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  • Rebuilding Credit After Bankruptcy

    Rebuilding Credit After Bankruptcy

    Call: 888-297-6203

    Everything takes time. Neither does a person become bankrupt overnight, nor does building your credit. Though bankruptcy is an effective way to get rid of a huge amount of debt, it has repercussions too. It can tank your credit score like anything. Since bankruptcy becomes public record, your efforts to get a loan might be extremely difficult for a long time. Chapter 7 and Chapter 13 bankruptcies remain for ten and seven years respectively on your credit reports. This is because the majority of your debts are discharged without paying anything in the former case, while in the latter case, some portion of the debts is repaid through a repayment plan. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, say the situation is not permanent and can be reversed with some efforts on your part.

    All accounts mentioned in bankruptcy remain on your credit report for a duration of seven years, from the time they were delinquent or bankruptcy filing date. However, it does not mean that you will be stuck with bad credit and unable to get a loan again. Making certain decisions can help rebuild your credit. These include:

    • Paying bills on time. Managing your finances is important and the primary step to rebuilding credit. Paying your rent, mortgage or other loans on time can improve your chances of getting credit in the future.

    • Create and live as per budget. Bankruptcy involves a compulsory course for financial counseling which helps you to better manage your finances. The primary step involved is- creating a budget, avoiding excessive spending and taking on additional debt.

    • Keep making student loan payments. Student debts are not discharged in bankruptcy; hence you should keep making payments towards this debt. Timely payments will help rebuild your credit score.

    Qualifying for a new credit card will take time after bankruptcy. Though initially, you might find it difficult, there are ways to improve your chances of getting a standard credit card. One of the best ways is to get a secured card so that you do not indulge in overspending. In case of a secured credit card, the card issuer is given a security deposit which provides a spending limit on the card. Through this, you can easily build your credit after bankruptcy. You can use it every month to pay bills regularly to improve your credit history. Ensure that the secured credit card issuer reports your payments to credit bureaus.

    Another way of improving your credit rating is by asking a family or friend with good credit to assist you. You could either ask them to co-sign your loan or credit card or get yourself added as an authorized user for someone else’s credit card. However, this has risks involved as if you default, they will be held responsible for paying back your debts. This can alter your relationships; therefore, you must carefully consider this option before choosing it.

    Managing debts is an integral part of rebuilding credit score. Another option for individuals is the credit-builder loan. This involves small sums with repayment expected within a couple of years. The interest rate is generally high (up to 10%). Before choosing this option, find out if the lender reports to credit bureaus.

    Having legal assistance is important to get through bankruptcy. Call 888-297-6023 to consult with experienced lawyers.


      *Are you more than 60 days past due on your mortgage?

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      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 Credit Card after Bankruptcy?

      Is it Possible to Get Credit Card after Bankruptcy?

      One of the ill effects of filing for bankruptcy is that it becomes public record and appears on your credit report. This makes it difficult for people who have recently got bankruptcy discharged to get any credit. According to Dallas based bankruptcy law firm Recovery Law Group, this is a major concern for most people. Though you might get credit, it will be at terms which will be outrightly ridiculous like high-interest rate, larger down payments (in case of a mortgage), etc. Unfortunately, you might have to wait for some time to qualify for a new credit card that offers you credit at a nominal rate. It does not make sense to fall into debt just after getting through bankruptcy.

      The best way to get a credit card is by rebuilding your credit. Since bankruptcy tanks your credit score, you need to make amends to restore its condition. You can start by getting a secured credit card linked to your saving account with a limit of a set percentage of your account balance. Managing that credit card, making regular and timely payments through it and living within means without incurring any new debt, improves your credit score. This can result in the conversion of your secured credit card to a traditional credit card. Ensure that these activities are reported by the lender to national credit reporting companies.

      Alternately, you could ask a friend or family member to add you as a joint holder with them in one of their accounts. This way, the account will be mentioned on your credit report too. Timely payment on the same will help rebuild your credit history. All you need is an active account to rebuild your credit score after bankruptcy. To hold consultation with expert bankruptcy attorneys 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.

      • Simple Truths about Bankruptcy

        Simple Truths about Bankruptcy

        Bankruptcy is a misinterpreted word that is not discussed in open conversation. A person declaring bankruptcy is often looked down by society. In fact, bankruptcy is a good way to save face from bad loans and lead a respectable life. Bankruptcy is substantially explained on Recovery Law Group, which will expose myths about bankruptcy.

        1. # 1 myth

        Bankruptcy is often considered petrifying. In fact, bankruptcy is a good solution from never-ending debts, wage garnishments, creditors pressurization. It offers a fresh start for debtors and abstains foreclosure. All a debtor need is an experienced bankruptcy advocate to make the process simple and understandable.

