Bankruptcy

Know the Difference Between Chapter 7 and Chapter 13 Bankruptcy

Call: 888-297-6203 Individual debtors can file for bankruptcy under Chapter 13 or Chapter 7. In the case of chapter 13, you are required to repay some part of your loan over a period of 3 to 5 years through a court-approved plan. Since some portion of the debt is paid, lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that the credit report shows this bankruptcy for only seven years. On the other hand, under Chapter 7, you don’t repay any debt and thus, the bankruptcy remains on the public record and your credit report [...]

2019-09-02T12:46:52+00:00
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What is Bankruptcy?

Call: 888-297-6203 It is not uncommon to find people struggling with finances. You will find several People struggling with debt every year in the U.S. Bankruptcy has emerged as a popular way to get rid of a huge amount of debts. Consumers can file for bankruptcy under Chapter 7 or Chapter 13 and these are reflected in the consumer’s credit report. According to Dallas based bankruptcy law firm Recovery Law Group in Chapter 13, you end up repaying a portion of your debt as per a court-approved repayment plan over a course of 3-5 years. Due to this, [...]

2019-09-02T12:46:30+00:00
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Everything You Wanted to Know About Bankruptcy

Every now and then, individual and businesses go overboard with their expenditure. This might result in them going under. Bankruptcy is a legal way to get rid of the entire amount or some portions of the debt. However, there are long term effects of filing for bankruptcy, the major being, bankruptcy remains on your credit report for 7 to 10 years depending on which chapter you filed under. This may adversely affect your ability to get a loan at a favorable rate, open credit card accounts, etc. Since bankruptcy is a complex process involving lots of paperwork, it [...]

2019-08-29T13:11:18+00:00
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Get Your Credit Report Updated to Show Bankruptcy Discharge

Since bankruptcy filing is public information, people can have access to it. This is a major point of concern for bankruptcy filers as it hampers their chance of getting a loan or even a decent job. Though the information is entered in your credit report, any discharge granted for the bankruptcy should also be mentioned on the credit report. Many times as per the Los Angeles based bankruptcy law firm Recovery Law Group lawyers, the information is not updated on credit reports. This is a cause of worry for people who wish to start their life afresh but [...]

2019-08-29T13:10:46+00:00
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Need to Update Your Bankruptcy Information? Here’s What You Should Do

Bankruptcy involves a lot of paperwork, both while filing for it and even after discharge. It is therefore important to have legal representation to get through with it smoothly. In case you are looking for legal representation, you can call 888-297-6023 to know more about bankruptcy and its discharge. Generally, post-bankruptcy discharge, creditors update information in their accounts which are eventually displayed on the credit reports. However, many times creditors don’t update the information. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, there are options available for individuals if their creditors haven’t updated [...]

2019-08-29T13:10:37+00:00
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While Filing for Bankruptcy Avoid Making These Mistakes

Bankruptcy can change the way you live. However, if you want it to not affect your life negatively, it is important to know what to avoid prior to filing for bankruptcy. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, many people skirt around bankruptcy laws in order to protect their assets. It is important to understand that the bankruptcy court does not approve of certain tactics, usage of which might result in the dismissal of your bankruptcy petition or filing of criminal charges against you. the latter might cost you dearly, not just [...]

2019-08-29T13:10:17+00:00
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How Can Bankruptcy Help You?

Nobody in their right senses would like to go overboard on their expenses. Everyone knows the detrimental effect of going under debt. However, unfortunate circumstances can lead anyone to the brink of bankruptcy. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy is probably one of the best legal ways to get rid of a huge amount of debts. Many people are doubtful about how bankruptcy can help you. Here are a few reasons how bankruptcy can be the best decision you can take: Control snowballing effect People who are trying to make [...]

2019-08-29T13:09:53+00:00
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Can Bankruptcy Protect You and Your Property?

Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded. Another advantage of filing for bankruptcy [...]

2019-08-29T09:27:55+00:00
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Should You File For Bankruptcy Without a Lawyer

A person who is struggling with financial issues often wants to save as much money as possible. Even if that means filing for bankruptcy without a lawyer. Unfortunately, filing for bankruptcy is more than just filling a few forms and filing them in the court. Though people can file for bankruptcy without a lawyer (pro se), it is generally not advisable. Data available for bankruptcy discharge with and without a lawyer will justify why it is advised to hire a lawyer when filing for bankruptcy. As per statistics available, only 0.4% of pro se Chapter 13 bankruptcy filers [...]

2019-08-29T09:27:43+00:00
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What is the Difference Between Default and Bankruptcy?

Default means not being able to fulfill an obligation, especially the monetary kind. When a person defaults on a credit account, it means they have been unable to repay as per their agreement. According to Dallas based bankruptcy law firm Recovery Law Group defaulting on a payment is usually the first step towards bankruptcy. This is so because unfortunately, defaulting adds up the interest as well as penalty on the already existing amount. Generally, people have a minimum of 2-3 credit cards. Simultaneous use of them results in a huge amount which needs to be paid every month to [...]

2019-08-29T09:26:38+00:00
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