles based bankruptcy law firm Recovery Law Group, a bankruptcy trustee is an unbiased person who handles your bankruptcy case.

      Why is a trustee required?

      When you file for bankruptcy, any property you own becomes a part of the bankruptcy estate. This is a separate entity for you and thus needs to be handled separately. To take care of it, a separate individual is appointed by the court. Different chapters of bankruptcy require different duties from the bankruptcy trustee. In the case of Chapter 7 bankruptcy, the bankruptcy trustee is involved in the liquidation of assets and distribution of the proceedings to the creditors. Various duties of a bankruptcy trustee include:

      • Collecting of non-exempt property of the bankruptcy filer
      • Liquidation of the non-exempt assets
      • Distribution of the proceeds to the creditors
      • Challenge any claims made by creditors who object to your bankruptcy filing
      • Object to discharge of debts if certain debts are non-dischargeable

      The role of the bankruptcy trustee is, thus, an extremely important one. Since many of the proceedings are complicated, it is advisable to have an attorney by your side. You can call 888-297-6023 to speak with experienced bankruptcy lawyers Los Angeles 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.

      • Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

        Passing the Means Test is Essential for Chapter 7 Bankruptcy Eligibility

        Call: 888-297-6203

        Filing for bankruptcy is a decision that takes time. Earlier, until 2005, the bankruptcy chapter was decided by the bankruptcy judge. If they found that the debtor was unable to repay the debts, then they could file for Chapter 7 bankruptcy and get a discharge of all their debts. However, if there was scope to repay debts, they were required to file for Chapter 13 bankruptcy. With streamlining of the process, things have become much easier to understand, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. People can convert their bankruptcy chapter (Chapter 7 to Chapter 13 and vice versa) in case they do not qualify for their chosen one.

        Chapter 7 bankruptcy is preferred because individuals can get all their unsecured debts discharged without losing much of their assets. However, with the change of rules, stringent measures have been included for qualifying for Chapter 7 bankruptcy. The income made by an individual over the past six months prior to a bankruptcy filing is compared with the state mean. This income includes wages, bonus, income from farm or business, monthly retirement, alimony or child support, rental income, disability or unemployment benefits, royalties, and interest earned. Except for SSA retirement funds and tax refunds, each and every earning source is considered. The income is then compared with the state median income. If your income is similar or below the state median, then you are eligible to file for Chapter 7 bankruptcy, however, if the income exceeds the state median, a means test will be performed.

        What happens in means test?

        In this test, you are expected to list your essential expenses. These include housing, food, and other necessary expenditures. Your disposable income, i.e. the income which remains after all essential expenditures are deducted from your total income, is calculated based on this. If the disposable income is high enough to work out a repayment plan, then your Chapter 7 bankruptcy Los Angeles case is dismissed, and you are expected to file for Chapter 13 in order to get rid of your debts.

        Though it may seem too complicated, with an experienced bankruptcy lawyer by your side can make things better. Call 888-297-6023 to discuss your options regarding 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.

        • What to do in Case You Have an Incorrect Address on Your Credit Report?

          What to do in Case You Have an Incorrect Address on Your Credit Report?

          Call: 888-297-6203

          Being in debt can send anyone in a tizzy. You might not be aware of how many documents you are required to fill and submit in order to file for bankruptcy. When you file for bankruptcy, you are expected to list all your creditors along with the debts you owe them. Sometimes, a mistake can cause the entry of an incorrect address which then appears on your credit report. This can be really frustrating for the bankruptcy filer since they are already under tremendous stress. However, experienced lawyers such as those of Los Angeles based bankruptcy law firm Recovery Law Group, inform that with some simple mistakes can be easily rectified.

          • Any address associated with an account makes an appearance on your credit report. This may be the address of a friend, attorney, or family
          • The addresses are reported to the credit bureaus by your creditors. You can discuss the incorrect address entry with the respective creditor associated with the account.
          • In case you are unsure of which creditor made the incorrect address entry, you can call the number on your credit report to speak with the representative of the credit bureau.
          • Once the creditor rectifies the mistake, the correct address is entered in the credit bureau system and subsequently in the credit report.

          Though, these steps may seem simple, getting things done is not this easy. if you need professional assistance, you can call 888-297-6023 to speak with experienced 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.

