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Category: Bankruptcy

  • Filing for Bankruptcy? Know What Constitutes an Asset in Your Bankruptcy Case?

    Call: 888-297-6203

    Bankruptcy is designed to get rid of huge amounts of debt in order to get you a fresh financial start. However, this can be unfair to the creditors if they are unable to receive anything in return. Thus, in case of Chapter 7, your non-exempt property is liquidated, and the proceeds distributed among your creditors; while in case of Chapter 13 bankruptcy, a repayment plan is devised based on your disposable income. While filing for bankruptcy, you are expected to list all your assets in the bankruptcy petition. This allows the bankruptcy trustee to find out which of them is exempted and which must become a part of your bankruptcy estate. Those assets which cannot be exempted through either state or federal exemptions, become part of your bankruptcy estate and are liquidated to pay the creditors.

    Any asset must be listed accurately in your bankruptcy petition along with why it is exempted if you wish to keep that asset, say lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. however, the major point of concern is what will constitute your assets and which of them can be exempted.

    An asset is something which can be sold to pay off your debts. Some of the assets which are usually looked over include:

    • your life insurance policies,
    • any policy where you are the beneficiary,
    • accumulated vacation pays,
    • season tickets,
    • timeshares,
    • unpaid insurance claims,
    • class-action suits,
    • security deposits,
    • liquor license,
    • divorce settlement,
    • trademarks,
    • tax refunds

    Sometimes, people forget that they have co-signed a loan. Since the asset is not in their name and the payments are not being made by them, it is quite common to forget about the loan. However, if the asset has any equity and you neglect to mention the loan, you can be in a bad situation. Once there is any equity in an asset you had co-signed for, it becomes your asset. The omission could be fatal if the equity is immense. In case there is no equity in the asset, it is not an issue. If what you owe on your vehicle/house is more than what it is worth, i.e. there is no equity in the property, then it is no longer an asset. You don’t need to use any exemption on said property in such case.

    There is a huge confusion as to what can constitute an asset or not and what equity in the property is exempted. A bankruptcy lawyer can help you distinguish between assets and liabilities. it is vital that you disclose all the above-mentioned assets as even an accidental omission of any can have grave consequences on your bankruptcy petition. You can consult with experienced bankruptcy attorneys at 888-297-6023 to discuss the situation at hand.


      *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.

    • 341 Hearing: What to Expect?

      341 Hearing: What to Expect?

      Call: 888-297-6203

      341 Hearing is a Meeting of Creditors that takes place around 30-45 days from your filing of bankruptcy papers. Irrespective of which chapter of bankruptcy you have filed under, you are expected to make an appearance in the 341 Hearing with your lawyer. The bankruptcy trustee puts you under oath and asks questions related to your bankruptcy petition as well as the documents you provided along with it. Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ confirm that many bankruptcy filers are worried about the implication of this 341 Hearing. They would like to be better prepared to face whatever is in store for them. To help concerned bankruptcy filers, here are a few questions that you can expect during the 341 Hearing:

      1. You will be asked your full legal name, your current and/or your mailing address once you have been sworn under oath by the trustee.
      2. You will be asked for a picture ID card and social security card for review.
      3. You will be asked about the bankruptcy petition, statements, schedules and other documents your attorney had prepared and you had signed.
      4. Whether you are aware of all the information mentioned by your attorney in the bankruptcy petition and if it is correct to the best of your knowledge and would you like to correct any mistakes or oversights in the same.
      5. Have all your assets and creditors listed in your bankruptcy petition?
      6. Have you previously ever filed for bankruptcy?
      7. Whether you are employed and if so, the address of your employer.
      8. Whether you provided the true copy of your latest tax return.
      9. Are you required to pay any child support or alimony and to whom?
      10. Whether you have read the Bankruptcy Information Sheet prepared by the U.S. Trustee?
      11. Do you have any real estate property?
      12. Does anyone else hold a property owned by you? if yes, then who and what property.
      13. Are you expecting to file any court action suit against any individual or business?
      14. Are you involved in any legal proceedings? If yes, provide details of the same.
      15. Did you make any transfer of property or gave away any in the last year?
      16. Do you own vehicles? Provide details of the same. is there any due remaining on them? are they insured?
      17. Are you expected to receive any property, cash or any other asset due to any proceeding (divorce, separation, etc.)?

