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  • Do You Know How Long Bankruptcy Stays on Your Credit Report?

    Do You Know How Long Bankruptcy Stays on Your Credit Report?

    Call: 888-297-6203

    Struggling to manage your finances is more common than you think. When people have a huge amount of debts like credit card bills, student loan, etc. filing for bankruptcy might be an excellent way to get rid of them. However, there are consequences to this act warn Dallas based bankruptcy law firm Recovery Law Group lawyers. Bankruptcy can negatively affect your credit rating. Depending on which chapter of bankruptcy you file, it could remain on your credit report for as long as 10 years. However, people without any other option might end up filing for bankruptcy.

    Prior to the bankruptcy filing, it is advisable to seek expert opinions, such as that of a non-profit credit counselor or an experienced bankruptcy attorney. This will help them get knowledge about other viable options like debt management, debt settlement, etc. In case filing for bankruptcy is the best choice, you can consult with expert lawyers at 888-297-6023 to find out which chapter of bankruptcy would suit you best.

    Which chapter of bankruptcy should you choose?

    If bankruptcy is the best way to get rid of your debts, you need to decide between Chapter 7 and Chapter 13. Filing for bankruptcy requires an assessment of your income, assets, as well as your debts. Changes in laws being made in 2005, it is not easy to get rid of debts through bankruptcy. Certain debts like a student loan, income tax, alimony and child support or other government fines cannot be discharged through bankruptcy. Individuals who have an income less than the state median for an equal number of household members are eligible to file under Chapter 7. For others who fail to qualify the means test, Chapter 13 bankruptcy is the best bet to get rid of debts. Both chapters affect people differently.

    Chapter 7: In this type of bankruptcy, all unsecured nonpriority debts are discharged without paying anything back. Since no debts are repaid, this bankruptcy remains on your credit report for a period of 10 years.

    Chapter 13: In this case, the debtor pays some portion of their debt through a court-approved plan over a previously agreed timeframe. Any remaining unsecured nonpriority debt is discharged after that duration. Since some part of the debt is paid, this chapter of bankruptcy remains on your credit report for 7 years only.

    The credit agency automatically removes the bankruptcy from the credit report after seven or ten years depending on which chapter of bankruptcy it was filed under. Most people who file for bankruptcy have delinquent accounts. These accounts are also deleted seven years from the date they became delinquent. Since in most cases, the accounts became delinquent prior to the bankruptcy filing, they will be deleted prior to the bankruptcy public record.

    Effect of bankruptcy on your credit

    Bankruptcy filing makes you a high-risk candidate for lending. Thus, you will either not get a loan, or get one at a higher interest rate. It may also hamper your chances of getting a decent job. Thus, it is important to make immediate efforts to rebuild your credit to increase your credit score. This can be done by paying bills on time every month, not taking out unnecessary debt and living strictly as per a designed budget. With better credit score, soon, you will be able to get a loan at lower interest.


      *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 Get Creditors Names Removed from Credit Report After Bankruptcy?

      How to Get Creditors Names Removed from Credit Report After Bankruptcy?

      Most people who have gone through bankruptcy are worried about the after-effects of the same. They would love to put this chapter behind them as soon as possible. One of the major concerns people who have filed for bankruptcy is getting the creditors names removed from the debtor’s credit report after completion of the Chapter 13 bankruptcy plan. However, according to Dallas based bankruptcy law firm Recovery Law Group lawyers, this is not possible. Experienced bankruptcy lawyers elaborate that neither filing for bankruptcy nor completion of bankruptcy plan will remove the accounts included in bankruptcy to be removed from the credit report.

      When any individual files for bankruptcy, this is added to their credit history. This includes adding all creditors acknowledged in the case. Since bankruptcy is public record, these names and accounts can be obtained and updated in your credit record. Any aberrant accounts will be deleted after 7 years from the original date of any such accounts. The bankruptcy is shown on your credit report for a duration of 7 years from the filing date in case of Chapter 13 bankruptcy Dallas and 10 years from the filing date in Chapter 7 case. Thus, eventually, after the mentioned duration, the accounts will be deleted, however, they will not be removed immediately. If you wish to know more about the process, 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.

      • Can You Afford to Ignore Credit Card Debt?

        Can You Afford to Ignore Credit Card Debt?

