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  • Exemptions in Bankruptcy

    Exemptions in Bankruptcy

    Call: 888-297-6203

    Bankruptcy is a legal way to get rid of huge amounts of debts that have been bogging you down. Since the purpose of the procedure is to provide the filer with a fresh economic start, certain exemptions are given by the state and federal government. As per Dallas based bankruptcy law firm Recovery Law Group, these exemptions include home, vehicle, personal belongings, retirement plans, tools of the trade, etc. The unsecured creditors cannot stake a claim on this exempted property. The amount of exemption varies from state to state. These exemptions allow a bankruptcy filer some base to start their second financial innings.

    According to the bankruptcy code, uniform exemptions are provided to bankruptcy filers; however, states can differ in the exemption amount. Sometimes, the exemption amount varies immensely in the state. Since you can choose between state and federal exemptions, it is vital to consult an experienced bankruptcy lawyer to help make the best choice for you. You can call 888-297-6023 to consult with expert bankruptcy attorneys.

    When any individual files for bankruptcy, they can claim exemptions to protect their assets. In the case of Chapter 7 bankruptcy, debtors can keep exempt property during the period of their bankruptcy proceedings and after it also. Corporations who choose to file for Chapter 7 bankruptcy cannot use the exemptions and thus end up with incomplete liquidation.

    When debtors file under Chapter 13, the value of their exempted property is deducted from the estate liquidation amount. The value of the non-exempt property is added to the disposable income to calculate the amount for a repayment plan. If you claim all exemptions, you end up paying less money to your creditors. Any property whose value is less than or equal to the exemption amount can be retained by you during the bankruptcy process.

    What happens to the non-exempt property?

    Any property which is not exempted under the federal or state exemptions (one of which was chosen by the bankruptcy filer) is handed over to the bankruptcy trustee. The trustee then ensures that the property is sold, and the proceeds distributed among the creditors. Most individuals filing under Chapter 7 bankruptcy Dallas, end up protecting most of their assets from going under the hammer. In the case of Chapter 13, you might be able to protect non-exempt property too if you pay for an amount equivalent to it, to your creditors.

    It is important that you find out which property you can keep while filing for bankruptcy before going ahead with the procedure. A qualified bankruptcy attorney can help you understand the various exemptions provided.


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    • Can Bad Financial Situation Lead to Depression?

      Can Bad Financial Situation Lead to Depression?

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      A huge amount of debts can send anyone in a tizzy. For people who do not take stress over things which they cannot control, things are manageable. However, those people who are constantly worrying about financial security, filing for bankruptcy can be a tipping point. Dallas based bankruptcy law firm Recovery Law Group has seen many clients (who had filed for bankruptcy) go through phases of depression. Low self-esteem and other negative effects on mental health have been observed in many bankruptcy filers. It is very important to seek guidance from professionals if you are facing mental stress due to your bad financial situation. Many people are unaware of the symptoms of depression. You should consult with a professional counselor Dallas if you can identify and relate with any of these symptoms:

      • Feeling sad, hopeless, worthless and in despair most of the time;
      • Feeling bogged down with no wish to leave the bed, wanting to sleep all the time;
      • Not taking any interest in favorite activities and hobbies;
      • Feeling hungry always or simply not in the mood to eat at all;
      • Easily provoked at minor instances and feeling irritable almost always;
      • The tendency for self-harm or violence increases.

      Being tired because of a hectic week at the office is different than one in case of mental health problems. If any of the symptoms mentioned above feels familiar, it is vital that you consult experienced mental health professionals. Once the diagnosis is done, treatment is not that difficult.

      What to do if the bad financial condition is affecting your mental health?