      Though you might find these questions intimidating, they are quite simple and pertaining to the information you have supplied along with bankruptcy papers. Working this stuff with your attorney will give you the confidence of handling these questions like a pro. If you are contemplating bankruptcy, consult experienced bankruptcy attorneys at 888-297-6023. They will help you prepare for your 341 Hearing.


        *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.

      • Small Business Owners and Bankruptcy

        Call: 888-297-6203

        Filing for bankruptcy by an individual involves several aspects. When it comes to business’ filing for bankruptcy, things get much more complicated. Small business can be either sole proprietorship, limited liability companies (LLC) or corporations. As per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, when a sole proprietor of business files for personal bankruptcy, there isn’t much legal distinction available between the business and the owner. Any assets that a sole proprietor has are considered those of the owner and thus they end up becoming a part of the bankruptcy estate.

        However, if the business is an LLC or corporations, the two have a separate identity from the owner. This means that the debts of the owner are not the debts of the company and vice versa. Similarly, the assets of the business are not assets of the owner. But things are different when you file for bankruptcy. While filing for personal bankruptcy, the debts of an individual and the business are kept separate, but the assets of the business are considered assets of the owner. Safety of these assets depends on whether you choose to file for Chapter 7 bankruptcy or Chapter 13. If the business involves no assets, then there is no issue. However, if that is not the case, things get a bit complicated.

        When an LLC owner files for personal bankruptcy under Chapter 7 where liquidation of assets takes place, then any asset associated with your business can be sold off to pay your creditors. Despite exemptions being available, all assets become a part of the bankruptcy estate and those which cannot be exempted are liquidated. However, if the LLC is a multi-member LLC, taking any company asset becomes difficult for the bankruptcy trustee. Thus, your assets can be protected in Chapter 7 bankruptcy if your LLC is a multi-member one. Yet, the best way to protect assets is by filing for Chapter 13 bankruptcy.

        In chapter 13 bankruptcy, reorganization of debt takes place. You are expected to make payments over a period of 3-5 years to the bankruptcy trustee. This payment is calculated based on your disposable income. When you file for Chapter 13 bankruptcy, whatever type of small business you have (sole proprietorship, corporation, LLC or multi-member LLC) will remain unaffected by your personal bankruptcy. The only thing of concern will be the income generated through your business which will help in the calculation of your disposable income.

        If you are a small business owner, struggling with finances and contemplating bankruptcy, it is ideal that you consult with experienced bankruptcy lawyers regarding your case. If you haven’t contact one, you can speak with skilled 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.

        • What is Rule 2004 in Bankruptcy?

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          According to Federal Rules of Bankruptcy Procedure Rule 2004, also known as the 2004 Examination is used by the bankruptcy trustee and is like a statement of warning. According to Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/, these are generally referred to as shipping expedition. This rule states that “[o]n motion of any party in interest, the court may order the examination of any entity” regarding “the acts, conduct, or property or…the liabilities and financial condition of the debtor, or to any matter which may affect the administration of the debtor’s estate, or to the debtor’s right to a discharge….” The rule offers limited objections to inadequately stated questions. The aim of rule 2004 is to find out undisclosed assets, question any dubious transactions in order to ascertain whether the debtor has committed any fraud or not.

          There are rarely any limitations to the types of questions that can be asked, and types of discovery used in Rule 2004. Since this is a fishing expedition, no question can be objected to, with the only exception that the question and the discovery request should be justifiable and legitimate. In a nutshell, anything and everything concerning the finances or property of the bankruptcy filer can be under scrutiny.

          When do 2004 Examination take place?

          Most bankruptcy cases do not require a 2004 Examination. These are included only if the bankruptcy trustee feels there is more to the debtor’s assets that have not been disclosed or the debtor is under-valuing their assets in order to protect them. Any transactions that were done prior to the bankruptcy filing, which the trustee feels are dubious can also be questioned in this case. Since this is not a regular practice, 2004 Examinations, if required take place after the 341 hearing (Meeting of Creditors).