        Anyone can fall into a bad financial situation anytime. During the time of financial uncertainty, it is at times difficult to make even essential payments, due to which many people come to rely on their credit cards, unaware of the fact that the dues they are accumulating so will be harder to shake off. Increasing credit card debt can cause debt collectors and creditors to come knocking on your doors and take steps to recover their dues including wage garnishment. (more…)

      • Review Your Credit Report before Choosing To File For Bankruptcy

        Review Your Credit Report before Choosing To File For Bankruptcy

        Reviewing your credit report annually is extremely important so that you are aware of your current financial situation as well as checking if the information about your payments and debts is being accurately portrayed to the credit bureaus. People looking for a way out of the financial mess by filing for bankruptcy should make it a point to review their credit report before filing to ensure that all their creditors are included in the documents and schedules. As a part of the filing process, you are expected to list all your creditors. A simple mistake of omitting any one creditor just because you didn’t receive any collection notice from them recently, can turn into a big problem. (more…)

      • Rebuilding Credit is Easy with These Steps

        Rebuilding Credit is Easy with These Steps

        Though traumatic, filing for bankruptcy is an essential decision taken by people to get rid of dues which they don’t have means to pay off. Bankruptcy is of great assistance to people who have had continuous bad luck, which resulted in financial losses. Once the bankruptcy proceedings are over, bankruptcy filers get a fresh start with a clean financial slate. With some easy to follow steps, they can rebuild their credit score to live life comfortably. Here are some tips by lawyers of Los Angeles based law firm Recovery Law Group to help rebuild your credit: (more…)

      • The Best Way to Rebuild Your Credit Score after bankruptcy

        The Best Way to Rebuild Your Credit Score after bankruptcy

        Sometimes, one bad decision can be just the start of many such similar ones. Before you know it, you have amassed a bad credit score and huge loans which you have no means to pay off. This invariably leads to filing for bankruptcy which may seem like the end of the world. However, things couldn’t be farther from the truth as bankruptcy offers you a chance to wipe your slate clean. You could get rid of old debts which kept your credit score down and get a fresh financial start to rebuild your credit score.

        Bankruptcy and its Effect on Credit Scores
        A credit score is a concise way to show lenders your financial position, i.e. how much risk it would be to loan money to you. A high credit score means your debts are paid on time and on a regular basis, whereas a lower credit score means that you are irregular in making payments. It is, however, incorrect to assume that filing for bankruptcy will end up lowering your credit score permanently. Bankruptcy can cause a temporary drop in your credit score. You can use a number of tips to rebuild your credit score.

        How to Rebuild Your Credit Score?
        As per Sacramento based law firm Recovery Law Group, the primary step needed to improve your credit score is to know your credit standing. For this, you need to obtain your credit score copy from any of the major credit reporting agencies. Checking for any errors is essential, such as any debt which should be discharged by your bankruptcy, contact credit agency and get the issue resolved. Stick to basics when it comes to basics, like don’t spend more than you can afford to, pay your bills in full and on time, including debts which were not discharged by bankruptcy (student loan payments).

        The biggest mistake people can make after bankruptcy is to avoid credit altogether. Though initially, it may seem like a bright idea to steer of any new debts, this won’t be of any help to rebuild your credit. Instead of completely avoiding credit responsibility, take it in small steps. The easiest way to do this is to take advantage of a secured credit card which reports to one of the top 3 credit agencies and make regular payments on time. Paying off entire balance monthly helps avoid making interest payments apart from showing lenders that you aren’t a credit risk anymore. Regularly doing the same can lead to a drastic improvement in your credit score.

        Other methods of getting better credit score comprise of getting a new bank account or applying for a gas card. Paying for gas for your car through this card helps rebuild your credit score as it is one of the regular purchases. Signing up for automatic bill pay ensures that all your bills are paid on time, thereby improving your credit score.

        The most important aspect is not to lose your patience during the entire process of bankruptcy. Though these are trying times, ensuring that you keep making regular payments and develop good financial habits will go a long way in improving your credit score. Make regular credit score checks and soon your ratings will increase with time.

        Bankruptcy filing offers a chance for people to not just wipe off their dischargeable debts, start fresh and improve their financial condition. By taking appropriate steps to fix your credit score you can finally breathe free. Consult bankruptcy lawyers to help you guide through the process and inform you of all 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.

        • How to Prevent Bank Levies

          How to Prevent Bank Levies

          In case you have incurred huge debts and are in no financial condition to pay them off, the best resource available to you is to file for bankruptcy. To do the same you can either use one of the bankruptcy lawyers to file bankruptcy for you or you can do it yourself. However, as Sacramento based law firm Recovery Law Group explains, many times debtors filing for bankruptcy without any help from lawyers, end up into financial troubles like post-bankruptcy filing bank levies. (more…)