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  • Credit Counselling or Bankruptcy? What Should You Choose?

    Credit Counselling or Bankruptcy? What Should You Choose?

    Call: 888-297-6203

    When it comes to debt relief, a number of options are available, say Los Angeles based bankruptcy law firm Recovery Law Group lawyers. People who are struggling with financial issues often have a problem trying to choose the best option. You will be surprised to know that there is no right choice when it comes to debt relief since every case is different. The debt relief option depends on the goal of the client. Credit counseling and bankruptcy are often the most sought-after options by debtors. Before deciding which option is better suited for you, it is vital that you understand the pros and cons of each.

    Credit counseling

    In this case, you work with an agency to come up with a plan to pay off your debts. The agency can be a private or a government one. Many times, however, clients end up without any debt relief despite going through the entire rigmarole. This may be because credit counseling agencies might charge you high rates without effectively getting any financial burden reduced. In such cases, it is advised to opt for a non-profit credit counseling agency. The important aspects of credit counseling include:

    • Your debt won’t be reduced, instead, a plan to repay your debt over 3-5 years’ time will be devised.
    • Not much relief is available for secured debts like a mortgage or car loan. Though they may be included, credit counseling plan for debt relief focusses more on unsecured debts like personal loan, credit card, etc.
    • It helps bring your accounts to current and reduces your balance, which ultimately improves your credit score.
    • Additionally, credit counseling is not mentioned on your credit report; only improving credit scores can be seen there.

    Bankruptcy

    Bankruptcy is probably the last option people consider when it comes to debt relief. this is probably because the ill-effects of bankruptcy have been publicized more than its benefits. However, the benefits of bankruptcy often outweigh its drawbacks. Opting for bankruptcy might turn out to be the best decision you have made since it is a legal process where you are no longer liable for any debts that are discharged by the court in bankruptcy. Chapter 7 or liquidation bankruptcy has considerable advantages compared to credit counseling. Here are some facts to consider before choosing any option:

    • Exemptions provided by state and/or federal government can protect most of your assets from liquidated, while still getting rid of your debts.
    • A chapter 7 bankruptcy typically takes 120 days to get a discharge, compared to the credit counseling payment plan of 3-5 years.
    • Any debts that have been discharged through bankruptcy are no longer your responsibility.
    • Secured debts can be attended to through bankruptcy.
    • However, it has a severe effect on your credit score. Filing for bankruptcy appears on your credit report and remains for a duration of 7-10 years.
    • Compared to credit counseling, it is a cheaper option. You only need to pay the bankruptcy filing fee and attorney fee to get rid of your unsecured debts.

    However, you will be surprised to know that people start getting credit card offers just after bankruptcy discharge! This is probably because after getting rid of debts, the debt to income ratio becomes low, making you a viable candidate for fresh credit. If you manage to keep your finances in order, you might even end up securing a new mortgage or car loan before the 7-10 years’ time frame. If you wish to know more about bankruptcy or credit counseling options, you can consult with experienced bankruptcy attorneys Los Angeles 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.

    • Can Bankruptcy be the Solution for Identity Theft Related Debts?

      Call: 888-297-6203

      Identity theft is a common issue across the country. People often face numerous issues because some obscure person managed to steal their identity. One of the worst problems is the amount of debt which identity thieves accumulate, which unfortunately gets reflected on your credit report. This can have grave consequences according to lawyers of Dallas based bankruptcy law firm Recovery Law Group. You might have to bear the brunt of aggressive debt collectors despite your repeated attempts to assure them of your innocence.

      How to deal with identity theft?

      Whenever you become aware of any identity theft fraud, it would be ideal to file a police report against it. if you are in luck, the perpetrator of the crime might get caught; however, most of the times, the culprits are sitting miles apart from you and therefore almost impossible to get hold of. Since, people who have stolen your identity, have done it for the purpose of exploiting it completely (incurring huge amounts of debts), the next important thing is to contact your credit card companies and inform them about the issue. You can also provide them with a copy of police report to assure them that the debts currently being charged on your credit report are not a result of your activity.

