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Tag: Chapter 13 bankruptcy filing in Dallas

  • Automatic Stay Stops Creditors in Their Tracks

    Automatic Stay Stops Creditors in Their Tracks

    Call: 888-297-6203

    When you have fallen behind on your dues, there is no way of preventing the threatening actions of creditors. You will end up facing harassing phone calls and threatening emails seeking legal action against you. Dallas based bankruptcy law firm Recovery Law Group, say that filing for bankruptcy can be the best way to not just get rid of this nuisance but also of a large amount of unsecured debts which are holding you back.

    Once you file for bankruptcy, the court orders the automatic stay order to be served to all the creditors listed in your bankruptcy papers. Once the creditors are served with the order, they cannot continue with the collection efforts. Violation of the automatic stay is a punishable offense and for a change, the creditors will be at the receiving end if they try to contact you.

    Know more about automatic stay benefits:

    It is the first order that is issued by the bankruptcy court when you file your bankruptcy petition. The automatic stay is immediately placed into effect and remains for the entire duration of your bankruptcy case. With automatic stay in place, you are assured that your secured and unsecured creditors cannot initiate any type of collection actions. This means that your property cannot be repossessed, foreclosed or your wages garnished.

    It is also important to realize that since criminal restitution, domestic support and certain property taxes are priority debts and therefore cannot be discharged in bankruptcy, the automatic stay cannot offer protection against them. This order is permanent for all debts which were included in bankruptcy and received a discharge through it. However, if a creditor gets a court order to lift the automatic stay, the protection won’t be accorded.

    Having a bankruptcy lawyer can make things easier for you. If you haven’t hired one, you can schedule an appointment with experienced bankruptcy lawyers to discuss your case by calling 888-297-6023.

  • 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.


      *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.

    • Most Commonly Asked Bankruptcy Questions

      Most Commonly Asked Bankruptcy Questions

      Call: 888-297-6203

      Despite bankruptcy being one of the best ways to get a fresh financial start, the numerous social stigmas attached to it make it difficult for people to go ahead with it. Since bankruptcy becomes public record and stays on your credit report for a duration of 7-10 years, your financial failures can hold you back many times in the future. However, that is no reason to let go of a chance to get rid of your numerous debts and make a fresh financial start. According to Dallas based bankruptcy law firm Recovery Law Group, most people have major concerns regarding the bankruptcy process. Some of the common queries are:

      • What happens to my assets?

      People opt for bankruptcy in order to save their assets from going under the hammer. Bankruptcy provides exclusions in the form of state and federal exemptions which protect most of your personal property including equity in home and vehicle, as well as personal belongings, household items, etc. Your non-exempt property can be sold off to repay your creditors in case of Chapter 7 bankruptcy.

      • Can I get rid of all my debts?

      Secured debts, against which the creditor has a lien, cannot be discharged during bankruptcy. These include a car loan and a house mortgage. Priority debts such as certain government taxes, alimony and child support as well as student loan debts are also not discharged during bankruptcy. Your non-exempt property is used to repay your unsecured creditors and any debt which remains after that is discharged. The debts so discharged are removed from your credit report but your bankruptcy will remain on it for a duration of 10 years (Chapter 7 bankruptcy).

      • Is there a limitation to filing for bankruptcy?

      There is a time limit when it comes to applying for bankruptcy, to prevent misuse of the advantage the system provides. People who have previously filed for Chapter 7 can file for Chapter 13 bankruptcy after duration of 4 years from the initial filing; this period is 8 years if you wish to file for Chapter 7 bankruptcy again. In case you had previously filed for Chapter 13, you can file for Chapter 7 bankruptcy after six years from filing date while the timeframe is 2 years after case filing for another Chapter 13 bankruptcy Dallas!

      If you have decided to opt for bankruptcy in order to get rid of your debts, it is important that you hire the best legal advisor. You can schedule an appointment with experienced bankruptcy lawyers by calling 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.

      • Filing for Bankruptcy? Know Your State Specific Requirements

        Filing for Bankruptcy? Know Your State Specific Requirements

        Call: 888-297-6203

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

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

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

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


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

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • How to Handle Creditors’ Claims in Bankruptcy?

          How to Handle Creditors’ Claims in Bankruptcy?

          Call: 888-297-6203

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

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

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


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

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Federal and State Bankruptcy Exemptions

            Federal and State Bankruptcy Exemptions

            Call: 888-297-6203

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

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

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

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

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

            In case you have doubts regarding which property is exempted or which exemption will be most beneficial for you, you should consult with expert bankruptcy lawyers at 888-297-6023.


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

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • Can Bad Financial Situation Lead to Depression?

              Can Bad Financial Situation Lead to Depression?

              Call: 888-297-6203

              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?

                *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.

              • Who Can File for Chapter 13 Bankruptcy?

                Who Can File for Chapter 13 Bankruptcy?

                Call: 888-297-6203

                When you realize that there is no way out of debts, bankruptcy might be the logical conclusion. Though, people prefer Chapter 7, very few manage to qualify for it. The other option for people is filing for bankruptcy under Chapter 13. However, lawyers of Dallas based bankruptcy law firm Recovery Law Group, say that it is essential that you qualify for the same.

                The eligibility criteria for Chapter 13 bankruptcy include:

                • Only individuals and not business entities can file for Chapter 13 bankruptcy.
                • If you had previously filed for a Chapter 13 or Chapter 7 bankruptcy and got a discharge, you cannot proceed with Chapter 13 bankruptcy before two years and four years respectively.
                • It is mandatory to attend credit counseling
                • There is a limit capped on your debts in case of Chapter 13 bankruptcy filing in Dallas. You should not have more than $1,010,650 secured debt and $336, 900 unsecured debt. These figures, however, change every three years factoring for inflation.
                • Filing of state and federal income tax returns is mandatory.
                • The repayment plan should include all required debts.
                • Sufficient disposable income must be present to pay the debts through the repayment plan proposed.

                In case you fulfill all the above-mentioned criterion, it is pertinent that you consult with experienced bankruptcy lawyers at888-297-6023 before pursuing the plan further.


                  *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.