      Money can influence your state of mind. If your financial condition is the root cause of your depression, there is help available. People who suffer from depression and anxiety because of their financial problems can take the following steps for better mental health as well as improving their financial situation:

      1. Opt for counseling sessions with experienced mental health professionals.
      2. Talk to people who are close to you (such as family or friends) and understand you, regarding what you are going through.
      3. Look for feasible debt relief options like debt reconsolidation, debt settlement, etc.
      4. Hire an experienced bankruptcy lawyer for your case. In case you would like a consultation, you can call 888-297-6023 to schedule an appointment.

      If you feel your finances slipping through your hands and as a result of it you are feeling emotionally vulnerable, it is important to stay calm and consult professionals for financial security and mental health.


        *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.

      • How to Improve Your Credit After Bankruptcy Filing?

        How to Improve Your Credit After Bankruptcy Filing?

        Call: 888-297-6203

        Though bankruptcy is dreaded, it might be the best thing to happen to you. Many times, people need a reality check to get hold of their finances. Bankruptcy wakes them up like anything and makes them more responsible financially. Though it affects your credit history and can tank your credit scores, bankruptcy stays on your credit report for a maximum duration of ten years. Credit building efforts can start from the day you get your bankruptcy discharge which is 3-6 months from the filing date in case of Chapter 7 bankruptcy and 3-5 years in case of Chapter 13. Lawyers of Dallas based bankruptcy law firm Recovery Law Group, suggests the following ways to rebuild your credit after bankruptcy:

        • Keeping credit report updated. Bankruptcy results in the discharge of your debts. Having the debts discharged is better than having delinquent accounts on your credit report. You should ensure that the information available on your credit report is accurate and regularly updated. This goes a long way in building positive credit.
        • Paying debts which weren’t discharged in bankruptcy. Many debts like student loan etc. survive bankruptcy. Making payments against those debts will show that you have reformed.
        • Avoid being scammed. Bankruptcy remains on your credit report for 7 years (Chapter 13) or 10 years (Chapter 7). Anyone who says they can get it removed is lying. You should steer clear of such people if you wish to hold on to any money you have.
        • Stay within budget. Credit counseling is a mandatory part of your bankruptcy as it teaches you to balance your money. You should avoid getting in debt just after bankruptcy to improve your credit.
        • Get a new credit card. Though it may sound oxymoronic, a credit card is the best way to build credit. Establishing that you are a responsible user who can make payments on time will result in building your credit. However, people may find it difficult to get an unsecured credit card, fresh out of bankruptcy. In this case, opt for a secured credit card.
        • Take a loan. Once you have made efforts for a couple of years following the above points, you might be able to secure a car loan. Making regular and timely payments on the same can go a long way to prove that you have changed your ways and are reliable to get mortgage loan too.
        • Go slow. Doing too much at the same time can not only be overwhelming but might also cause you to make a mistake which might prove costly. Take time and work out slowly to repair your credit.

        Despite what you think or feel, bankruptcy is not the end of your life. You can rebuild your life after bankruptcy, all you need is time, patience and continuous effort. In case you are considering bankruptcy to get rid of your debts, you can call experienced bankruptcy lawyers Dallas 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.

        • Bankruptcy: Facts Vs. Fiction

          Bankruptcy: Facts Vs. Fiction

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          Bankruptcy has earned a bad name among the general population. People often want to avoid someone who has filed for bankruptcy. However, it will be astonishing to know that bankruptcy is more common than you would like to think or admit. In fact, bankruptcy is one of the best ways to get rid of a huge amount of debts and wipe your financial slate clean. According to Dallas based bankruptcy law firm Recovery Law Group, people fear bankruptcy because of the various myths surrounding it. Sifting fact from fiction is important so that people are aware of the benefits of bankruptcy. Some of the most common myths associated with bankruptcy include:

          The prior credit report can affect bankruptcy

          Nothing can be far from the truth. No matter how good or bad your credit history was prior to filing for bankruptcy, it has absolutely no effect on your credit after bankruptcy. When you file for bankruptcy, it is mentioned on your credit report, irrespective of your past credit information. Depending on the chapter of bankruptcy you file under, bankruptcy can appear for a period of 7-10 years. Unlike previous credit information, this is going to affect your credit rating in the future.

