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  • When Should You Consider Filing for Bankruptcy?

    When Should You Consider Filing for Bankruptcy?

    Call: 888-297-6203

    Filing for bankruptcy is a decision that should be taken after careful consideration regarding the long term implications, say Dallas based bankruptcy law firm Recovery Law Group. This is a sane advice since bankruptcy has serious ramifications which last quite long. Bankruptcy is an indicator of financial risk. The records are public and appear on your credit report. Thus, every lender becomes aware of your financial situation and getting credit, therefore, becomes difficult. Experienced bankruptcy lawyers say that filing for bankruptcy should always be your last option.

    The most common chapters individuals can file bankruptcy under are Chapter 7 and Chapter 13. In Chapter 7 bankruptcy, no repayment of debts takes place and thus it remains listed on the credit report for 10 years from the filing date. Individuals who file under Chapter 13 repay some part of their debts through a court-approved repayment plan. This type of bankruptcy is therefore removed from the credit report after 7 years from the filing date. Since your credit report is an indicator of your financial stability, mention of bankruptcy for such a long period can ruin your chances of getting any loan. It is therefore important to weigh-in other options before filing for bankruptcy in Dallas.

    Options other than bankruptcy

    People are so accustomed to credit cards that living without them seems impossible, and it is difficult indeed. With bankruptcy on your credit report, you will find it difficult to get credit, except at high interest and unfavorable terms. This will affect your ability to get an apartment, utilities, insurance as well as job. It is important that you get the latest copy of your credit report to assess the debts you owe. You should also seek counsel from a qualified financial advisor for alternatives to bankruptcy. It is possible that through careful budget planning, you might be able to repay your debts over a period, especially if you could get the lender to agree for debt consolidation or debt settlement.

    • In debt consolidation, your debts are combined into a new account. You make just one monthly payment towards this new account to diminish your long-standing loan. Smart budgeting can help you catch up on past payments without the risk associated with bankruptcy.
    • Debt settlement, on the other hand, involves negotiations with creditors to accept an amount less than the balance or reduce the interest rate so that the debt can be settled. Though this also portrays you in a negative light, the repercussions are less severe than bankruptcy.

    If you are in no position to pay your debts, bankruptcy might be the best possible option available. It puts an end to all collection actions like repossession, wage garnishment, foreclosure, etc. and gives you time to get hold of your finances. Since bankruptcy filing is a decision which should not be taken lightly, it is advisable to consider experts before filing it. You can call 888-297-6023 to consult with experienced bankruptcy lawyers.


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      *Do you own a home?

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    • How Can Bankruptcy Help You?

      How Can Bankruptcy Help You?

      Nobody in their right senses would like to go overboard on their expenses. Everyone knows the detrimental effect of going under debt. However, unfortunate circumstances can lead anyone to the brink of bankruptcy. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group inform that bankruptcy is probably one of the best legal ways to get rid of a huge amount of debts. Many people are doubtful about how bankruptcy can help you. Here are a few reasons how bankruptcy can be the best decision you can take:

      1. Control snowballing effect

      People who are trying to make ends meet often have one or the other bill pending. Trying to pay one, will often result in a late fee addition on some other bill. All this results in a huge debt eventually. If you are being constantly harassed by creditors and are on the verge of losing your assets to foreclosure or repossession, then filing for bankruptcy can be one of the best options for you. filing for bankruptcy puts an automatic stay in place which prevents collection actions of any kind and provides you with ample time to sort out your finances.

      1. Relieves the burden of debt

      Being under debt can lead you to live in great stress, with no way out of the continuous rise of debts. Filing for bankruptcy gives you an option to get rid of your debts while taking charge of your finances. Depending on the chapter of bankruptcy you file, you can either get rid of your debts or repay some portion of them while getting rid of the remaining. In a nutshell, bankruptcy can relieve the stress of debts off your shoulders and allow you to breathe freely.

      1. Improves your financial future

      Many people hold back on pursuing their dreams because it will add another financial burden on their debt-laden shoulders. However, filing for bankruptcy can help you get rid of unsecured nonpriority debts like credit card bills, medical bills and personal loan. It also gives you a clean financial slate to start building your credit from scratch. Though bankruptcy is reflected in your credit history, it also offers you a chance to improve your credit rating by getting rid of huge amounts of debts, which would otherwise have pulled you down.

      In case you are struggling to manage your finances and wish to get out of the vicious cycle of debt, call 888-297-6023 to consult with experienced bankruptcy lawyers regarding the best way to get rid of your debts.


        *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.