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  • Five issues to avoid with tax returns before filing bankruptcy

    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.

    1. A delay in filing the income tax returns is not advisable. Debtors, who make genuine and good attempts to follow tax laws and filing requirements, are favored more by bankruptcy courts. Bankruptcy law treats tax debts uniquely. Normally, the older tax liability is more likely to be discharged in Chapter 7 bankruptcy, provided the debtor was not involved in tax evasion.
    2. Late returns can highly complicate the issue of discharge. As per the Bankruptcy Code’s definition of ‘return’, a return should satisfy all laws of non-bankruptcy and applicable requirements for filing. If the late filing won’t meet all the criteria, as per the court’s analysis, your tax debt, for that year, won’t be discharged.
      One of the examples of such a situation is the case of Van Arsdale. In re Van Arsdale, the debtor had filed the tax return after the filing of a substitute return by the IRS. Thus, the late tax return was declared a no ‘return’ under the bankruptcy code, by the Bankruptcy Court for the Northern District of California.
    3. The filing of missing tax returns should not be delayed. The tax debt becomes a part of your repayment plan with other types of debts, in Chapter 13 bankruptcy. Before your first meeting with the creditors, file all the tax returns which are needed during the period of 4 years, prior to the date of your petition.
    4. Remember to provide your bankruptcy trustee with a copy or transcript of your most recent tax return, a year prior to filing for bankruptcy. This shall be received at least 7 days before the creditors meeting. Also, never give away your only tax return copy to a trustee, and always keep extra copies of it, as other interested parties might also request to see it.
    5. You should not disclose your date of birth, social security number, bank account numbers, and other personal data while submitting the tax returns to the court and trustee.

    Remember that your tax obligations are not subjected to automatic stay after filing for bankruptcy. So, keep filing timely tax returns even after the commencement of your bankruptcy case, and also keep a track of your income and expenses.


      *Are you more than 60 days past due on your mortgage?

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      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.

    • Rebuilding credit score after a bankruptcy

      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 you in improving the credit score, after declaring bankruptcy.

      1. Make sure that you always make timely payments of your complete balance. Otherwise, late payments will stain your credit report for 7 years.
      2. Use a secured credit card. You will be asked to make a deposit to act as collateral. This deposit will be returned to you, once your credit score gets improved or you close your account. Making timely payments will eventually make your credit score better, and this will make you eligible for getting a new credit card, having better features and rewards.
      3. Showing regular and timely payments will have a good impact on your credit score. So, try to use your credit card at least once every month.
      4. Multiple credit applications might decrease your credit score and will also increase the risk of overspending. Thus, keep only one credit card in use.
      5. Your credit utilization should be low. It is the ratio of your balance to the credit card limit which should preferably be under 30%. So, in case, you have a credit limit of $1,000 each month, then you must not spend more than $300.
        Individuals, who are coping with Chapter 13 bankruptcy, can maintain a low credit utilization by getting a retirement plan loan. Such loans usually have a low rate of interest and credit bureaus don’t get to know about them. It should certainly be small enough to be easily paid back within 5 years, as unpaid balances are considered an early retirement distribution and are subjected to penalties and taxes.
      6. Credit bureaus like it when you exercise restraint. So, keep your credit limit higher, since, though a lower credit limit may feel safer, it will eventually cause a rise in your utilization of credit. For example, your credit limit is $1,000 and you spend $400, then your credit utilization will be 40%. On the other hand, if your credit limit is $500, and you spend $300, the credit utilization will double to 80%, and this won’t impress the credit bureaus.
      7. Open a savings account that will aid in making bill payments on time by setting up automatic payments. You can also create a small emergency fund. Making a budget, to properly understand and keep a track of the spending habits, will be an effective way for you to improve credit score.

      Keep in mind that credit bureaus can also make mistakes. So make sure that you get a no-cost copy of your credit report and check it for any possible errors. There are chances that you might have been mixed with someone else with a similar name, or the report still shows the status of your closed accounts as open. Even identity theft can cause possible errors in your credit report. Such common mistakes can be corrected, and this will also improve your credit score immediately. So, it’s better to check the credit report consistently.

