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  • What is Bankruptcy Audit?

    What is Bankruptcy Audit?

    Call: 888-297-6203

    When any individual files for bankruptcy, whether Chapter 7 or Chapter 13, there is always a possibility of an IRS audit taking place either after filing for the bankruptcy-process or during the process. However, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, that filing for bankruptcy plays no role in this audit. Though bankruptcy can stop all kind of inconvenient actions like threatening phone calls, possible lawsuits, etc., it has no effect on the IRS audit.

    Every year many bankruptcy petitions are filed, out of which several are selected for an audit; however, the chances of a person who has filed for bankruptcy getting an IRS audit are like that of a person who hasn’t filed for bankruptcy. A neutral trustee is appointed to review the bankruptcy petition filed by you. If a bankruptcy audit is expected to take place in your case, you are notified within 10 days of making the bankruptcy claim.

    Bankruptcy audit is essential as it prevents the abuse of the system initially introduced to provide a fresh financial start to deserving candidates. An audit verifies the bankruptcy paperwork submitted along with the case. If the income or expenses vary immensely, there is likely to be an exception audit. A bankruptcy lawyer can come in handy in such instances. If you haven’t hired one, you can call 888-297-6023 to schedule an appointment with experienced bankruptcy lawyers Dallas. Not only will a skillful and adept lawyer help you with getting rid of your debts through bankruptcy, but will also guide you through the bankruptcy audit, if it takes place.


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    • Forms to Fill When Filing for Bankruptcy

      Forms to Fill When Filing for Bankruptcy

      Call: 888-297-6203

      Financial instability can be quite frustrating. However, once you have come to realise that bankruptcy is the best way out of this problem, you can direct your energies towards getting your debts discharged. You will be surprised to know that there are numerous forms that need to be filled if you wish to seek a discharge of your debts. Additionally, say lawyers of Dallas based bankruptcy law firm Recovery Law Group, since bankruptcy laws differ from state to state, it is important to consider the state requirements while filing bankruptcy papers. Moreover, since bankruptcy also involves federal laws which also vary along with the state, it is important to keep them in mind too while filling bankruptcy papers.

      Some documents that are generally accompanying the bankruptcy papers are your financial statements. Apart from the details of your finances, you are also expected to provide a list of your top 20 unsecured creditors as well as a list of your equity security holders. Incomplete forms or forms with incorrect information can cause your bankruptcy case to be dismissed. Thus, it becomes pertinent that you hire qualified bankruptcy attorney to not just file your bankruptcy papers but also head your case.

      With so many forms to fill, it is confusing for a layman. You are not aware which of the forms are essential and which aren’t. Also, answering questions properly on the forms can be daunting, especially if your bankruptcy discharge depends on them. Moreover, certain forms are to be filled according to your chosen bankruptcy chapter. Only a bankruptcy attorney with enough experience can guide you with respect to the bankruptcy chapter that will be best for you. If you are looking for experienced bankruptcy lawyers Dallas, you can call 888-297-6023 to discuss your case with the best 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 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.

        • 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.

          • Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

            Declared Bankruptcy but Mortgage Loan not Reported? Here’s What You Can Do

            Call: 888-297-6203

            Buying a house is a big commitment, especially if you have just come out of bankruptcy. Your credit score is negatively affected when you declare bankruptcy that can make it difficult to get any new credit, especially one like a mortgage. Most people who opt for Chapter 13 bankruptcy get a chance to catch up on their past due payments through the repayment plan. Other options regarding mortgage are to reaffirm the debt in order to retain your house. Once you reaffirm the debt after filing for bankruptcy, the debt is not mentioned in your credit history, says lawyers of Dallas based bankruptcy law firm Recovery Law Group.

            The worst nightmare for people out of bankruptcy is when their existing mortgage, for which they were paying for the past many years, is not reported to credit bureaus. Without this information on their credit report, their efforts of making payment in good faith are not reported and thus no improvement can be seen in their credit rating. The lender is supposed to report the information to any of the three credit reporting bureaus (Experian, Equifax or Transunion). However, as per the Fair Credit Reporting Act (FCRA), it is not compulsory. They can choose to report to all three, any two/one or none. Since this is the lender’s responsibility, you could ask your lender to report the account legally and accurately.

            An adept lawyer can ensure that there are no loose ends when you opt to file for bankruptcy. For consulting with experienced bankruptcy lawyers, 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.

            • Can Adding a Person Who Has Filed for Bankruptcy as an Authorized User to Your Credit Card Affect Your Credit Scores?