      Unfortunately, the debts on your credit report end up giving you a bad credit which you must deal with. Despite proving your innocence, credit companies might ask debt collection agencies to collect on the debt. Debt collectors’ resort to all kinds of harassing and threatening tactics, including intimidating phone calls and letters, calling at odd hours, etc. All of this can be quite intimidating and troublesome. If you have been facing such a situation, looking for an attorney might probably be a good idea. Call experienced bankruptcy attorneys at 888-297-6023 and discuss your predicament with them.

      Bankruptcy might be the solution you have been looking for, in order to get rid of the debts resulting from identity theft. Generally, these thefts are due to credit card debts or personal loans, which are unsecured nonpriority loans. Such debts are discharged during bankruptcy which will result in improving your credit score eventually. With time, after your credit score improves, you can apply for a new credit card. Though filing for bankruptcy is a last resort in case of identity theft, it is better to hire an attorney than to deal with every credit card company individually. With the help of an experienced bankruptcy attorney, you might be able to get back at life after identity theft.


        *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 Filing for Bankruptcy Affect You as a Renter?

        Can Filing for Bankruptcy Affect You as a Renter?

        Call: 888-297-6203

        Bad things can happen to good people; however, this shouldn’t stop you from living your life. If due to some unfortunate streak of events, you end up accumulating a huge amount of debt, it should not hamper your chances of living a normal life. Many people are worried about the negative effect filing of a bankruptcy can have on their ability to get a house on rent. You can end up protecting your home in bankruptcy, but if bankruptcy appears on your credit report, will it create a problem for you as a renter? The answer, according to Dallas based bankruptcy law firm Recovery Law Group lawyers is NO.

        Most of the ill-effects of bankruptcy are much-hyped to dissuade people from getting rid of their debts. Your ability to get accommodation on rent will depend on a lot of factors and not just your bankruptcy filing and discharge. Though, as a bankruptcy filer, you might have to give a larger security deposit or must comply with additional rules, but things aren’t as bad as projected. The time gap between your opting for a new rental agreement and your bankruptcy filing also makes a difference. Some of the most common factors that can affect your ability to get a house on rent include:

        • Rental history

        Your rental history before bankruptcy filing plays an important role in you getting a house on rent later.

        • Date of the bankruptcy filing and credit history post-filing

        Bad times can affect anyone, what matters is how you deal with them. Your credit history after your bankruptcy discharge will play a huge role in getting you a house. A potential landlord is impressed if they see that you have been striving in the right direction and making efforts to improve your credit score. This shows your determination as well as your character.

        • Reason for a bankruptcy filing

        Many times, an unexpected turn of events might force even the best of people to fall behind on payments. While house hunting, a prospective landlord may ask you the reason for your bankruptcy filing. Admitting to the series of unfortunate events which are to be blamed for your bankruptcy might soften their approach towards you.

        • Your income including disposable income

        A steady income is better than a large income anytime since you are more likely to pay your bills on time. Moreover, your disposable income, i.e. the income left after paying all monthly bills along with debt obligation also plays an important role.

        Filing for bankruptcy might be difficult for you emotionally, however, it is the best way you could get rid of your debts. To know more about the positive effects of bankruptcy you can call 888-297-6023 and speak with qualified bankruptcy attorneys Dallas.

      • Information Essential for Filing of Bankruptcy

        Information Essential for Filing of Bankruptcy

        Once you have concluded that bankruptcy is probably the best way to get rid of your debts, it is time to consult an experienced bankruptcy lawyer. Most lawyers will ask you for a detailed account of your income, assets, and debts. This is because while filing for bankruptcy, you are required to disclose all this information as per Federal Law. For a person struggling with finances, reliving their failures can be quite overwhelming, however, this is something you cannot avoid if you wish to have your debts discharged. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, a bankruptcy attorney will require these documents for preparing your bankruptcy petition:

        • Questionnaire

        The questionnaire helps in gathering information about the income, assets, and debts of the prospective bankruptcy filer. You are also required to provide information regarding any assets you had held or transactions done within the past 2-5 years. The attorney can determine an outline of your finances from these questions and assess which would be the correct time to file for bankruptcy.

        • Proof of income

        Individuals can file for either Chapter 7 or Chapter 13 bankruptcy depending on their average income. To calculate this, a record of your income for the previous 6 months is required. In case of a salaried person, pay-stubs or cheques of the last six months; for a business owner, the profit and loss statements for the same duration and for a retiree, their social security or retirement income award letter will be needed.

