Credit and Bankruptcy

Laws to Secure Your Credit Reports

According to Javelin Strategy & Research, One of the financial advisory firms in the U.S., more than $100 billion has been gathered in fraud using consumer’s identification between 2011 and 2016. By keeping the identity of others, the criminals open new credit accounts and use that account to purchase the products. Thus, The fraudulent activity has enabled the criminals to cheat U.S. consumers to this large extent. Right now, There are new federal laws that can help the Americans to safeguard their identity and prevent theft. The law which is termed as Economic Growth, Regulatory Relief, and Consumer [...]

2019-06-21T11:28:06+00:00
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Can You Get Credit After Bankruptcy?

People who are undergoing severe financial crisis often abhor the idea of bankruptcy. This can be due to various myths associated with it such as it hampers your credit rating forever, you will lose all your possessions, etc. These myths can be quite a deterrent for people considering bankruptcy as an option for getting out of the financial mess. According to Dallas based law firm https://www.bankruptcyreliefcenter.com/, bankruptcy actually gives people a chance to improve their credit score. More often than not, it has been observed that credit score just prior to the bankruptcy filing and one year after [...]

2019-05-16T10:17:26+00:00
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5 Suggestions to Mountain Climbing out from beneath Credit Card Debt

We're a rustic that is drowning in credit card debt. credit score card balances inside the America totaled $420.22 billion in overdue 2018. The common American family with credit card debt has approximately $6,9291 in revolving balances, which might be balances carried from one month to the next. it could appear not possible to get out from under debt that has mounted that high however consolidating your credit cards for a decrease charge may be a start. Credit Card Transfers Once people have a credit score card, they frequently do not take a look at once more for [...]

2019-05-16T06:35:53+00:00
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Meeting of the Creditors – Chapter 7 Bankruptcy

The meeting of creditors has to be formally attended by all the debtors who have filed for bankruptcy within 30 days of the filing. Once a bankruptcy filing has been done, a law firm such as Recovery Law Group puts to work their best attorneys for formalizing the documentation needed for the bankruptcy hearing. These set of documents will be checked by the bankruptcy trustee and meticulously reviewed at the hearing of the case. In the hearing, the bankruptcy trustee performs the verification whether the debtor really qualifies for Chapter 7 bankruptcy. Also, the status of the assets of the debtor is checked. There is nothing [...]

2019-05-10T13:29:20+00:00
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Effect of Bankruptcy on Credit

The effect of filing bankruptcy will remain on your record of credit for a period of ten years. But there is nothing to panic, as this statement doesn’t conclude that you will not be able to further get any debts or finances. In effect, the bankruptcy filing will not be the end of your credit journey. A new start to your financial status Eliminating the debts through the filing of a bankruptcy will give you the provision to start afresh and start saving too! Routine household expenses of groceries, clothing needs and automobile needs can now be accomplished [...]

2019-05-10T13:30:06+00:00
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Can Bankruptcy Help in Getting Rid of Credit Card Debt?

Many people across geographic location and economic strata are facing the problems of bankruptcy. Bad financial decisions or misfortune can be the reason behind anyone facing insurmountable debts. However, managing such a situation can be extremely difficult and tricky. More often than not, people take the help of credit cards to clear off dues, unfortunately accumulating further debts. Many times, people are just trying to find a balance between various dues and card payments trying to ward off debt collectors. […]

2019-05-09T12:26:54+00:00
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In What Order are the Creditors Paid in a Bankruptcy Case?

While bankruptcy is a great way to get your debts discharged and get out of a bad financial situation, it simultaneously allows many creditors to get paid too. Creditors are allowed to collect some portion of the debt that is owed to them in both Chapter 7 (liquidation bankruptcy) and Chapter 13 (repayment plan) bankruptcies. The court appoints a bankruptcy trustee and they both are responsible to ensure that fair distribution of payment takes place. The payment process depends on the nature of the debt as well as the Chapter bankruptcy is filed under. What is The Order [...]

2019-05-06T10:15:01+00:00
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Being Prepared For Your Meeting of Creditors

The meeting of creditors or a 341 hearing is a mandatory process conducted by the bankruptcy trustee when there is a filing of bankruptcy. During a filing of bankruptcy, the petitioner provides several documentations related to the situation including the petition and schedules. In the hearing process, the trustee gets the opportunity to ask the petitioner questions regarding the furnished information. The answers to these questions have to be answered under oath. If you are an individual who has filed bankruptcy, it is imperative that you have to be part of this meeting of creditors. Needless to say, [...]

2019-05-06T10:22:03+00:00
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Bankruptcy’s Impact on Credit Worthiness

Credit scores reflect on the financial history of an individual or a business and are meticulously built over time. When there are moments of financial crisis and debts pile up, the individuals ultimately opt to file for bankruptcy. The biggest fear when the individual's file for bankruptcy is how it impacts their credit scores. There are many reasons why credit scores will not be impacted in cases of bankruptcy as every individual commences their financial status afresh and they have time to rebuild their credit history Checking with a bankruptcy attorney or a law firm such as Recovery [...]

2019-05-06T10:22:14+00:00
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What Happens to Credit Card Debt in Bankruptcy?

Spending beyond the budget is a common occurrence, thanks to the ever-prevailing credit cards. Since you do not have to pay immediately, people often go overboard with their spending, not realizing that eventually the money is to be paid and that too with additional charges. It is no wonder that a large number of population incurs heavy debt thanks to this habit, resulting in many of the individuals filing for bankruptcy. The excessive debt may also be due to exhaustive medical bills or vehicle repairs etc. Many times, credit card debts are discharged (with some exceptions) when a [...]

2019-05-06T12:44:08+00:00
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