Get Foreclosure Help

Category: Bankruptcy

  • Can Mortgage Amount Remain Despite Bankruptcy?

    Can Mortgage Amount Remain Despite Bankruptcy?

    Call: 888-297-6203

    Bankruptcy is complex and requires a lot of time to understand. Having an experienced lawyer like those of Los Angeles based bankruptcy law firm Recovery Law Group can be a huge asset. Managing various loans, filing papers and reaffirming certain debts can be quite confusing for the layman. Though, bankruptcy is considered to give you a way out from a huge amount of debts; yet sometimes certain debts might remain even after completion of your bankruptcy chapter. In the case of Chapter 13, individuals pay some portion of their debts through the repayment plan. These may include secured debts like mortgage or car loan, as well as unsecured debts like credit card bills or utilities and priority debts like alimony too. However, there are chances that the mortgage company might ask you for additional payment despite your bankruptcy discharge. This can be a point of contention.

    An individual can owe money to mortgage company even after bankruptcy discharge if they had reaffirmed the loan after filing for bankruptcy. In Chapter 13 bankruptcy Los Angeles, you agree to pay your creditors through the court-approved repayment plan over a period of 3-5 years. This provides your creditors with a percentage of the dues which was owed to them. You also have the option of reaffirming certain loans like auto loan and mortgages if you wish to keep your vehicle and home respectively by making regular payments towards it. Once the loan is reaffirmed it is no longer considered a part of bankruptcy and needs to be paid in full. If this happens, you might end up owing the mortgage company money even after your bankruptcy ends.

    However, if you had not reaffirmed the loan and it is being incorrectly reported, you can take steps to rectify the mistake. This can be done by sending a copy of your bankruptcy schedule “A,” your bankruptcy petition and the copy of bankruptcy discharge to any of the three credit reporting agencies. Once verification regarding the claim is done, account information is updated on your credit report. Additionally, you can also contact your mortgage company for a query related to the amount you are being asked. You might need legal assistance for this. To avail the expertise of experienced bankruptcy lawyers, you can give a call 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.

    • Account Portrayal in Bankruptcy

      Account Portrayal in Bankruptcy

      Call: 888-297-6203

      Bankruptcy can adversely affect your credit report, this is a known fact. However, what most people are unaware of is, how the status of your accounts is affected after bankruptcy. In case any individual files for bankruptcy, the accounts included remain for seven years and are then deleted. According to Dallas based bankruptcy law firm Recovery Law Group , the various representations of the accounts included in bankruptcy are:

      • In the case of Chapter 13 bankruptcy, public records are discharged after five years from the bankruptcy filing date.
      • Accounts included in bankruptcy which were current, remain on credit report for seven years from the date of the bankruptcy
      • In case the account was delinquent prior to the bankruptcy filing, it will remain for seven years from the original date of delinquency.
      • Any account that was reaffirmed during bankruptcy is removed from the bankruptcy In case, you are current on payments on such accounts, they are reported and remain open and active.
      • Any account with positive status (payments current) is reported on your credit report as it has a positive effect.
      • Accounts with late payments are deleted after seven years from the date it became late and was unable to get current ever.

      In case you find a discrepancy in the status of any of your accounts on your credit report, you can get it rectified from the credit reporting bureaus. If you find this difficult, you can take the assistance of an experienced lawyer. Call 888-297-6023 to consult with expert 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 Be Removed from Your Credit Report?

        Can Bankruptcy Be Removed from Your Credit Report?

        Call: 888-297-6203

        People having trouble in managing finances often resort to bankruptcy. It is the last solution to deal with excessive debt which is quite difficult to pay back. Despite getting rid of a huge amount of debt, bankruptcy can have a negative effect on your credit rating. People find it difficult to get a loan, credit card, and even job once they have filed for bankruptcy. According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy remains on your credit report for a period of seven to ten years (from the date of filing) depending on the chapter of bankruptcy filed.

        • In the case of Chapter 7 bankruptcy Dallas, since no debts are repaid, the bankruptcy remains on records for 10 years.
        • In Chapter 13 bankruptcy, some amount of debt is repaid over a period of 3-5 years and thus, this type of bankruptcy is deleted after seven years from the filing
        • All accounts included in bankruptcy chapters remain on credit report for seven years. Accounts that were delinquent prior to bankruptcy filing will be deleted after seven years from the original delinquency date, while those that were current at the time of bankruptcy filing will be removed, seven years from the filing

        It is therefore important for people to regularly check their credit report for any discrepancy. Any account included in the bankruptcy should automatically be deleted after the specified time frame. In case this is not the case, you can ask the credit reporting company to rectify the mistake. Hiring an adept bankruptcy lawyer can be a huge asset for your case. If you wish to consult with one, 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.