              Can Adding a Person Who Has Filed for Bankruptcy as an Authorized User to Your Credit Card Affect Your Credit Scores?

              Call: 888-297-6203

              Nothing affects your credit score as a bankruptcy. People who have been through bankruptcy procedure will vouch that rebuilding credit can take a lot of time. One of the ways you can improve your credit score is by asking a family member or a friend to add you as an authorized user on their credit card. This will be beneficial for a fresh out of bankruptcy person. However, it is a point of concern for the individual who adds a bankrupt person to their credit card. Many people have their doubts about having a bankrupt person as an authorized user on their credit card. Can this action affect their credit scores negatively too?

              As per lawyers of Dallas based bankruptcy law firm Recovery Law Group, adding any person as an authorized user to your account will not affect your credit report. Their bankruptcy is in no way related to your credit history. Credit history of both; the authorized user and the card owner are separate and includes accounts and public records mentioned in their respective names. Both, the bankruptcy public records and the previous credit history of authorized user will not be merged with your credit history. However, this account might be added to the authorized user’s credit report as they have become associated with this debt too.

              Adding someone as an authorized user to your credit card is a risky decision. Since you are the primary cardholder, any charges made by the authorized user are your responsibility too; especially if the authorized user fails to make payment for them. In case, you are unable to make payments on time due to additional charges, this will end up affecting your credit scores. Before agreeing to become a good Samaritan to help a friend or family member out, it is important to know the possible issues you might have to face. Consulting with expert bankruptcy lawyers at 888-297-6023 can give you numerous 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.

              • What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

                What to do if Mortgage Lender Refuses to Send Monthly Statements Post-Bankruptcy?

                Bankruptcy is a trying time for people who are debt-ridden. Even after getting a discharge through bankruptcy, the secured debts and priority debts remain. If a debtor who has a mortgage on their house but didn’t reaffirm the loan during bankruptcy continues making monthly payments towards the loan but does not receive monthly mortgage statements from the lender, can be in trouble.

                Since sending periodic statements can be construed as a violation of the automatic stay provision of bankruptcy, there exists a debate over it. The automatic stay prevents creditors to take any collection action and these statements could be a reminder of the dues. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, it is not essential for mortgage service providers to give monthly mortgage statements to the debtor, especially after a bankruptcy. However, if you wish to get the same, there are provisions available. Consulting with expert bankruptcy lawyers at 888-297-6023 can help you with your problems.

                Periodic Statement Rule

                Since the mortgage crisis often results in the homeowners being relatively clueless about the current information on their mortgage accounts, the Consumer Financial Protection Bureau (CFPB) made changes in some rules. As of January 10, 2014, mortgage creditors need to provide monthly billing statements to the borrower. This includes the amount the debtor has already paid, the amount they owe as well as other relevant information.

                However, exceptions to this rule also exist. In case your loan is a fixed rate one and your creditor has provided you a payment coupon nook, monthly statements are not required. Additionally, they are also exempted from sending statements during bankruptcy proceedings. If the debt is discharged during bankruptcy, then there is no need to send monthly statements. Though, some bankruptcy lawyers in Dallas insist on getting monthly statements if the mortgage lien exists. In case the creditor enforces the lien, they should oblige with the periodic statement rule.

                Wish the creditor to resume sending periodic statements? Here’s what you should do

                Asking the mortgage service provider to resume sending the statements is the first thing. The creditor might oblige or ask you to reopen the bankruptcy case and reaffirm the loan to resume getting monthly statements. However, this is a bad idea as you cannot get rid of the mortgage if you reaffirm it.  Moreover, in many jurisdictions, this might not be approved in courts. Alternately, you could refer to the periodic statement rule to request the mortgage servicer to send monthly mortgage statements.

                In case you wish to get information about your account (payment amount or interest rate readjustment schedule) but the mortgage servicer is not cooperative, you can request for the information under the Real Estate Settlement Procedures Act (RESPA). Care must be taken to ask for this request within one year of getting a bankruptcy discharge or when both debt and corresponding lien have ended. The written request must include:

                • Your name
                • The information which helps identify your mortgage loan account
                • Information you wish to know with respect to your mortgage loan

                Ensure that your date and sign the letter and send it via certified mail to the designated address of the servicer for proper record of the process.

                On receiving your written RESPA request for monthly mortgage statement via registered mail, the servicer needs to provide a written acknowledgment within 5 days and respond within 30 days with the required information. An additional 15 days can be given to the servicer provided they give a notification, in writing, (before the expiration of the original 30-day timeframe) asking for an extension with reasons for it.


                  *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.