      You can learn more about ill-effects of filing bankruptcy on the debtor’s credit score and ways to rebuild them by consulting one of the most experienced bankruptcy attorneys of Los Angeles, Dallas, TX, either at Recovery Law Group or at 888-297-6203.


        *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.

      • 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. Depending on the chapter of bankruptcy filed, bankruptcy is mentioned on your credit report for 7-10 years, yet you start getting credit just after a bankruptcy discharge. You can get secured credit cards and after making timely payments on them, you can even get a regular credit card within a couple of years of the bankruptcy discharge.

        • Your employer will come to know of your bankruptcy

        Though bankruptcy is public record, its copies are not sent to your employer. Apart from your creditors, bankruptcy trustee and lawyers, nobody else becomes aware of your bankruptcy, unless they specifically go looking for it. Any person who sees your credit report will come to know of your bankruptcy.

        • Filing for bankruptcy will result in loss of all property

        Exemptions are available by both federal and state government to protect necessities for bankruptcy filer. Thanks to those exemptions, you can protect most of your assets including equity in vehicle and home, personal possessions, retirement accounts, etc. While federal exemptions are common throughout the country, state exemptions vary.

        • Bankruptcy gets rid of all debts

        Most of the debts are discharged in bankruptcy; however, there are certain debts that survive bankruptcy like a student loan, court fines, alimony and child support, etc.

        • Bankruptcy reflects irresponsibility

        Any person who has had the misfortune of making the wrong investment can be under huge debt. Rising medical costs and job scare can throw any person under large debts. Thus, despite being a responsible person, people might end up in a situation which requires them to file for bankruptcy.

        • You don’t need lawyers to file for bankruptcy

        Though it is not essential for you to hire a lawyer if you wish to file for bankruptcy, it is beneficial. An experienced lawyer can be the difference between getting your debts discharged or your case dismissed. In case you need to consult with experienced bankruptcy attorneys, you can do so 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.

        • Role of Bankruptcy Trustee

          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 properly
          • making sure that bankruptcy court rules and procedures are followed
          • reviewing applications for professional services disclosures

          According to Los Angeles based bankruptcy law firm Recovery Law Group  once you file for bankruptcy, The U.S. trustee appoints an impartial private trustee to administer your bankruptcy (Chapters 7, 12 or 13). The different chapters of bankruptcy require different actions from the trustee.

          Chapter 7 or liquidation bankruptcy

          In this case, private trustees are appointed to the panel of U.S. Trustee in the federal judicial district who work on a rotation basis. Their work includes accumulation of non-exempt assets, liquidation of the same and distribution of the funds so generated among your creditors.

          Chapter 12 and 13 or reorganization bankruptcies

          Trustees for these bankruptcy chapters have a standing appointment for the administration of these bankruptcy cases in specific regions. Both these chapters’ help get rid of debts through a repayment plan. The trustee will gauge your financial condition and recommend a repayment plan (to be completed within 3-5 years) accordingly. Once the plan is evaluated and approved by the court, it is the trustee’s responsibility to administer the plan. They will collect the funds from the bankruptcy filer and distribute them to the creditors.

          Though the role played by trustees is vital, however, they are not responsible for providing legal counsel to bankruptcy filers. The bankruptcy trustees’ loyalties lie with the bankruptcy court. To consider your legal interests, you need to hire bankruptcy lawyers. If you are looking to get rid of overwhelming debts that have caused enough personal and financial stress on your life, you can consult with experienced bankruptcy attorneys 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.

          • 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 debts especially court judgments and federal taxes. The debts which won’t be eliminated in Chapter 7 bankruptcy include alimony and childcare payments, court fines, recent taxes, criminal restitution, and any debts which the debtor incurs after filing bankruptcy papers. If you are worried about debts and wish to get rid of them, you need to hire qualified bankruptcy lawyers. Call 888-297-6023 to know which debts can be eliminated through bankruptcy by consulting with experienced bankruptcy attorneys.

            Qualifying for Chapter 7 Bankruptcy

            Everyone cannot opt for chapter 7 bankruptcy. The monthly income should be less than the state median to qualify for this bankruptcy chapter. In case the monthly income is higher, you need to pass the means test. This test is used to determine whether you have enough disposable income to pay your debts through a repayment plan.