          Bankruptcy causes irreparable damage to your credit rating

          Yes, mention of bankruptcy can harm your credit rating, but just like nothing is permanent in life, this is also a temporary setback. You can start making efforts for rebuilding your credit even before your bankruptcy is discharged. Seeking professional assistance from financial counselors can go a long way for rebuilding credit. You can start by living within means, avoiding unnecessary expenditure and paying bills on time. These methods can help build positive credit to improve your credit rating.

          You won’t be able to secure a credit card after bankruptcy

          People with bankruptcy find it difficult to get credit at a reasonable rate, however, they can get secured credit cards which make things easier for them. Other options available include getting a credit builder loan which involves paying a deposit as collateral against the loan.

          Before falling prey to rumors, it is important to find out the truth about the various debt relief options including bankruptcy. After weighing the pros and cons of each option, you should decide which would be the best way to get rid of debts. In case you wish to seek assistance from experienced bankruptcy lawyers Dallas , you can call 888-297-6023.

        • 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.

          • Everything You Wanted to About Bankruptcy

            Everything You Wanted to About Bankruptcy

            Call: 888-297-6203

            When a person has lost all hope of recovering from financial distress, then the last option left for them is filing for bankruptcy. Though it is an excellent way of getting rid of debts and wiping your slate clean, it has adverse effects too. You might end up losing some of your possessions. Getting credit might be difficult for you for almost as long as the bankruptcy is mentioned on your credit report.

            According to Los Angeles based bankruptcy law firm Recovery Law Group lawyers, bankruptcy is a way out for people struggling to make their ends meet. You end up eliminating your debts entirely or pay just a portion of your debts when you file for bankruptcy. Additional benefits include automatic stay which puts a hold to all collection actions including repossession, wage garnishment, foreclosure, etc. This provides you with the time essential to formulate a strategy to work out your debts.

            Individual debtors can file for bankruptcy under Chapter 7 or Chapter 13. The type and amount of property they can protect depends on the chapter which they choose.

            • Chapter 7

            This type of bankruptcy is known as liquidation bankruptcy and some assets which are not exempted by state or federal laws can be sold off to pay some portion of your debts. Certain assets like retirement accounts, and equity in house and car are exempted from liquidation. Bankruptcy attorneys can guide you better in this aspect.

            • Chapter 13

            In this bankruptcy chapter, you are not required to sell off any property to pay your debts. Your debts are reorganized, and a repayment plan is devised based on your disposable income. Through this plan, you end up paying your debts (either partially or fully) over a period of 3-5 years. Non-compliance of the repayment plan might cause you to lose assets over to the creditors in lieu of the debts.

            Bankruptcy and credit rating

            Bankruptcy is generally a last resort. People who have been unable to pay their debts on time end up accumulating too big an amount leaving no other way out except bankruptcy. Being behind on payments has a negative effect on your credit history. However, since in Chapter 7, no debts are paid, this type of bankruptcy stays on your credit report for 10 years. While, in Chapter 13 bankruptcy Dallas, some portion of the debts is paid off through the repayment plan, the bankruptcy is mentioned on your credit report for 7 years only.

            People who have just had their bankruptcy discharged might find it difficult to get any loan approved, especially at favorable rates. Options available to such people are getting a secured credit card or getting credit from people who specifically assist people who have just come out of bankruptcy. Regular efforts towards building positive credit can help improve your credit rating.

            Effect of bankruptcy on other aspects of life

            Bankruptcy filings are public record. However, everyone does not know about it. These are filed in the PACER system (Public Access to Court Electronic Records) which can be accessed by attorneys and creditors. However, their are charges associated to access the records, thus not everyone will access the records. People can be aware of your bankruptcy in case local newspaper publishes the information. Employers, creditors, and landlords can see your credit report when you apply for a job, a loan or an apartment lease.

