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  • Bankruptcy Options Available for Small Business Owners

    Bankruptcy Options Available for Small Business Owners

    Call: 888-297-6203

    Not just individuals, but small business owners can also face issues when it comes to handling finances. In case there are financial issues plaguing a business which cannot be managed easily, the owner might have to take the hardest decision ever; filing for bankruptcy to get relief from debt. If you are left with no other option except filing for bankruptcy, it is important that you hire the services of experienced lawyers to handle your case. You can seek consultation with bankruptcy attorneys by calling 888-297-6023.

    Lawyers of Dallas based bankruptcy law firm Recovery Law Group, elaborate that there are a number of bankruptcy chapters under which small business owners can file for bankruptcy. The bankruptcy criteria differ in all three – Chapter 7, Chapter 11 and Chapter 13. While Chapter 7 is the most common one for small businesses, the requirement for qualification is stringent in this case. Any non-exempt property is sold off to pay creditors and the remaining dues are discharged after bankruptcy.

    Chapter 11 bankruptcy works by re-organisation of debts in such a manner that you do not have to shut down your business. This bankruptcy is best used for small corporations, partnerships and even for sole proprietors of business. Though Chapter 13 bankruptcy Dallas relief is for individuals it can also be used by sole proprietors to get debt relief. Chapter 12 bankruptcy is available for families of farmers and fishermen to get rid of excessive amount of debt.


      *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.

    • Filing for Bankruptcy? Know Your State Specific Requirements

      Filing for Bankruptcy? Know Your State Specific Requirements

      Call: 888-297-6203

      When you find no other way out of the huge financial mess, bankruptcy might be an excellent option to get rid of your debts. However, it is important to understand that despite bankruptcy being governed by federal laws, it is not the same in every state. Apart from federal laws, state rules and regulations are also equally important, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. It is therefore vital that you hire attorneys who are well versed with the state laws regarding bankruptcy as well as the exemptions provided during the process.

      When any individual files for bankruptcy, there are various factors to be kept in mind. These include:

      • You are required to complete a government-approved credit counseling program, six months before you file for bankruptcy.
      • Once you file for bankruptcy, you are expected to complete a financial management instruction program.
      • The next step is very important as it determines when you will get a discharge. Your finances are studied to determine whether you can qualify for Chapter 7 bankruptcy (pass the means test). If your average income for the past six months is less than the state median, you can opt for Chapter 7, otherwise, your option is Chapter 13 bankruptcy.
      • Paperwork is filed according to the Chapter of bankruptcy the debtor qualifies for.

      Though you can file for bankruptcy without a lawyer too, it is advised to hire experienced lawyers since the paperwork can be quite complex. If you wish to have a successful bankruptcy discharge, you should have your papers in order. To do so you need the assistance of qualified lawyers. You can schedule an appointment with experienced bankruptcy attorneys Dallas by calling 888-297-6023. A lawyer can help protect the majority of your assets through the exemptions provided by your state.


        *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 Handle Creditors’ Claims in Bankruptcy?

        How to Handle Creditors’ Claims in Bankruptcy?

        Call: 888-297-6203

        Often people who have been neck-deep in debt find bankruptcy the best possible way to get rid of their loans and make a fresh financial start. Having an attorney to guide you through the process is essential in this case, as the legal terms, as well as the procedure, is complicated for people. For seeking consultation with expert bankruptcy attorneys, you can call 888-297-6023. Most of the times, people are aware of their debts; the amount and the creditors alike. Usually, when people are under lots of debts, the possibility of losing assets exists. This is true, especially in case of secured debts like mortgage and automobile loans.

        When any person files for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group informs, their creditors are notified about it. A 341 meeting also known as a creditors meeting takes place where creditors can present information regarding their dues as well as counter any claims made by you. Though it is not mandatory for debtors to attend this meeting, it is important that you are sure that your creditors are not providing incorrect information. Mortgage creditors need to be watched especially carefully as many times mortgage companies have been found guilty of noncompliance of bankruptcy laws.

        Several discrepancies have been observed when it comes to mortgage company claims in a bankruptcy case. Mortgage loan providers need to comply with consumer protection laws. Yet, there have been reports of missing documents which might be vital for the case. Late fees and charges also come under the mortgage and might be used against you. If claims of mortgage creditors are not handled properly, you might end up losing your home. It is therefore important to pay attention to the documents and claims made by all your creditors and not just mortgage lenders.


          *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 Creditor’s Use the Spouse’s Bank Account to Recover Money in Bankruptcy?