            Apart from the means test, you should not have any dealing in bankruptcy court within 180 days prior to filing for bankruptcy. Additionally, you should have completed the mandatory credit counseling course before filing papers. In case you fail to qualify for Chapter 7, chapter 13 is another option available to get rid of your debts. However, if you qualify for chapter 7 bankruptcy, you will need to submit certain documents with the bankruptcy court. A bankruptcy lawyer can help you gather all relevant financial information and file for bankruptcy.

            Both federal and state government provide exemptions to bankruptcy filers. You can choose between either of those sets of exemptions to protect your property. Any non-exempt property you have is liquidated to clear your debts to your creditors.


              *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 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 Recovery Law Group say, your bankruptcy case will be dismissed.

              Any debts canceled as a result of bankruptcy should not be included while filing tax returns. Any loss of property as a result of canceled debt should be included in tax returns. Since trust accounts are not taxable any interest in them should not be included while filing your taxes. You might receive tax refunds during the bankruptcy process; however, they can be used to pay your tax debts. On completion of your chapter 13 bankruptcy repayment plan, some federal tax debt might be discharged. Experienced bankruptcy lawyers can help you with differentiating which debts can be discharged. You can consult with bankruptcy attorneys at 888-297-6023 to discuss your case.

              Moreover, income from social security, any repartitions for war crimes or terrorist acts are not included as monthly income. Your monthly income, so calculated, is then compared with state median income for a household of similar size. In case the monthly income is higher, means test is used to check whether you can pay debts after allowable deductions.


                *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.

              • Know Everything About Chapter 7 Means Test

                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 7 will suit you or not.

                Who can file for chapter 7 bankruptcy?

                Prior to bankruptcy filing (180 days), you need to complete a mandatory credit counseling course. Additionally, you need to provide information regarding current monthly income and means test calculation. To qualify for this chapter, your monthly income should be less than the average income of the state for a household of a similar number of members. The monthly income is calculated by adding any income obtained for previous 6 months from these sources:

                • Gross wage, salary, bonus, overtime, tips, commission, etc.
                • Any money received for household expenses including child support, alimony or maintenance.
                • Pension or retirement income (except social security)
                • Unemployment payments (except social security benefits)
                • Any income from interest, royalties, and dividends.
                • Any income from rental properties, business, profession or farm.

                Income from other social security and other income are not included in monthly income. Once the monthly income is calculated it is compared to the median family income of the state. if monthly income is higher than the median, means test is used to find your eligibility for this chapter of bankruptcy.

                Means test

                In case your monthly income exceeds the state median income, then means test calculation is done to see whether they can opt for chapter 13 or not. this is done by deducting expenses from your monthly income which include:

                • Standard IRS deductions claimed
                • Mortgage or rent
                • Spouse’s income not used for paying household expenses
                • Health care allowance
                • Food, clothing and other household expenses
                • Utility expenses including operating cost and insurance
                • Local and public transport expenses
                • Vehicle costs (ownership or lease expense)
                • Taxes (local, state and federal)
                • Insurance for life term policies, insurance (health, disability) healthcare expense not covered by insurance
                • Education and childcare expense
                • Mandatory payments (child support and alimony)
                • Payroll deductions (union dues, retirement contributions, uniform costs, etc.)
                • Debts for mortgage and car payments

                Once these expenses are deducted, if the monthly income is less than $12,850 (or less than 25% of your unsecured debts) then you can pass a means test to qualify for chapter 7 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.

                • 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 is removed from the credit report after 7 years, unlike chapter 7 where it stays for 10 years.
                  • You can protect even non-exempt property in this bankruptcy chapter.
                  • Unlike chapter 7, there is no means test parameter for eligibility.
                  • The repayment plan is for 3-5 years duration. Since you pay the debts over a large period of time, you can reduce the payments considerably.
                  • Since you had made payments to your creditors, lenders favor people who had filed for chapter 13 bankruptcy compared to chapter 7 bankruptcy.
                  • Compared to chapter 7 filers, re-establishing credit is easier for chapter 13 bankruptcy filers (12-36 months).

                  An experienced bankruptcy lawyer can help determine whether the benefits are enough to opt for this chapter. You can seek consultation by calling 888-297-6023.