          • Bankruptcy – The Public Record Which Appears on Your Credit Report

            Bankruptcy – The Public Record Which Appears on Your Credit Report

            Call: 888-297-6203

            Earlier three types of public records were reported on the credit report of any individual, however, now just one – bankruptcy is reported in the credit history. Bankruptcy is generally the last resort for people who have tried in vain to get rid of their debts. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, elaborate that different bankruptcy chapters can have different repercussions on your credit history.

            • In Chapter 7, the filer does not pay any debts; any non-exempt property they have is sold off to pay their creditors. This type of bankruptcy remains on the credit report for a period of 10 years.
            • Chapter 13 requires you to repay some portion of your debts through the repayment plan over 3-5 years’ time. This bankruptcy stays on your credit report for 7 years from the filing

            As court records are updated on a regular basis, any information related to bankruptcy also gets automatically updated on the credit report. The information is generally provided either directly from courts or through the credit reporting companies. In case you observe any discrepancy in the information, you could dispute the same by submitting proof via mail, phone or online to any of the credit rating bureaus. Once the information is verified, it is rectified and updated on your credit report. You can ask experienced bankruptcy lawyers to help you with problems related to a bankruptcy filing or discharge by calling 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.

            • Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

              Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

              Call: 888-297-6203

              Buying a house is a big commitment, especially if you have just come out of bankruptcy. Your credit score is negatively affected when you declare bankruptcy that can make it difficult to get any new credit, especially one like a mortgage. Most people who opt for Chapter 13 bankruptcy get a chance to catch up on their past due payments through the repayment plan. Other options regarding mortgage are to reaffirm the debt in order to retain your house. Once you reaffirm the debt after filing for bankruptcy, the debt is not mentioned in your credit history, says lawyers of Dallas based bankruptcy law firm Recovery Law Group.

              The worst nightmare for people out of bankruptcy is when their existing mortgage, for which they were paying for the past many years, is not reported to credit bureaus. Without this information on their credit report, their efforts of making payment in good faith are not reported and thus no improvement can be seen in their credit rating. The lender is supposed to report the information to any of the three credit reporting bureaus (Experian, Equifax or Transunion). However, as per the Fair Credit Reporting Act (FCRA), it is not compulsory. They can choose to report to all three, any two/one or none. Since this is the lender’s responsibility, you could ask your lender to report the account legally and accurately.

              An adept lawyer can ensure that there are no loose ends when you opt to file for bankruptcy. For consulting with experienced bankruptcy lawyers, 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.

              • Can Adding a Person Who Has Filed for Bankruptcy as an Authorized User to Your Credit Card Affect Your Credit Scores?

                Can Adding a Person Who Has Filed for Bankruptcy as an Authorized User to Your Credit Card Affect Your Credit Scores?

                Call: 888-297-6203

                Nothing affects your credit score as a bankruptcy. People who have been through bankruptcy procedure will vouch that rebuilding credit can take a lot of time. One of the ways you can improve your credit score is by asking a family member or a friend to add you as an authorized user on their credit card. This will be beneficial for a fresh out of bankruptcy person. However, it is a point of concern for the individual who adds a bankrupt person to their credit card. Many people have their doubts about having a bankrupt person as an authorized user on their credit card. Can this action affect their credit scores negatively too?

                As per lawyers of Dallas based bankruptcy law firm Recovery Law Group, adding any person as an authorized user to your account will not affect your credit report. Their bankruptcy is in no way related to your credit history. Credit history of both; the authorized user and the card owner are separate and includes accounts and public records mentioned in their respective names. Both, the bankruptcy public records and the previous credit history of authorized user will not be merged with your credit history. However, this account might be added to the authorized user’s credit report as they have become associated with this debt too.

                Adding someone as an authorized user to your credit card is a risky decision. Since you are the primary cardholder, any charges made by the authorized user are your responsibility too; especially if the authorized user fails to make payment for them. In case, you are unable to make payments on time due to additional charges, this will end up affecting your credit scores. Before agreeing to become a good Samaritan to help a friend or family member out, it is important to know the possible issues you might have to face. Consulting with expert bankruptcy lawyers at 888-297-6023 can give you numerous options.


                  *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.

                • Marriage and Bankruptcy: What Happens If A Person with Great Credit Marries Another Who is Fresh Out of Bankruptcy?

                  Marriage and Bankruptcy: What Happens If A Person with Great Credit Marries Another Who is Fresh Out of Bankruptcy?