            Credit checks are carried out by most employers prior to appointing anyone. A bankruptcy might, therefore, hamper your chances of getting employment, especially in financial and government sectors. A routine criminal background check, however, does not come up with bankruptcy. Current employees rarely need to undergo background checks, thus, if you don’t plan to change jobs, bankruptcy won’t affect you much.

            Improving your credit score post-bankruptcy is important. All financial decision you take will affect your credit score. Thus, emphasis must be made on positive ones like living within a budget, making payments on time. Getting a regular update on your credit score is important to dispute any incorrect entries, which might impact your credit history. Any discrepancies must be reported to the credit rating bureaus. An experienced bankruptcy attorney can help you through different aspects of bankruptcy. In case you need consulting, you can 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.

            • Everything You Wanted to Know About Bankruptcy

              Everything You Wanted to Know About Bankruptcy

              Every now and then, individual and businesses go overboard with their expenditure. This might result in them going under. Bankruptcy is a legal way to get rid of the entire amount or some portions of the debt. However, there are long term effects of filing for bankruptcy, the major being, bankruptcy remains on your credit report for 7 to 10 years depending on which chapter you filed under. This may adversely affect your ability to get a loan at a favorable rate, open credit card accounts, etc.

              Since bankruptcy is a complex process involving lots of paperwork, it is advised to seek guidance from experts like the Dallas based bankruptcy law firm Recovery Law Group. It is also mandatory for an individual to complete a credit counseling course from a government-approved counselor in order to create a budget for monthly expenses. Individuals can file for bankruptcy under either Chapter 7 or Chapter 13. Both chapters can help in getting rid of unsecured debts, as well as stop all kind of collection actions including foreclosure and wage garnishment.

              Chapter 7 Bankruptcy

              This is also known as liquidation bankruptcy. A bankruptcy trustee supervises the sale of non-exempt property to pay off your creditors. Any debt which remains is discharged. Certain debts like alimony and child support, student loan and certain government taxes are not eliminated even after bankruptcy. Filing for Chapter 7 has consequences; you end up losing some of your property, your bankruptcy is reflected in your credit score for 10 years. Additionally, if you end up in a financial mess again, you will not be able to file under this chapter for 8 years.

              Chapter 13 Bankruptcy

              In this case, you can keep your assets by paying for them along with repaying your debts through a court-approved repayment plan over a period of 3 to 5 years. After the duration, any remaining debts are discharged, even if only part payment is done on them. This bankruptcy allows you to keep your assets while repaying some debt. Moreover, this bankruptcy is reflected in your credit report for 7 years only and you can file for bankruptcy under the same chapter after 2 years of discharge.

              Common bankruptcy terms

              Some common bankruptcy terms people come across during their discussion with lawyers are –

              • Bankruptcy trustee: A person/corporation appointed by the court to review the petition, assess the property, oversee the sale of assets and disburse the proceeds among creditors in case of Chapter 7 bankruptcy. In a Chapter 13 case, they also oversee the repayment plan, receive money from debtor and pay it to the creditors.
              • Bankruptcy discharge: Completion of bankruptcy proceedings results in discharge. In Chapter 7 this takes place when assets are sold and creditors are paid, in Chapter 13, after completion of the repayment
              • Credit counseling: A compulsory course of action prior to filing for bankruptcy. You are required to complete a personal financial management course through government-approved credit counseling agency before bankruptcy discharge. This can be waived off under special circumstances.
              • Exempt property: State and the federal government allow bankruptcy filer to keep some property. this cannot be sold to repay creditors. Generally, some equity in the home, vehicle, work tools, household items, etc. is exempted.
              • Lien: Legal action which allows the creditor to hold or sell debtor’s real estate for security or debt repayment.
              • Liquidation: Selling of non-exempt property of the debtor in order to generate cash to pay off the creditors.
              • Means test: A test used to determine the ability of a bankruptcy filer to repay their debts. This considers the filer’s assets, income, expenses, and Failure to pass means test disqualifies them from filing under Chapter 7. Individuals can then file for Chapter 13 bankruptcy Dallas.