        • Everything You Wanted to About Bankruptcy

          Everything You Wanted to About Bankruptcy

          Call: 888-297-6203

          When a person has lost all hope of recovering from financial distress, then the last option left for them is filing for bankruptcy. Though it is an excellent way of getting rid of debts and wiping your slate clean, it has adverse effects too. You might end up losing some of your possessions. Getting credit might be difficult for you for almost as long as the bankruptcy is mentioned on your credit report.

          According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, bankruptcy is a way out for people struggling to make their ends meet. You end up eliminating your debts entirely or pay just a portion of your debts when you file for bankruptcy. Additional benefits include automatic stay which puts a hold to all collection actions including repossession, wage garnishment, foreclosure, etc. This provides you with the time essential to formulate a strategy to work out your debts.

          Individual debtors can file for bankruptcy under Chapter 7 or Chapter 13. The type and amount of property they can protect depends on the chapter which they choose.

          • Chapter 7

          This type of bankruptcy is known as liquidation bankruptcy and some assets which are not exempted by state or federal laws can be sold off to pay some portion of your debts. Certain assets like retirement accounts, and equity in house and car are exempted from liquidation. Bankruptcy attorneys can guide you better in this aspect.

          • Chapter 13

          In this bankruptcy chapter, you are not required to sell off any property to pay your debts. Your debts are reorganized, and a repayment plan is devised based on your disposable income. Through this plan, you end up paying your debts (either partially or fully) over a period of 3-5 years. Non-compliance of the repayment plan might cause you to lose assets over to the creditors in lieu of the debts.

          Bankruptcy and credit rating

          Bankruptcy is generally a last resort. People who have been unable to pay their debts on time end up accumulating too big an amount leaving no other way out except bankruptcy. Being behind on payments has a negative effect on your credit history. However, since in Chapter 7, no debts are paid, this type of bankruptcy stays on your credit report for 10 years. While, in Chapter 13 bankruptcy Dallas, some portion of the debts is paid off through the repayment plan, the bankruptcy is mentioned on your credit report for 7 years only.

          People who have just had their bankruptcy discharged might find it difficult to get any loan approved, especially at favorable rates. Options available to such people are getting a secured credit card or getting credit from people who specifically assist people who have just come out of bankruptcy. Regular efforts towards building positive credit can help improve your credit rating.

          Effect of bankruptcy on other aspects of life

          Bankruptcy filings are public record. However, everyone does not know about it. These are filed in the PACER system (Public Access to Court Electronic Records) which can be accessed by attorneys and creditors. However, their are charges associated to access the records, thus not everyone will access the records. People can be aware of your bankruptcy in case local newspaper publishes the information. Employers, creditors, and landlords can see your credit report when you apply for a job, a loan or an apartment lease.

          Credit checks are carried out by most employers prior to appointing anyone. A bankruptcy might, therefore, hamper your chances of getting employment, especially in financial and government sectors. A routine criminal background check, however, does not come up with bankruptcy. Current employees rarely need to undergo background checks, thus, if you don’t plan to change jobs, bankruptcy won’t affect you much.

          Improving your credit score post-bankruptcy is important. All financial decision you take will affect your credit score. Thus, emphasis must be made on positive ones like living within a budget, making payments on time. Getting a regular update on your credit score is important to dispute any incorrect entries, which might impact your credit history. Any discrepancies must be reported to the credit rating bureaus. An experienced bankruptcy attorney can help you through different aspects of bankruptcy. In case you need consulting, 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.

          • When Should You Consider Filing for Bankruptcy?

            When Should You Consider Filing for Bankruptcy?

            Call: 888-297-6203

            Filing for bankruptcy is a decision that should be taken after careful consideration regarding the long term implications, say Dallas based bankruptcy law firm Recovery Law Group. This is a sane advice since bankruptcy has serious ramifications which last quite long. Bankruptcy is an indicator of financial risk. The records are public and appear on your credit report. Thus, every lender becomes aware of your financial situation and getting credit, therefore, becomes difficult. Experienced bankruptcy lawyers say that filing for bankruptcy should always be your last option.