                  Shortcomings of Chapter 13

                  • The negative impact of chapter 13 bankruptcy will impact your credit report for seven years.
                  • While chapter 7 bankruptcy gets a discharge within 3-6 months, chapter 13 takes 3-5 years to get a discharge.
                  • All of your disposable income is used to pay your creditors through a repayment plan. This will leave no scope for vacation or recreation for as long as the repayment plan continues.
                  • Income tax for the previous four years needs to be filed in this case.
                  • Future employment chances might be affected due to bankruptcy as often credit checks are conducted by employers.

                  After discussing the pros and cons of Chapter 13 with experienced bankruptcy attorneys, you can decide the best course of action to get rid of your debts.


                    *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.

                  • 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 financially devastating for most people. Despite the presence of health insurance, disability insurance, and other government programs, many times the debt is overwhelming that bankruptcy is the only way to get out of the financial mess.

                    Can bankruptcy help cope with huge medical debts?

                    Many times, people can bounce back after a severe illness and recover from the financial problems they were facing. However, there are many who are unable to get back to work after an accident or illness and end up in heavy debt. With rising medical and credit card bills, harassment from creditors in the form of threatening phone calls and letters can be a big issue, as this can impact your health, job, and relationships. Bankruptcy is one of the best ways to not only stop collection actions by creditors but also getting rid of all unsecured debts like medical bills. Bankruptcy gives you a fresh start to rebuild your finances while getting rid of your debts.

                    In the case of Chapter 7 bankruptcy, medical debts are treated as unsecured non priority debts, i.e. in case the debtor is unable to pay for them using non-exempt property, the debt will be discharged. You will be surprised to know that there isn’t any limit to the medical debt which can be discharged. However, if you wish to have a successful discharge of your debts, you need to trust experienced bankruptcy lawyers as the procedure is quite complicated. The lawyers are well versed with rules and know-how and when the debts can be discharged. In case you are overwhelmed by medical debts and are looking for bankruptcy as a way to get rid of them, you can call 888-297-6023to schedule an appointment with experienced bankruptcy lawyers.


                      *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 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 credit after bankruptcy. however, it is important to know that any debt you take after bankruptcy discharge is generally available at a higher interest rate and is monitored closely.

                      Effect of bankruptcy on credit rating

                      Bankruptcy is one of the best ways to get rid of a huge amount of debt that has been holding your credit score down, making it difficult for you to manage things. Since most of your unsecured nonpriority debt like credit card and medical bills are discharged, you can begin your financial life again. However, the drawback is that bankruptcy is mentioned on your credit report for as long as 7-10 years depending on which chapter of bankruptcy was filed. This serves as a warning for prospective lenders and may temporarily affect your credit. To ease the risk, many lenders charge a higher interest rate for a loan to people who have just come out of bankruptcy. But there is a silver lining; with time and continuous efforts, the credit card score improves. With timely payments on the loans, the effect of bankruptcy wears off.

                      Rebuild your credit using these methods

                      Rebuilding credit is extremely essential for you, especially after a bankruptcy. once you have rebuilt your credit, you will be able to procure home loan at reasonable interest. Here are some tips for rebuilding credit history:

                      • Opt for secured credit card and keep your payments limited. Alternately, you could opt for unsecured credit cards that offer credit at low interest.
                      • Make a habit of paying your bills on time so that you don’t end up in debt again. Additionally, timely payments are reflected on your credit report.
                      • Ensure that you keep track of your credit report; any debts that have been repaid should be reported as paid in a credit report. in case of any errors, report to the credit reporting bureau and get the change rectified.

                      Getting a mortgage is easy

                      Bankruptcy is not the best assurance for mortgage companies. They would like some reassurance that their money is safe. These are some criteria for mortgage companies before giving home loans:

                      • A down payment,
                      • A steady source of income,
                      • The 2-year stretch of on-time payments.

                      People might even get a loan before the 2-year period is over if responsibility is seen over bill payments (car loan or secured credit card). However, all of this is possible only after you get a bankruptcy discharge. Your bankruptcy lawyer can give you advice regarding life after bankruptcy. to speak with experienced bankruptcy attorneys, 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.