        1. # 2 Myth

        Bankruptcy is a lengthy process. What is true about bankruptcy is its time limitation. It has a specific time period within which the case is to be wrapped up. In fact, you are cleared off in 90 days under chapter 7.

        1. # 3 Myth

        Bankruptcy damages credit. The bad loans that the debtor has, is cleared with bankruptcy giving him a clean slate to start his financial journey.

        1. # 4 Myth

        The debtor is at risk of losing his assets. There are some assets that the debtor can keep and some needs to be sold off to pay the debts. Nevertheless, the debtor does not wash off with all his assets, which can be true if he does not apply for the bankruptcy. Since the creditors will wash off with every single dime. By filing bankruptcy, depending upon which law -State or Federal, under which some properties are exempted. the debtor can save some of his assets and live a decent life.

        All myths are busted, and some truths are reinstated about Bankruptcy. People, over-burdened by loans, that seem impossible for them to clear off, must take advice from an experienced bankruptcy advocate to understand the right course of action. The Government of USA has designed laws to help its citizens. And citizens genuinely in need must not hesitate to take help of the bankruptcy law. They can clear their doubts by calling at- 888-297-6203.


          *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 is The Best Time to File Bankruptcy?

          When is The Best Time to File Bankruptcy?

          The USA law council has designed Bankruptcy to leverage people succumbed in bad debts. People often take loans to finance a business, higher studies or for any personal work. When they take loans, they are clear of the payment strategy and follow judiciously. Apparently, people may face some problems, which may prevent them to clear loans. The loans may become huge and unmanageable.  Instead of panicking they can file bankruptcy. An experienced legal professional can guide and help them in the procedure. For help visit- Recovery Law Group.

          The word bankruptcy itself may scare most of the people. The client who wishes to file bankruptcy must consult an experienced advocate. The advocate will take stock of the situation and smoothen the process, rendering the client free of mounting debt. The first step, however, must come from the client.

          The client must decide to file bankruptcy when

          1. They are neck-deep in debt.

          When a debtor takes a loan, he must pay through monthly installments. When the client is unable to pay the installments, because there is no regular flow of cash, the installments are unpaid. They hence are overlapping, making it more difficult to clear. At one point of time, the client finds himself stocked with several monthly installments and interest all laden up, with no means of clearing them. Applying for bankruptcy offers a permanent solution from this surmounting debt.

          1. Threat calls

          The creditors finance loans, and when they do not get regular payments after much cajoling they resort to the threat. They employ agencies/ people to collect money on behalf of them. These people can be dangerous and may try to scare the debtor to release money. The debtor not only suffers from loan repayment but also physical and mental trauma. Filing for bankruptcy not only pushes the threat monkey away but also settles the debt relieving any liability.

          1. Garnishment

          Garnishment is a process, wherein the creditor legally takes the money directly from the pay-check of the debtor. When this process occurs, the money swings away from the debtor’s hand leaving him with next to nothing. This makes the situation worse for the debtor. If the debtor files bankruptcy, he not only saves his pay-check, albeit gets discharge from garnishment also.

          1. Counseling

          Credit counseling is a professional method of helping debtors find a reasonable solution to handle debts. The debtor may take rescue under credit counseling to settle things amicably. Apparently, it did not work; although it may work for many. The debtor has no choice but to file for bankruptcy.

          Bankruptcy is good news for such debtors

          Filing bankruptcy not only releases the debtor permanently off the unreasonable debt but also allows them to live a respectable life after. Many people are enjoying a respectable life after filing for bankruptcy in Dallas. The debtor needs to employ an experienced advocate to file for bankruptcy in the legal office. The debtor can seek related information by calling on 888-297-6203.


            *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.

          • 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…)

          • Is There a Difference Between Bankruptcy & Debt Settlement?

            Is There a Difference Between Bankruptcy & Debt Settlement?

            A stroke of misfortune or sheer bad luck with monetary investments may result in severe financial problems for people. If you too are struggling through insoluble debts, you are faced with 2 choices as per Sacramento based law firm Recovery Law Group – filing for bankruptcy or opting for debt settlement. However, to become financially stable again, you need to choose between the 2 options available to you. Though many people are aware of bankruptcy, not much is known about debt settlement. It is important for debtors to understand the difference between the two, for them to choose the best option for themselves.

            What is Debt Settlement?

            An attorney or debt settlement company helps resolve a debt obligation in a debt settlement process. During the debt settlement process, negotiations are carried out with creditors with respect to getting discounts for the debtor when the latter has defaulted on making payments. Any unsecured debt including medical bills, credit card debts, etc. can be negotiated through this program, however, taxes, any government-backed loans or student loan debts are not eligible to be covered in this settlement. Any debtor who opts for this process should have a large sum of money to clear the settlement payment in a relatively short time frame. Through debt settlement, a debtor can protect all assets, get a quick resolution to their financial problems when the creditor accepts the debt settlement amount.