            The most common chapters individuals can file bankruptcy under are Chapter 7 and Chapter 13. In Chapter 7 bankruptcy, no repayment of debts takes place and thus it remains listed on the credit report for 10 years from the filing date. Individuals who file under Chapter 13 repay some part of their debts through a court-approved repayment plan. This type of bankruptcy is therefore removed from the credit report after 7 years from the filing date. Since your credit report is an indicator of your financial stability, mention of bankruptcy for such a long period can ruin your chances of getting any loan. It is therefore important to weigh-in other options before filing for bankruptcy in Dallas.

            Options other than bankruptcy

            People are so accustomed to credit cards that living without them seems impossible, and it is difficult indeed. With bankruptcy on your credit report, you will find it difficult to get credit, except at high interest and unfavorable terms. This will affect your ability to get an apartment, utilities, insurance as well as job. It is important that you get the latest copy of your credit report to assess the debts you owe. You should also seek counsel from a qualified financial advisor for alternatives to bankruptcy. It is possible that through careful budget planning, you might be able to repay your debts over a period, especially if you could get the lender to agree for debt consolidation or debt settlement.

            • In debt consolidation, your debts are combined into a new account. You make just one monthly payment towards this new account to diminish your long-standing loan. Smart budgeting can help you catch up on past payments without the risk associated with bankruptcy.
            • Debt settlement, on the other hand, involves negotiations with creditors to accept an amount less than the balance or reduce the interest rate so that the debt can be settled. Though this also portrays you in a negative light, the repercussions are less severe than bankruptcy.

            If you are in no position to pay your debts, bankruptcy might be the best possible option available. It puts an end to all collection actions like repossession, wage garnishment, foreclosure, etc. and gives you time to get hold of your finances. Since bankruptcy filing is a decision which should not be taken lightly, it is advisable to consider experts before filing it. You can call 888-297-6023 to consult 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.

            • What Happens to Reaffirmed Debts in Case of Bankruptcy?

              What Happens to Reaffirmed Debts in Case of Bankruptcy?

              Call: 888-297-6203

              When you have accumulated huge amounts of debts, bankruptcy is a preferred option. Apart from bankruptcy, other options according to Los Angeles based bankruptcy law firm Recovery Law Group, include debt settlement, debt reaffirmation, etc. When any individual files for bankruptcy, it becomes a public record and appears on their credit report. All accounts mentioned in bankruptcy papers are updated with the status “included in bankruptcy.” However, if you have reaffirmed any debt, and paid it fully, it should not appear on your credit report.

              Reaffirmation of debt takes place when an agreement is drawn between the lender and the debtor with respect to making payments. When a loan is reaffirmed, it is not included in any bankruptcy chapter. Individuals can file under Chapter 7 or Chapter 13 bankruptcy Dallas. Some portion of debts is paid off through repayment plan in case of Chapter 13 bankruptcy, thus, it remains on the credit report for seven years from the bankruptcy filing date. In the case of Chapter 7, no debts are repaid and therefore, this chapter of bankruptcy remains on credit report for ten years from the bankruptcy filing date.

              Any accounts that are included in bankruptcy remain for seven years, either from the bankruptcy filing date or the original delinquency date if the account was delinquent prior to the bankruptcy filing. Thus, after seven years, these accounts are deleted from bankruptcy public records. In case these accounts or the bankruptcy discharge is not removed from the credit report, you need to take steps to ensure they are removed. Having an experienced bankruptcy lawyer can be an asset in such cases as they can guide you through the procedure. If you have not hired any, you can call 888-297-6023 to schedule an appointment for a consultation.

              Rebuilding credit takes time and continuous efforts. Thus, any positive account remains on your credit report for 10 years unlike those included in a bankruptcy, as they are helpful for your credit history. Any reaffirmed loan that has been paid in full with no late payments will also remain on your credit report for 10 years. It is important that you keep your credit report updated to reflect the status of the various accounts in bankruptcy. You can ask the same through government-approved credit reporting agency. Any inaccurate information should be rectified either online, through mail or over the phone. You can use Schedule A, Schedule D, or Schedule F from bankruptcy filing papers to list all debts included in a bankruptcy or reaffirmed 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.

              • Are Accounts Included in Bankruptcy Deleted?

                Are Accounts Included in Bankruptcy Deleted?

                Call: 888-297-6203

                When you file for bankruptcy, it is important to remember that any and all accounts that are included in the bankruptcy will find a mention on your credit report. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, inform that these accounts will not be deleted from your credit history immediately after a bankruptcy discharge, but remain on the credit report for a period of seven years. This seven-year duration is from the original delinquency date or the date of the bankruptcy filing. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. The difference in credit reports in either cases is mentioned below:

                • Chapter 7

                When you file for bankruptcy, you are expected to mention all creditors and thus all accounts are listed in your credit report as “included in bankruptcy.” Once you get your bankruptcy discharge, which in the case of Chapter 7 takes 3-6 months, the account status gets updated to “discharged in bankruptcy.” Since debts in this chapter are discharged without any repayment, the bankruptcy remains on credit report for 10 years, however, the accounts included in bankruptcy are removed after seven years.