          Can Creditor’s Use the Spouse’s Bank Account to Recover Money in Bankruptcy?

          Call: 888-297-6203

          When you file for bankruptcy, anything and everything you own becomes part of the bankruptcy estate. However, filing for bankruptcy often is a cause of concern for people as they are worried that the creditors can come after their spouse’s bank accounts. Dallas based bankruptcy law firm Recovery Law Group says, that the best person to seek advice on such matters is an expert bankruptcy lawyer. You can call 888-297-6023 to schedule an appointment for a consultation with qualified attorneys. Bankruptcy attorneys are aware of the laws and whether your bankruptcy can affect your spouse or not.

          Unless the bank accounts are joint, they cannot be included in the bankruptcy estate. Additionally, you also need to be aware of the exemptions entitled to bankruptcy filers within the state which can help protect their assets. Since all your personal property becomes part of the bankruptcy estate, any bank account jointly owned by you and your spouse might be part of the bankruptcy estate. Bank account in the spouse’s name can remain untouched by creditors only if the funds in it are considered separate from your property.

          In order to protect the funds, present in your spouse’s account, you will need to prove that you did not contribute to those funds. If your spouse had a separate account prior to your marriage, the account is likely to remain untouched by creditors during bankruptcy. You can stop worrying about the creditors once you file for bankruptcy Dallas as the automatic stay provision puts an end to the collection actions till bankruptcy has concluded.


            *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.

          • Want to File for Bankruptcy as a Couple? Here’s What You Should Do

            Want to File for Bankruptcy as a Couple? Here’s What You Should Do

            Call: 888-297-6203

            When facing a bad financial situation, it is often important to not let your emotions get the best of you. In case you are considering bankruptcy as the way out of your financial problems, lawyers of Dallas based bankruptcy law firm Recovery Law Group, suggest that you should weigh-in the pros and cons of both, filing a joint bankruptcy petition as well as filing separate petitions for bankruptcy. Expert bankruptcy lawyers can help you come to the best decision. In case you need a consultation with experienced legal minds, you can call 888-297-6023.

            If you decide to opt for a joint bankruptcy petition filing, you can save money on filing papers. Instead of paying two times the bankruptcy filing fees, attorney fees, etc. you end up making payments just once. The fee for bankruptcy petition is a significant amount, especially if you are literally going from hand to mouth. A joint bankruptcy petition can reduce this financial burden considerably since you pay the fees once only. Additionally, when you opt to file jointly as a couple, you reduce the paperwork too. This works well if you have a large amount of joint debt.

            However, if either of the partners had previously filed for bankruptcy, then chances of you being able to file a joint petition are extremely slim. Other parameters to consider while filing a joint petition include the type of assets owned individually as well as combined by the partners. This issue needs to be resolved prior to a bankruptcy filing. An experienced bankruptcy lawyer Dallas can help decide whether a joint bankruptcy filing would be the best course of action for you or not. Consulting with a qualified attorney is therefore recommended prior to taking any action.


              *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 Ruin Your Future?

              Can Bankruptcy Ruin Your Future?

              Call: 888-297-6203

              Inability to manage your finances can be an extremely frustrating situation. People are often unable to fathom how and when such a situation could have arisen. This can make you despondent which can be quite disheartening. However, one needs to think and act practically if they wish to get out of the financial mess, sooner rather than later. As per lawyers of Dallas bankruptcy law firm Recovery Law Group, the primary step one should take in such a situation is to consult and hire one of the best bankruptcy attorneys. In case you wish for a consultation with one, you can call 888-297-6023.

              Consulting with a qualified bankruptcy attorney gives you a better idea of the options available to you to deal with bankruptcy. You might come to discover that bankruptcy is not the monster it has been made to appear. In fact, bankruptcy prevents foreclosure, repossession and any legal actions against you as a result of non-payment of dues and offers you a fresh financial start.

              Losing a job, sudden medical expenses, etc. are reasons which can cause people to end up accumulating debts. Bankruptcy is a way out for people who have had the misfortune of being in a bad financial situation though probably no fault of theirs. Once the negative connotation associated with bankruptcy is dealt with, it becomes easier to think how to go ahead with getting rid of debts. Individuals can file for bankruptcy under different chapters, the most popular being Chapter 7 and Chapter 13. An adept bankruptcy lawyer Dallas can help decide which will work best for you.


                *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.