              What happens after a bankruptcy discharge?

              People might end up losing some property when they file for bankruptcy. It also has long term effects on your credit report. Depending on the chapter of bankruptcy, bankruptcy remains on credit report for 7-10 years. You might face difficulty in getting a loan, or if offered it might be at a higher rate of interest. In case your loan was co-signed by your spouse or parents, they might also face some problems if you file for bankruptcy. Getting a mortgage becomes difficult for bankruptcy filers. They need to give a larger down payment, get a mortgage at the higher interest rate. Reaffirming current mortgage is a better alternative.

              It is important to have credit information updated on your credit report if you wish to avail credit at favorable terms. This can be done by rebuilding credit, paying bills on time, living within budget, etc. it is important to consider bankruptcy alternatives like debt consolidation, debt settlement, etc. prior to filing. To know more about bankruptcy options, contact experienced 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.

              • The Workings of Chapter 13 Bankruptcy

                The Workings of Chapter 13 Bankruptcy

                The Workings of Chapter 13 Bankruptcy

                Chapter 7 and Chapter 13 bankruptcy are the most common ones which individuals file for getting rid of their debts. Depending on their financial condition, their assets, income, and debts, a suitable course of action is determined by a skilled bankruptcy attorney. In Chapter 13 bankruptcy, bankruptcy filer ends up paying some amount of debt while getting a discharge on others. According to Dallas based bankruptcy law firm Recovery Law Group, it is important to know what course of action is preferred by the client. Bankruptcy can help you and your family by putting collection actions on hold and eventually getting rid of huge amounts of debts. Post-bankruptcy, you can get a fresh financial start which can help improve your credit rating too.

                Finding Bankruptcy Lawyer

                The first and most important step of bankruptcy filing is finding an experienced attorney for yourself. Since bankruptcy is a complicated process, with fewer chances of success without a lawyer, it is important that you hire one soon. You need to consult with various bankruptcy lawyers in order to hire the best-suited one. You can call 888-297-6023 to schedule an appointment to discuss your case with adept bankruptcy attorneys. It is important to discuss your income, assets, and your debts to determine the course of action for your case.

                Finalizing Repayment Plan

                Chapter 13 is different from others because it includes a repayment plan through which you pay some portion of your debts over a period of 3-5 years’. You are not required to pay off all your debts in this fashion but continue making payments based on your disposable income for the entire duration of the plan. Any remaining debts are discharged.

                Why do people prefer chapter 13 bankruptcy?

                People who find themselves ineligible for Chapter 7, apply for bankruptcy under Chapter 13. Though Chapter 7 is preferred, as most debts are discharged in it, in a shorter time frame; yet people with substantial income and huge debts will not be able to pass the means test. Moreover, Chapter 13 allows you to not only catch up on past due payments but also provides you an option to include debts like child support, alimony or income tax in your repayment plan. If you wish to keep your non-exempt property, you can do so in Chapter 13, if you are paying an amount equivalent to it to your creditors. Additionally, if you had previously filed for Chapter 7 bankruptcy within the past 8 years, you can file again using this chapter of bankruptcy. With an experienced attorney by your side, Chapter 13 bankruptcy Dallas is the best way to get rid of debts while protecting your assets.


                  *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 is Befitting for you- Chapter 7 or Chapter 13?

                  What is Befitting for you- Chapter 7 or Chapter 13?

                  Each to his own’ rightly suits about the two bankruptcy laws. While both are good, which is apt for the client depends upon his situation – The type of debt, their financial situation and the resources with the debtor. A professional practitioner in bankruptcy can help the client in deciding which is best for their situation. For detail information about chapter 7 & 13, visit Recovery Law Group.

                  Chapter 7

                   Chapter 7 bankruptcy law requires eligibility of the applicant. The applicant needs to prove his eligibility. For proving the eligibility for chapter 7, five factors are assessed.

