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Bankruptcy is an excellent way to get rid of your debt. However, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group say that people are often worried about how this might affect their credit report. The Fair Credit Reporting Act (FCRA) dictates how creditors, credit buyers as well as credit reporting agencies report the credit. This act was drafted and implemented to ensure that the actual representation of credit information was done by creditors. they are expected to inform consumer reporting agencies accurately with respect to the status of the debts of an individual. Additionally, FCRA [...]

Call: 888-297-6203 When you are drowning in debts and are on the brink of losing your home to foreclosure, then bankruptcy might be the best way to not only save your home but also get rid of your debts say Dallas based bankruptcy law firm Recovery Law Group lawyers. People often take a mortgage for buying a house; however, there may be circumstances when people are unable to keep up with mortgage payments. When homeowners are unable to pay their mortgage for a long time, the mortgage lender might initiate legal proceedings against the homeowner in the court [...]

Call: 888-297-6203 People, filing for bankruptcy, are always concerned about whether they will and when they will be able to utilize their credit again. To be able to use the credit again depends on each person’s situation. However, one undisputed determining factor for it is the amount of time that has passed. After Filing for Chapter 7 Bankruptcy Getting credit after a Chapter 7 bankruptcy is difficult, but not impossible. People with poor credit or no credit will find it difficult to get credit with favorable terms, as they will be asked to pay more to be able [...]

Call: 888-297-6203 In Florida, the practice of lien stripping is permissible in bankruptcy. In lien stripping, you can remove the entirely unsecured liens from your homestead property. In bankruptcy, entirely unsecured liens are known as ‘wholly unsecured liens’. A wholly unsecured lien is that lien on the filer’s property which does not receive any money from a foreclosure sale, as there will not be any money left after the payment made to the first lien holder. This means that if your first mortgage debt is more than your property’s worth, and you also have other mortgage debts, those [...]

Call: 888-297-6203 Jointly-owned property with siblings, spouse or any other person, concerns most of the filers of bankruptcy. The possibility, of joint-owners losing the interest in the property, is a matter of real concern. The exact effect of a bankruptcy filing, in such matters, depends on the relationship between the joint owners, the process of titling of the property, and the filer’s state exemptions. The most common joint-owners are spouses. In Florida, property jointly-held by spouses is supposedly by Tenancy by the Entirety, if not specifically mentioned otherwise. This kind of joint-ownership has its own perks as the [...]

Call: 888-297-6203 Most people live their lives on loan. They are accustomed to using their credit cards for everything they buy. However, many times, being unable to pay off the amount due, they end up in debt. When the debt piles up, you might have to face severe consequences like threatening phone calls and even wage garnishment. The latter is a court order through which the creditor will receive money from your paycheque. Your employer is compelled to deduct the specified amount and pay the creditor. This continues till the due is cleared. However, Dallas based bankruptcy law [...]

Call: 888-297-6203 Irrespective of the bankruptcy chapter you file under, if your car payments are current, you can keep the vehicle when you file for bankruptcy, say Los Angeles based bankruptcy law firm Recovery Law Group. Here’s what happens in different bankruptcy chapters: Chapter 7 bankruptcy If you wish to keep your car during this bankruptcy chapter, you need to reaffirm the loan. If you are current on the payments, you can continue making payments and a Reaffirmation Agreement will be provided by your loan financer. Once you sign the agreement, it will be filed in court, thereby [...]