                  Call: 888-297-6203

                  Marriage is a big decision, something which should be taken after much deliberation. Since money is often the bone of contention in most marriages which might result in divorce, having money matters sorted prior to getting married is an excellent decision. Unforeseen circumstances can send anyone in financial distress. People who decide to get married to someone who is fresh out of bankruptcy, are often worried about the effect of this decision on their finances.

                  According to Los Angeles based bankruptcy law firm Recovery Law Group, marriage is not going to join the individuals’ credit automatically. If both have their individual accounts without any joint account, they won’t have any shared credit history. Keeping credit histories separate for long after the marriage is, however, a difficult task to accomplish. For any big purchase like a house, you are required to apply jointly so that both names are on the mortgage. In this case, the income as well as credit history of both parties, are considered for evaluating the risk associated on the loan.

                  If one of the partners has a bankruptcy on their credit report, getting new credit, such as that for a mortgage might be slightly difficult. Bankruptcy remains on credit report for a duration of 10 years in case of Chapter 7 bankruptcy and 7 years in case of Chapter 13 bankruptcy Los Angeles. Unforeseen circumstances leading to bankruptcy are manageable but overspending and money management issues will likely wreak havoc in your marriage.

                  Sharing credit reports and being aware of the financial situation of both you and your partner provides you with an opportunity to manage the finances. Discussing things before marriage is advised as you can avoid several problems later. Professional assistance can be taken from bankruptcy lawyers by calling 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.

                  • When is The Credit Score Updated After Bankruptcy?

                    When is The Credit Score Updated After Bankruptcy?

                    Call: 888-297-6203

                    Nothing is permanent in life. Not even the ill-effects of bankruptcy. Though it becomes public record and negatively affects the credit score of an individual, bankruptcy is removed after seven to ten years from the credit report of the filer. However, it takes time to change your credit score. Many people are worried if their credit score does not show any improvement even after bankruptcy is removed. According to the Los Angeles based bankruptcy law firm Recovery Law Group, there are different ways of calculating credit scores. Different lenders have different strategies to check risk management requirements.

                    Unless changes are made in your credit report, credit scores are not updated. Moreover, different lenders use more than one scoring model depending on the type of lending as well as their customers. The system used to calculate credit score by a credit union is different from that used by a national credit card company. This difference is because they have different clienteles and lending methods. Removal of bankruptcy is reflected in the credit score when a new copy of credit report is generated after the new score is calculated.

                    There is not going to be much change in your credit history just after bankruptcy is removed. Sometimes, negative items in credit history might cause no improvement in your credit score. You can get a free copy of your credit report to ascertain whether bankruptcy has been removed from it or not. It is important to have the latest credit report if you wish to seek any new credits. Changes in risk level should be reflected in your credit score and credit report. If you need the assistance of experienced bankruptcy 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.

                    • Can Public Bankruptcy Records Lead to Denying of Credit?

                      Can Public Bankruptcy Records Lead to Denying of Credit?

                      Call: 888-297-6203

                      Many times, people who have just got their bankruptcy discharged face the problem of rejection from creditors, even for small loans. This can be quite frustrating for people who wish to start their life afresh. One of the major reasons for credit being rejected is the mention of bankruptcy on credit history. Since bankruptcy is public record and stays on the credit report for seven years in case of Chapter 13 bankruptcy and ten years in case of Chapter 7 bankruptcy, people fresh out of bankruptcy can be in for a long duration of living without credit.
                      According to Dallas based bankruptcy law firm Recovery Law Group lawyers, getting a bankruptcy discharge means that you have gone through all bankruptcy requirements. However, it does not necessarily mean that you have paid all your debts. This causes most creditors to be vary of lending any money to you. It is no wonder that getting new credit just months after bankruptcy is extremely difficult and people often face dejection. If some people get credit, it is at exceptionally high interest, making it a bad decision, especially for people fresh out of bankruptcy.
                      Being rejected for credit can cause extreme frustration in people; however, applying many times within a short period can add to your woes. It is advisable to let some time pass after bankruptcy before applying for credit. This improves your chances, especially if you keep building your credit using a secured credit card or any open positive credit account. Eventually, the positive credit building helps you get a loan after bankruptcy. For knowing more about bankruptcy discharge and getting credit after bankruptcy, 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.