          Though you cannot object to the line of questioning in a 2004 Examination, having an attorney can be a good idea as they can help you be prepared for not just the questioning but also about the bankruptcy process. To know more about bankruptcy proceedings, you can consult experienced bankruptcy attorneys 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.

          • Can Your Spouse’s Bankruptcy Affect You?

            Call: 888-297-6203

            When you marry someone, a lot of things change. While building a life with someone, there are several things that people are concerned about, a credit score is probably not on the top of the list, but it makes the list. The concern is genuine as Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ explains. Though after marriage, the credit history of the spouses does not merge, yet a bad credit score can affect their chances of getting a combined loan.

            Before coming to any conclusion, it is important that you understand that individual credit scores are not affected by marriage. However, as you start your new life your needs also change according to your lifestyle. You might think of buying a new car or a bigger house. All these expenses require you to take a new loan, which would in all probability be a joint one. If either of the partners has a bad credit score, the combined credit limit decreases. If your spouse had previously filed for bankruptcy, this could cause additional difficulty in getting a loan.

            There is no need to lose heart as everything is not lost. You can seek consultation from experienced bankruptcy attorneys by calling 888-297-6023. Qualified lawyers will explain that if you need a new debt you could always opt to be a co-signer instead of taking a joint mortgage/loan. Some banks allow the option of getting a mortgage with a co-signer for a year and later (if you have made regular timely payments on it) refinance it without a co-signer. Though this is a great way to get what you want, you need to make efforts to put your spouse’s credit back on track.

            This can be done by getting them a new credit card and using it in a sensible manner, i.e. making timely payments on them every month. Eventually, this not only improves your credit rating but also your credit limit. You can later opt for other cards too, however, choose those which have good interest rates and no annual fees. In case either of you is contemplating bankruptcy to get rid of overwhelming debts, it is important that you are well prepared for it. A consultation with bankruptcy attorneys can be a good way to do that.


              *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.

            • Is the Cancellation of Debt Reaffirmation Agreement Allowed in Bankruptcy?

              Call: 888-297-6203

              Filing for bankruptcy is the best way to get rid of your debts. Almost all your nonpriority unsecured debts can be discharged through bankruptcy. Once the debts are discharged, you have no obligation to pay them. Sometimes, people can opt for reaffirming their debts. This happens in case of secured debts. People have the option of either surrendering their property or keeping them by reaffirming their loan. The terms of reaffirmation are generally like the original agreement with the creditor. However, many time it so happens that after reaffirming a loan, you find it difficult to manage the payments. Instead of going under again after a bankruptcy discharge, a better option would be to surrender the vehicle and purchase a new one with lesser monthly dues. However, many debtors are worried whether this is allowed or not? According to lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, it is possible!

              The U.S. Bankruptcy Code has specified when a client can annul a Reaffirmation Agreement (11 U.S. 524(c)(4). This can occur under these situations (either of which occurs later):

              • Before receiving your bankruptcy discharge.
              • Within 60 days of filing the Reaffirmation Agreement with the court.

              If you qualify in either of these categories and wish to exercise your right of rescinding the agreement, you need to notify your creditor about it. it is advisable that you send it in writing through certified mail with a return receipt. Once you have the return receipt, you can file the notification of the same with the court.

              The ability to cancel the Reaffirmation Agreement allows the debtor a way out once they realize that they won’t be able to successfully go through the reaffirmation plan if they wish to lead a normal life after bankruptcy. Inability to maintain payments as per the agreement can throw you back under debt with no relief through even bankruptcy for a specified time frame. A Reaffirmation Agreement should not be signed without considering its implications and impact on your life post-bankruptcy discharge. An efficient lawyer can help you understand what ramifications Reaffirmation Agreement can have and despite the provision of its rescindment, the process is not to be taken lightly. You can seek guidance from experienced bankruptcy attorneys 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.