                  1. Budget

                  The equation between the income and the expenses shows the saving quotient. Do the debtor’s expenses run higher than his savings? More importantly, is his income in the past 6 months below the median income of the State? If the monthly income is less, with no steady means to pay loans, then the applicant is eligible for chapter 7.

                  1. Assets

                  Assets can be luxurious and non-luxurious. The client can own luxurious assets and still would want to declare bankruptcy. There are some assets that the State lists under exempted, which the client can keep. The non-exempted assets like the luxurious ones whose value surpasses the limit determined by the court are put on sale to clear off the debts. Assets are evaluated to estimate the financial situation of the applicant.

                  1. Credit report

                  The credit report will show the type of debts the client has. While some debts are dischargeable, debts like a student loan, tax debt, child support loans are non-dischargeable. Such debts cannot be addressed under chapter 7 but can be addressed under chapter 13.

                  1. Transaction

                  The court investigates the latest bills and transactions of the client. If he has sold or purchased things above a limit, the court can disqualify his eligibility for chapter 7. As per court if the client is indulging in an expensive lifestyle, then he is careless of his situation and hence is not a genuine applicant for chapter 7 bankruptcy.

                  1. Timing

                  Timing is a crucial factor in deciding the eligibility of the client. Timing before filing the tax return, timing before a due bonus, may affect the eligibility. Receiving more than 25 pay-checks within the last 6 months can disqualify the applicant. The client can receive 2 paychecks per month, and while he files for chapter 7, he may land with 26 pay-checks, and get disqualified.

                  Chapter 13

                  Chapter 13 Bankruptcy Dallas is for those who have a steady income and can dispose of small amount of income every month to clear off the debt. A payment course is planned for 3 or 5 years depending upon situations. The debtor must pay till 3 years as per the repayment plan after which his loans are dischargeable. By employing chapter 13 the debtor is not only able to save his assets but partly discharged from a big loan.

                  The bottom line is the debtor must consult with an experienced bankruptcy advocate about his financial situation before arriving at a decision. Depending upon the financial situation the advocate can suggest the best course of action. It is not a generalized decision but a personalized one. The debtor can seek suggestions/advice 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.

                  • Good News for Chapter 7 Debtors! Cannot Have Two Pending Cases Simultaneously Says Court

                    Good News for Chapter 7 Debtors! Cannot Have Two Pending Cases Simultaneously Says Court

                    For most people, filing for bankruptcy is the best legal way to get rid of insurmountable debt. Of the two chapters in which individuals can file for bankruptcy, Chapter 7 is preferred since it takes relatively less time to get discharge and thanks to the various exemptions, you are able to protect almost all your property. However, if despite filing for bankruptcy under Chapter 7, you are unable to get a discharge, it can result in huge stress on the individual. According to Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, such an incident occurred with an individual who had filed for Chapter 7 bankruptcy. Despite the trustee filing a no-asset report, the case remained open and the debtor did not receive a discharge. After nearly 2.5 years the debtor filed a Chapter 13 bankruptcy case to get rid of the accumulating debts, however, this time, there was no lawyer involved.

                    Since there exists a “Single Estate Rule” a debtor cannot have two bankruptcy cases pending simultaneously in court. This is because everything you own becomes part of the bankruptcy estate. Since your belongings remain unchanged, the same bankruptcy estate cannot be a part of two cases at the same time. If a debtor files for a Chapter 13 bankruptcy Dallas case before they got a discharge in a previously filed Chapter 7 case, the latter one is nullified. Since the debtor had filed the Chapter 13 bankruptcy case without an attorney, the court had given the leeway to the client to consult an attorney to consider which of the two bankruptcy cases (Chapter 7 or Chapter 13) dismissed. Thus, having an attorney by your side can make things easier for you. In case you would like to consult your case with expert bankruptcy lawyers call 888-297-6023.


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

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