        • Credit report

        Since many people might end up forgetting how much they owe to whom, using their credit report is ideal. This gives an idea of the debts you need to include in your bankruptcy. To be on the safer side, you should get your credit report from all three credit reporting bureaus so that you do not forget to include any debt when you file for bankruptcy.

        • Other documents

        Apart from these, your lawyer might also need –

        • your tax return information for the past two years
        • your bank statements for a minimum duration of six months
        • titles to assets (vehicle, real estate, )
        • latest mortgage statement, etc.

        It is important that you are honest about the information provided when you file for bankruptcy. Since federal law requires complete transparency, any hiding of information could lead to your case being dismissed without a discharge. This will send you in a position worse than when you had started. If you are not sure of anything, ask your bankruptcy lawyer Los Angeles. If you haven’t hired one, you can call 888-297-6023 to schedule an appoint with qualified attorneys to discuss 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.

        • An Increase Seen in Bankruptcy Filing in Elders

          Call: 888-297-6203

          When people are unable to repay their debts and find no other way out, they opt for bankruptcy. In recent years, there has been an increase in the number of elders filing for bankruptcy. compared to young filers, the number of senior citizens filing for bankruptcy has tripled in the past 25 years. According to Dallas based bankruptcy law firm Recovery Law Group, the reasons why bankruptcy filing has seen an increase in older debtors are:

          1. Higher healthcare costs

          With increasing age, health complications are bound to happen. Thanks to erratic lifestyle, diseases like diabetes, hypertension, and obesity are on the rise. This causes a huge increase in medical expenses, which has not been initially catered for. This can throw any retiree under huge debt.

          1. Reduced income avenues

          Once you reach a certain age, your ability to work more than one job decreases. Thus, your average income also gets reduced. Managing your expenses within something as low as $17,390 (average income of older American bankruptcy filers) can be quite difficult.

          1. Delay in getting full social security

          Partial social security benefits are available for people from the age of 62 years, while full social security benefits are provided once you attain the age of 66 years and 4 months. This delay can result in incurring a huge amount of debts.

          1. Plunging retirement accounts

          Most people are not good planners. Not saving enough in your retirement funds can lead to monetary issues when your heydays end. Any unexpected expense, such as sudden ailments, etc. can result in you ransacking your pension accounts.

          1. Increasing debt

          The current generation and the one before them have often taken loans to fulfill various requirements. Caring for the elderly as well as taking care of the tuition fees of kids can leave you with huge amount of debts. Over time, the debts increase abysmally leading you towards bankruptcy.

          1. Too little too late

          Most people keep on adding to their debts over their entire working life, with the idea that they will be able to pay it off. However, the realization dawns in a bit too late that the debts have added to create a huge burden which won’t be handled without assistance.

          As soon as you realize that you will not be able to manage your debts on your own, it is important to seek consultation with professionals. You can call 888-297-6023 to schedule an appoint with experienced bankruptcy lawyers Dallas to know more about your 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.

          • Know More About Texas Bankruptcy Exemptions

            Know More About Texas Bankruptcy Exemptions

            Call: 888-297-6203

            The worst fear people have about bankruptcy is losing all their assets to liquidation. You will be surprised to know that liquidation of assets is not as common as is believed. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, many states provide exemptions which can protect the majority of your assets from going under the hammer. Texas has amazingly generous bankruptcy exemptions that can protect more property than federal bankruptcy exemptions. The different categories of the exemption provided by Texas bankruptcy laws include:

            1. Homestead exemption

            One of the major concerns people have is for their home. Texas offers an unlimited dollar amount of equity in the homestead exemption. This means that you are going to retain the roof over your head, irrespective of the equity in your home. However, the catch is that you must be a resident of the state of Texas for a minimum duration of 2 years and the area of your home must be less than 10 acres (if located in the city) or 100 acres (if present outside city limits). The area is 200 acres in case of a family (in the latter case).

            1. Personal property

            A single person can claim an exemption for personal property worth $30,000. The amount is extended to $60,000 for a family. The items you can protect through this category of exemption include sporting equipment, home furnishings, clothing, tools, etc. Though jewelry is included in this case, the limit is capped to 25% of the personal property limit ($30,000 or $60,000). You can also exempt one vehicle per licensed member. Other items exempted under this category include tools of the trade, farming vehicle and equipment.

