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Five issues to avoid with tax returns before filing bankruptcy

Call: 888-297-6203 Sometimes bankruptcy can be the best way to begin one’s financial life afresh. However, the laws and processes of bankruptcy are difficult to understand and you can easily make mistakes. So, it is important to consult an experienced and knowledgeable bankruptcy lawyer like The Recovery Law Group. You can visit them at Recovery Law Group or call 888-297-6203. Given below are five problems related to tax returns, which must be avoided before filing for bankruptcy. A delay in filing the income tax returns is not advisable. Debtors, who make genuine and good attempts to follow tax [...]

2019-10-18T12:17:08+00:00
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Rebuilding credit score after a bankruptcy

Call: 888-297-6203 Emerging from bankruptcy might seem like an uphill battle to you. Filing for bankruptcy has a serious hit on your credit score and leaves a negative mark on your credit report for some years. Chapter 7 and Chapter 13 bankruptcy remain on the credit report for 10 years and 7 years, respectively. In many states, even the auto insurance rates increase because of a low credit score. A low credit score does adversely affect the financial aspects of your life, but you can still work towards re-building them. Given below are 7 tips that can help [...]

2019-10-18T12:25:18+00:00
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Most Common Bankruptcy Myths

Call: 888-297-6203 Bankruptcy despite being the best way to get rid of your debts, is often misunderstood by people. People fear that it might put them in a worse situation without realizing that being under a huge mountain of debt is the worst thing for people. Dallas based bankruptcy law firm Recovery Law Group discusses some of the myths associated with bankruptcy: Bankruptcy can damage your credit permanently Though bankruptcy does influence your credit report, it is not a permanent one. Compared to late payments and bad credit on your credit report, the effect of bankruptcy is minimal. [...]

2019-10-18T08:20:09+00:00
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Role of Bankruptcy Trustee

Call: 888-297-6203 When you file for bankruptcy, the entire process is conducted by United States bankruptcy trustee. they are responsible for overseeing the bankruptcy process in federal courts. They are appointed by U.S. attorney general and their duties include: enforcement of Bankruptcy Code preventing fraud claims appointment and supervision of private bankruptcy trustee acting as trustee in consumer bankruptcy cases referring cases for investigation, prosecution or any other legal action convening creditors meeting for the reorganization of debts making sure that no unreasonable fees are charged for filing bankruptcy ensuring that estate administration is done quickly, efficiently and [...]

2019-10-18T08:18:48+00:00
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Important Facts About Chapter 7 Bankruptcy

Call: 888-297-6203 If you are facing harassment from credit card companies due to non-payment or delay in bill payment, then bankruptcy might be a good option to get rid of the constant stress. According to Dallas based bankruptcy law firm Recovery Law Group Chapter 7 bankruptcy is the best way to get rid of your debts if you can qualify for it. Filling for Chapter 7 bankruptcy will get rid of the following debts: Private student loans Medical bills Personal loans Credit card debt Lawsuit claims and judgments However, there are specific rules regarding the discharge of certain [...]

2019-10-18T08:17:14+00:00
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Can Chapter 13 Bankruptcy Affect Your Tax Returns?

Call: 888-297-6203 Despite bankruptcy getting rid of the majority of your debts, you are still required to file a federal tax return with IRS. With chapter 13 bankruptcy, individuals and small business owners can repay their creditors through a repayment plan. However, before filing for bankruptcy, all tax returns for the past 4 years must have been filed before the 341 meetings. Additionally, all current and applicable local, state and federal taxes due either during or after bankruptcy should also be filed. If you fail to pay current taxes or file tax returns, Dallas based bankruptcy law firm [...]

2019-10-18T08:15:31+00:00
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Know Everything About Chapter 7 Means Test

Call: 888-297-6203 Are you looking for a way to get rid of your debts and start your financial life afresh? In this case, Dallas based law firm Recovery Law Group lawyers say, bankruptcy is the best way to do this. Individual debtors have the option of choosing from chapter 7 or chapter 13. Chapter 7 gives you a faster discharge of unsecured debts, however, you need to qualify for it, as it is meant to provide a fresh start for people with little to no income. Experienced bankruptcy attorneys at 888-297-6023 can help you find out whether Chapter [...]

2019-10-18T08:13:51+00:00
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Chapter 13 Bankruptcy: Pros and Cons

Call: 888-297-6203 People who are struggling with huge amounts of debts often choose bankruptcy to get rid of them. Chapter 7 bankruptcy is preferred as most of the times you get away without losing any property and all your debts are discharged. However, those who fail to qualify for chapter 7 file for chapter 13 bankruptcy. in this chapter, Dallas based bankruptcy law firm Recovery Law Group lawyers say, debt reorganization takes place and you pay your creditors through a repayment plan. There are pros and cons associated with this chapter of bankruptcy. Benefits of Chapter 13 Bankruptcy [...]

2019-10-18T08:12:08+00:00
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Do Medical Bills Contribute to Bankruptcy in Consumers?

Call: 888-297-6203 As more and more consumers file for bankruptcy, it is important to understand what the contributing cause might be. According to Los Angeles based bankruptcy law firm Recovery Law Group apart from credit card bills, the other major contributing factor to personal bankruptcy is huge medical bills. One can easily blame the rising cost of healthcare for financially ruining any person. Accumulation of medical bills has become one of the major reasons for an increased bankruptcy filing. In case a person loses their job and the medical bills keep on piling, the financial issues could be [...]

2019-10-18T08:09:28+00:00
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Can I Buy Home After Bankruptcy?

Call: 888-297-6203 Many people are worried that filing for bankruptcy will shut all doors of getting credit for them. However, this is not true at all. Though bankruptcy appears on your credit report, it does not mean that you won’t be able to buy a home after getting your bankruptcy discharge. On the contrary say Dallas based bankruptcy law firm Recovery Law Group lawyers, since all your bad debts are written off in bankruptcy, you are considered a good person to give credit to. In fact, applying for a credit card is the best way to rebuild your [...]

2019-10-17T06:36:11+00:00
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