              • Should You Sell Your Vehicle Prior to Bankruptcy Filing?

                Call: 888-297-6203

                If you have accumulated a huge amount of debt because of a long and continuous unemployment period, then bankruptcy could be an easy way out. However, if you are contemplating bankruptcy and you possess two vehicles, both of which are paid for; could you sell one of those and then file of Chapter 7 bankruptcy as per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers, it depends on individual situations.

                Since any transactions done prior to bankruptcy filing are scrutinized by the bankruptcy trustee, selling a vehicle prior to bankruptcy might be considered a pre-bankruptcy transfer, which may or may not be allowed. The primary consideration, in this case, is whether the property would have been exempted in bankruptcy. other factors worth considering are the price you got for the vehicle as well as what was done with that money.

                In case the property was exempt, any transfer or selling of property before filing for bankruptcy would not be a problem, but it can certainly cause a delay in the bankruptcy process. The trustee needs to be sure that you got the fair market price of the asset which was an exempted property. a bankruptcy attorney can help you determine which of your properties are exempted and up to what amount. You can consult with experienced bankruptcy attorneys regarding your case by calling 888-297-6023.

                If the property is not exempted and you wish to file for bankruptcy, you need to exercise some caution. Consulting with an attorney prior to making any pre-bankruptcy transfer is essential. Bankruptcy trustees, comb through every financial transaction in detail, especially ones that took place just before the bankruptcy filing. In case you didn’t get a fair market value of the asset, the trustee might undo the transfer and add the fair market value to the bankruptcy estate. Generally, any transfers done between 2-5 years are considered.

                Your intent regarding the selling of an asset or any transfer is also of consideration to the trustee. This can be assessed by knowing the new owner of the concerned property, whether you tried hiding the transfer and your financial situation around the concerned duration. If you used the money gained from the selling of non-exempt asset for paying down mortgage or for home improvements can be problematic. No issues are made if the amount was used for regular mortgage payments or maintenance and repairs in your home. Consulting with a bankruptcy attorney before making any financial decision is important.


                  *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 Implication does Bankruptcy have on my ESOP?

                  Call: 888-297-6203

                  Employee Stock Ownership Plan (ESOP) is offered to employees in a way of ownership for the company they work in. They are beneficial to the company for tax benefits as well as to the employees too. Apart from being a motivating factor for the employee, they are ideal for retirement too. Since ESOPs are like trust funds, employees don’t have much control over the shares till their retirement age, when the shares are vested. Thus, Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers say, ESOPs are quite similar to 401k and therefore treated like retirement plans i.e. they can be exempted in bankruptcy.

                  ESOP and bankruptcy

                  All shares in ESOP are kept as a trust fund till the age of retirement or end of the job. When an ESOP is set, a trust is created by the company with yearly contributions in it. through a formula, employees are allotted stock, however, before they can access the stock, it must be vested. ESOPs are treated like any ERISA account, but to be exempted in bankruptcy, it is vital that they pass a two-step test:

                  • You need to find out whether ESOP is part of your bankruptcy estate or not. if there is an anti-alienation clause in your ESOP documents due to which you can neither access nor transfer the stock, it qualifies under ERISA. It is therefore excluded from the bankruptcy estate. In some states like Florida, ESOPs are safe if the debtor cannot access the stock even after leaving employment till they reach retirement age.
                  • If the debtor’s interest in-stock vests or they can access it on termination of a job, or they can withdraw from it prior to their retirement, then the stock does not qualify under ERISA and is no longer exempted in bankruptcy and becomes part of the bankruptcy estate.

                  You need to be sure that your ESOPs are protected in bankruptcy as they are often one thing that you can rely on when restarting your life after bankruptcy. Consulting with experienced attorneys at 888-297-6023 can be vital before filing for 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.

