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  • 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.

    • Should You File for Bankruptcy Before or After Foreclosure?

      Should You File for Bankruptcy Before or After Foreclosure?

      Call: 888-297-6203

      Bad situations such as a sudden job loss or any unexpected medical expenses may result in you going under a huge amount of debt. For a person who owns a home, the major concern is what will happen to their home. Being behind mortgage payments can send the creditor towards foreclosing on your property. One of the best ways out of this situation is to file for bankruptcy, suggest Los Angeles based bankruptcy law firm Recovery Law Group lawyers. However, once you decide that bankruptcy is the answer to your problems, the big question is whether to file for bankruptcy before foreclosure or after the foreclosure action has been initiated by the creditor?

      Another important factor to consider is which chapter of bankruptcy you should file under; Chapter 7 or Chapter 13? A skilled attorney can help decide this by weighing the pros and cons of both the chapters regarding your unique situation. Ideally, you should file for bankruptcy prior to foreclosure proceedings. This is because, if the housing market has been on the downside your home will fetch you less money when sold than you owe in the mortgage. Thus, even after losing your home, your creditor might come after you for the deficiency, depending on the laws of your state. Sometimes, the debt might be canceled; however, you might still end up owing taxes.

      Filing for bankruptcy opens a lot of avenues. State and federal exemptions might protect your equity in the property so that you might not have to surrender your home. A bankruptcy attorney will be able to guide you better on the best course of action to protect your home from foreclosure when you file for bankruptcy. In case you need a consultation with qualified and experienced bankruptcy lawyers Los Angeles, 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.