              • Bankruptcy History in the U.S

                Bankruptcy History in the U.S

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                In the early 20th century, bankruptcy was a rare phenomenon, with just 0.15% in 1000 people choosing it to get rid of debt. However, over the past 100 years, people seeking financial protection through bankruptcy have increased dramatically. Over a period, through the 60s and 80s, an increase was observed in bankruptcy filings in the U.S. However, as per statistics available, between 1980-2000 an increase was seen with up to 7.6% per 1000 per year. Contrary to this, a decrease in this percentage was observed post-2004 with 5.3% per 1000 individuals.

                However, Dallas based bankruptcy law firm Recovery Law Group, informs that the data is a national average without taking specific filings into account. Breaking the information state-wise you get to know that the maximum bankruptcy filing rate is in the state of Tennessee; with 10 people per 1000 seeking bankruptcy protection. On the other hand, Massachusetts has a mere average of 2.8 per 1000 bankruptcy filings. To understand the economic condition of the country, it is important that you break things up into relevant smaller pieces and observe the bigger picture. In case you are considering bankruptcy as an option to relieve yourself of your huge debts, you can call 888-297-6023 to schedule an appointment with the best 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.

                • Federal and State Bankruptcy Exemptions

                  Federal and State Bankruptcy Exemptions

                  Call: 888-297-6203

                  When you file for bankruptcy to get rid of your debts, there are certain assets that you can protect. This takes place due to the exemptions provided in bankruptcy to debtors. Both federal and state government offer different exemptions for individuals filing for bankruptcy. Despite the process of bankruptcy being governed by federal laws, lawyers of Dallas based bankruptcy law firm Recovery Law Group state that you can choose between the federal and state exemptions. Certain exceptions are common in both federal and state exemptions; however, their amount varies from state to state. These include:

                  • Homestead exemption
                  • Personal property
                  • Living expenses to support your family
                  • Certain retirement accounts
                  • Wild card exemption up to a specified dollar amount.

                  The dollar amount changes every three years to cater for rising prices.

                  In different bankruptcy chapters, the fate of non-exempt property varies. In Chapter 7 bankruptcy, the non-exempt property is liquidated by the bankruptcy trustee and the money is distributed amongst your creditors. Usually, people who end up qualifying for Chapter 7 rarely have a non-exempt property which can be sold off. After 3-6 months, your qualified debts are discharged in this case.

                  In case, you do not want to part with a non-exempt property, you can choose to file for Chapter 13 bankruptcy Dallas. This chapter allows you to keep your assets while making court-approved payments towards clearing your debt over a 3-5 years’ period. After completion of the plan, any remaining unsecured debts are discharged.

                  In case you have doubts regarding which property is exempted or which exemption will be most beneficial for you, you should consult with expert bankruptcy lawyers 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.

                  • You Can Also Avoid Bankruptcy

                    You Can Also Avoid Bankruptcy

                    Call: 888-297-6203

                    Nobody likes to admit that they have got their finances messed up. Bankruptcy is advertising about this fact from the rooftop! Frankly, if possible, nobody would like to file for bankruptcy, however, there is no denying that bankruptcy is probably the best way to get rid of the huge burden of debt you have been carrying for a long time. Even some of the best people have ended up filing for bankruptcy when there was no way out for them. According to Dallas based bankruptcy law firm Recovery Law Group lawyers, sometimes, people can get out of bankruptcy in a better condition than before.

                    When you file for bankruptcy you are declaring to the court your inability to pay off your creditors. Bankruptcy can remove most of your debts so that you get a fresh financial start. Depending on the chapter of bankruptcy, bankruptcy remains on your credit report for a duration of 7 or 10 years. All collection actions initiated by creditors such as foreclosure, repossession, or wage garnishment as well as any legal action is put on hold when you file for bankruptcy. However, bankruptcy will not rid all your debts. Certain debts like child support, alimony, student loan debt, IRS debts, and government fines are not erased in bankruptcy.

                    How to dodge bankruptcy?

                    With a few measured steps, you can avoid bankruptcy. Here are some points to take care of if you don’t want to file for bankruptcy:

                    1. Ensure that your necessities are catered for. These include food, shelter, utilities, clothing, and If you are falling behind on payments, make sure that you don’t neglect your mortgage payments or rent. Food and utilities need to be paid on time too.
                    2. Many people end up accumulating a lot of possessions over a period, which they might not need later. Sell anything that you don’t need and rarely use and use the money to pay your due bills.
                    3. If you wish to avoid bankruptcy, you need to ensure that you are living on a budget. Avoid any unnecessary expenses including dining out, expensive gifts, costly vacations, etc.
                    4. If you are short on money, getting a second job to supplement your income is a good way to avoid bankruptcy. However, ensure that the income generated from the second job is used to pay your debts.
                    5. Consult professionals for guidance on monetary issues. Financial coaches can guide you towards better management of your finances without taking advantage of your situation.