                • Chapter 13

                This chapter of bankruptcy involves repayment through a court-approved plan, on completion of which the bankruptcy is discharged after 3-5 years. Since some portion of the debts is paid in this case, the bankruptcy remains on your credit report for seven years. All accounts listed in Chapter 13 bankruptcy are shown as “included in bankruptcy” with their status changing to “discharged in bankruptcy” on completion of the repayment plan.

                In case any account included in bankruptcy fails to get listed in your credit report, you should approach a credit reporting company and provide Schedule A document from your bankruptcy filing so that the information is updated on your credit report. Having an experienced lawyer can make a huge difference to your bankruptcy case. In case you are looking for one, call 888-297-6023 to schedule an appointment.


                  *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.

                • Everything You Wanted to Know About Bankruptcy Discharge

                  Everything You Wanted to Know About Bankruptcy Discharge

                  Call: 888-297-6203

                  People reeling under the effects of debts often consider filing for bankruptcy. Despite the ill effects of denting your credit history, there are numerous benefits associated with bankruptcy, like, the automatic stay and discharging of debts. A bankruptcy discharge releases you from paying back certain debts after you file for bankruptcy. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the legal order also prevents creditors from taking any action to collect the outstanding debts which have been discharged by the court. You can live a threat-free life after getting a bankruptcy discharge. The discharge occurs at different times depending on the chapter of bankruptcy.

                  Individuals can file for bankruptcy under either Chapter 7 or Chapter 13. In the case of Chapter 13, a repayment plan is involved, through which the debtor pays back certain debts. The duration of this plan is generally 3-5 years and bankruptcy discharge is given after completion of this plan. In Chapter 7, since no repayment of loans is involved, the discharge is given within 4-6 months of the filing of the bankruptcy petition. This timeframe can change if any objections are raised by creditors. However, it is important to know that all debts cannot be discharged in bankruptcy. Certain debts survive bankruptcy and depending on the chapter you have filed under; you will have to pay for them.

                  Debts discharged during bankruptcy

                  Once you qualify for a chapter of bankruptcy, certain debts can be discharged, provided you are eligible for them. These include:

                  • Medical bills
                  • Credit card debt
                  • Utility bill debt
                  • Personal loans from family or friends
                  • Business debt
                  • Contractual debts
                  • Unsecured debts
                  • Judgments
                  • Attorney fees
                  • Missed rent payments
                  • Some tax debts
                  • Civil court judgments
                  • Debts due to your malicious injury of a person/thing

                  Debts which survive bankruptcy

                  Certain debts, however, cannot be discharged. These depend on the chapter of bankruptcy you have filed under.

                  Chapter 7 bankruptcy

                  • Student loan
                  • Criminal fines
                  • Court fees
                  • Car loans
                  • Child support and alimony
                  • Debts secured by a lien
                  • Debts resulting from malicious injury to another person or thing
                  • Debts due to DUI resulting in death or personal injury
                  • Mortgages

                  Chapter 13 bankruptcy

                  • Child support and alimony
                  • Mortgages
                  • Student loan
                  • Some tax debts
                  • Criminal fines
                  • Debts due to personal injury or death caused due to driving under the influence

                  Certain debts can be discharged, provided a creditor does not file a motion against them, resulting in them being declared non-dischargeable. These include civil court judgments and debts which were a result of fraud.

                  Life after bankruptcy discharge

                  Official copies of the discharge are sent by the court clerk to all creditors named and listed during bankruptcy proceedings. Apart from this, copies are also sent to the bankruptcy trustee and their lawyer as well as debtor and their lawyer. Bankruptcy discharge notice prevents creditors from pursuing any collection action for debts discharged. Any attempt to contact you to collect payment can result in action against creditors. However, creditors with a loan secured by a lien can repossess the property even after discharge if you do not make regular payments. Consulting a lawyer, in this case, might be essential. You can call 888-297-6023 to consult with experienced bankruptcy lawyers.

                  Once you get your bankruptcy discharge, it appears on your credit report and remains on it for a duration of 7-10 years depending on the chapter of bankruptcy you filed. While Chapter 7 bankruptcy remains for ten years, Chapter 13 for seven years from the date of filing. This has a negative effect on your credit score and hampers your chances of getting credit. The accounts discharged as a result of bankruptcy should show that status on your credit report. In case it is not so, you can get it updated through credit bureaus by providing them with the “schedule” document from bankruptcy records.