                     

                  • Recover from the Setback of Bankruptcy and Lead a Successful Life

                    Recover from the Setback of Bankruptcy and Lead a Successful Life

                    Call: 888-297-6203

                    Failures are a stepping stone to success. The adage could be used for life after bankruptcy too. Despite the ill-conceived notions people have about bankruptcy, it is not the end of the world. In fact, bankruptcy is one of the best ways to get rid of bad financial decisions or bad luck that have held you back from achieving a lot in life. Lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ suggest that the best way forward after getting your bankruptcy discharge is to learn from past mistakes. You can lead a successful life even after bankruptcy if you follow these tips:

                    • Learn from past mistakes

                    Something somewhere went wrong. It is time to remember what mistakes you made which drove you towards bankruptcy and avoid making them a second time. Though it is not essential to beat yourself up for what you had to go through, as unfortunate circumstances could also have added to your misery, it is important that you avoid falling into the same trap again.

                    • Plan your budget

                    It is important for people to live according to a budget, not just after coming out of bankruptcy, but also as a rule. This way, they can end up saving quite a bit of money for rainy days and avoid bankruptcy.

                    • Strive hard to achieve your goals

                    Yearning for more is a desire that can make you succeed in life. However, it could also throw you under debt if you don’t manage your finances properly. It is therefore important to set realistic goals and work towards achieving them without adding to debts.

                    • Make continuous efforts to improve your credit

                    Re-establishing credit after bankruptcy may take time and continuous effort on your part. Initially, you might find it difficult to get an unsecured credit card. You could opt for a secured credit card and use it to pay for utilities, groceries, etc. However, set a limit to the card and ensure that you pay monthly bills on time. this goes a long way to build your credit score, which ultimately results in you getting more favorable terms on subsequent credit cards. You might even get a mortgage or car loan at a reasonable interest rate before 7-10 years.

                    • Staying positive

                    Losing your morale when everything is going against you is quite easy. however, you need to stay focused if you want to get through this. You must realize that bankruptcy will wipe out your bad debts and give you a fresh financial start. A change in your attitude will make you determined enough to succeed the second time.

                    Bankruptcy has turned the fortunes of many people. You too could take charge of your finances and script a success story. Discuss your case with experienced bankruptcy attorneys at 888-297-6023 to know how fast you can recover after 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.

                    • Tips to Rebuild Credit Score After Bankruptcy

                      Tips to Rebuild Credit Score After Bankruptcy

                      Call: 888-297-6203

                      Bankruptcy has earned a bad name because it causes a big dent to your credit report, which many people fear is irreparable. However, Dallas based bankruptcy law firm Recovery Law Group say, nothing can be further from the truth. Bankruptcy does have negative effects which make people vary of filing for bankruptcy despite struggling with debts. Bankruptcy appears on your credit report and stays for 7-10 years depending on which chapter of bankruptcy you have opted. This may alert prospective creditors of your financial situation. However, if you think you won’t get any credit for this duration, you are wrong. With a few simple steps, you can start building your credit score, eventually getting a good score in as less as 2-3 years after a bankruptcy discharge.

                      • Opt for secured credit card

                      Once you are through with your bankruptcy discharge, you will have the option of secured as well as unsecured credit cards. Prefer a secured card with a limited balance. You can use it to pay for essentials like utility etc. While choosing from the numerous options of credit cards available, look for those which have low-interest rate and annual fees. Generally secured credit cards provide you these options.

                      • Pay your bills on time

                      Paying due bills on time is an excellent way to improve your credit score. You need to make sure that not just credit card bills, but also other bills are also paid on time as any late payment will affect your credit report negatively.

                      • Live within a stipulated budget

                      People can change their habits. It is important that you learn from your past mistakes, let go of your bad habits and develop new ones that include designing a budget and living within it.

                      • Apply for limited credit

                      Remember that lots of credit cards and unlimited credit amount landed you with bankruptcy. Therefore, always limit your credit in order to avoid the vicious cycle of debt and bankruptcy. before applying for any new credit, ask yourself whether you need it or not. additionally, do proper research before taking any new credit.

                      Rebuilding your credit score is not as difficult as predicted if you are determined to go through with it. Keeping your goals in mind, it is vital that you go in the right direction. Experienced bankruptcy lawyers at 888-297-6023 can help you with different aspects of bankruptcy as well as credit building initiatives.


                        *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.