                    In case you are looking for experienced bankruptcy lawyers Dallas, you can call 888-297-6023 to speak with experts.


                      *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.

                    • Getting Out of Debt is Easy

                      Getting Out of Debt is Easy

                      Call: 888-297-6203

                      Unless you take control of your finances when they first start spiraling out of hand, you will find it very difficult to manage them later. Despite your best efforts, bankruptcy might be the only way you might be able to get rid of your debts. However, filing for bankruptcy is a decision that can be quite emotional as well as confusing. Since most of the legal jargon goes above your head, Dallas based bankruptcy law firm Recovery Law Group says that hiring a lawyer is the best way to deal with bankruptcy. If you have not yet consulted with a lawyer, you can call 888-297-6023 to discuss your case with experienced bankruptcy lawyers.

                      The primary thing before going ahead with bankruptcy is to know what is involved in the procedure. When you file for bankruptcy, you are declaring to the court that you are in no position to pay your debts. The court-appointed trustee inspects your assets and liabilities to understand which debts can be discharged. Once the court is assured of your inability to pay your debts, you can declare bankruptcy. Filing for bankruptcy also puts a hold on foreclosure, repossession or wage garnishment as well as other collection actions of the creditors. However, it is important to realize that certain loans are not discharged in bankruptcy. These include:

                      • Child support and alimony
                      • Student loan debt
                      • Government debts like fines, penalties, taxes
                      • Any expensive item (car, jewelry, boat, ) purchased just a few days prior to a bankruptcy filing

                      Despite putting an end to creditor actions including suing you, you might have to pay back some debts, depending on which chapter of bankruptcy you have filed under.

                      Bankruptcy Chapters

                      The most common bankruptcy chapters are:

                      • Chapter 7 – The courts can sell all non-exempt property, in this case, to pay back your creditors. Any remaining debt (unsecured, nonpriority) is deleted. Though bankruptcy discharge is given within 3-6 months, the downside of this bankruptcy chapter is that you might end up losing your home (or the equity in it) as well as your car if it is not covered in the exemptions. Chapter 7 bankruptcy filing is available to those people who don’t have enough income to pay back their debts. This bankruptcy chapter remains on your credit report for a duration of 10 years.
                      • Chapter 13 – This chapter involves repayment of your debts through a court-approved Over a period of 3-5 years, you end up paying some portion (or the entire amount) of your debt. You can protect your assets (home, car, etc.) and even pay previously due mortgage payments through the repayment plan. This bankruptcy stays on your credit report for 7 years.

                      Apart from these two chapters, Chapter 11 is used for business bankruptcy filing, while Chapter 12 is for a bankruptcy filing by fisherman and farmers.

                      What happens when you file for bankruptcy?

                      Filing for bankruptcy is a tough and emotional decision which can have ramifications in various aspects of your life. For starters, bankruptcy information is public i.e. banks, business associates, potential employers, etc. can have a look at your bankruptcy details. Once you file for bankruptcy, you might find it difficult to get any loan, even after a bankruptcy discharge. Your credit score hits hard and you might have to strive hard to make amends after getting a bankruptcy discharge.

                      Filing for bankruptcy also involves various costs. Apart from the attorney’s fees, you need to pay $310 in bankruptcy filing fees for a Chapter 13 case. The attorney might charge somewhere between $1,500-$6,000 for this bankruptcy chapter! In the case of Chapter 7, the filing fees is $335 and bankruptcy lawyer might charge $835-$3,835 for their services.

                      Preparing for bankruptcy is important

                      Once you have come to the realization that bankruptcy is the only way out for you to get rid of your debts, it is important that you are aware of the requirements of the process. Before filing for bankruptcy, you can look for other debt-relief options like debt settlement, debt consolidation or lowering of interest rate by the creditor. Cutting down on extra expenditures, taking up another job, etc. are some other ways how you could avoid bankruptcy.

                      You could opt for financial coaching where an impartial perspective would be provided with respect to your financial situation. Organized financial paperwork might come in handy when you talk to a lawyer or a financial coach. Get all your debts organized and list every one of them including child support and student loans etc. Trusting professionals is extremely important if you wish to get rid of your debts. Seek the counsel of experienced bankruptcy attorneys Dallas to get your bankruptcy successfully discharged.