            Difference between Debt Settlement and Bankruptcy

            Debts incurred by any individual or organization can be classified as secured or unsecured. The most commonly used chapters of bankruptcy for consumers are Chapter 13 and Chapter 7. Through these chapters, consumers can reorganize their debts and pay off portions of their debt via a repayment plan or get a discharge on most of their debts respectively. However, certain loans such as tax debts, student loans, and some other secured debts cannot be discharged through bankruptcy.

            Which is a Better Option?

            Often people are confused between the 2 options available to get their debts discharged. However, it is found that between debt settlement and bankruptcy, the latter usually offers a better solution for most people. This can be attributed to the fact that:

            • Bankruptcy offers the filer a clean start with an option to rebuild their credit.
            • Dealing with creditors to get your debt discharged can be quite stressful and messy. Not only do you require to make lump-sum payments within a short frame of time. This is not the case with bankruptcy, as bankruptcy helps provide you a chance to rebuild your credit.
            • When you opt for debt settlement, you have to make some payment as per the negotiations, whereas in bankruptcy, your debts are cleared.
            • In the case of debt settlements, huge fee accompanies with the new monthly payment amount.
            • With bankruptcy, you get legal protection in the form of the automatic With this in play, creditors cannot file lawsuits against you, harass you by calling you at inappropriate hours or place or take away your wages, while the case is under progress.

            Since you are already in a financial mess, you shouldn’t make any decision regarding bankruptcy filing or debt settlement without consulting a bankruptcy lawyer. They are knowledgeable enough to guide you through the entire procedure.


              *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.

            • Excellent Tips for You After Bankruptcy

              Excellent Tips for You After Bankruptcy

              More often than not, circumstances cause people to take debts which they are unable to clear. Since debts keep on piling, the only solution to get respite from threats from creditors is filing for bankruptcy. Individuals, as well as business organizations going through a bad financial phase, get a new lease of life and a fresh financial start thanks to bankruptcy. However, bankruptcy lawyers of Sacramento based law firm Recovery Law Group suggest some tips for debtors to follow after their bankruptcy case are closed and all their debts discharged: (more…)

            • A Concise Guide to Thriving Financially after Bankruptcy

              A Concise Guide to Thriving Financially after Bankruptcy

              No matter how indebted you were before, bankruptcy offers a chance to every individual and organization to start a fresh with a clean financial slate. However, one of the major concerns of most debtors is how to keep themselves afloat, steer clear of debt and prosper financially after their bankruptcy episode. Sacramento based law firm Recovery Law Group provides some excellent tips for you to flourish even after declaring and undergoing bankruptcy proceedings. (more…)

            • Live the American Dream without any Debts

              Live the American Dream without any Debts

              The quintessential American dream has brought many people to the country where everyone has equal opportunity to make it big. Before economic recessions caused financial distress to numerous people, the American dream meant having a huge house, big car, access to a large number of credits to spend like the rich and famous. However, stagnation has caused many Americans to lose their jobs to business contractions, their homes to foreclosure and overspending to the credit crisis. This has caused disillusionment in many people leading them to question whether the American dream can be realized without incurring huge debts.

              Many people have either filed for bankruptcy as a result of amassing huge amounts of debts or are contemplating it. However, it is important for people to realize that the American dream can be realized without running a large number of debts. As per Sacramento based lawyers of Recovery Law Group law firm, to enjoy a fresh financial start, it is important for debtors to understand that they should avoid acquiring any unnecessary debts and minimize whenever possible to live the proverbial American dream.

              Tips for Debtors Emerging from Bankruptcy
              • Post-bankruptcy, to live the American dream, you have to make efforts to create a fresh credit history. Good credit is not just about getting credit cards and loans. It is the difference in being employed or unemployed, living in a good or bad neighborhood. Credit reports are often looked by prospective employers before hiring anyone. Simply put, a debtor wishing to rent a house will need a good credit score to get one.
              • Rebuilding credit value gives you access to a new credit line. However, it is important to realize that if you wish to live the American dream, you need to be careful about how you use your credit cards. Good credit can open avenues for good jobs, neighborhood and mortgage is and when you decide to purchase a home. On the other hand, bad mortgages can lead to mortgages which are harmful in the long run, leading to foreclosure and eventually bankruptcy. Avoid falling into the vicious cycle and keep your credit rating high.
              • If you are educated about debt and money management, you will find that realizing your American dream is not too far away. Find out options to resolve any financial issues without incurring debt. If you have to take debt, find out the best interest rates that you can get with your credit ratings.


                *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.