                    *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 Difficult is it to Get Credit After Bankruptcy?

                    How Difficult is it to Get Credit After Bankruptcy?

                    Call: 888-297-6203

                    Though bankruptcy can help you get rid of your debts, getting credit after bankruptcy discharge is easier said than done. Fresh out of bankruptcy, people find it difficult to get a creditor to approve their loan petition. This is because bankruptcy stays on your credit report for a long duration. Chapter 7 bankruptcy stays for 10 years since no debt payment is made in this case. In the case of Chapter 13 bankruptcy, since some portion of debts are paid, this bankruptcy remains on your credit report for seven years.

                    Los Angeles based bankruptcy law firm Recovery Law Group says that the negative effect of bankruptcy can last for some time after getting a discharge. This is because the creditors do not receive any money that was owed to them. With bankruptcy on your credit report, prospective creditors are warned of the risk associated with lending money to a person who is fresh out of bankruptcy. Such people find it difficult to get credit at reasonable rates and end up getting high-interest rates credit cards, especially just after a bankruptcy discharge.

                    Rebuilding credit is possible!

                    The primary step is to check whether, after bankruptcy, your credit score is reported correctly on your credit report. Once you are aware of your credit score, you can start making efforts to rebuild your credit. Primary steps involve paying bills on time and getting under as little debt as possible. Other possibilities include:

                    • Secured credit card

                    This is one of the best ways to rebuild credit. These cards require a security deposit for account opening. This amount decides the credit limit. Making monthly payments on this card and living within means help you improve credit score. The card has a lower interest rate than normal unsecured credit cards. However, if you don’t pay the amount due, interest is added.

                    • Become an authorized user with someone else’s card

                    You could ask a friend or relative with excellent credit to make you an authorized user on their credit card. This will slowly help build your credit score since the primary account holder pays bills on time. In case the primary cardholder also has a large amount of debt or is behind his payments, this could affect your score negatively. Thus, you should choose the primary user carefully.

                    • Credit-builder loan

                    These are small personal loans which are aimed to provide people out of bankruptcy with financial assistance to improve their credit. On-time payments on such loans are reported to major credit building agencies which improve your credit rating.

                    Bankruptcy is a major decision which should not be taken lightly. For knowing more about bankruptcy proceedings and its effect on your credit score, call 888-297-6023 to speak with experienced 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.

                    • Is It Possible to Get a Credit Card After Declaring Bankruptcy?

                      Is It Possible to Get a Credit Card After Declaring Bankruptcy?

                      Call: 888-297-6203

                      Bankruptcy can tank your credit score. This fact is probably one of the most common reasons why people fear filing for bankruptcy. However, it will be surprising to know that rebuilding your credit score requires credit cards! According to Los Angeles based bankruptcy law firm Recovery Law Group , people fresh out of bankruptcy will find it a bit difficult to get the kind of credit cards they want. This is because bankruptcy alerts lenders of the inability of the individual to repay. Any credit card you get post-bankruptcy will charge you a higher rate of interest than normally applicable.

                      Consumer bankruptcies which appear on credit report generally belong to Chapter 7 or Chapter 13. While the former is discharged within 3-6 months, the latter involves repaying some part of your loan through a court-approved repayment plan and generally takes 3-5 years. Bankruptcy becomes public record and stays for 7-10 years on your credit report depending on the chapter of bankruptcy you have filed under. In case you need to apply for a credit card before your bankruptcy is discharged, it becomes a bit difficult. It is important to have legal representation so that you are aware of any restrictions in this matter. If you need consultations with experienced bankruptcy lawyers, call 888-297-6023.

                      The best way to improve your credit rating after bankruptcy is by re-establishing credit. This is done by using credit cards. Though it might seem that you will end up making the same mistakes again, it is not so. Instead of using credit cards with a high-interest rate, you should opt for secured credit cards through a local bank. With a fixed sum of money in your account as a guarantee, you will be able to get credit up to a fixed limit. Keeping your purchases limited to essential items and making payments on time can result in slowly but steadily improving your credit ratings. With time, the secured credit card might get converted into an unsecured one. Sometimes, lenders might not report the secured credit card accounts to credit reporting agencies. This might affect your credit-building efforts negatively, hence inquire about this in advance and plan your strategy accordingly. Rebuilding credit requires time and patience. You need to continuously make efforts to improve the situation in order to lead a normal life.


                        *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.