            1. Health benefits

            Any equipment which is prescribed by the doctor and is essential for daily routine can be exempted under this category. Social security disability income, as well as supplemental security income, is also protected in Texas.

            1. Insurance policies

            If a dependant is named a beneficiary, then you can protect life insurance policies too through Texas bankruptcy exemptions. There is no limit attached to the value of such policies. Few examples of policies included in this category are accident, health, life, fraternal benefit, annuity benefit, social benefit, Texas college, and state university employee benefit as well as Texas public school employee’s group benefits.

            1. Retirement plans

            Retirement accounts such as 401(k), 403(b), certain IRAs and profit-sharing plans can be exempted up to an unlimited amount in Texas.

            1. Military exemptions

            Military insurance benefits, active duty wages, and survivor benefits are protected through Texas bankruptcy exemption laws. Apart from this, the court also prevents any wage garnishment or collection action taken against a member who is on active duty. Benefits, insurance, and wages of veterans are also exempted except in case of paying priority non-dischargeable debts.

            To know more about bankruptcy exemptions in your state, 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.

            • These Questions About Bankruptcy Can Make You Understand it Better

              These Questions About Bankruptcy Can Make You Understand it Better

              Call: 888-297-6203

              Bankruptcy can be quite specific and technical for a common person to understand. This has caused many problems as people fear the repercussions more than understanding the benefits it offers. You will be surprised to know that unlike other forms of debt relief, bankruptcy is quite simple. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, answer some of the prominent queries raised by people regarding bankruptcy.
              1. Will I end up losing all my possessions?
              Liquidation of assets takes place in the case of Chapter 7 bankruptcy. In that case, too, most assets of bankruptcy filers are exempted through state or federal exemptions, and only non-exempt property can be sold off to repay creditors. Most people can save almost all their assets through exemptions, though they may have to let go of luxury items.
              2. Can the creditors sue me?
              Filing for bankruptcy puts an end to all collection actions including repossession and foreclosure. It also protects you against any possible lawsuit filed by creditors. The creditors cannot sue you in the future too if the debts were included in your bankruptcy and discharged. However, for jointly held debts that were not discharged in bankruptcy, you or your spouse could be sued by the creditors.
              3. Can my taxes be discharged in bankruptcy?
              Some debts can survive a bankruptcy discharge. These include student loan debt and taxes. Certain taxes like some income tax can be discharged in bankruptcy while taxes like property and sale tax are not discharged during bankruptcy.
              4. Is it mandatory for my spouse to file for bankruptcy too?
              It is not essential for spouses to file for bankruptcy jointly. However, if the majority of the debts are jointly held, then filing jointly would be helpful. You can save on filing fees and attorney charges. However, the best judge of the situation would be a qualified lawyer. You can discuss this issue 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.

              • What Are the Most Common Questions People Ask About Bankruptcy?

                What Are the Most Common Questions People Ask About Bankruptcy?

                Call: 888-297-6203

                When you are left with no other option apart from bankruptcy, people are worried sick because of the myths surrounding bankruptcy. Since most of these myths are bogus, having no relation to the truth, it is important that you discuss this issue with people who are well versed with the facts. Discussing your worst fears about bankruptcy with able lawyers of Dallas based bankruptcy law firm Recovery Law Group, can open your eyes to the fact that bankruptcy can actually do you more good than you ever imagined.

                Here are some questions that can settle your doubts:

                1. What to do if I cannot afford to file for bankruptcy?

                You are expected to pay the bankruptcy filing fee when you file your petition in court. The Chapter 7 bankruptcy filing fees is $306 and that for Chapter 13 bankruptcy is $281. Generally, people who file for bankruptcy have run out of other options. Paying the filing fees might not be possible for them. The court offers a grace period of 120 days to deposit the fees. If you cannot manage it to pay this amount, you can ask for a waiver, which will exempt you from paying any fees.

                1. Can my employer find out about my bankruptcy petition?

                Bankruptcy is mentioned in court records and your credit report. If your employer accesses your credit report they can come to know about your bankruptcy. Another way through which they can know about your bankruptcy is if you were facing wage garnishment and it ceased due to automatic stay provision of bankruptcy. Otherwise, there is no way of them becoming aware of your bankruptcy filing. You should be relieved as you cannot be discriminated based on your bankruptcy, thanks to laws which prevent so.

                1. Will my credit be ruined forever?

                Bankruptcy is mentioned on your credit report for a duration of 7-10 years depending on which bankruptcy chapter you filed in. This makes getting credit a bit difficult. However, it is bad credit, thanks to missed payments and high debt balance, that harms your credit more than bankruptcy. In fact, bankruptcy wipes all bad credit and shows only any good credits you have, which results in a better credit score.

                1. Can I protect my funds?

                State and federal government offer you various exemptions through which you can protect your funds. Generally, when you file for bankruptcy, unemployment benefits, retirement funds, disability or survivor benefits and insurance policies are exempted from being used to pay your creditors.

                In case you have any doubts regarding bankruptcy, you can call 888-297-6023 to discuss them 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 Bankruptcy Help with Creditor’s Lawsuits Against You?

                  Can Bankruptcy Help with Creditor’s Lawsuits Against You?

                  Call: 888-297-6203

                  When the going gets tough, managing your finances becomes extremely tricky. Sudden loss of job or medical problems can throw your household economy out of gear. Managing your debt payments may be problematic in such cases. It is no wonder that many people find themselves on the verge of bankruptcy. Despite its disadvantages, lawyers of Dallas based bankruptcy law firm Recovery Law Group say, filing for bankruptcy has many benefits including preventing any legal action against you.

                  When you fall behind payments, creditors can pursue all kinds of actions to ensure they get their money back. These include threatening phone calls, letters and emails and even suing you for non-payment of debts. The lawsuit can have grave consequences including liquidation of assets, repossession and wage garnishment too! Thus, if you wish to save yourself from legal action and protect your assets, it is important that you take adequate action.

                  Filing for bankruptcy can effectively put an end to all types of collection actions by the creditors. When you file for bankruptcy, your creditors are notified of it. With the automatic stay provision in place, your creditors cannot initiate or continue with any collection action against you. This provides you with an ample amount of time to get your finances in order. Even after a bankruptcy discharge, creditors cannot sue you for any debts that were included in your bankruptcy petition. However, if you forget to include any debt (whether individually or jointly held), you can face a lawsuit from the creditor. If a lawsuit is filed against you during or after your bankruptcy, you should inform your bankruptcy attorney about it. In case you haven’t hired one, you need to call 888-297-6023 and consult with experienced bankruptcy lawyers Dallas.


                    *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.

                  • How to Prevent Payday Loans Creditors Through Bankruptcy?

                    How to Prevent Payday Loans Creditors Through Bankruptcy?

                    Call: 888-297-6203

                    When people have accumulated huge amounts of debts and run out of options to get cash, they resort to extraordinary measures. A payday loan is one such method which has been used by scrupulous lenders to trick people who have been facing monetary issues out of their hard-earned money. Payday loan has an interest rate of a whooping 99% but dire circumstances require dire measures, hence people agree to this form of a loan. According to Dallas based bankruptcy law firm Recovery Law Group, people who opt for payday loans are often left at a worse condition than before.

                    Stopping payday loans is quite difficult, even with bankruptcy. Although bankruptcy can hold most collection actions including foreclosure, repossession, and wage garnishment; when it comes to payday loans, an automatic stay is not enough. This is because, in lieu of a payday loan, you are required to give post-dated cheques to the creditor for the repayment of your loan. Thus, if you wish to prevent those cheques from encashment, you need to make extra efforts. Mere bankruptcy filing won’t be enough in this case.

                    Though payday loan lenders can cash the post-dated cheque, an efficient bankruptcy lawyer can ensure that your funds are safe. You can either opt for stop payment on the cheques given to the payday loan lender or close the concerned bank account. Bankruptcy lawyers can guide which would be the better option from the two choices.

                    The timing of bankruptcy filing is also important. If you borrow more than $750, and you wish to include this debt in your bankruptcy, you need to wait a minimum duration of 70-90 days. A bankruptcy lawyer Dallas can help you get your papers in order and ensure that most of the debts you have incurred are included in your bankruptcy papers. If you haven’t hired an attorney for your bankruptcy case, you can call 888-297-6023 to schedule an appointment for a consultation.


                      *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.